June 12, 1935

CON
LIB-PRO

Arthur-Lucien Beaubien

Liberal Progressive

Mr. A. L. BEAUBIEN (Provencher):

Is it possible that this plan of investigation in regard to water conservation will be extended to all areas in those provinces instead of just the dried-out areas?

Topic:   TRADE AGREEMENTS
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CON

Robert Weir (Minister of Agriculture)

Conservative (1867-1942)

Mr. WEIR (Melfort):

The drought area will receive first consideration.

Topic:   TRADE AGREEMENTS
Permalink

CANADIAN GRAIN BOARD

PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS


Right Hon. R. B. BENNETT (Prime Minister) moved the second reading of Bill No. 98, to provide for the constitution and powers of the Canadian Grain Board. He said: Mr. Speaker, in rising to move the second reading of this bill I am not unaware of the public interest in its contents, nor yet of the fact that complaints have been made that the matter might have been dealt with at an earlier time in the session. Before I was ill I had placed upon the order paper the resolution which was adopted the other day, and on my return, but for the illness of Mr. McFarland, who is still confined to the hospital, the matter would have been proceeded with more promptly. I think I should say that in fairness to the house. I indicated a few days ago that unquestionably the wheat problem is the most important problem that concerns the Canadian people. Canada is the largest exporter of wheat in the world. She is not the largest producer of wheat, production is larger in the United States and larger in Russia. In the latter country production has reached 1,000,000,000 bushels per annum, and in the United States the average has exceeded 800.000 000 bushels until quite recently. We have not reached a production of 600,000,000 bushels of wheat in this country in any one year as yet. We are the largest exporters and as such we are concerned as to the price at which our pro- Grain Board-Mr. Bennett



