WORLD WHEAT PACT

Ashburton Guardian, Volume 69, Issue 140, 25 March 1949, Page 3

WORLD WHEAT PACT

Agreement Reached in Washington WASHINGTON, March 23. The International Wheat Conference to-day concluded a fouryear wheat agreement within which 456,283,389 bushels of wheat will move annually in world trade. The agreement, subject to ratification by the Parliaments concerned, will come into force on August 1. The maximum price is fixed at one dollar 80 cents a bushel, and the minimum price at one dollar 50 cents in 1949-50, declining by 10 cents a year to one dollar 20 cents in 1952-53. Transactions outside the agreed range of prices will be entirely free, but will not count towards fulfilment of the obligations assumed by the signatory countries. At the final plenary session of the conference this afternoon, the leader of the British delegation (Mr F. Sheed Anderson) moved the adoption of the agreement and expressed gratification that “substantial” accord had been reached.

He also expressed regret.that two major exporting countries—Argentina and Russia-r-were not to be signatories. He said that this fact had given his Government much concern and disappointment, but he hoped that these two countries might consider accession to the agreement at not too distant a date. Mr Anderson said that Britain believed that the new agreement could make an enduring and effective contribution towards the stabilisation of world wheat prices, provided there was close co-operation among the countries party to it.

New Zealand has guaranteed to. buy 4,592,964 bushels a year.