Evening star., 1934-12-19

Announcement from Budapest that
the agreement among wheat-produc-
ing nations for regulation of crops has
been abandoned Is the subject of ex-
tensive comment in the American
press. 1t Is stated that large crops in
Argentina and the refusal of that
country to destroy grain made it i'm
possible to carry out the pact. Fur
ther adjustment Is possible in the
future, some American observers be-
heve.
Zone of the few positive results Of
the World Economic Conference" &C.
cording to the Buffalo Evening News,
was an agreement by the principal
wheat-producing nations to limit ex-
ports Of that commodity. At that
time the wheat production was far in
excess of the world demand. The
great exporting nations, such as the
United States, Canada, Argentina and
Australia, had huge carry-overs,
which had the effect of depressing
prices. During 1888, wheat prices
reached their lowest level in centuries.
The plight of the wheat growers in
this country, Canada and elsewhere
was desperate, and, in an effort to do
something to improve their lot, the
nations overcame their previous re-
luctance to join with other nations
in q common effort to raise wheat
prices"
"It Is to be doubted" thinks the
Lowell (Mass.) Courier Citizen, that
anything but nature will cut the ex-
ports from Argentina or Australia.
Countries in the Southern Hemisphere
are likely to have quite different
growing conditions from those which
prevail In the northern countries
and to be in position to take ad-
vantage Of short world crops. They
are to be excused, perhaps, for not
throwing away this possible advan-
tage for the sake Of steadying the
market, since they stand on the whole
to gain more than they will lose by
letting things take their course"
Belief that there will be a new
agreement next year is expressed by
operation among the wheat-growing
countries is still possible" Terms Of
the original agreement are given by
the Bay City (Mich.) Daily Times:
cit was based on two facts: % The
world yield of wheat per acre is re-
markably stable from year to year,
despite annual variations in the
yields Of Individual countries; ca in
recent years the worlds wheat acre
age had been increasing although the
world demand had been falling. But
man proposes and the weather dis
poses. Drought in the United States
reduced the domestic wheat crop of
1885, to about 52S, ,00O, 900 bushels,
as against 744,000;000 bushels in
1928 and 932,000,00 bushels in
1872. The estimate for the 1934-5
crop is only $4,000, 900 bushels. In
10 nations Of the Northern Hemi-
sphere the estimated production for
1884 Is 50,000, 900 bushels less than
in 1928, q reduction of 8 per cent" {"
Thanks to q flexible farm pro-
gram" says the Denver Rocky Noun
tain News, "the United States will be
able next year to agree to any rea-
sonable compact. And II no interna-
tional agreement is reached, we can
speedily adjust our production plans
to compete for bur share In the world
markets. With the American wheat
price pegged above the world price, 1t
may be necessary to prepare for the
possible wheat war by arranging for
an export bounty In some form. While
We hope this viii not be necessary, it
is an alternative to be considered by
| Congress this Winter" The Youngs-
town vindicator, however, holds that
.unless- international cooperation on