Following a call made on Mr. T. K. Ho, Deputy Secretary of the Shanghai Municipal Council, by four representative rice merchants, the S. M. C. Food Comniittee held a meeting yesterday afternoon to devise measures whereby the increase in the local prices of rice could be checked. No definite decision has been reached, however, and the four suggestions submitted by the deputation, regarding the creation of larger sources of supply, the fixing of the price, the re-organization of the weight and distribution systems and a stricter S. M. C. control over the rice market in order to prevent profiteering, are at present being studied by the committee which will meet again before the end of the week.
Meanwhile, manipulators became more cautious yesterday, when it was learned that some official action may be taken in fixing the price of this essential commodity and they bought only smaller lots for future deliveries, presumably awaiting the outcome of Friday's meeting.
Rumours current in the past few days, according to which existing stocks of rice were very small, were discounted by reliable sources yesterday, where it was stated that over 2,000,000 bags of rice were available at the present, with more arriving each day.
The best quality is at present being sold at $21 per picul as against the former price of $14 which had been set by the Price Fixing Commission some months ago, The sudden rise occurred when, unable to enforce a price increase of $1 per picul, the Commission was dissolved some time ago.
Text read from the printed page and cleaned; old type leaves the occasional error.