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AGRICULTURAL MARKETING REVOLVING FUND 25 
Mr. Ayres. Is anyone permitted to join the Farmers’ National 
Grain Corporation except a cooperative ? 
Mr. Lecae. The membership has not been extended to individual 
farmers. They are considering seriously, in some sections where the 
people are rather scattered and where the organization of a local 
cooperative is difficult, doing that at the present time. I think that 
is permissible under the act, if they wish to do so. 
Mr. Ayres. Just what service does the Stabilization Corporation 
perform? 
Mr. Leger. The service of trying to maintain, in the case of extreme 
depression or a surplus of the commodity, a stabilized price. 
Mr. Ayres. That is, they go on the market and purchase at times 
when the price is deemed to be too low? 
Mr. Leeee. That is the theory. 
De. Avres. And sell when it is deemed to be too high; is that the 
idea ? 
Mr. Lecce. Yes; but we have not had any trouble of that kind 
yet. I have here a memorandum from the Department of Agricul- 
ture which will give you some idea of the benefits derived from the 
stabilization operations. 
This is for the month of October, showing an average price at 
Winnipeg of 68 cents a bushel and an average price at Minneapolis 
of 83 cents a bushel, or a difference of 15 cents a bushel-average for 
the month of October on comparable grades of wheat. Our grading 
system 1s not the same as between Canada and here, but the market 
recognizes No. 3 Manitoba on the same sale basis as No. 1 Dakota, 
or our northern spring-wheat grade. and the spread for that month 
was 36 cents. 
On oats there was very little difference, the Winnipeg price being 
33 cents and the Chicago price 36 cents. 
On barley, however, the Winnipeg price was 32 cents and the 
Minneapolis price was 54 cents, reflecting the full 20-cent tariff on 
barley as between the Canadian price and the domestic price. 
On rye, the Winnipeg price was 37 cents, and the Minneapolis price 
was 49 cents; on flaxseed, the Winnipeg price was $1.29, and the 
Minneapolis price was 80 cents. That was the average for the 
month, which might be taken as evidence that—— 
Mr. Dickinson (interposing). Have you anything on corn? 
Mr. Lrcee. No; the Canadian comparison does not give corn, but 
I can give you prices on corn using a comparison with the Argentine 
prices. The Argentine corn price for November averaged 35 cents 
a bushel at Buenos Aires. while here it averaged 71 cents a bushel in 
Chicago. 
The CHamrmay. That difference represents the amount of the 
tariff? 
Mr. LecGe. The tariff is 25 cents. I am sorry to say there are 
considerable quantities of corn coming in and paving the tariff at 
the present time. 
. The CHARMAN. You say there is a considerable amount of corn 
coming in from corn-producing countries? 
Mr. Leer. Yes; they unloaded 90,000 bushels from Cape Town. 
South Africa, last week, and paid the tariff on it. 
The Cuaramran. Then we did not put the tariff high enough.