HUGE PROFIT

Otago Daily Times, Issue 26410, 14 March 1947, Page 7

HUGE PROFIT

ARGENTINE WHEAT DEAL BRITAIN PAYS RECORD PRICE Special Correspondent Rec. 8.30 p.m. LONDON, Mar. 13. An article in the Wall Street Journal of New York, re-published in London, states that the Argentine Government made a'profit of 200 per cent, on its recent wheat deal with Britain. The Wall Street Journal claims that the Argentine* Government is buying its wheat from farmers at £ll to £l3 a ton and then selling it to Britain at £34 a ton This is the highest pifice on record for wheat in European marThis report follows the disclosure that recent increases in the price of linseed oil, which caused the London market price to rise £65 a ton, have also been due to the Argentine Government’s policy of taking advantage of world shortages.

Senor Miranda, president of the

Argentine Central Bank, who has been the chief Argentine negotiator in the recent deals with Britain, recently admitted that on one sale of vegetable oil alone the Argentine Government recently made a profit of £49,000,000.

Britain, which, is faced with an acute shortage of paint, bought 100,000 tons of linseed oil from' the Argentine in December. ' . : ' ■ ■ Simultaneously reports.from Buenos Aires state that the Argentirie Government ,has announced a five-year plan, designed to reduce the country’s dependence upon foreign supplies.