London, Aug. 25.
'The agreement on the world price of wheat. and on the. limita Yien' of supplies reached. to-day, by the, Wheat "Conference in. London, which 29 countries were repre fented, was signed at 10.30 to-night.
The decision to fix a world price and limit supplies had an immediate fect in the Liverpool Corn. Exchange, where futures went up 9d. a quarter, operators caught short Being in haste to cover.
Mr, R, B. Bennett, Prime Minis for of Canada, chairman of the conference, announced at to-day's sestion that the exporting countries Shad. accepted twelve gold. francs quintal, or 65,08. gold cents. a Dushel, ae' the price level at which importing, nations may be asked 10 readjust. their tariffs on. wheat.
'Under the agreement, the exportting countries have agreed. ws limit hein export of wheat during 1994 40660 million bushels and, with th exception of Russia and the Danu: Blan' States, to reduce their produc tion by fifteen per coat, The agreering te to be in force for two years.
Britain and other countries Which do not export, wheat also signed the agreement. The importing countries, ina paragraph added to. the agreement, declared "that measures ffecting. the area of wheat grown {and the degree of production adopt-dare primarily "dependent upon. Somestic conditions within. each country. and. that those countries ma the tanetion of the "intention of this is, nevertheless, that the importing countries will not take advantage of The reduction of exports on the part ofthe "exporting "countries, by "de-Yeloping. their domestic policies: in och away as to prejudice the ef-Forts Which the exporting. countries fare making, be the common inter-ort, to restore the price of wheat to'n remunerative level.
Apart from limiting' the export maximum in" 1934 to. 560 million Busbels, the ayreément provides that, with the exception of Russia and' the Danubian countries, "th exporting mations will reduce' their production by fifteen per cent.
Tariff Re Another provision is that the im porting countries agree to readjust toms tariffs when the price reaches twelve. Swiss gold quintal, or 63.6 gold cents elf. a bashd.
6 agreement incorporates a statement by "the importing coun Gries "on the lines "of the draft smout reached on August 21, in Which it'was- agreed. not to. encour-ge. and, increase in. the acreage funder wheat; to adopt every possi= Ble measure' to inereace consump-{Won;"and to lower Customs tariffs when price levels are sufficiently, Steady to permit this course.
Importing countries agree, the statement adds, that, marder to estore more normal" conditions, in the world wheat trade, any redue-ion of Customs tariffs' must be accompanied by a modification in the Kenoral regime of quantitative zection of wheat imports, and the principle of the desirability of such Modification must, be accepted.
Exporting countries agree that it may be possible to. make substan Gal' progress with' there modifica ions in 1088-4, but. the importing countries are prepared to make fective alterations in 1984-5, if world prices have taken a definitely
Text read from the printed page and cleaned; old type leaves the occasional error.