Futures Market to be Established Tightening of Control Of Foreigners New York, Apr. 20.
Because of the phenomenal growth of soya bean and soya bean oil production in the United States, the New York Produce Exchange has decided to establish a futures market for prime crude soya bean oil. The soya bean industry will thus be provided with the economic advantages of hedging facilities enjoyed by other agricultural commodities. Trading will begin in the near future. The salient points of the new contract follow:
Contract—60,000 pounds of loose crude soya bean oil, delivered in bonded warehouse basis fob, New York.
Specifications covering tendered oil: Unsaponifable matter, maximum 1.5 per cent; free fatty acids 1.5; moisture and volatile matter at 105'C. (allowance if over 2 per cent). 3 per cent; break (modified Gardner method), 60 per cent; methods of analysis: those of the American Oil Chemists Society.
Deliveries: Delivery on contract must be in licensed bonded warehouse basis fob. New York. Delivery points are being arranged at strategic production centres.
Commissions (round turn): Selling at a price up to and including 13 cents per pound, $20 for members; $30 for non-members; at 13.01 cents to 20 cents inclusive per pound: $22 for members, $33 for non-members. At 20.01 cents and above per pound, $24 for members and $36 for nonmembers.
The duty on imported soya bean oil is 3.5 cents per pound but not less than 45 per cent. "ad valorem." Imports of soya bean oil for the year 1939 were 4,125,526 pounds and for 1938, 4,258,115 pounds.—Havas, United States Silver imports ET 2
New York, Apr. 20.
Belgrade, Apr. 20.
Yugoslavia and Russia have decided io re-establish commercial relations and a Yugoslav delegation will leave for Moscow soon to negotiate a new trade agreement, an official communique announced here yesterday.
The resumption of Yugoslav-Russian commercial relations was interpreted by some observers as indicating that Yugoslavia contemplates improving relations with Russia. The new move decidedly strengthened Yugoslavia's position, because of the considerable sympathy, for Russia among the Serbs.—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.