May 24, 1932 (17th Parliament, 3rd Session)


George Gibson Coote

United Farmers of Alberta


The exporter is paid with a bill of exchange on Liverpool or London. Today he receives for the British pound only $4.17, or thereabouts; the rate varies from day to day. Were our currency at a par with English currency he would be receiving $4.87. The same applies to the sale of cattle and hogs. I am sorry I have not the article before me, but may I inform hon. members that in the monthly letter for October of the Packers' Association of Canada they state definitely that the cause of the low price of hogs in Canada is due to the fact that we have a surplus, and are now definitely on an export basis. Not only that, but we are suffering from ithe disadvantage that whereas last September we were receiving $4.87 for the pound, at the time this letter was issued we were receiving only $4.17. In other words there was a loss of 70 cents on every pound sterling. That situation is brought out clearly in letters of the Packers' Association.

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