The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-08-26
WHEAT AGREEMENT
HAILED AS SALVAGE
Of PARLEY'S WRECK.
q Nations Sign Pact Designed
To Give World Grain Farm
ers Better Deal

A1OAASSAA, ~1AASs OVs"N xAAA AAASSA AAp
tional agreement designed to balance
the supply and demand Of wheat and
10 stabilize its price at higher level
vas halted Saturday as salvage from
the wrecked world economic confer
ence.
Twenty -one nations signed the pact,
under which 63.08 United States
cents in gold Currently 80 centO a
bushel was set as the price Of wheat
for four months, whereupon import
ing 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 economic recovery which the world
Frame" said The Times. Other news
papers called it advantageous"
worthwhile" and "auspicious."
Frederick E. Murphy, American
representative at the conference Of
representatives 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"
Importing nations promised to low
or tariffs in four months, to encour-
age consumption, modify quota re-
strictions limiting wheat imports, and
not 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-l934, and reduce production
IN 1934-1935 by Is per cent (the re-
duction applies to the big four" only.
Many Nations Sign
Signatories were the United States,
Australia, Canada, Germany, Austria,
Belgium, Bulgaria, France, the United
Kingdom, Greece, Hungary, the Irish
Free State, Italy, Poland, Rumania,
Spain, Sweden, Czechoslovakia, SwitZ-
erland, Soviet Russia, and Yugoslavia.
Those not signing were Estonia, Lat
via, Holland, Finland, Denmark. Tur-
key. Portugal, and Lithuania.
Argentina Is to sign Monday.
In a statement to the Associated
Press. Murphy, a Minneapolis pub
Usher, said:
Without this agreement no other
combination Of events could restore
universal prosperity.
1.-THE welfare Of the community as
a whole is dependent upon the well
fare 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 a low point that
growers throughout the world either
were ruined or were facing ruin.
THE result Of this (agreement), we
hope, will be that the price OF wheat
will be maintained at q figure which
will make it profitable for the farmer
to raise It,
Canadians Are Cheered
In Canada, whose average annual
exportable surplus is about 270 900 DOC
bushels, officials were optimistic and
set about planning q conference to
outline the Canadian part in the pact
. signed in London by representatives
of II nations.
A two-cent Jump In grain prices
on the Winnipeg grain exchange Fri.
day had favorable reaction in some
quarters.
Informed circles in Paris sale
France faces a serious problem, re.
gardless of sterilization Of the wheat
market, because the French surplus
last year, estimated at more than TO-
600, 900 bushels, is expected to be in.
creased by bumper crop this year
Heavy exports will consequently be
required to maintain a government
guaranteed price Of about STA 9
bushel.
Unofficial reaction in Washington
was that provisions OF the agreement
looking to scaling down OF tariffs BY
importing countries was that they are
"both satisfactory and highly signific-
ant"
Argentine wheat traders expressed
the opinion that the agreement would
not benefit Argentina unless it raised
the price to about IS cents bushel
or about Is per cent above the present
level there.