WHEAT SLUMP

Hokitika Guardian, 27 August 1930, Page 1

WHEAT SLUMP

POOL LOWERS ITS PAYMENTS

United Press Association.—By Electru telegraph.—Copyright. J

WINNIPEG, Aug. 25

The Wheat Pool has announced a sixty cent, initial payment on wheat. This is a drop of ten cents below the initial payment fixed on .July 15th. The official statement expressed regret at the necessity tor the reduction, and explained that, in view of serious difficulties in connection with-the financing of the 1929 crop, the step, had been taken to avoid a similar situation ill 1930. It was realised that many members would feel the payment inadequate to meet their financial requirements, but the ultimate welfare of the members made it vitally necessary that the pool should take no steps that might endanger the safety of their organisation. The hope was expressed that business interests would refrain from unduly pressing collections at this time, and pointed out that the welfare of the prairie provinces was dependent on the solvency of the agricultural industry, ft was denied that there was any likelihood that the farmers would violate their contracts in order to got the present market prices lor their grain, and it was pointed out that orderly marketing was the greatest necessity at tb

time. A further payment- is promised at the earliest date consistent with the conditions.