DACCA: Inaugurating an international conference on jute here yesterday, Commerce Minister Hafizur Rahman emphasised the urgent need for the stabilisation of prices in the interest of both the sellers and the buyers.

The conference, convened by the Jute Board of Pakistan to consider measures for the stabilisation of prices, is being attended by the representatives of the Dundee Importers Association, London Jute Association, European Jute Industries Association, besides representatives of Pakistani jute interests and Government officials.

The Minister said that there was identity of interests between the buyers and the sellers in respect of price stabilisation. He told the conference that the efforts of the Government had been directed at “creating a situation” whereby the interests of both the parties could be met.

The Minister underlined the ill effects of too much fluctuation in the price-level, and said it served no interest. Just as the industries find it difficult if the prices are too high, so also the growers are affected in case it falls too low. Fluctuations, if any, should be kept at a certain level, he added.

The conference, which is expected to continue for four days, has before it a very important proposal for the establishment and running of a buffer stock. The creation of a buffer stock is one of the many — and probably the most important — measures suggested in the report of the Jute Inquiry Commissioner for preventing wide fluctuation in the price of jute.

French arrive for oil talks

KARACHI: A four-man team of French oil experts arrived here yesterday to investigate the possibility of exploration oil in Pakistan.