SOME ACHIEVEMENT

Evening Post, Volume CXVI, Issue 49, 26 August 1933, Page 13

SOME ACHIEVEMENT

STABILISING EFFECT

BRUCE NOT SO HOPEFUL

(Received August 26, 11 a.m.) LONDON, August 25. Considering the sharp divisions prevalent during the week the wheat agreement,- now awaiting signature, is an achievement of some importance, which may bear out expectations in exercising a stabilising effect on the market, and also influence the United States against the threatened subsidisation of exports to, Eastern markets, which might seriously affect Australia. It is understood that Mr. Bruce, who adopted a careful attitude throughout, regards the agreement as the maximum which' could reasonably be expected, but docs not share the hopefulness with which some Coritih-' ental quarters profess to regard it. The importers have certainly agreed to figure C 3.08 gold cents. a bushel as the point from which current reductions may be considered after that price prevails for four' months, but among the serious snags is the absence of any proviso as to the extent of tariff cuts. Moreover, a paragraph added to the agreement today at the request of the importers, emphasising that certain condition are governed by the domestic situation of' individual countries, indicates the caution with which they are moving. The agreement may be withdrawn within a period so far unspecified. The wheat -exporting countries accepted the price of twelve gold francs per quintal or 3.08 gold cents a bushel. They agree that export maximum allocated between them for 1933-34 shall bo 560,000,000 bushels, while the exporting countries, except Russia and the Danubian countries, will reduce production 15 per cent, for 1934-35. The agreement will be signed at 5.30 p.m. and a copy deposited with the League of Nations.