duct may be sold. Need I remind the house that the reason wheat plays so large a part in the economic life of Canada is that it is a product which is more readily converted into new wealth than any other resource upon which we can have reliance to take care of our adverse trade balances and to increase the purchasing power of our people. I need hardly remind the house that when there is a favourable crop with a favourable market the railways have traffic and that when the railways have traffic employment on the railways is larger than it otherwise would be. I need hardly remind the house that in eastern Canada, whether it be Quebec. Ontario or any part of the country, the ability of the industrial population to produce in their factories and mills the requirements of the population west of the lakes depends entirely upon our ability to market our crop of wheat. If the crop is slight and the demand is limited there is no purchasing power on the part of the population west of the lakes to enable them to purchase the goods produced in the factories and mills of eastern Canada. There is no constituency represented in this house, except possibly the Yukon, which is not directly affected by the production and sale of wheat in western Canada. For the last thirty-seven or thirty-eight years it has been my privilege to make western Canada my home and I have seen the development of that country from small things to large things in the way of wheat production. I have seen great areas which did not produce wheat, produce wheat in large quantities and I regret to say that I have also seen great areas in which wheat was produced, no longer capable of producing anything. Drought with the consequent movement of the soil by the wind has made it impossible for crops to be produced and like many other hon. members I have seen dust piled like snowbanks against the fences along the dividing lines between the farms. This is the condition which prevails in a country which at one time produced more bushels of wheat per acre than almost any other part of the world. I repeat that there is no part of this country which is not affected by the production and sale of wheat. For these reasons we, perhaps more than most countries, are vitally concerned in a reasonable price being secured for our product. When I say a reasonable price I but reflect the views which have been expressed by every economic council which has met since the world war. The view has been that commodity prices should be increased. This view has been expressed at great economic gatherings of world wide extent, it has been expressed by the League of Nations and it has been expressed in this house, too frequently for me to refer again to it. Canada has a responsibility which is not limited to the Canadian producer. As I said a moment ago, Canada is the largest exporter of wheat in the world while Great Britain is the largest buyer of wheat. May I say what is possibly known to many that in the four crop years ended August last, out of every 100 bushels of wheat which, in the form of wheat or manufactured into flour, went into the markets of the world, 35 bushels came from Canada, 20 bushels came from Australia, 20 bushels from Argentina, 8 bushels from Russia, 10 bushels from the United States and 7 bushels from the Balkans and other countries. These figures should have the effect of making every hon. member realize that during the last four seasons for which we have a record Canada has sold nearly as much wheat as Argentina and Australia together. I repeat that Canada is concerned about the price structure. Canada has a duty not only to its own farmers but also to the smaller countries which are marketing wheat to see to it that a lead is given with respect to the prices which may be received for a commodity of such importance to the world. Wheat is the most important commodity in the export business of Canada. I do not like to repeat, but there is no constituency in this country outside of the Yukon which is not affected directly or indirectly by the sale of our wheat. Under these circumstances let us approach this problem in the sense to which I have directed attention, namely, as a problem which affects not only Canada but all the other wheat producing countries, as a problem which is not only a factor in international trade but also a vital factor in determining our international balances. As I proceed this afternoon I shall endeavour to point out what has been done during the last four years. I shall offer this record to the house without apology or excuse and with some sense of justifiable pride for the results which have been obtained. I look back upon this record with some degree of pride as paying some part of the debt which I owe to western Canada. I intend to put upon the records of this house figures which will tell their own story, figures which will indicate just as clearly as figures can the history of the dealings in wheat during the last four or five years. It has been said that we should not be concerned as to what the Grain Board-Mr. Bennett price of wheat is and I shall show presently that there are public men in this country to whom the people have sometimes listened who say: Let wheat go to any price, we are not concerned about it. There are others, and I shall deal with them also, who say that the difficulty is not over-production but under consumption. I shall be glad to show that during the years when we had the largest crop, when the world's carry over was the greatest and when the price was lowest, there was less consumption than during the preceding years. These are facts, not fancies and it is time attention was directed to these matters. Wheat Production and Value Production Years (bushels) 1920 263,189,000 1921 300,858,000 1922 399,786,000 1923 474,199,000 1924 262,097,000 1925 395,475,000 1926 407,136,000 1927 479,665.000 1928 566,726,000 1929 304,520,000 1930 420.672,000 1931 321,325,000 1932 443,061,000 1933 ' 281,892,000 1934 275,849,000 I shall later consider the observations which have been made on various platforms of this country and which in many instances were unworthy of the public men who made them. They seem to have had no regard for the injury they might be doing their country by making misstatements which if made by those who have to transact business would constitute actionable misrepresentation. These are facts to which I direct the attention of the house this afternoon. I repeat that there devolves upon this country a responsibility as the greatest wheat exporting nation in the world not only to discharge its duty to its own citizens but so to measure its international responsibilities with other nations of the world which are wheat producers that we may be regarded as giving them assistance in their endeavours- to do what? To raise the price of commodities and thus bring about some measure of rehabilitation and recovery in the world. This is what I submit to this house. I should like to give the house the number of acres which have been sown to wheat in Canada since 1920. They are: 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 (estimated) .. . 18,232,374 23,261,224 22.423.000 21.886.000 22.056.000 20.790.000 22.896.000 22.460.000 24.119.000 25.255.000 25,584,939 26,355,136 27.182.100 25.991.100 23.985.000 23,344,900 I next desire to place on Hansard the record of the production, in bushels, of wheat in this country, which includes not only the west but also the east, since 1920: The value of that crop, as indicated by the figures accumulated in the Dominion Bureau of Statistics, is as follows, beginning with 1920: Years Value 1920 $ 427.357,300 1921 242,936,000 1922 339,419.000 1923 316,994,700 1924 320,362,000 1925 487,736.200 1926 442.221,000 I997 477.791.000 1928 451,235.000 1929 319.715.000 1930 204,693.000 1931 123.550.000 1932 154.760.000 1933 136.958.000 1934 163,972.000 The wheat that we produce is used for the following purposes; (a) for seed purposes in the succeeding year; (b) for domestic purposes; (c) for the production of flour for export; and (d) for export as grain. For the purposes of making computations it is usual to add flour on the basis of the quantity used in the production of the barrels of flour exported. I will now give the house exports of wheat in the form of grain and wheat utilized in the production of flour for the crop years from 1919-20 up to date. I need only point out that the crop year ends on the 31st day of July in each year, but for purposes of dealing with problems of this kind -it is scarcely necessary to say this-an exact date can hardly be fixed. The end of the crop year is when the crop becomes available on the markets of the country, and therefore we deal in crop years: Exports of Wheat and Wheat Flour for the Crop Years 1919-20 to 1933-34 Total export Quantity Value Crop vears Bushels $1919- 20 89,003,0231920- 21 167,163,3051921- 22 194.003.408 Not1922- 23 279.492.557 available1923- 24 332.146,9801924- 25 192,721,772 Grain Board-Mr. Bennett



