Hon. Harry W. Hays (Acting Minister of Trade and Commerce):
Mr. Speaker, I wish to inform hon. members that the Canadian wheat board is announcing in Winnipeg today that it has negotiated a contract for the sale of approximately 500,000 metric tons of wheat for shipment to Czechoslovakia. This sale, totalling approximately 18.4 million bushels, is for shipment during the period August to November, 1964.
This is the second sale made to Czechoslovakia under the provisions of the long term agreement signed on October 29, 1963. Of the 500,000 metric tons purchased, 230,000 tons represent the completion of the quantity that Czechoslovakia had agreed to buy during the first year of the agreement, and the balance of 270,000 tons applies against the second agreement year which commences October 30, 1964.
Payment for the wheat is to be made on the basis of 10 per cent at time of shipment with the balance to be paid in equal instalments, plus interest, at two, two and a half and three years respectively. These credit arrangements were authorized by the government of Canada under the provisions of the Export Credits Insurance Act.
On the orders of the day: