Shanghai Rice Soars
SHANGHAI, Sun. (11.45 a.m.).—The price and food situation in Shanghai js nearing a crisis. The rice price rose over 30 per cent today to 60,000 Chinese Communist dollars tabout 30 United States dollars) for a 1651 b bag. At the same time the official exchange rate increased from 1650 to 1050 Communist dollars for one United States dollar. Rice was 11.000 Communist dollars a month ago. Causes of the price rise are numerous including the Nationalist blockade, disrupted communications, floods and crop losses. Previously such price jumps were partly combated by the dumping of Economic Cooperation Administration rice at fixed prices, but there now is no ECA rice in Shanghai. SUBSTITUTE FOOD The Associated Press correspondent says a huge number of rice-eating Chinese will have to start eating something else, and already Communists are shipping hundreds of tons of soya beans from the north. Employers claim they cannot possibly raise pay-rolls to meet the rice price increases, and the authorities now are considering shifting wages from rice to some other food index.
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Northern Advocate, 18 July 1949, Page 5
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175Shanghai Rice Soars Northern Advocate, 18 July 1949, Page 5
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