WORLD'S WHEAT

Otago Daily Times, Issue 27039, 25 March 1949, Page 5

WORLD'S WHEAT

AGREEMENT CONCLUDED NEW ZEALAND A PARTNER RUSSIA AND ARGENTINA NOT SIGNATORIES NZP A—C opyr ight Rec. 11 p.m. WASHINGTON, Mar. 23. The international wheat conference to-day concluded a four-year international wheat agi’eement within which 456,283,389 bushels of wheat will move annually in world trade. The agi’eement, which is subject to ratification by the Parliaments concerned, will come into force on August 1, 1949. The features of the agreeement are: First, to continue four years from August 1, 1949; secondly, maximum prices of 180 cents per bushel, minimum prices 150 cents in 1949-50, declining 10 cents yearly to 120 cents in 1952-53. Transactions outside the agreed range of prices will be entirely free, but will not count towards the fulfilment of obligations assumed by the signatory countries. New Zealand has guaranteed to purchase 4,592,964 bushels a year. At the final plenary session of the conference this afternoon the leader of the British delegation, Mr F. Sheed Anderson, moved the adoption of the agreement and expressed gratification that “ substantial ” accoi'd had been reached. He also voiced regret that two major exporting countries, Argentina and Russia, were not to be signatories. He said that fact had given his Government much concern and disappointment, but he hoped these two countries may consider accession to the agreement at a not too distant date. Mr Anderson said Britain believed the new agreement could make an enduring and effective contribution towards the stabilisation of world wheat prices provided there was close cooperation between the countries party to it.

Under the 1948 agreement, which several governments failed to ratify and consequently which did not come into force, the maximum price was to have been two dollars a bushel, and it was certain that if any new agreement was signed the maximum would be considerably lower. The present negotiations have been going on for over seven weeks.