THE WHEAT INDUSTRY

Ashburton Guardian, Volume 51, Issue 33, 19 November 1930, Page 5

THE WHEAT INDUSTRY

MINIMUM PRICES URGED.

CANADIAN PRAIRIE PROVINCES.

DOMINION GUARANTEE SOUGHT.

(United Press Association —Copyright.) (Received This Day, 10.50 a.m.) OTTAWA, November 18.

Premiers of the three Prairie Provinces to-day asked the Dominion Government to fix a guaranteed minimum price for wheat. The reply to this and to other suggestions was that they must await the return of the Prime Minister (Mr R. B. Bennett). It is understood that the view taken by the Dominion Ministers was that the proposal would practically mean that the Canadian Government would have to go into the wheat business. The Acting-Prime Minister (Mr Perley) stated after the conference that he thought the arrangement effected between the banks and the Western Provinces on Monday improved the situation materially. Under this arrangement last year's remaining crop wpuld be taken care of, and the market would, not be adversely affected by it. Following the conference, the figure of 70 cents was mentioned as the possible minimum price, but it was not indicated how that plan would be carried out. Presumably the Dominion would, be called upon to meet the difference between the actual price and the minimum set if the market fell below the minimum.

SHARP DECLINE AT WINNIPEG. (United Press Association—Copyright.) (Received This Day, 8.45 a.m.) OTTAWA, November 18. A Winnipeg message states that furious selling struck wheat early to-day, the losses ranging from 7J to 8J- cents. A GOOD RECOVERY MADE. (Received This Day, 10,50 a.m.) OTTAWA, November 18. The collapse of wheat at Winnipeg caused something. approaching a panic and for half an hour Bedlam reigned, with wheat pouring in. The buying power was drowned out. Following the mid-session, bids were sufficient to take the slack out of the market, and a good recovery was made, the market holding fairly steadily and closing at ('net losses of 4f to 5J cents.

PRICES DECLINE AT LIVERPOOL. LOWEST FIGURE SINCE 1894. LONDON, November 18. Wheat sold to-day at Liverpool at 4s 10\d per cental—the lowest since 1894, when the price dropped 1 to 4s. Flour in London has fallen to- 26s per sack.