CANADIAN WHEAT

Otago Daily Times, Issue 21384, 11 July 1931, Page 11

CANADIAN WHEAT

THE PRESENT OUTLOOK ESTIMATE OF SURPLUS. : OTTAWA, July 9. “ The present outlook is that on August 1 one billion bushels of wheat will be available for world requirements,” Mr. James Richardson (Winnipeg) told the House Committee on Agriculture on Thursday. The requirements amounted to 800,000,000 bushels, leaving a prospective surplus of 2,000,000. He included Russia’s exportable surplus, but said he did not think that the Russians would export more than last year. The indications were .hat they would export less. “My information is that the Russians are not satisfied with the price they are getting. To try to boost Canadian prices above the world market will get us nowhere. We would be merely holding up an umbrella for other countries to get under.” Australia had taken the Oriental trade from Canada because their exchange was at a big discount. If the Canadian exchange depreciated Canadian wheat would be selling at a higher price. The farmer would get more of the depreciated currency, but he would not be able to buy more with it, although he might be able to pay off his present debts. Mr Richardson opposed a Wheat Board that would fix and regulate prices and dispose of wheat, Mr Andrew Cairns, statistician for the Wheat Pool, gave 225,000,000 to 250.000. bushels ns an optimistic estimate of the wheat crop for all Canada this year. Last year the estimate had been 374,000,000 bushels, with about 355.000. realised.