LOWEST PRICE YET

Wanganui Chronicle, Volume 73, Issue 425, 17 November 1930, Page 8

LOWEST PRICE YET

AMERICAN WHEAT CRASH WORLD MARKETS IN CHAOS FARM BOARD OPERATIONS [By Telr- |.l' Press A-r..> isrhl.l Received Nov. ]< 1 a-m-NEW YORK. Nov. 15. A Chicago message states that the operations of the Farm Board in the wheat pit to-day. threw world markets into fenzied buying and selling. The orders amounted to millions. Str Legge (ehairman of the harm Board! has confirmed the purchase of £10,000.000 bushels during the last three days. A telegram from Winnipeg intimated that the cause of the drop in December wheat prices there to 58 cents the lowest wheat has ever sold in Canada, was the launching of a price-cutting sales’ police- on t'r- part of the 1 nited States Farm Board, namely the sale to Italian buvcrs of sd.ndO.noo bushels on long term credit. No confirmation is obtainable. It was the second largest sale in the history of American grain annals and in the opinion of traders will further reduce prices, although today December wheat tn any quantity was offered at 73 eents in Chicago and was taken. The previous largest sale was 100.000.000 bushels to the 1 ranch during the war at two dollars.

'fho Canadian wheat situation is critical. three of the province heads have been meeting at Winnipeg during the las* three days in order to seek a solution of the problem. The Premiers announced to-day that they will apply to Air Bennett immediately upon his re-

turn asking him to stabilise the price of wheat “at a reasonable figure, which is set at a dollar or more by the farm organisation leaders.

CANADIAN WHEAT

trice stabilisation sought. Rereiied Nov, l‘>. < .-!■* p-m-WINNIPEG. Nov. 15. F’ederal Government action in an effort to Stabilise the price of wheat at a reasonable figure, will be sought by the Premiers of Manitoba. Saskatchewan and Alberta on the return of the Prime Minister. Air R. B. Bennett, to Canada from Loudon. It. is stated by the Premier oi Manitoba, Mr Bracken, following a conference with the Premiers of the two other provinces mentioned, that it was indicated to the Premiers that the weakness which developed on the Wintineg grain exchange on Friday »a» iue to certain tears that quantities "t .heat would be thrown on the market oy idle Wheat. Pool.