COST OF WHEAT.

Auckland Star, Volume LXI, Issue 164, 14 July 1930, Page 4

COST OF WHEAT.

TARIFF POLICY CRITICISED. WAGE READJUSTMENT. Comment on the New Zealand Government's action in imposing duties on imports of wheat, maize, etc., from overseas was made "by Mr. J. T. Martin, a leading Wellington commercial representative and ex-president of the New Zealand Associated Chambers <ot Commerce, in an address to the Lower Hutt Chamber of Commerce. Wheat in Australia, _ the United States and Canada was, lie icaid, below the dollar mark and yet, because the Government wag protecting the Canterbury wheatgrowers by putting duties on imported wheat, people were compelled to pay much higher prices and so add to the costs of the production of certain farming industries. This prevented the Dominion from competing successfully in the world s markets. "We are living in strenuous times now," lie said. Markets all over the world are dropping in their prices solidly. A new condition of affairs lias set in and produclion has exceeded the consumption. In England the increased purchasing power of the pound sterling has enabled the British labourer to buy more than he could last year, and the cause of this falling prices, or increased purchasing power of the £ sterling is over-production to the point of saturation. Things will adjust themselves. The price level is down permanently and we've got to reduce our costs of production so that we can compete in the world markets with our primary produce. "There has got to ibe a readjustment of wages in New Zealand," Mr. Mart hi concluded. "All over the country one bears of business men complaining that! they cannot pay the present high wages and still carry on. The Arbitration Court, which has been steadily increasing wages, must now start back .pedalling." Mr. Martin made it plain that he was strongly in favour of free trade within the Empire'. V - * SLUMP IN WHEAT. 1 1 '-ran LOWEST SINCE 1914. r ' '• ' * CHICAGO, July 11. July wheat on Friday sank to 85% cents bushel, the bottom level since 1914, 1 closed at 56%. September closed at cents, and December 95Vi cents.