CUT IN WHEAT FREIGHTS

Sun (Auckland), Volume III, Issue 654, 4 May 1929, Page 9

CUT IN WHEAT FREIGHTS

AMERICA STRUGGLES WITH Y HUGE YIELD f CANADIAN RETALIATION fiiulraiian and N.Z. Press Association) WASHINGTON. Thursday. Government officials are faced by the immediate serious problem of having 250,000,000 bushels of wheat held nver, with a bumper crop to be marketed about July 15. They conferred to-day with the executive officers of several of the Eastern railways, which accepted temporarily sharply reduced rates for export wheat shipments. The executive officers announced •hat they recognised that "an emergency of national proportion exists, which will necessitate every possible Bid to the immediate removal of this surplus from the country.” The reductions will be about two rents a bushel from Buffalo, four cents from Chicago, five cents from St. Louis. They will expire on May 30. It is felt in Washington that Amer>ran grain must meet with the compe--1 itlon of an unusually large carryover and the production of foreign countries, with a consequent lowering of tha price level in the principal markets of the world.

liecd. 9.5 a.m. TORONTO, Friday. * . r - Edward W. Beatty, president of ;Jj e Canadian Pacific Railway, stated ! . tb® reduction of freight rates on JvTam from Buffalo to American Atlan!fc Porta may be met by a reduction rates on grain between the western Producing points and Canadian ports.