AMERICAN ITEMS

Hokitika Guardian, 18 November 1930, Page 5

AMERICAN ITEMS

BUYING TO KEEP PRICES UP

BUYING TO KEET PRICES UP

(United Press Association—By Electric Telegraph.—Copyright.)

WASHINGTON, November 16* Mr Legge, of the U.S.A. Farm Board, declared that the decision of the United States Grain Stabilisation Corporation to enter the wheat market again had been made in order to stop “panicky selling,” and “to prevent further unwarranted declines” in the domestic prices of wheat. He said that “demoralisation in world grain markets” again exists, and lie added: Comparatively, wheat is lower in price than are agricultural products. The price of flour fully reflects the wheat price, which, no doubt, is increasing per capita in consumption. While the visible supply of wheat is large there is uo congestion at any of the terminal markets. The receipts at the primary markets are unusually light, which suggests the extent to which farm stocks are being used for feeding purposes. Any further price decline would be in sympathy with the foreign markets., and would not lie justified by the domestic conditions.f\

WHEAT STABILISATION. TORANTO, November 17

(Premiers Bracken, Anderson and Brownlee, of Manitoba, Saskatchewan, and Alberta, consulted with banking interests to-day regarding the wheat price situation. It was stated “a successful interview” had been held. We have come to save the economic structure of Western Canada, Bracken said.

WHEAT PURCHASES. WASHINGTON, November 17

Chairman Legge of the Farm Board announced that the grain stabilisation corporation was buying wheat both in cash and futures markets, in its stabilisation operations.

WHEAT PRICES

WINNIPEG, November 17

A sharp recovery from Saturday’s lowest levels whieli were ever recorded was made to-day, when wheat advanced three to three and seven-eighths cents per bushel. Trade was active at the close and exceptionally firm. November closed 63f, December 625, May 675, July 695. The main factor in the recovery was the reassuring announcement from the lending hanks that wheat pools would not be forced to dump supplies on the markets.

WHEAT INTERFERED WITH

r ''' , «-blo rlav at l! n.m.. OTTAWA, November 17.

Suspecting that Canadian grain consigned to the British Tsles is being tampered with, the. Dominie,n Crain Commission had ordered an investigation. British millers found the wheat to contain insectide. A preliminary investigation indicates the chemical was not used in Canada.