WHEAT-GROWERS.

Press, Volume LXII, Issue 18722, 19 June 1926, Page 12

WHEAT-GROWERS.

MARKETING ORGANISATION.

PROPOSALS DISCUSSED AT TIMARU.

(SrECUL TO THE TRESS.)

TIMARU, Juno 18,

As a result of a conference of wheatgrowers held in Christchurch, several proposals were forwarded at yesterday's meeting of the Timnru branch of the Farmers' Union, as a basis for considering tho formation of a Grain Growers' organisation. It was suggested that an Associtaion should be formed composed entirely of growers, which should have, as its first objective, the collection, study, and distribution of reliable information relative to the marketing of their products, and advising as to the treud of markets, and when ami what pricoa growers should sell at. It should also have power, constitutionally and financially, to intervene actively in the market and, if necessary, buy wheat, advanco money or'othorwiso take steps to prevont weak holdors from breaking the price. Proposals for tho financing of the organisation were also discussed. The chairman (Mr P. 1?. Talbot) said they wcro working against a strong millers' combine, and tho situation was not bright at all. A lot of wheat had gone in, and a. lot was going in and thoro was overy prospect of thore boing oil acljors, and one buyor. If they had a little wheat over, they knew what tho millers would do with them. The scheme was going to bo a big thing, and thoy would have to hold public meetings, and givo everyone a say. Last year the millers imported a man to act on their behalf and they were trying to buy through ono channel. Had tho market dropped on the other side, they might have 6iicceoded; but it rose, and tho farmers won through. Thero was no doubt that the millers wore out to beat them. Mr C. L. Orbell said tho difficulty would be to get all the farmers in. It would need to be all or nothing. If they only got 75 per cent., the other 85 per cent, would help to "bust" tho market. The A. and P. Association had appointed a sub-committee to help other bodies interested. It was a difficult matter to work out a scheme Tho A. and P. Association would welcome a scheme if it was workable, and tho Union was in the same position. The chairman said that the matter could go out to farmers, and another conference could bo held at Ashburton. Mr McPhodran suggestod that Mr Mulholland should bo asked to come to South Canterbury to address a publio meeting. BUYING BOOM. ON NEW YORK STOCK EXCHANGE (by cable— pbess association— copyaionT.) (avstbauah and n.i cable association,) NEW YORK, June 17. Tho Stock Exchange witnessed -another rush of buying, led by United States steel, which sold at the highest price in its history, 139.50 dollars. Sales were so heavy during the first hour that tickers Were eight minutes behind tho market. •Trading lightened but little throughout the day. . Experts state that the underlying issue is the recent optimistic trade reports, coupled with predictions by financial and business leaders. of healthy prosperity ahead. A new record for a Beat in the Stock Exchange was obtained when a. membership was sold for 155,000 dollars. AGAINST CONTROL. TE AWAMUTU DAIRY FACTORY(PEESS ASSOCIATION TELEOBAM.) TE AWAMTJTU, June, 18. The Te Awamutu Co-operative Dairy Company passed a resolution strongly protesting against the proposed enforcement of absolute control on the grounds that it is an unwarranted interference with the rights of private property, and also any proposal to establish a dairy produce pool, involving twenty millions sterling, will create inordinate delay in the final settlement of the accounts, thus causing serious financial embarrassment to small dairyfarmers. he to the great advantage of New "Zealand. By reason of its numerous branches, and their relations with farmers, the Bank of New Zealand could undertake this work much more oheaply than any new institution. There was top much tendency in New Zealand to create expensive new machinery for purposes for which machinery already existed. The bank could do a long terrn loan business less expensively. After referring to the taxation issue, he Went on to say that the bank's return from the long term loans .would be substantially less than C per cent., and the 7$ per cent, dividend due to shareholders and the Government would have to depend on investments from reserve fund The bank was certainly considering more the welfare of the Dominion than the narrow interests of its shareholders. While financial Success brought a certain amount of unpopularity,tho public should recognif-e not only that banking institutions had made exceptional profits dring the war, but that the Bank of New Zealand and some other banks instead of, like cer tain other profit-takers, dispersing these profits, had put them aside, and thus the Bank of New Zealand was able to stand to* many in the slump of 1921, who needed help. The'bank still remained in a strong position. Opening of New Era. Mr W. H.'Millward said that, knowing something of the troubles incidental to farmers' finance, and the disturbing effect and expense of rearranging and renewing flat mortgages every five years or'so without any definite plan for reduction of the debt, he-was delighted to support the carefully devised, scheme now proposed to deal with long terra mortgages, under the amortisation principle. No institution was better equipped to handle such a proposition than the bank, which bad a highly trained technical staff, and had accumulated over a long period a vast amount of reliable information as to values and the productive powers of all parts of the Dominion. He was sure that with the care and experience which would be brought to hear on the administration of this new department, the losses, if any, would be small, particularly when it was borne in mind that tie amount of the advance would be automatically reduced by half-yearly payments off the principal. The advent of this system would put heart into many, and with compulsory thrift and earnestness of endeavour, a new era would be opened up, to the advantage of tho Dominion as a whole. It might not be out of place to note that the proved benefits of the topdressing of pastures, and tho culling of dairy cattle, beneficially affecting production, and results were doing much to inspire further efforts renewed confidence in farming operations. . . .