Dominion Law Reports [ (1945) 2 D.I.R

[parsley]

One time when others were presenting, I
accidentally, lol, meandered into the CWB library
where I spent two hours photocopying court
cases they had archived. Here is an excerpt fom
one law report:

Quote

The purpose of the Canadian Wheat Board Act
were many, but two of them were: (1) to create a
corporation for the purpose of liquidating an
obligation of the Dominion of Canada amounting
to more than $100,000,000 which arose from a
guarantee by the government to thebanks of the
huge indebtedness of the Wheat Pools to the
banks since 1931, and, for that purpose, to
dispose of approximately 200,000,000 bushels of
wheat which were held by the banks as security
for the indebtedness.
Unquote. Pars

[bduke]

Good points Parsley. The Prairie Pools were
handling much of the wheat in the late Twenties.

When their initial price of $1 per bushel was
unattainable, wheat that was security with the
banks became the bank's wheat.

As a result of the overpayment the Pools made on
their 1929 initial advances, The Manitoba Pool owed
$3,491,000, the Sask Pool $13,752,000 and Alberta
Pool $5,649,000.

The Federal Gov't was pressured to underpin initial
prices in 1930. .They did.

Prices kept falling.

The result was the Canadian Wheat Board act in
1935.

Follow the money.

Cheers... Bill

[parsley]

Could those Sask Wheat Pool Directors who ran
the corporation into bankruptcy back then
possibly be related to the Band of Eight on a
spending spree in 2011? Pars

[Braveheart]

Bill & Pars, interesting thread. Was the fact that the Pools philosophically opposed the Grain Exchange and wouldn`t use it to hedge transactions a factor in their financial collapse?

So Oberg and his clown troup still embody the same principles as the early Pool directors. That brand of Socialism costs the whole country so much money.

[parsley]

I found the debt amount fascinating.

Neither had I ever heard a Poolie once
mention theyd originally lost their collective
asses, have you?

They are the elephants in your field, braveh.
Pars

[bduke]

Braveheart the Pools were offering better prices and
if my memory is somewhat accurate... yes I am that
old LOL... by 1929 they were handling about %70
of Prairies grains.

Price too good to be true were... not much has
changed.

Yes, it seems the philosophy of Pool leaders like
McPhail were similar to today's NFU.

Cheers... Bill

[Braveheart]

I`ve never heard a poolie acknowledge that unbelieveable debt. Was this the issue where the credit unions were holding the debt?

Yes, I knew I had an elephant in the field. One that smelled like a rat. It`s just so sickening to think that this whole mess was created by the socialist thinking farmers weaving through the intestines of western Canada like tapeworms, demanding more and more from the host.

[Braveheart]

bduke, I know how old you are, and I think you learned your history well. Just not firsthand. lol

[bduke]

Braveheart... I don't recall Credit Unions per se. I
think the numbers Parsley and I have mentioning
were shared by Canada's largest banks.

The war effort and Canada's kindness of supplying
cheap wheat to Great Britain further entrenched the
control of the CWB.

BTW great Britain had agreed to compensate
Canada if they should ever supplant our market
share of milling wheat.

GB joined the EEC and agreed to its Common Ag
Policy thereby substituting our markets with large
price supports and Euro favoured trade.

To my knowledge Canada has never been
compensated.

I brought this issue to a GATT table in Geneva in
1988 and was dissed by the CAP members.

They said that was history and they wouldn't
acknowledge these agreements.

Cheers... Bill