Exports of Wheat and Wheat Flour for the Crop Years 1919-20 to 1933-34-Con. Total export Quantity Value Crop years Bushels $1925- 26 324,592,024 475,023,6241926- 27 292,880,996 409,654,7151927- 28 332,963,284 441,068,2001928- 29 407,564,186 451,820,8871929- 30 186,267,212 227,317,0901930- 31 258.693,887 188,421,3641931- 32 207,029,559 128,117,1281932- 33 264,304,328 151,321,7461933- 34 194,779,876 140,488,6061934- 35 146,387,083 121,178,831 (end of May) We have not available the prices received for this wheat up until the beginning of the year 1925-26, but from that time on we have a complete record of what was received in the way of new wealth by the Canadian people through the export of wheat in the form of grain and flour, and those figures are given in the foregoing table. That gives the history of the production and of the new wealth received by this country from the sale of wheat. I need hardly remind this house, if it has followed me in what I have said up to the moment, that having regard to the purposes for which we utilize wheat, to the size of crops to which I have referred, and to the statement as to quantity exported, that there was a very large carryover. The word "carryover" is used therefore to indicate that quantity of wheat which has not found a market during the crop year. These figures are interesting; for part of our crop that was carried over wa3 in the United States, some of it in elevators, some of it in ships. But it had been included in the export figures when it cleared from Canada, so that while it appears as part of our exportable surplus, it must also be regarded as part of the carry-over, because until wheat enters into consumption it of course is not off the market. For instance, all the crop in this country might be shipped to Europe, but until such time as it had been consumed it would always overhang the market as something that has to be taken care of before additional markets would be available. The carry-overs for the different years from 1920 are as follows: Year ending August 31: Canada United States Totalbushels bushels bushels 1921 1923 9.847,591 13.727.088 19,462.664 11,749,995 299.037 1,558.092 483,324 9,847.591 14.026J25 21.020.756 12,233,319 In 1924 the increase was perceptible: Canada United States Year ending July 31: bushels bushels bushels1924 .. 41,118,536 2,958,084 44.076.6201925 .. 25,454.635 3.027.284 28.481.9191926 .. 34,817,757 3.664,179 38,481.936 May I direct attention to the following years: Canada United States Totalbushels bushels bushels1927 4.835.148 13.604.780 22.604.398 1928 t.U / U.TOO1929 Now we come to 1930, which was the last year in which my hon. friends opposite were in office: Canada United States Totalbushels bushels bushels1930 111.094,912___________16,065,242 127.160.154 Notwithstanding the fact that we carried over these large quantities, we were growing, as I have indicated to the house, increased quantities of wheat. In spite of the fact that this country harvested so large a quantity, the total carry-over in 1931 had risen to only the following: Canada United States Totalbushels bushels bushels1931 134,078,963___________6.798,312 140.877,275 Or slightly over 13,000,000 bushels more than the year before. In 1932, when hon. members will recall we had the third largest crop in our history, the carry-over was as follows: 1932 Canada United States Totalbushels bushels bushels131,844,806 5,888,255 137,733,061 Grain Board.-Mr. Bennett Or slightly more than 3,000,000 bushels less than the year before, notwithstanding the fact that we had the third largest crop in the history of Canada. In 1933 the carry-over however reflected the large sales of the year before with the additional crop of 1933: Canada United States Totalbushels bushels bushels1933 211,740,188 7,688,210 219,428,398 Or something over 81,000,000 bushels more than the preceding year, for reasons that I shall presently discuss. Canada United States Totalbushels bushels bushels1934 193,990,281 9,954,252 203,944.533 Or approximately 16,000,000 bushels less than the preceding year. Those are the facts as disclosed by the records with respect to the history of carry-overs in this country f;cm August 31, 1920, to the end of the last crop year. In order that the house may have all the information it desires, I shall give the average price, recalling to the attention of hon. members the fact that immediately after the war, for reasons that need not be discussed, but largely because of the revolutions in Russia, there was a steady, large price for wheat. These figures are on the basis of Fort William and Port Arthur for number one northern Manitoba wheat: Crop year: 1919- 20.. 1920- 21.. 1921- 22.. 1922- 23.. 1923- 24.. 1924- 25. . Average price per bushel . $2 17.5. 1 99.3. 1 29.7,. 1 10.5,. 1 07.1 To which reference will be made later. Crop year: 1925- 26. . 1926- 27.. 1927- 28.. 1928- 29.. 1929- 30 . . 1930- 31. . 1931- 32.. 1932- 33.. 1933- 34.. Average price per bushel . $1 51.2. 1 46.3.. 1 46.3. 1 24. 1 24. . 64.2.. 59.8.. 54.3.. 68.1 From the beginning of the present crop year to the end of April, 1935, the price was 82 cents, for reasons that I suppose are known to all members of the house. That is the story with respect to wheat production, wheat exports, wheat carry-overs, wheat prices and new wealth derived from wheat by this country.


