MEAT AND WHEAT

Evening Post, Volume CXIV, Issue 101, 26 October 1932, Page 9

MEAT AND WHEAT

FURTHER PRICE FALLS

MUTTON AND LAMB AFLOAT

IMPORTERS PERTURBED

(Received 26th October, 11 a.m.) LONDON, 2oth October. Authoritative trade opinion considers the meat position the worst in historyAustralian importers consult to-morrow. They hope to confer with Mr. Stanley Bruce within 48 hours with a view to pressing for his intervention with the British Government.' Nevertheless, the suggestion of South American reduction comes at an unfortunate moment because % the carcasses of mutton and lamb at present afloat aggregate: Aus. tralian 725,000 compared with 555,000^ this time last year; New Zealand 390,000 compared with 275,000, and River -Plate 115,000 compared with 239,000. South America is already reducing her past quarter's shipments by 40 per cent. Lamb prices at present are: New Zealand 54d compared with SJd a pound in October last year and Australian 4?d compared with 8d last year. IMPORTS OF BACON 'RESTRICTION PROPOSED QUESTION OF QUOTAS LONDON, 25th October. The pigs and pig products reorganisation commission appointed under the Agricultural Marketing Act, proposes that from Ist July, 1933, foreign imports of bacon be progressively restricted to enable, with the bacon pigs produced in Britain, the supply to reach 10,670,000 cwt. a year, which was the average quantity marketed in the period 1925-30: It is also proposed to assure farmers a basic price varying with feed prices, accompanied by measures to develop British pig-breeding. The quotas will be reconsidered annually, increases of the Dominions' quotas being at the expense of foreign ones. '' WHEAT MARKET DOWN WINNIPEG AND CHICAGO SUPPORT WITHDRAWN (Received 26th October, noon.) ■'•*■' WINNIPEG, 25th October. Influenced by the withdrawal of support from a prominent outside source all futures nose-dived to new seasonal low points in the Winnipeg, wheat market on Tuesday closing down 2 cents to 2 3-8 cents, October closing at 47J cent's, November 47 3-8 cents, December 48, and May 52 1-8 cents. The deelino came without warning. For days the price of December stood at 50 cents and 54$ cents, and no amount of selling pressure seemed to be ablo to break these levels. Support, believed to be- of an artificial nature, was alwaj's forthcoming, arid the trade had come to regard these prices as peg; god. These bplirf3 were swept overboard in less time than it takes to tell at the end of the- initial hour's trade. Support in the form of buying orders provided resistance after a break of nearly three cents. The market made a gradual recovery from low points. The buying was not aggressive, and the come-back was limited. Some thought that the artificial level was lowered because of the money exchange situation. The recent rise of the Canadian dollar had brought United States wheat closer to a- competitive basis, while weaker sterling widened the spread between the Argentine and Canadian -wheat in the British market. According to a message from Chicago the reports that Canadian support had been abruptly withdrawn from the Winnipeg wheat market plunged Chicago wheat down late on Tuesday to withm a fraction of the all-time bottom record. Talk was heard that the lowering of prices at Winnipeg was due to -an effort to hold the world wheat export trade for Canada until the new Argentine crop started to compete seriously. Wheat closed 2 1-8 cents to 2 3-8 cents under Monday's finish. NO BONUS THIS YEAR CANADA CANNOT PAY IT STATEMENT BY BENNETT (Received 26th October, 11 a.m.) . OTTAWA, 25th October. Tho Dominion is not in a position tb pay a wheat bonus this year, the Premier, Mr. R. B. Bennett, told the House of Commons on Tuesday in reply to a question. What basis existed for the newspaper report that tho Government's purchases of wheat futures were having a stabilising influence on tho market Dr. J. F. Donnelly, Liberal member for Willowbunch, asked the Minister of Commerce, Mr. H. H. Stevens, in the House. Mr. Stevens roplied that when he had read the article ho would givo an answer. ■ INDIAN MARKET FOR SOUTHERN GRAIN A POOR HARVEST CALCUTTA, 18th October. There is considerable interest in reports that Australian shipping has been chartered to take gi-ain to Europe, with the option of calling at Calcutta or Bombay. - It is believed that the reason is the prevalence of a rumour that the Government of India may remit the surcharge of eight annas (about 74d at par) per cwt, which was recently added to the import duty of two rupees, and made the tariff not only protective, but prohibitive. The monsoon has been light, and the shortage of rain lias brought about a poor harvest, with consequent high prices for the Punjab farmer, who is reaping the benefit of the high tariff wall. It is predicted that the time will shortly come when wheat prices will be prohibitive, and when the Government may suddenly remit the Customs duty. Hence, it is believed, the option that vessels bound for Europe with wheat may discharge at Indian ports. But the Government at Simla has made no move yet. Such of the cable news on this page as !s so headed has appeared in "The Times" and Is cabled to Australia and New Zealand by special permission. It should be understood that the opinions are not those of "TUa Time 3" unless expressly stated to be so,