CANADIAN WHEAT POOL

Poverty Bay Herald, Volume LV, Issue 17234, 14 April 1930, Page 9

CANADIAN WHEAT POOL

“NOT A RAY OF HOPE” TORONTO BANKER’S OPINION TORONTO, Feb. 24. In tbo opinion of a prominent Toronto banker to-day, there is not a ray of hope for the wheat pool. In a survey of the situation ho stated that: “Wo are beaten, only we will not acknowledge it. Russia is producing more wheat, and even India. ~ The Argentine crop was a bumper one. No real survey of the world crop situation was mado by the wheat pool.” The Toronto banker calculated the loss to the farmers belonging to the wheat pool at £10,000,000. “The price of wheat.” ho said, “docs not roally represent what the farmer is getting. The ordinary persons forget that out of this has to come practically Is a bushel, mado up of storage, insurance, and other charges, besides deterioration and shrink!ngc, in addition to tho 62 per cent, interest charged by the banks.” His prediction of what will ultimately happen 'was "that there would be nothing spectacular. Tho wheat would move out, slowly. The pools, he said, can not keep it another year. It has to .bo shipped to Europe at tho prices offered for it. The wheat pool, he contended, would lose at least Is on approximately 200.000,000 bushels, or roughly £10,000,000.