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ao" VOICE | PRESS WOMEN GET A BREAK Perhaps som¢ people who inake ft a habit to go driving on Sunday | aud stay away from church will, «on account of the curbing of gas -oline sales. stay at homé. In such an' event the 'church may get a break: Tn the rural places where 4 . "many women toil all day Sunday : .. to entertain thelr. city cousins, "ne mad} of whom coms uninvited, } the fact that gasoline cannot be : * purchased on Sunday may bring some relief, and they too will be eble to take their seats in the rap idly "emptying rural elurches which for years have been reli: x gious beacons in their respective l communities.' » 1 --Ottawa Times. -~0--- / RISING' TIDE . ee "The Nazis are aware that the people are restless. This is reveal .. ed by the restrictions on visitors AR even from friendly neighbours, and by the increasing number of extentions. No more wounded are belng -sent to Leipzig, but train: loads are golng, as -they must, to other cities. Hospjtals are being filled to capacity, and in Bremen . hotels and other buildings have been converted into hospitals. The dismay and anger demonstrated in Leipzig is said to be spreading in Germany,. The strength of. the - © entirely surprising, that the high school curriculum does not con 8 tain a full-fledged department ot © HS democratic' studies. The emphasis all along has been on fitting, the . pupil "to make his way in life, 1{ being assumed that this will also prepare him for the performance of intelligent citizenship. Young people are taught mathematics, oa "Fifth Front" is gathering, and it EF is to "be hoped that before long It hia will gmash the "Fifth Column,™ ft Fu { --Toronto Star. i HRS BE ) po SARE TEACHING DEMOCRACY } It is regrettable, thovgh nat 24 languages, physics and given man- 1£x ual training, but it has been large: oh ly left to themselves to discover 4 the art of seif-government--with i at i results which speak for. them. bi £ selves, "i 9 BE B : --Toronto Telegram. x 3 --0-- ~~ : . NO TALK OF STRIKES Employees of a large war-time industry at Seattle, Washington, - affirm. their allegipuce once a week. On the baek of their pay cheques is a pledge "to support and defend the Constitution and 23 : - . laws of the United States against AE all. enemies, foreign and domes- ------------tie--When--they--endorse--the-- cheques they - also renew the this heartily and there Is no talk (8 of strikes or wakkouts, EON - "--Hamilton Spectator. gh - PS 7. : WOULDN'T NEED LEG - E 'A woman has contributed an al- uminum artificial leg to the Am- 4] 3 Sas Er erican defence program. She real: . ized, no doubt, that if Hitler wins NEE this war she won't have a leg to Hid. stand on; anyway: . Hd Z --Chatbam News, RH i gore : || SCOUTING os : i [EI | / The patriotic energy of some 75 4 © Walt Cubs and Boy Scouts of New. - markt, Ont, was unexpectedly re- warded when they were marched _ .to the local salvage warehouse for an evening's work of sorting. The ~~ "sorting" proved to be the dla: posal of numerous - hot dogs, a {ttle reward for thelr Industry. * * 3 An 4. & Although a long way from war hy gorvica. scenes, Boy Scout Pat AA 4 Milligan, of Christopher Lake, 0) ~~ Bask, vas 'alert: when-a sorlous_| hil emergency rose, Finding James i Levall with a severed radial artery, pi he congyolled the bleeding by cor- IH 'rectly iapplied pressure, got the A young ;victim to a house half a 4 #% mile ® araY. then to 'a doctor fn J 0 Prince iAlbert, 25 miles, He was Hh 4 credited with thus saving the other' dels lad's lite. ie BT » : . . Birmingham Bo§ Scouts proved "their wght. to wcar the Scout Handyman's padge when a first ald; post to which they were at tached was partially wrecked by a "nearbysbomb 'explosion, during a Heavy alr raid. But for their quick work:1t would have been necossary of castialties, Two jobs were the _ gas-proofing of the doorways and . gpeedy installation of emerg: od : Scouts - continue to fake - their rt In the National Salvage ympaign throughout the Domin- n. At Montreal the returns from y one Saturday's drive throughout strict purchased a motor can: "the use of the Salvation Army, © Scouts, Wolf Cubs and leaders of Nakina, Ont, gathered ; iflroad car load of-scrap fh the result of an earlier. gmpalgn of thelr own, which pro. 76 for the Red Cross, the 'Granby were placed .in f. the National Salvage ° -- pledge. They are reported to do [~ to close she post.to' the reception | oN "CANA A PACKERS LIMITED REPORT TO SHAREHOLDERS " The foyrtessoy fiscal year of Canada-Packers- Limited closed March P , 1041, . [3 Net Profit, after Bond Interest, Depreciation and Taxes, was $1,555,028.47 Equivalent (on 200,000 Shares of Common Limi to i 4 $7.17 per Share. : $1,667,809.78 Previous year i" Sie enimnent $8.84 per Share. . an DIVIDENDS The Company was organized in August, 1927. °° " Until: April, 1936, no Dividends were paid on the Common Shares. At that time Dividends were begun at thie rate per : year (payable quarterly) of : $3.00 per Share $1.00 per Share te Jo 1039, and July, 1940, an extra Dividend was 10 SY RA COS A SM ILI i - "This brought Dividends for each of those two years to" $4.00 per Share The "Directors have decided the Working Capital position is now such that $4.00 per Share may be adopted as the regular Dividend, - To give effect to this dgcision an extra Dividend was paid April -1st, 1941, of 50c. per Share, ang/ until further change, regular quarterly Dividends will be at the rate of/$1.00 per Share, 5 : fa Preceding year Increase Sales for the ye $88,205,689,76 256.4% sain $110,291,839.97 Weight of produc : 26 Net Profit to and to ... that is approximately : - 8,352 913,261,116 19.5% $1,665,028.47) was therefore equivalent 1.4% of Sales 1.9% of Sales ,- ..14c per 100 lbs. 18¢ per 100 'lbs, ....1/7T cent per 1b. '1/6 cent per lb. . * . . . . The following analysis of the Profit & Loss Account expresses the operations of the year in comparison with those of the previous year: -- . Year' ended Year ended * March, 1941 % March, 1940 Yo Sales ©... »---8110,291,839.97 100.0% $88,205,639.76 100.0% Cost of products, © - - chiefly Live Stock 88,959,696.51 80.7 69,767,159.36. 79.1 Cost of materials : . ) and packages ...... 3,279,679.72. 3.0 2,461,790.30 2.8 Salaries and Wages, : Including Ronus ... 8,879,264.37 8.1 7,738,780.98 8.8 Expenses, --= Selling, ' Advertising, Re- . . ' a pairs,~and 'general X - : i operating costs .... 4,612,388.85 4.1: ~ 3,808,775.20 4.3 Bond Interest .: 69,825.00 .1 © 95,664.79 I BF MARCH, iisrmsoniorssrisiiss. 1,675,637.04 . 1.4 1,194,515.18 1.3 Total cost of product, . plus Expenses ..... 107,376,391.839 97.4 85,066,685.76 ~ 96.4 Wartime Inventory - iE : Te Reserve ............. 380,000.00 «3! = 579,000.00 Aq Depreciation on Fi re . ed Assets o.oo... 907,656.60 .8 898,081.71 1.0 108,664,047.99 98.5 86,543,667.47 98.1 Profit from Opera- . ) , tions ins 1,627,791.98 1.5» 1,661,972.28 1.9 [ncome from Invest- -- : ments .ooocnenieennnns 4,037.00 . -- 5,837.50 -- "Write-off of Invest- } eT MENS .ooiirreniannenes 76,800.51 -- > -- ea Net Profit JOSS 1,655,028.47 1.4% $ 1,667,809.78 1,9% ; Ll L] » *. * The increased volume was due to war conditions. Export volume showed the greatest increase. This 'was due to demand from Britain. In the domestic field, the increase was less, but still substantial, The follow- ing table sets up the comparison with the previous Year: -- COMPARISON. OF VOLUME The increase of 13% in-Canadian volume is probably a fairly accurate meagure of the increase in domestic food consumption. It is due to the increase of purchasing power, resulting from expanding industrial activity. The increased volume to Britain was' due almost entirely to heavier shipments of Wiltshire Bacon. And since this Report will deal-largely with the subject of Bacon exports," it is well toiset ap a framework for the discussion. The factors involved are: -- : . (1) Number .of Hogs marketed in Canada. 3 British requirements since the beginning of the war. i 3) Contracts between the British Ministry of ood and the Canadian Government. : CA : : a (1) NUMBER OF HOGS It happened that just at the time war was declared, 'Canada's Hog population stood at (to then) a record level. (Space does not permit a lon Hog production .if marketings are quoted in years September 1st to Aughat 31st. (In any case this is the natural crop year, as the heavy Fall marketings begin in September.) : Following is a table of Hog marketings for crop years 1929/30 to 1940/41, inclusive: -- Crop Year-- te Sept. 1 to Aug. 31 Hog Marketings iii 1929 -- 1930 ... 