Right Hon. J. G. Diefenbaker (Prime Minister):
Mr. Speaker, I wish to report to the house in connection with the final payment for the 1960-61 wheat pool account, and advise that because of the increased volume of wheat exports it is now possible to close this account and increase the initial payment for wheat delivered during the current crop year.
As at the close of business, February 28, 1962 the board will close the accounts for the 1960-61 pool account for wheat in order that a final payment can be issued to producers. The final accounting will be completed as rapidly as possible and the issuance of final payment cheques will commence not later than April 2. This payment we hope will be completed on or before April 30, which will correspond to the time of heavy costs during seeding operations by grain farmers. Producers delivered 392,824,536 bushels of wheat into the 1960-61 pool account, and the final surplus for distribution will not be known until the accounting is completed.
Effective March 1, 1962 the initial price paid to producers who deliver wheat to the 1961-62 pool account will be increased as follows:
(1) 10 cents per bushel on all wheat other than Durum, whatever the grade, including all grades of sample and mixed wheats.
(2) 75 cents per bushel on Durum wheat grading No. 1 to No. 4 including Extra No. 4, toughs, damps and all off grades.
In respect of deliveries by producers in the 1961-62 pool account for wheat for the period August 1, 1961 to February 28, 1962, both dates inclusive, an adjustment payment will be made to producers at the rates which I have previously stated in order to raise the deliveries for this period to the new and higher price level which becomes effective March 1, 1962. The increase and the adjustment payment of 10 cents per bushel will bring the initial price of No. 1 Manitoba
northern wheat to $1.50 per bushel basis in store Fort William, Port Arthur or Vancouver. In the case of Durums, the increase and the adjustment payment of 75 cents per bushel will bring the initial price for No. 1 Canada western amber Durum to $2.50 per bushel basis in store Fort William, Port Arthur or Vancouver.
The adjustment payment will involve a distribution of approximately $20 million. The issuance of cheques for this payment will commence around the beginning of May, following the completion of the final payment for the 1960-61 pool account, and will be completed on or before May 28, 1962.
I would also like to inform hon. members that on February 19 last the Canadian wheat board commenced the issuance of cheques on the 1961-62 acreage payment. This payment, involving approximately $42 million, will be completed not later than March 16 to the holders of wheat board delivery permits which have been issued to that date.