HUGE WHEAT DEAL.

Press, Volume LXVI, Issue 20087, 17 November 1930, Page 12

HUGE WHEAT DEAL.

JAMERICAN FARM BOARD'S SALE TO ITALY. fkenzied trading follows. (VNITED rnESS ASSOCIATION' .BY ELECTRIC TBLEGIurH—COPITIGET.) (■Received .November 16th, 11.35 p.m.) CHICAGO, November 15. Tho operations of tho Fedoral Farm Board in the wheat pit to-day threw world markets into a frenzy. Buying and selling- orders mounted by millions. Mr A. Ivogge, chairman of the Farm Board, confirmed the purchase of 10,000,000 bushels during the last three days. A telegram from Winnipeg intimated that the cause of tho drop in December wheat prices there to 58 cents (the lowest wheat has ever Sold in Canada) was tho launching of a price-cutting sales policy on the part of tho. United States Farm Board —namely the sale to Italian buyers of 50,000,000 bushels on long-term credit. No confirmation is obtainable. It was the second. largest sale in the history of the American grain markets, and in the opinion of traders, it will further reduce prices, although to-day December wheat in any quantity was offered at 73 cents. Tho largest sale was 100,000,000 bushels to the French during the war, at two dollars a bushel. The Canadian wheat situation is critical. The Premiers of the three main wheat provinces have decided to apply to the Prime Minister, on his return, to stabilise the price of wheat at "a reasonable figure,'' which is set at ono dollar or more by farm organisation leaders." CANADIAN WHEAT PRICES. STABILISATION SOUGHT. (OHTTED rp.IS3 ASSOCIATION ELECTIIO TEL3GEAPH—COPTEIGBT.) (Received November 16th, 7.30 p.m.) WINNIPEG, Novembor 15. Federal Government action in an effort to stabilise the price of wheat at a reasonable figure will be sought by the Premiers of Manitoba, Saskatchewan, and Alberta, on the return of the Prime Minirtsr, Mr H. B. Bennett, to Canada from London. The three Premiers —Mr John E. Brownlee, Alberta; Mr J. T. M. Anderson, Saskatchewan;, and Mr John Bracken, Manitoba—met in conference,

after which Mr Bracken stated that it had been indicated to the Premiers that the weakness which developed on the Winnipeg grain exchange on Friday was due to certain fears that quantities of wheat would be thrown on the market by the wheat pool. DECLINE IN FOREIGN TRADE. i WORLD POSITION REVIEWED. (UN ITJED TRESS ASBOCIATJOW ELECTRIC "ELEORAPH—COPYJIICHT.) (Received November 3 6th, 5.5 p.m.) BE.HX.IK, November 11. ' A statistical journal, summing up the decline in foreign trade in 48 countries covering seven-eighths of the world's trade, points out that the second quarter of 1930 fell 39 per cent., compared with the corresponding period last year, being £2,585,000,000, which is £255,000,000 less than for the previous quarter. Exports were £1,215,000,000 (a fall of £1,200,000), and imports were £1,370,000,000 (a decline of £135,000,000). American exports fell £54,000,000, and imports £02,000,000, compared with the second quarter last year, which is the biggest fall throughout the world. Britain was mostly affected in Europe, where Italy and Russia alone increased exports, the latter owing to grain, ingPRACTICAL EXPERIENCE. ADVERTISING TO HELP SALES. Ml- F. L. Maytag, founder of the Maytag Company, which" is known the world over, has made some interesting remarks on the experience of his company in regard to advertising. "Having worked with and without advertising," said Mr Maytag, "and having done considerable volume in each case, I would like to mention a few conclusions drawn l'rom a long first-hand experience. "First, 1 am entirely convinced that advertising does not raise the total cost of selling. In the case of our company, advertising helps our men to make more sales by allowing them to make more calls. "However, the chief effect of advertising on total sales cost, as I see. it,, is that properly directed advertising permits of a better adjustment of the component parts that make up the total sales expense. In our own case, disregarding production savftigs which have been passed on to the dealer in better list priees, we have always maintained practically the same retail price on each washer. But where the salesman at a stated overhead used to sell six machines in a period without advertising, now he sells ten at the same overhead in the same, time, as the result of advertising, but —he also gets four more commissions.

"What it all comes down to in my mind is this: Advertising makes more sales by making selling easier for salesmen. It also allows the manufacturer who uses his advertising properly to reapportion sales expense and either take from the retail price, as some companies do, or while maintaining the same retail price, as my company does, to allow greater commission to the men who are so primarily responsible for the successful distribution of the company's product. Personally, I lean to the idea of passing on these advertising benefits to the men who work for me." THE CANTERBURY CO-OP. POULTRY PRODUCERS, LTD. 'i'he Canterbury Co-op. Poultry Producers, l.td., report that fair supplies of poultry came forward for the market last week, and that prices for birds in good condition are .fairly good. The following prices were realised per pair: Table chickens, light 6s to Ss, heavy Ss 6d to 12s; hens, light 3s 9d to 4s 9d, heavy OS Gd to 7s; ducks, 4b 6d to 7s; turkeys, hens 15s to 2'2s, pobblera 30s to 40s. are now in hill supply and our prices arc la Id first grade and la second gid.de. —5