AMERICAN WHEAT

Wanganui Chronicle, Volume 73, Issue 450, 16 December 1930, Page 8

AMERICAN WHEAT

LESS SPECULATION WANTED MODIFICATION OF FUTURES ACT Received Dec. 15, 8.30 p.m. WASHINGTON, Dec. 14. The Administration have released their annual report in which they recommend a modification of the Grain Futures Act in order to limit the amount of purchases and sales for speculative purposes, with a view to subjecting the wheat markets to the laws of supply and demand. ‘The result of the past seven years’ experience of administration has convinced me that the enactment strengthening the act to the present law would make possible a more effective regulation of the grain and future markets and tend to insure the movement of grain prices in accordance with the conditions of supply and demand. Mr Hyde (Secretary for Agriculture) has been urging similar regulations.

The report continues: “During the year just closed the total volume of trading in grain future on the contract markets amounted to slightly below 25 million bushels. The transactions in wheat futures alone during the twelve months aggregated nearly 20 billion bushels, the greatest for this grain on which (Jure is any record.”