CANADIAN WHEAT SLUMP

Taranaki Daily News, 3 December 1930, Page 9

CANADIAN WHEAT SLUMP

’ ■ POLICY OF THE CENTRAL POOL. INFLUENCE OF RUSSIAN SELLING. , ’ '■ \ Ottawa, November 28. A Winnipeg message states that Mr. John McFarland, a prominent grain man of Calgary, has been appointed general manager of Canadian Grain Co-opera-tive Wheat. Producers’ Limited,, which is the central pool. ’ • Mr. McFarland stated that he accepted the post. only from a sense of public responsibility in what he considers a national emergency. He will'accept no salary for his services in disposing of the wheat, now held by the pool, While tho situation was serious it was not without elements of optimism- With grain selling below the cost of production consumption was. being' partly stimulated, also the situation offered speculation and opportunity for entering the market on an investment basis. “The position of the pool is such that there is. no possibility of dumping taking place,” he said, “A policy of orderly mar? ketlng will be continued.”' , ■ ; • t He also urged a .reduction in the grain acreage. “Our Governments and farming organisations should take every step to urge acreage reductions upon other countries, while insisting on similar measures at Home. While this may be considered impossible, it must bo done.” Mr. McFarland drew attention to the wheat acreage increase ' since Russia ceased to export during the war. During 16 years Russia’s total export was 160,000,000 bushels. About 60,000,000 bushels of that had been exported, within the past few. months., “We cannot therefore accuse Russia of adding much to our surplus wheat stocks, but I think it well that our own people should have an actual picture of Russia as she was before the war and. as she ig now, We have accused Russia of dumping, and she certainly has been pressing wheat on. the European markets, but go ±ar as dumping is concerned she hag not soldwheat at such ft big discount. under world prices as th? Argentine did last year. The fact remains, however, that under the leadership of Russia, selling prices declined to record low levels,” He pointed out that the acreage has increased to such an extent that there would be a surplus, even if Russia was still out of the picture. • '