LIB

William Lyon Mackenzie King (Leader of the Official Opposition)

Liberal

Mr. MACKENZIE KING:

My right hon. friend has not given an estimate of the carryover for the present year. Will he give that?

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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CON

Richard Bedford Bennett (Prime Minister; President of the Privy Council; Secretary of State for External Affairs)

Conservative (1867-1942)

Mr. BENNETT:

I gave it. I am not

making estimates to-day; I am talking about facts. I am not giving estimates at all; I think the time has come to deal with facts

and not fancies and I am dealing with facts. Before I resume my seat, I am going to discuss some of the statements made by hon. gentlemen opposite.

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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LIB

William Lyon Mackenzie King (Leader of the Official Opposition)

Liberal

Mr. MACKENZIE KING:

Can my right hon. friend give the carry-over for the present crop year?

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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CON

Richard Bedford Bennett (Prime Minister; President of the Privy Council; Secretary of State for External Affairs)

Conservative (1867-1942)

Mr. BENNETT:

I cannot. Until the end of the crop year, how can I?

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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LIB

William Lyon Mackenzie King (Leader of the Official Opposition)

Liberal

Mr. MACKENZIE KING:

If he cannot

give us the facts, can he give us an estimate?

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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CON

Richard Bedford Bennett (Prime Minister; President of the Privy Council; Secretary of State for External Affairs)

Conservative (1867-1942)

Mr. BENNETT:

I do not propose to

make estimates at the moment.

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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LIB

Ian Alistair Mackenzie

Liberal

Mr. MACKENZIE (Vancouver):

What is

the situation at the present time?

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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CON

Richard Bedford Bennett (Prime Minister; President of the Privy Council; Secretary of State for External Affairs)

Conservative (1867-1942)

Mr. BENNETT:

I will discuss that

presently. The hon. member for Vancouver Centre (Mr. Mackenzie) need not be the least bit exercised; he will get all the facts he wants before he is through with this matter.

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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LIB

William Lyon Mackenzie King (Leader of the Official Opposition)

Liberal

Mr. MACKENZIE KING:

May I say to

the Prime Minister that if he cannot give the facts or an estimate, at least he could give a courteous answer. Mine was not an interruption; it was an effort to get a complete statement, which the Prime Minister said he would give.

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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CON

Richard Bedford Bennett (Prime Minister; President of the Privy Council; Secretary of State for External Affairs)

Conservative (1867-1942)

Mr. BENNETT:

If hon. gentlemen interrupt they violate the rules of this house. Under present conditions I have a right to make my statement, and that is what I propose to do.

