DACCA: There has been a heavy fall in jute prices as a result of “speculative transactions” which, if it continues, is likely to affect the economy of East Pakistan seriously. This was disclosed at a conference of jute dealers in East Pakistan Secretariat yesterday [July 2], presided over by Mr Hamidul Haq Choudhry, Provincial Minister for Commerce and Industries, who warned the dealers that the Government would have to intervene if artificial depression continues. ... Mr Choudhry said that endeavours had been made to create depression in the jute market by artificial means and that some firms had entered into forward transactions on the new jute crop between Rs 20 and 25 per maund which reduced the prices in the districts to below Rs 20. This was admitted to be a “serious state of affairs”... . — News agencies

[Meanwhile, according to news agencies from New York,] The Communist victory in China “has put the whole Orient in a situation of fear of Communism”, the Right Reverend Thomas J. McDonnell, Roman Catholic Auxiliary Bishop of New York, said here today [July 2] on his return from a five week visit to the Far East.

Published in Dawn, July 4th, 2024