2,493,339 1930 -- 1931 2,334,320 1031 -- 1932 3,251,916 1932 -- 1933 3,097,048 1983 -- 1034 3,078,261 ~ 1934 -- 1936 2,976,316 1936 -- 1936 3,195,066 1936 -- 1937 4,141,168 1937 -- 1938 3,429,857 1938 -- 1939 8,264,866 4,640,762 42,19* 6,100,499 31.3%" . Increase over previous year. x August 1941 estimated. hy FIRST YEAR Sept. 1st, 1939 to Aug. 31st, 1940 The increase in marketings during the first war year (42,19) derived from breedings dating September 1938 forward, It was due to causes entirely unconnected with the war, . However, it. was fortunate the Hogs were' available. need of them all, A y _In the early months of the war this need seemed by no means certain. Until April/May 1940, when Denmark and Holland were overrun, Britain continued to receive large quantities of Bacon from -the Continent. In addition, because of the heavy Canadian marketings, very large quantities of ,Bacon were going forward from Canada. Total arrivals in Britain exceeded current consumption, The surplus was placed in freezers through- out Britain, to be held as a food reserve. . By February, 1940, all available freozer space was filled. The Min- istry was actually embarrassed by the quantity of Bacon it had on hand. Instructions were cabled to cut down Canadian shipments to 50,000 cwts. weekly. The surplus over 50,000 cwts, had to be placed in freezers in Canada. The quantity stored as a result reached its peak (81,000,000 lbs.) in May 1940. For several months there was serious doubt as to whether or not these Canadian reserves could be cleared before the beginning of the 'new cfop season in 'September 1940, 2 = When Denmark and Holland were overrun (April/May 1940) it was For there was jon in that district. expected "that increased quantities wonld soon be needed from Canada. But reserves in Britain were so large that this demand was long delayed. --]-wi 'Exports e194 721940" "Increase | ~-- = To Britain ............... 138,682,956 lbs. 76,693,288 Ibs. 81% . To other 'countries ... 27,954,290 18,623,124 © 50% Domestic Volume rey : In Canada . 892,762,340 789,638,081 13% In US -- 31,863,766 28,296,623 129% 1,091,2683,362 913,261,116 "19.5% review of the causes of this, but the subject was dealt with fully~jn the two previous Annual Reports of this Company.) g _ sali As the war began September 1st, it will assist in measuring its effect. - r : : As late as July 1940, the Ministry advised they wished,--and would ¢on- tinue to wish,--from Canada, not more than 50,000 cwts. weekly, This advice was very disturbing, Not only had Canada heavy reserves in the freezers, but all forecasts agreed that in thé approaching crop year (beginning September 1940) the increase in the number of Hogs marketed bi be not Ides than 256%. If those forecasts proved true, Canada would need an export outlet for 70,000 ¢wts, of Bacon weekly. y (It was under these conditions the second Bacon Contract,--reférred to in the next section,--was negotiated.) The situation was finally cleared. In.early August, 1940, the Cana- dian Bacon Board received 'permission fo step up shipments to a level which yvould clear Canadian storage stocks by the end of September, The fear was thus removed that heavy reserves would have to be carried into the coming crop year, : « : / ay SECOND YEAR ' Sept. 1st, 1940 to Aug. 31st, 1941 Actu- An increase in marketin S WAS expected of approximately 25%. 4 31% Y xi : rl ally, the increase proved to : : Total marketings (second year) were .... 6,100,499 hogs Total marketings (first year) doi. ,640,762 Increase SAE rR 1,459,737 After providing for normal domestic consumption, this made avail able for export approximately 70,000 cwts. weekly, THIRD YEAR Sept. 1st, 1941 to Aug. 31st, 1942 i : Owing to conditions to be jmentioned later, no increase in production is expected in Ontario and Quetc. In thes¢ Provinces some well-informed persons look for a slight dec c In the West there will undoubtedly be another substantial increase, except insofar as it may be limited in certain areas by an unfavourable crop. 2 r i -- ' - An average estimate of the total Canadian increase for the coming crop year (over the second year) would perhaps be 16%, : equivalent to, approximately oi er A ei 916,000 Hogs. If thjs estimate proves accurate, marketings during the crop year September 1941 to August 1942 will be, approximately .... 