WHEAT INDUSTRY

Hokitika Guardian, 22 June 1933, Page 5

WHEAT INDUSTRY

. '; CONFERENCE AIM _ , • ~ . n ! • SUGGESTED BY MR BRUCE. (British Official': Wireless.) s RUGBY, June 20. ! During the sitting of the economic commission, the general discussion was mainly devoted to wheat. „Mr Bruce said Australia felt that the great object of the Conference should he to increase world purchasing power, and so far as possible to avoid the reduced world production. “The •--restriction of production seems to us J a terrible policy to accept,” he said / “We in Australia have great obligations to the world, to develop a great continent, and to turn all its resources to the benefit of mankind,” It had been suggested that the trouble was that primary industries in overseas countries had increased production and disorganised the. world’s markets. That would not bear examiatidn. There had been increasing constrictions in European markets by the ever-rising tide of protection for European agriculture. The result of the. quotas imposed had been to Stimulate internal production, and raise pricfls,. The Conference must’get rid of,nationalistic ideas, and. co-operate for the common good. •'i agree: that' a, rise in prices, if achievable,-is the quickest way out or the depression, and accordingly welcome Mr Chamberlain’s statement,” declared Mr Bruce,: in his first Conference speech, addressing the Monetary. Sub-Committee. Mr Bruce advocated the following essential measures:' Firstly, abundant credit and / cheap , money.; secondly, wider, extension of open market operation; thirdly, active use of increased credit b.y the public or. Governments; fourthly, currency stability. These should be followed by the abolition of. exchange, restrictions, removal of .prohibitions and similar trade barriers, and .resumption of international lending.

Mr Bruce stated that while Australia, would never consent to such & policy despair as., restriction, “wo wero prepared to co-operate in every possibly way to solve the world’s problem.” •

The afternoon’s wheat" talk was postponed till to-moriW, at' "the request of Mr Bennett. "Hopes of an ultimate agreement to regulate exports now • seem brighter, but there is little likelihood of the Big Four settling the matter themselves.' ’> Mr Bruce’s speech was wirelessed, welcomed in Canadian circles, the > Canadians claiming that v M? Bfubb had now come to the position in accordance with their , views in his willto consider a reduction in pro- " duction.

CANADA OPPOSES REDUCTION It is most encouraging,” said John I. McFarland, General Manager of the Canadian co-operative wheat pool to-day, . when 'informed that Australia had joined the big four wheat exporting countries, in agreeing to some form of wheat acreage being limited as a temporary measure. No comment was offered by grain traders or members of the Winnipeg Grain Exchange. It is known that they' aire apposed to any scheme for reducing the amount of wheat grown in Western Canada.