WORLD WHEAT.

Auckland Star, Volume LXII, Issue 70, 24 March 1931, Page 7

WORLD WHEAT.

Important Conference to be

Held This Week.

RUSSIA'S POSITION

LONDON, March 23

The Rome correspondent of the "Morning Post" reports that the agenda for the eecond Wheat Conference to be opened on Thursday has been fixed to bar political considerations, but the presence of a strong Russian delegation will give it a distinct political as well as an economic character. Fifty-four countries will be represented.

The correspondent says it is obvious that if the wheat-growing countries agreed to curtail their sowings Russia would have a free hand to dominate the vrtieat world. America has foreseen the dilemma and has only sent observers to the conference. Therefore she will not participate in a scheme which would entail persuading American farmers to reduce their acreage in favour of Russia.

AMERICAN POLICY.

REDUCED AREA PLAN,

WASHINGTON, March 23

The United States Farm Board announces that it will not authorise the Grain Stabilisation Corporation to make wheat stabilisation purchases from the 1931 wheat crop and will not attempt to maintain wheat prices at an artificial level beyond May, 1931.

The board says: Stabilisation operations are emergency measures and entail heavy cost. The Stabilisation Corporation has acquired and is acquiring very large stocks of wheat. It cannot indefinitely buy more than it selk or indefinitely, hold what it lias bought. It cannot follow the regular policy of buying at prices above the market, paying heavy storage charges and- selling below cost.

Ernphasiting the necessity for a reduction of the wheat acreage and an increase in co-operative marketing the board says: In the light of the foregoing facts growers must recognise the responsibility resting upon them. The board recognises that the problem of marketing the present holdings at some future time is a tremendous one. It has no intention of any dumping of "what it now controls or may buy of the remainder of the 1930 crop.

The board possesses about 200,000,000 bushels of wheat. In some quarters it is estimated that by Juno it will have 300,000,000 bushels and control virtually the entire surplus wheat of the United .States.