MONEY TIED UP.

Evening Post, Volume CXIII, Issue 124, 30 May 1927, Page 11

MONEY TIED UP.

UP. Much money is tied up in wheat in Australia. The slow rate of export of ■' surplus ■,: wheat this season, particularly from New South Wales, is cauring difficulty to banks and export-trading companies which have made advances against the harvest. Until the grain is realised file credit position must retain an element of ' jtringency. . Farmers and pool authorities have been reluctant to accept current prices rulmg.for wheat this season. Victorian and. West; Australian -growers sold with more freedom than those in South Australia and New South Wales, though lately sellers .in the, latter state have shown a somewhat greater disposition to meet the market. The total' Australian ™?Lilli*;*eai\i* ««tin>»ted at about 182,JOO.OOO bushels. Deducting 48,000,000 bushels for local requirements, including seed, the balance "available-.for export ia ■'• abbut 116,000,000 bushels. The quantifcr shipped to 21st April was approximately 50,000,000 burtels, leaving about 88,000,000 bushels, or over 35 per cent., to be shipped. All this wheat should be shipped oversea before Australia's next harvest begins to arrive, about October-November. .