WHEAT STILL LOWER

Wanganui Chronicle, Volume 73, Issue 428, 20 November 1930, Page 7

WHEAT STILL LOWER

CANADIAN PANIC SELLING MARKET AT NEW LOW LEVELS. [By Telegraph—Press Association—Copyright.] Received Nov. 19, 11.50 p.m. OTTAWA, Nov. 18. At Winnipeg December wheat closed at 574 cents, off 4 7 8 cents, after dropping once as low as 55. Traders blamed the drastic break with its all-time low records, upon the flood of rumours concerning the wheat pool’s difficulties. Prices, however, at the close were mounting steadily.

The premier, Messrs Bracken. Anderson and Brownlie presumably have failed in their endeavour to enlist Federal assistance for the wheat pools from the Hon. Ryckman Minister of National Revenue, and Sir George Perley. The Premiers submitted a number of prsposals, chief among which was that the Ottawa Administration should guarantee a minimum price. Sir George Perley, however, refused to commit the Government, am] gave ihe westerners to understand that even whe > they return to continue the conferences later with Mr Bennett, they will be unable to persuade the Governent to make so radical a departure. Sir George Perley stated: “A lot has been accomplished to improve the situation in the fixing up of ‘long’ wheat matter.”

MORE FURIOUS SELLING OTTAWA. Nov. 18. A Winnipeg message states that furious selling struck wheat early to-day, the losses ranging from 7j to 84 per cent a bushel. The collapse caused something approaching a panic and for half an hour Bedlam reigned with wheat pouring in. Buying power was drowned out. Following the mid-session the bids were sufficient to take the slack out of the market ami a good recovery was made, the market holding fairly steadily and closing at net losses of 4| to 5| cents.

PREMIER’S REQUEST

GUARANTEE REFUSED OTTAWA, Nov. 18. The Premiers of three prairie provinces asked the Dominion Government to fix a guaranteed minimum price for wheat at a conference to-day. 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 the Dominion Ministers was that the proposal would practically mean that the Canadian Government would have to go into the wheat business. The Acting-Prime Minister Mr Perley) stated after the conference that ho thought that the arrangement effected between the banks and the western provinces on 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 the figure of 70 cents was mentioned as the possible minimum price, but it was not indicated how the plan would be carried 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. FARM BOARD BUYING MILLIONS OF DOLLARS SPENT Received Nov. 19. 8.30 p.m. WASHINGTON, Nov. 18. The Treasury Department report that it is revealed taht the Farm Board in the first. 15 days of November, spent 15.329,790 dollars, on which account it is felt that the Board probablv has been purchasing even more wheat than has been announced lately, in an effort to 1 save the wheat market from panic.