Mr. Howe:

Unless he can prove his thesis, he cannot prove that the farmer took a licking on account of the wheat agreement.

Mr. Smith (Calgary West):

I am merely asking if my reasoning was right or wrong.

Mr. Howe:

It was faulty, let us say.

Wrong.

Mr. Smith (Calgary West):

Someone- says "wrong" who does not know anything about it. But the point I am getting at is this: Am I wrong in my statement as to the argument advanced by the Minister of Agriculture and the then minister of trade and commerce, that this was a short sale of 600 million bushels over a period of years, and at a declining price; whereas the fact was that the price did not decline, but rather advanced.

Can anyone argue that I am wrong in what I say? Supposing the minister has made a short sale of wheat at $2 and the price advanced to $3; he would lose a lot of money, would he not?

Mr. Howe:

On the same grain exchange?

Mr. Smith (Calgary West):

You would lose a dollar per bushel, on the figures I gave.

Mr. Howe:

My hon. friend is talking about price in a very loose way. If I sold wheat at $2 a bushel on the Winnipeg grain exchange, and the price on the Winnipeg grain exchange went up to $3, I would lose a dollar per bushel, yes. But if I sold at $2 per bushel on the Winnipeg grain exchange, and the Chicago price went up to $3, while the Winnipeg price held steady, I would make no loss at all.

Mr. Smith (Calgary West):

Now, now, now. After all, with great respect, the minister told me just a moment ago that the price of barley on the Chicago exchange was one of the factors in determining prices of barley or oats today-prices of coarse grains.

Mr. Howe:

It is a factor, but not the only factor.

Mr. Smith (Calgary West):

And it is perfectly true; we know it to be true, that there is this "arbitrizing", as the traders call it, between grain markets as there is between money markets.

Mr. Howe:

No. They used to, but not now.

Mr. Smith (Calgary West):

From the illustration the minister gave us, he could not hold wheat at $2 in Winnipeg if it was $3 in Chicago. Nobody in the world could hold it. There just is not any question about that.

Mr. Cardiff:

What was the price of oats on the last day on which there was any sale? Perhaps that would be June 1.

Mr. Howe:

I suppose the hon. member is referring to feed oats?

Mr. Cardiff:

Yes, No. 3.

Mr. Howe:

Cash price, Fort William, $1.10 per bushel.

Canadian Wheat Board Act

Mr. Harkness:

This section provides for an increase in the number of members on the board from three to five, if required. What is the purpose of that, and is it intended to increase the number to five as soon as the bill is passed?

Mr. Howe:

I explained that in detail a few moments ago. If I could have all the members in the house at the same time I would not havq to go over the same item so often. I pointed out that, of the three members of the board, one has been ill for two or three months. Owing to the pressure at which members of the board have been working, illness has been frequent. Then I pointed out that one member of the board has to appear frequently in London to attend international wheat agreement meetings. I pointed out further that today one member of the board is on his way to London and the other has been summoned to Ottawa to appear before the committee on agriculture-which leaves no member of the board in Winnipeg. I offered the opinion that the work of the board might be improved if the personnel is increased to four or five.

Mr. Harkness:

I am sorry I was not here when the explanation was given before. Who are the members of the board at the present time?