INCREASE IN PRICES.

Poverty Bay Herald, Volume L, Issue 16495, 30 July 1924, Page 7

INCREASE IN PRICES.

COTTON, MAIZE, AND FLOUR

SPECULATORS !N CANADA

/Australian ami N.Z. Cable Association.; OTTAWA, July 28.

At telegram from Montreal says that the rise' in prices of farm products continues unabated, cotton increasing 22 dollars a bale, representing a rise of 220 points over the week-end. This ascendancy, however, was checked by the cotton exchange ruling, which called a halt in the trading for the day wherever the daily fluctuation totals 200 points. Cotton for October deliveries gained over four cents over thei weekend, reaching thirty cents a pound. This caused consternation on the foreign markets and spinning centres, which fear the effects of a’prohibitive price which levels on the domestic consumption. The United States wheat continues to hover about 34 cents, whereas Winnipeg is 150 cents. Thei latter price is now being investigated by the Canadian Government officials, who declare that speculators circulated alarmist reports regarding the condition of Western Canada’s crop, in order to reap enormous profits resulting from last week’s rise. Iliis optimism likewise caused other grains to rise sympathetically. Maize, which is largely fed to live stock, reached 111 cents, bringing a consequent increase in the price of live stock, notably hogs, which reached ten dollars a hundredweight within a fortnight. The Republican leaders are jubilating over the revival of the agricultural markets, and are becoming convinced that the Presidential campaign should stress the economic factor, namely good times, hoping thereby to gain the confidence of the farmers, who lately have been ominously dissatisfied. ' The Democrats, however’, secretly hope their rivals will adopt this slogan, believing- that it is easily provable that, the so-called, prosperity, came largely to speculators and isolated farmers. The Democrats, furthermore, cite gloomy figures of lowered industrial production and decline in factory employment-. • ‘ LONDON. July 29.

Flourmillers announce- a further rise in flour of three shillings a sack to 48s 6d, compared with 41s 6d on July 1.