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Pool Unplugged, Like Herbert Hoover's hapless Federal Farm Board, the Dominion Pool was created to solve a problem that looked simple, on paper. Since Canada produces about 400,000,000 bu. of wheat annually and consumes only 110,000,000 bu., all the pool had to do was to buy surplus wheat from Dominion farmers and, after a little good-humored waiting, sell it abroad at its own price. Trouble was that Canada does not control the wheat export market single handed. While the pool sat on its wheat waiting for the right price, European bread-eaters bought their...
...continuous sale" of wheat. The Board is specifically forbidden to hoard grain or conduct stabilization operations. It must pour its holdings, old and new, into the export market as speedily and profitably as possible, "at any price" it can get. Since the pool's holdings are 226,000,000 bu. and since another 250,000,000 bu. surplus will be coming in from this year's crop, the worst fears of grain exporters appeared to be justified last week...
Prime result of Canada's new policy will be to put the Dominion on a sounder competitive basis with Argentina, Australia, Russia and the Balkans in supplying the world wheat market. Its effect on the U. S., where the tariff is 42¢ a bu., will be negligible, unless the U. S. has enough surplus to go after the world market...
...stalks grow tough before the blight appears. But tender spring wheat is particularly susceptible this year because of late seeding. Rust reports flowed into Chicago from all important spring wheat districts last fortnight, giving a fillip to the wheat futures market. Some estimated a loss of 20,000,000 bu., nearly 10% of the spring crop. Last week the Department of Agriculture declared reports were greatly exaggerated but admitted that rust damage was "difficult to measure...
...brighter. The stock-market relapse in any event was overdue after a two-month climb and was accelerated by the plight of the French franc (see p. 19). The fall in commodities was aggravated by President Roosevelt's gloomy forecast that wheat might drop to 36? per bu., cotton to 5? per lb. unless the Constitution were amended (see p. 11). And general uncertainty was increased by the fact that the mourner's bench far outshouted the cheering section...