WHEAT POOL

Evening Post, Volume CV, Issue 121, 24 May 1928, Page 6

WHEAT POOL

OBJECTS EXPLAINED "IF THE MILLERS EIGHT—HOLD" (By Telegraph.) (Special to "The Evening Post.") CHEISTOHUROH, This Day. Sidelights on the aims and functions of the proposed wheat pool were given by Mr. W. W. Mulholland at yesterday's meeting of the executive of the Farmers' Union. "Tho scheme has to function in such a way," Mr. Mulholland said, "as to meet tho difficulties that may crop up, and it must not bo supposed that the board of directors and the managers of tho pool aro going to do foolish things. Wo had the suggestion,made, for instance, that if the pool came into operation tho North Island mills would buy their wheat in Australia. They would only buy from, Australia if the price here was so high that it would pay them to do so, and the pool is not going to be as foolish as that. It has 'been supposed also that the board would commit very foolish mistakes, and the criticism has been made on the supposition that those mistakes have been committed and that farmers are bound to do foolish things. Nor does the question of storage under a pool seem to offer any great difficulties. If necessary it will be obtained in the usual manner, and there is any amount of storage available in the country if we are willing to pay for it." Mr. Mulholland added that the pool would have to offer a sufficient inducement to attract a man who stood in the front rank of commerce in the country. Further, the shareholders would have to enter into a contract to sell all their wheat through tho company. This was necessary in order to give stability to the organisation. In answer to a question, Mr. Mulholland declared that whatever the pool might do it could not affect the price of bread. If the worst happened and the millers set out to fight tho pool if would mean that the pool would have to'hold its wheat until the millers used up all the wheat on the free market and found that they were running dangerously short.and would have to come to tho pool. And becauso there was a pool the millers would have to pay moro I for. -tho free wheat. '