Evening star., 1933-08-26
q NATIONS ACCEPT
WHEAT AGREEMENT
Brazil to Sign Pact Monday.
Others Expected to
Join Later.
BY the Associated Press.

LONDON, August 26.-An interna-
tional agreement designed to balance
the supply and demand of wheat and
to stabilize its price at a higher level
was hailed today as a salvage from
the wrecked World Economic Confer
ences.
Twenty-one nations signed the pact
under which 63.O8 United States cents
in gold (currently 80 cents) bushel
was set as the price of wheat for four
months, whereupon importing countries
will lower tariffs.
Comment in London newspapers was
generally enthusiastic THE whole
agreement may be regarded as the first
installment of the program for eco
nomic recovery which the World Eco
nomic Conference was convened to
frame" said the Times. Other news
papers called it advantageous, worth
while" and 'auspicious."
Frederick E. Murphy, American rep
resentative at the conference of repre-
Sentatlves of 81 countries, said: I'VE
feel certain We have made the greatest
single move which could be achieved
for the restoration Of world prosperity. /"
Argentina Signs Monday.
ArgentlnaS representative. Tomas A
Lebreton, was not present at the meet
ing last night when the signatures
were affixed, but on Monday he will
add his name to the list which includes
the other major wheat exporters, the
United States, Australia and Canada.
Importing nations promised to lower
tariffs in four months. to encourage
consumption, modify quota restrictions
limiting wheat imports. and mot to
encourage domestic production
Exporters agreed to accept the fixed
market price for four months, to ex-
port no more than $50 1000, 900 bushels
IN 1933-34, and reduce production in
l934-35 by Is per cent. CThe reduction
applies to the big four" only.)
Other signatories were Germany
Austria, Belgium, Bulgaria France, the
United Kingdom, Greece, Hungary, the
Irish Free State, Italy. Poland, Ru-
mania, Spain. Sweden, CZechoslovakia,
Switzerland. Soviet Russia and Yugo-
slavia. Those not signing were Estonia.
Latvia, Holland, Finland. Denmark,
Turkey, Portugal and Lithuania.
Some of the latter are expected to
sign later.
Praised by Press.
'All who contributed to the result
are to be congratulated upon what may
well prove to be the initial success in
opening the way to ultimate victory in
the campaign for a revival of world
trade recovery and prosperity" said the
Times.
The Morning Post asserted that it
may not be easy to carry out the details
Of the agreement. but that it will have
advantageous effects if results are en-
couraging to farmers and they Substi-
tute mixed farming for excessive re-
lance on the precarious fortunes OF a
single product
The Telegraph declared the pact is a
worthwhile achievement if it provides
for liquidating the enormous bulk of
unmarketed Canadian and American
wheat. which for four years has been
hanging over and depressing the world
market.
The agreement was used by the
Laborite Herald as a basis for criticism
Of the United States.
The feeling in general commercial
circles in this country" the Herald
said. ''is that the agreement has been
designed more for its political effect
on North American farming opinion
IMAM lot any pTdCLlCdI ClidIlStS IL iildN
bring about in European wheat policy"
Hopes For Better Prices.
In statement to the Associated
Press, Murphy, Minneapolis publisher.
said:
Without this agreement no other
combination of events could restore
universal prosperity.
THE welfare of the community as
a whole is dependent upon the welfare
of the farmer and the keystone OF
agriculture is that grain which gives
us our daily bread.
For many years there has been an
overproduction of wheat, with the re-
suit that stocks accumulated and the
price of this essential commodity
dropped to such low point that grow
ers throughout the world either were
ruined or were facing ruin.
The result of this (agreemen) we
hope will be that the price of wheat
will be maintained at a figure which
will make it profitable for the farmer
to raise it,
Premier r. B. Bennett of Canada,
chairman of the wheat conference, left
for home this morning.
He reiterated emphatically his graft
fication with the outcome of the parley.
Asked whether he '!as satisfied with
the result, he replied, yes. eminentiy.'