THE WHEAT INDUSTRY

Otago Witness, Issue 4039, 11 August 1931, Page 44

THE WHEAT INDUSTRY

LOW PRICES AT LIVERPOOL RUSSIAN COMPETITION. LONDON, August 7. Commenting on the faet that wheat was sold at Liverpool to-day at the lowest prices for 150 years, the Daily Express’s agricultural editor declared that this was largely due to the economic war declared in Russia. The new season’s British wheat now on the market was being under-sold by the Russian by 10s per quarter. The wheat growers in England were literally on the verge of complete and final bankruptcy. The position was so tragically urgent that it could only be remedied by emergency legislation. CANADIAN POOLS. OTTAWA, August 7. The Prime Minister (Mr R. B. Bennett) announced to-day that the wheat pool of the three western provinces, which own nearly 1600 country elevators as well as terminals at Vancouver and Fort William, will operate this year in the same way as privately owned enterprises. They will have ample working capital, and the provinces will not be called upon to guarantee their operations. As a substantial number of producers desire to market their grain on the pool principle the elevators operated by the pools in the several provinces will afford to such producers an opportunity to have their grain dealt with by the operation of a voluntary pool. The elevators will make to such producers an initial payment of 35 cents per bushel on the same basis as to quality and point of delivery as in the previous year. The Dominion Government will take whatever action is necessary to ensure the orderly marketing of the crop of the year, and panic conditions will not be permitted to control prices obtainable for this year’s Western grain crop. SOVIET WHEAT. SYDNEY, August 7. The annual conference of farmers and settlers passed a resolution protesting against the use of Russian slave-grown wheat in England, and asking that its importation be prohibited. It was stated that there were fears that the dumping of Russian wheat in England was already seriously affecting forward inquiries here for cargo space.