Concrete measures to curb rice hoarding, profiteering and speculation in the cereal have been suggested by the Supplies Sub-Committee of the Shanghai Municipal Council who in turn has passed them on to its Rice Market Control Committee recommending that the measures be given a trial, according to an official communique issued yesterday. The Council, it was stated, has expressed the hope that in the interest of members of the market trade and the public, that immediate steps be taken by the rice market to introduce and vigorously enforce the measures suggested. The measures are as follows:—
"1. That it be made obligatory for all wholesale dealers in rice to be members of the Market.
2. That registration be made in the Market of all reputable rice brokers and provision be made by the said broker for a suitable gua-rentee to be furnished, such gua-rentee to be satisfactory to the Rice Guild.
3. That it be obligatory for all merchants to write down all sales in their books as also on vouchers.
When a transaction is concluded triplicate bills must be furnished, one to be given to the buyer, one to the market management and the third to be retained by the seller. Such bills should clearly state the price, quantity, quality, name and address of buyer and seller. Books, vouchers and the bills to be open for inspection by Officers of the Council whenever required.
4. That concentration in the market of all the local wholesale rice transactions be compulsory and the maintenance of the present minimum Purchase of ten bags of rice at a time be enforced. That a deposit of $5 per bag be required on each transaction being concluded and the taking of delivery of cargoes within 5 days of completion of transaction to be strictly enforced, failing which the deposit shall be forfeited.
That the Guild appoint a recognized Bank to collect the deposits of $5 per bag and to produce receipts of such deposits for inspection, when required, by officers of the Council.
5. That the daily posting and publishing of selling prices be strictly enforced, 6. That up to date statistics be kept indicating forward purchases, arrivals, sales of rice, as also stocks, storage places, etc.
7. That dealing in cargoes of rice which have not yet arrived should be restricted to reputable wholesale dealers only."
Text read from the printed page and cleaned; old type leaves the occasional error.