PRICE GUARANTEE SOUGHT

Taranaki Daily News, 20 November 1930, Page 9

PRICE GUARANTEE SOUGHT

CANADIAN WHEAT SLUMP APPEAL TO THE GOVERNMENT LEADER’S RETURN AWAITED r BEDLAM IN THE WHEAT PIT By Telegraph—Press Assn.—Copyright. Ottawa, Nov. 18. The Premiers of three prairie provinces asked the Dominion Government to fix a guaranteed minimum price for wheat. The reply to this and to other suggestions was that , they must await the return of the Prime Minister, Mr. 'R. B. Bennett. It is understood that the view taken by Dominion Ministers was that the proposal would prcatically mean that the Canadian Government would have to go into the wheat business. The Acting-Prime Minister (Sir Geo. Perley) stated after the conference that he thought the arrangement effected between the banks and western provinces bn .Monday had improved the situation materially. Under this arrangement last year’s remaining crop would be taken care of and the market would not be adversely affected by it. Following the conference, a figure of 70 cents was mentioned as the possible minimum price, but it -was not indicated how the plan could be canned out. Presumably the Dominion would be called upon to meet the difference between the actual price and the minimum set, if the market fell below the minimum. /

The .Winnipeg collapse caused something approaching a panic, and for half an hour bedlam reigned. With wheat pouring in the buying power was drowned. Following the middle of the session bids were sufficient to take the slack out of the market and a good recovery was made, the market holding fairly steadily and closing at net losses of 42 to 5 1-8 cents.