220 DEEP FURROWS 



that rather than accept an immediate loss it was 

 thought better to use the freight after all, making 

 shipment to fill. 



At the time of the sixth annual meeting the Export 

 Company had stood about level on the books; but 

 during the two succeeding months the grain shipped 

 from Fort William went out of condition while cross- 

 ing the ocean and when it arrived in port the Old 

 Country buyers refused to look at it. Heavy charges 

 had to be met in treating to bring it to sale condition 

 and very heavy losses were incurred. Before the 

 matter was cleaned up finally these losses totalled more 

 than $230,000. 



When a quarter of a million dollars has been expended 

 in a direction where tangible results have not been in 

 evidence when it has been sacrificed apparently for 

 the sake of a principle then does the manner in which 

 such a loss is accepted become significant. The export- 

 ing of grain had begun to receive particular attention 

 from the shareholders of the Grain Growers' Grain 

 Company following the season of 1907-8 when they 

 discovered the apparent margin of profit in the export 

 business during much of the season to be from eight to 

 twelve cents per bushel. This had been due, no doubt, 

 to the fact that it was a time of financial stringency 

 and only a few exporting firms could get the money 

 necessary to carry on the business. The export value 

 of grain, the farmers had figured, should be its value in 

 the world's markets, less the <!ost of delivering it. By 

 engaging in the export business, obtaining their cable 

 offers regularly from the Old Country, they felt that 

 their competition would be a factor in governing the 

 prices paid the farmer, thereby benefiting every farmer 

 in the West. 



