EXCHANGE STABILISATION

Taranaki Daily News, 8 June 1932, Page 5

EXCHANGE STABILISATION

‘MOVE TOWARDS SOLUTION’ ‘WHEAT PRICES WOULD RISE’ CANADIAN MINISTER’S yiEW . I >l—■■ - SILVER CONFERENCE HOPE By Telegraph—Press Assn. —Copyright. Rec. 5.5 p.m. Ottawa, June 6. That a very sharp advance in wheat prices throughout the world would follow stabilisation of exchange and solution of the currency question is the opinion of the Minister for Trade and Commerce (Mr. H. H. Stevens). Mr. Stevens feels the world is moving towards such a solution. Only 'to-day be received a letter from the Institute of International Commerce at Brussels, to which 20 Governments are affiliated, supporting any move for an international silver conference. The letter offers to use the institute’s facilities for such a conference. “All factors in the wheat market justify very much higher prices than those now quoted,’’ said Mr. Stevens. “The visible stocks are down very materially in the United States and the situation indicates a condition in which the exportable surplus will be the lowest in years. The Russian situation has very much changed from last year’s. Neither the Argentine nor Australia has any large amount for market. ‘‘The buying countries of Europe,” Mr. Stevens added, “have no material stocks in hand and for the past year have been buying from hand to mouth, knowing that the large surplus in North America was ample guard against any unusual demand. This factor has been removed and Canadian stocks are much below those of last year. In no sense can they be considered excessive. The only thing standing in the way of substantial active buying in grain futures is the economic situation in Europe.” Mr. Stevens said all the factors were present which in normal times would warrant sharp increases in prices. PRICES DECLINE IN ENGLAND. PARCELS AND CARGOES DULL. Rec. 5.5 p.m. London, June 7. Wheat cargoes are dull and have relapsed by 3d to Is. Parcels are in small demand at a shilling down. Quotations for futures are:—London, June, 23s 7dj September, 23s 4d; December, 23s 6d; Liverpool, July, 5s 0 3-8 d; October, os Ixdj December, 5s 2 7-Bd.