U.S.A. HOPES

Greymouth Evening Star, 28 October 1931, Page 9

U.S.A. HOPES

WORLD TRADE CREDITS. [BY CABLE —PBESS ASSN. —COPYBIGHT.] WASHINGTON, October 26. Discussing the U.S.A. Farm Board’s consideration of international. credit for the sale of American wheat and cotton to France, and perhaps other European countries, Mr Stone said that no sale of wheat or cotton to France had been arranged, but France would undoubtedly need large quantities of both, and further consideration of the proposal would depend upon the outcome of M. Dupasquier’s conference with the New York bankers and the Federal Reserve Board. Mr Stone asserted the establishments of credits for European purchases of American, commodities was more necessary than before Britain’s abandonment of the gold standard. “It is the duty and opportunity of the United States to take over Britain’s role in handling export credit,” he said. WHEAT AND COTTON DEALS. NEW YORK, October 27. Cable despatches from Europe state that Continental countries are negotiating to take fifty million bushels of Farm Board wheat, brought a sensational rise in grain prices, and indirectly turned the stock market upward from a sharp decline. When the purchase news reached the wheat pit at Chicago prices of December promptly jumped to 575. May made the new high level of 62.5. Other grains rose a fraction to a bare cent a bushel.

The news also had a steadying influence on tlic- cotton market, where prices turned up from early low levels.