BIG PURCHASE OF WHEAT

Taranaki Daily News, 22 November 1930, Page 7

BIG PURCHASE OF WHEAT

z- : r ’ v ■ 'irt ' . J EFFORT TO MAINTAIN TRICE ' — / 1 U.S. STABILISATION • I BOARD’S POLICY DEFENDED i “FARMER HAS BENEFITED” By Telegraph—Press Assn. —Copyright. Rec. 7 p.m. 'New York, Nov. 20. It is reliably reported that the Farm Board has purchased 110,000,000 bushels of wheat—a tenth of the total domestic supply—in an effort to maintain the price. These ihgures are larger than hitherto believed. It is understood the board sent representatives through the country for several months urging a reduction of wheat acreage and the, use of coarse-ground wheat for animal fodder, hoping that thus 100,000,000 bushels would be consumed during the conning winter. Mr. George Milnor, head of the grain stabilisation corporation of the Farm Board, in an address stated grain at present controlled by the board had a market value of £15,330,000, although it cost £24,000,000.

“Why should not wheat be stabilised? Every other line of endeavour in this country is on an American or domestic basis. The farmer has been benefited by the stabilisation of wheat, but it also has been a good thing for the country.” Mr. Milnor admitted the board felt some nervousness in the past few days whep it did its heaviest buying but was assured now “the lines have held.” i The chairman of the Farm Board, Mr. Legge, has recommended a fifth per cent, increase in the tariff on maize by the Tariff Commission under the flexible provision in the Act.