HUGE BUYING COUP

Gisborne Herald, Volume LXXIII, Issue 22199, 9 December 1946, Page 7

HUGE BUYING COUP

FEAT VEGETABLE OILS DEAL ARGENTINE SUPPLIES [(10 a.m.) -LONDON, Dec. 8. Reports from New York and elsewhere indicate that Britain pulled off a sensational buying coup from the Argentine, says Reuter’s financial editor. The purchase includes 600.000 .tons of cattlecake for shipment to England in 1947 and 190,000 tons of linseed and other vegetable oils. He adds that the International Emergency Food Council, on November 14, discontinued the. system of appointed buyers for oil seeds, oil and fats, leaving it to individual countries to make their own arrangements, subject only to the Food Council allocation. Britain, therefore, will have the obligation ot sharing this big purchase with North American and other countries which badly need it. just as the North American countries have an obligation to share their grain surpluses with Britain and- other needy countries.

; The effects are likely to be far-reach-ing. ..No official explanation is available why the Argentine chose to entrust Britain with the distribution, although on the political side certain motives are almost self-evident and, on the economic side, some recent grain trends in North America must have been almost as unpalatable to British India and other importing countries.