AMERICAN ITEMS.

Hokitika Guardian, 5 February 1925, Page 2

AMERICAN ITEMS.

U/STH-LIAN AND N.Z- OABlt ASSOCIATION SOAKING WHEAT Bit ICES. NEW YOKE, February 4. For the first time since the war. the United States itself, one of the world’s great gratuities, is beginning to feel the pinch of the high wheat prices. The cost of the loaf in numerous sections of Pennsylvania, and in various isolated parts of the country, has already been raised from one to one and a half (cuts per loaf, representing an increase varying from 10 to 20 per cent. This is due to the sensational rise i wheat at Chicago, The movement, however, is not yet general, and the price remains unchanged in the largest cities, where bakers assert they will -do their utmost to prevent an in-.

Aleantime they are watching the situation. The talkers in New England, and other States, vviit meet shortly to decide what steps they will take. It i* emphasised that the cost of wheat is only a fractional proportim of the cost of bread, much of the latter being due to the cxjjonse of production and distribution, but if wheat again advances immoderately, a universal increase in bread j rices in the L nited States will bo unavoidable. The decline in wheat during the last few days was due to profit-taking by speculators, but the market is anxiously watched.

HIKE OF STEIU.IXS. OTTAWA. February I

The recovery of the sterling exchange will reopen the London market to Canadian financing. Probably the Dominion will try to obtain more of its money in London, heueelorth. Before the ""nr Canada did jjractically all outside financing in the London market, but depreciation of the .sterling made it necessary to go to New York. Canada was arranging in London for repayment of a loan of five millions sterling, maturing at the middle of February, with six months’ sterling treasury hills.

THE VOLSTEAD ACT. NEW YORK, February -L A movement, considered by its or-

ganisers to bo the most determined step yet taken towards the repeal ol the Volstead Act, was begun -h'" nineteen members of the Congress from New York, pledged it their support. A thousand men and women attended the meeting and unanimously resolved against the u.o.iio - n amendment. The leader s plan is to Gogin immediately the formation of units in every Congressional district in too United States. The resolution brands as untrue the charge that enemies of prohibition are foes "of the law. The mil >;v un‘nt of it 'ibn denounces prohibition as interference with the rights of the whole jieojjle.