"Much is said and written in regard to hoarding. We are aware that certain persons import rice and hold that rice in the hope of a rise in prices. "It must be remembered, how-over, that in so holding rice they are running a risk of deterioration of stocks and a fall in prices leading serious toss. Especially. is this where at any' time the removal of restrictions might results in_a con siderable flow of rice into Shanghat from the interior, AN the prose time the stock of rice in the foreig reas. is approximately 500,000 which only some 20,000 zars cot sist of "native reefs speak for themselves and the dependence of Shanghai on for= eign imports. The most important thing for Shanghai inthe prose troubled conditions of the world, when at any time there may be a complete dislocation of" shipping facilities, is to have on hand reserve stocks of rice. Any ill-considered regulations might result in eficeking the essential placing of orders From 'Shanghai for imported tice. 'There reasonable objection to merchants holding stocks in reserve; indeed, it gas Amportant that they' should, as that they should sell regularly and freely from their stocks. These are two cardinal features of any trading polley.
"what may appear to be mere ction is due to a realisation of the ital truth th authority production, and cannot self become an importer on a La scale, must above all things be care= ful not to introduce regulations which may. dividuals from this purpose, stocks:
Text read from the printed page and cleaned; old type leaves the occasional error.