CANADIAN WHEAT POOL REDUCES PAY-OUT.

Horowhenua Chronicle, 27 August 1930, Page 2

CANADIAN WHEAT POOL REDUCES PAY-OUT.

FARMERS WILL BE HARD PRESSED Received Tuesday, 9’ p.m. WINNIPEG, Aug. 26. The Canadian Wheat,'Pool announced a sixty cent initial payment on wheat. This is a drop of ten cents below the initial payment on July 15th. The official statement expressed regret at the necessity for tlhe reduction and explained that in view of the serious difficulties in connection with financing the 1929 crop the step had been taken to avoid , a similar situation in 1930. It is realised that many members would feel .the payment t(? be inadequate to meet their financial requirements, but the ultimate welfare of members made it vitally necessary that the pool should take no steps that might endanger the safety of their organisation. The hope is expressed that business interests would refrain from unduly pressing collections at this time and pointed out that the welfare of the prairies provinces was dependent on the solvency of the agricultural Indus-, try. It is denied that there is any likelihood that farmers would violate their contracts in order to get present market prices for their grain and it is pointed out that orderly marketing was the greatest necessity at this time. A further payment is promised at the date consistent with conditions.