FINANCING WHEAT

Dominion, Volume 24, Issue 239, 6 July 1931, Page 9

FINANCING WHEAT

Manitoba Co-operative Pool GOVERNMENT HELP ■ ' Winnipeg, July 3. A continuance of the co-operative elevator system of the Manitoba wheat pool is the desire of the Provincial Government. The Premier, the Hon. John Bracken, made this announcement to two hundred local association delegates on Friday. Plans for the reorganisation of the Manitoba Pool Elevators Limited were outlined by the Premier, as well as the financial situation copfronting the wheat pooh The Premier also announced that the Government agrees to settle with the banks the liability on guarantees for the 1929 crop payments in cash or otherwise. The province will then write off a million dollars x of the farmers’ liability on guarantee, thus bringing the loss of wheat-pool members to the actual amount owing by the elevator associations. The Government will also reduce the rate of interest from 7 to 5 per cent., which, with the reduction of indebtedness, will mean a saving to wheatpool members of 60,000 dollars a year. Local associations will be given ten years to repay the balance owing on their respective units. A reorganisation of the board of directors is required by the Government. The new board will be appointed to Include two Government representatives, who will have the power of veto in all matters of money expenditure. '