The next point to which I desire to direct attention is one to which I doubt whether sufficient importance has been given. I refer to the circumstances over which this country has had no control. There are those in this house who on the public platform have talked about tariffs abroad as though they were something over which Canada could have control. Some months ago the hon. member for Quebec East (Mr. Lapointe) delivered a speech down in Quebec in which he referred to the fact that here was France willing to sell wine and buy Canadian wheat, and we

Grain Board-Mr. Bennett

were not doing our duty in the premises. Let me ask the hon. member this: Did he at any time when be was negotiating a treaty with France say a word about wheat at all, in any shape or form, when he was giving France preferences? Did he stipulate for anything then, when he might have done so in respect to wheat?

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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LIB

Ernest Lapointe

Liberal

Mr. LAPOINTE:

We were selling our

wheat at the time.

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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CON

Richard Bedford Bennett (Prime Minister; President of the Privy Council; Secretary of State for External Affairs)

Conservative (1867-1942)

Mr. BENNETT:

We were not; that is

exactly the point. In any case, it is the duty of a statesman to look a bit into the future in respect to these matters.

Now let us see why there has been a diminution in the sale of our wheat abroad; let us look at it frankly. What is the reason? It is because the nations of the world that formerly bought wheat have desired to become self-sustaining communities. They were afraid of war; they were afraid of the submarine menace with respect to the transshipment of wheat and they were afraid of the price they had to pay during the war for wheat. There on the one hand you have the development of nationalism to the extent that the nations desired to become self-sufficient and self-sustaining with respect to wheat, and on the other hand you have bonuses, tariffs, quotas and every device imaginable being relied upon for the purpose of enabling the

countries of the world that did buy wheat no longer to find it necessary to do so. When I was sitting in the seat now occupied by the right hon. leader of the opposition (Mr. Mackenzie King) I pointed out that during his regime every nation of the world made it more difficult for Canada to sell her products than at any time in the history of this country, and I repeat that statement. What is more, that was admitted by the then Minister of Finance with respect to wheat and other commodities about which I shall speak presently.

In order that there may be no misunderstanding I propose to place upon Hansard the changes that have taken place, country by country, and the dates on which they took place, with respect to the sale of Canadian wheat. First I take France. In June, 1928, the French franc was stabilized at 3-92 gold cents, so we have converted the figures into Canadian terms on that basis, not upon the actual exchange, which perhaps would not be fair, but upon the basis of the steady rate that has prevailed, because the duties would be higher if we dealt with them otherwise. Conversions prior to June, 1928, are made at the approximate prevailing rate of exchange, because the French franc was not stabilized until that time. These are the figures in regard to wheat:

Commodity Date of change General Tariff Minimum Tariff Approximate Fquivalent of Rate to CanadaWheat Rate in 1921 29c. bu.100 kgs. (C) Jan. 7, 1924 lie. bu.100 kgs. (C) Aug. 1, 1924 20c. bu.100 kgs. (C) April 7, 1926 18-2 frs . 18c. bu.100 kgs. (C) Sept. 3, 1927 27c. bu.100 kgs. (C) Nov. 18, 1927 37c. bu.100 kgs. (C) May 24, 1929 50 frs 53c. bu.100 kgs. (C) May 20, 1930 85c. bu.100 kgs. (C) July 14, 1931 160 frs 85c. bu.100 kgs 100 kgs. (C) June 16, 1932 $1.70 bu.100 kgs. (C) 100 kgs. June 10, 1933 160 frs 85c. bu.100 kgs. 100 kgs. (C) *June 16, 1934 11.70 bu.100 kgs. (C) 100 kgs. *Oct. 1, 1934 85c. bu.100 kgs 100 kgs. (C) *Rate at present 85c. bu.100 kgs. 100 kgs. (C)

(C) indicates the rate applied to imports from Canada.

Grain Board-Mr. Bennett

On October 1, 1934, the rates were again lowered to 85 cents a bushel, where they remain at the present time xcept that since August 10, 1934, these rates have been increased by four per cent of the duty.

