COMMERCIAL

Grey River Argus, 7 September 1939, Page 12

COMMERCIAL

AUSTRALIAN WHEAT. MELBOURNE, September 6. The British purchase of some of Australia’s surplus wheat may relieve a severe loss. The fall ‘in production of wheat in Australia and the slump in world prices cost the - Commonwealth over £12,000,000 in the past season, according to figures quoted by Mr. John L. Webb, chairman of directors of the Commonwealth Bank, at the annual meeting in Melbourne. Mainly owing to drought, the quantity harvested showed a decline of 32,712,000 bushels on the previous season’s yield. Heavy crops in European countries reduced overseas demand, resulting in large surpluses being held in America, which caused prices to fall steadily during the year. In consequence, the value of Australia’s wheat exports .was only £8,757,269, compared with £20,906,601 in the previous year.