THE WORLD'S WHEAT.

New Zealand Herald, Volume LXVIII, Issue 20819, 11 March 1931, Page 10

THE WORLD'S WHEAT.

When the woi'ld wheat conference meets at Rome on March 26. the United States will not be represented at it. At the preliminary gathering arranged by the French Foreign Minister, M. Briand, the United States and Argentina were not represented, while Australia and Canada were not permitted to have even observers present. The result was that the conference was held without the countries in which the greatest increase in wheat production has occurred being heard. It was, in effect, wholly a European meeting, and as a report by the President of the British Board of Trade showed, its final act was to agree that the wheat importing countries should do their best to absorb the European surplus. To this extent the United States. Canada, Australia and Argentina would be justified in regarding the movement as hostile to their interests. Such a feeling may be responsible for the American decision not to be represented at Rome. It may, on the other hand, indicate indifference to what is decided there. There is only one other possibility in the decision not to be represented. An estimate of the American position at the beginning of the year forecasted that on July 1, when the new season opens, there would bo a carry-over of 229,000,000 bushels, and that was declared a conservative figure. It has been admitted that the Federal Farm Board will hold practically all of it, bought, of course, at the fixed price. It is possible the board proposes to cut its losses by throwing this surplus on the world's market for what it will bring. In that case there would be an excellent motive for staying away from the Rome conference. The . whole position exemplifies the chaos and uncertainty prevailing in the wheat market, conditions which nearly affect the fortunes of the Empire because of the threat they bear to the prosperity of Australia and Canada.