WHEAT CRISIS

Hokitika Guardian, 19 February 1930, Page 3

WHEAT CRISIS

AUSTRALIAN GROWERS

(Australian Press Association)

CANBERRA,. Feb. 18.

■ " The Commonwealth Government announces proposals to assist the wheat industry of Australia. These consist of a compulsory pool and also a Government guarantee to the wheat growers of four shillings per bushel at the country sid.ngs; and also Government financing of the bulk of handling facilities.

The Federal Minister of Markets, . * Hon Mr Parker Maloney, emphasised uiul “We must have organised marketing and selling. In order to avoid -overlapping there will be a Pool Board in each State, on which there will be representatives elected by the growers and there will also be a Commonwealth Pool Board, on which the S-tates will be represented.” The Government’s idea is regarded most favourably by the various States, which are now considering its adoption.

CANBERRA, Feb. 18

The Federal Government’s plan for an Australian wheat pool was outlined to-day before the Conference of Ministers of Agriculture and growers’ representatives. The Prime Minister, Mr J. H. Scullin, said that the proposed Government guarantee of 4s per bushel was equivalent- to 4s 8d f.0.b., but the amount ot the advances each year afterwould be determined by the Board upon the. economic conditions then prevailing. He added that the aim of the Government was to place the growers in a better economic position, add to the national income, increase the demand for farm labour, and act as an incentive greatly to increase the acreage under wheat.

FRESH WHEAT SLUMP

NEW YORK, Feb.. 17

Wheat prices have broken sharply in Argentina, where the Buenos Ayres market showed losses of four and a half cents to four and five-eighths. Rosario market dropped by five and one-eighth to live and five-eighths. The sentiment in the American markets to-night is as bearish as it is possible to be. Open interest was argued as to 215 million bushels of May wheat in the leading markets. The visible supply has deere--632,000 bushels to, total 159,520,000 bushels.

Unfavourable crop reports from the south-western United States have failed to attract attention.

According to private cable advices the Argentine estimate cut has been in fifteen million bushels down to 175 million bushels.