There is the story with respect to France; there is the limitation placed upon our ability to sell wheat in that country. When hon. gentlemen opposite left office the rate was 85 cents a bushel; to-day the rate is the same, 85 cents a bushel, plus four per cent in additional surtaxes that have been placed on all commodities since 1934.

Now let us take Germany, because we have heard much talk about that country.

The reichsmark at par equals 23-82 gold cents and the conversions are made on that basis; if they were made at t'he prevailing rates of exchange at different dates the rates, as expressed in Canadian cents, of course would be much higher. For instance, the gold reichsmark now is worth about 40 cents in Canadian money, and of course it is known to this house that 100 kilograms equal 220-4 pounds. Wheat, except where the rates are modified by special regulations, in 1921 entered under the rate of seven reichsmarks per 100 kilograms, or 42 cents a bushel. That rate has varied as follows:

Commodity Date of Chancre Rate to Canada Conversions at par

7 Rm. 100 kilogs 42 cts. bush.

(except where rate modified regulations). by special May 1, 1922.... Sept. 1, 1925.... Aug. 1, 1926.... *July 10, 1929.... Jan. 10, 1930.... Mar. :7, 1930.... April 25, 1930.... Sept. 28, 1930.... Oct 26, 1930.... Oct. 22, 1934.... Rate at present... Free 3*50 Rm. 100 kilogs 5 Rm. 100 kilogs 7-50 Rm. 100 kilogs 9-50 Rm. 100 kilogs 12 Rm. 100 kilogs 15 Rm. 100 kilogs 18-50 Rm. 100 kilogs 25 Rm. 100 kilogs 35 Rm. 100 kilogs 35 Rm. 100 kilogs Free 23 cts. bush. 39 cts. bush. 49 cts. bush. 02 cts. bush. 78 cts. bush. 98 cts. bush. SI.20 bush. SI .62 bush. $2.27 bush. $2.27 bush.

And that is the rate prevailing to-day. I need hardly point out to this house that any rate in excess of 40 cents per bushel is a prohibitive rate, and that when you

get to a rate of 75 cents, 80 cents or 90 cents it does not make any difference whether it is 90 cents or $2. The table continues:

Commodity Date of Change Rate to Canada Conversions at par

18-75 Rm. 100 kilogs $2.03 100 lbs.

May 1, 1922.... Free Free

1925....

Aug. 1, 1926.... 10 Rm. 100 kilogs $1.08 100 lbs.April 1, 1927.... 12-50 Rm. 100 kilogs $1.35 100 lbs.July 10, 1929.... 14-50 Rm. 100 kilogs SI.57 100 lbs.Feb. 11, 1930.... 18-50 Rm. 100 kilogs $2.00 100 lbs.Mar. 29, 1930.... 23-25 Rm. 100 kilogs $2.50 100 lbs.1930.... $3.41 100 lbs.Sept. 28, 1930.... 38-50 Rm. 100 kilogs S4.17 100 lbs.Oct. 26, 1930.... 51-50 Rm. 100 kilogs $5.58 100 lbs.June 10, 1931.... 43-16 Rm. 100 kilogs $4.67 100 lbs.Oct. 22, 1934.... 59-80 Rm. 100 kilogs -56.48 100 lbs.Rate at present... 59-80 Rm. 100 kilogs $6.48 100 lbs.

I need hardly say that any of those rates are prohibitive. I now turn to Italy, and a discussion of the tariff changes on wheat and wheat flour. The gold lira at par equals 19-3 gold cents in Canadian money. The paper lira at par equals 5-26 gold cents in Canadian money. Conversions are all made at the aforementioned gold equivalents of the

Italian currency. If the conversions were made at the rates of exchange prevailing at the different dates the rate of duty as expressed in Canadian money would be higher. For example the present value of the gold lira in Canadian money is approximately 30 Canadian cents and the value of the paper lira about 8 Canadian cents. The table is as follows:

Grain Board-Mr. Bennett

Topic:   CANADIAN GRAIN BOARD
Subtopic:   PURCHASE, STORAGE AND MARKETING OF WHEAT AND OTHER GRAINS
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June 12, 1935