NEW ZEALAND "STUNG.”

Taihape Daily Times, Volume 7, Issue 348, 30 December 1915, Page 2

NEW ZEALAND "STUNG.”

- .IN WHEAT PURCHASES

900,000 BUSHELS STILL IN

CANADA

(From the Montreal Star.) OTTAWA, Nov. ».

When the Government of Now Zealand went into the business of buying wheat in Canada it got "stung.” In plain language, this appears to be the outcome of the transaction.

A million bushels were ordered, and of them are in the Montreal elevators still. The balance has been shipped.

The nnforutnate part of the affair for New Zealand is that it paid a high price, and that since then the market has fallen. And while the wheat bought on the account of that Government is still in store in Montreal, this season’ crops in New Zealand are laj'go.

Th v order, execued through Gov-ernin'-nt circles here, came last winter. d was for a million bushels. The ic3 paid was around 1.0 dollars ab’ ■• el. The grain was to be delivered •’ spring. It was delivered. The shipments were to be at such times as N-' w Zealand desired. It asked that h hundred thousand bushels be sent over, and they were sent. As to what is o be done with the balance, it is up to the Government of lie Dominion to say. It is their grain, bought on their instructions, 'at th rate then prevailing, and. whatever they desire will bs me' 1 f it, but no instructions have com •tely. The freight rates are high id with a big crop prices have gone wn to the extent of about half a mi 1 ' n less than was paid for the const ment. As far as the’ authorities 1 c are concerned, they simply carrie out the request of the New Zealim Government, and though the inver-' tut or speculation turns out unfow nate. the blame, it is stated, is no- on them. P dEMIER’B -EXPLANATION.

WELLINGTON, Dec. 27. Premier, shown the Montreal regarding New Zealand wheat, at it was quite correct that

■ etii the- elevators, totalling a mil lion bushels, was bought as a precau

lot measure. Only one hundred thousand bushels were shipped, and then the drop came on account of the Vraev : an v.dieat prospects and the s’ 5 ’ uty of the Dardanelles being oreneL The- Government was n;-.

disposed to realise at a loss, and made •'rrangements with the Canadian Government to hold t-he wheat until a. suitable opportunity offers. It could he sold to-day, but the price is tire

question. Bv an extraordinary coincidouc

while the Premier was speaking lie received a cable from Canada stating that wheat was now one dollar 20 cents. “Thus,” lie said, “wo would -fit lose much if we sold to-day, but •he Canadian Government is doing its

best for us, and we shall lose very little. ’’ Mr. Massey added that the £OO,OOO vote on the last Estimates was for de-

posit on account of this purchase aud the payment of outstanding ac counts on the previous purchase.