7,000,000 Hogs (2) 'BRITISH REQUIREMENTS SINCE THE BEGINNING OF THE WAR ~ . + \ To some extent this subject has been dealt with in Section (1), 60 that a brief recapitulation will be suffjcient. : (a) From September 1939 to February 1940, the British Ministry of . So Food accepted all the Bacon Canada wished to ship. e (b) From February 1940 to early August 1940, the Ministry rigidly limited Canadian shipments to 50,000 cwts. weekly. During this period Ly was frequently stated no larger shipments. would be . required. 27 (¢) In November 1940, the Ministry agreed to take 70,000 cwts. weekly: ----The- Ministry -stipulated-the -sum- paid for the--70,000. cwts; should not exceed that formdrly paid but in the end, the sum paid was somewhat -higher, . By May 1941, the situation had been transformed. Although Bacon was rationed to 4 ounces per person per week (one-half pre-war consumption) Britain was receiving from all sources less than sufficient to fill the ration. From that date forward, Can- 'ada was urged to produce and to ship all the Bacon possible. This bald summary of the facts may appear to imply a criticism of the Ministry of Food. This is not intended. In wartime, conditions change th great rapidity, and_policy must be adjusted to the changes. hoy) Perhaps tliere was some delay in recognizing the inevitable implications when Denmark and Holland were overrun, If soit is easy.to understand. It must be remenibered, Bacon was only one of scores of food products, for the supply of which the Ministry had to lay its plans. J (8) CONTRACTS BETWEEN THE MINISTRY OF FOOD: AND THE CANADIAN GOVERNMENT . (d) "Soon after the declaration of war, the British Ministry of Food asked the Canadian Government to quote a price on 40,000 cwts. weekly. - After exchange of cables extending through several weeks, the first contract was completed: Its terms were as follows: -- : - RST CONTRACT (a) Term--November 17th, 1939, to October 31st, 1940. {b) Quanity--Minimum 50,000 cwts. weekly. The Ministry prom- > ised to take as much more as could be used. = (¢) Price-- 91/1 per cwt, (112 Ibs.) equivalent to ..... ,---318.02 per 100 lbs. ' f.a.s. (free alongside) . : Atlantic Seaboard. When the contract was made, it was estimated that, for its total period, the price would work back to approximately ....9¢ per lb, live weight, Toronto (for Bacon Hogs). ASD, Actually the average price throughout the contract period was. almost one-quarter cent per 1b. less. It was ...8.77c. This was due to the influence of conditions in the domestic 'field. From April to August, 1940, the apparent surplus was such that product 'had to. be forced' upon the domestic market. During this period domestic prices were on a level much below the export parity. . The contract price For the five years was a fair one. receding the war, average prices of Bacon Hogs, Toronto, had been as follows: -- ; i : 1985 : 2 , 8.94¢ per lb. -1936 8.48 . 1987 8.92 % 1938 9.456 J + 1939 to Sept. 1st ..ccooviviiiiennsnn 8.62 "EANOFANAT Jonson idiegtnii sine 8.89¢ It may appear that price of ...8,77 in a war' year, was low in com- parison with --8.80 for the five pre.war years. ractors must be kept in, mind. ' . © (a) But for the war, because of heavy deliveries, Canadian prices would undoubtedly have been lower;--perhaps much lower. (b) Throughout the whole term of this contract, Hog prices in United States were much below those prevailing in Canada. As against a Toronto price for the year of .... $8.77 per 100 Ibs., top Chicago Hogs in the same period sold for (average) 5.94 per 100 lbs. SECOND CONTRACT Term-- November 1st, 1940, to October 31st, 1041, Price-- ...a... 80/--per cwt. ™ equivalent to $15.82 per 100 lbs. . f.a.s. Atlantic Seaboard. Quantity--70,000 cwts, weekly. y k . ; The conditions under which this contract was negotiated have already been explained. = An 'apparent' surplus of Hogs existed, and the price was fixed accord- ingly. The reduction in price proved discouraging to Canadian Pig Pro- ducers, especially. in Quebec and Ontario. In these Provinces many-sowa were Jarketed which-otherwise would have been bred. TJ sone extent the situation savas relieved by bonuses paid by the Proyincial Governments of these two, Provinces. But at the end: of six months the contract had to be revised, : : The immediate cause of the 'revision was an advance in the. price: of American Hogs. In April the Amerigan market reached a level at which Canadian Hogs began to move South. This movement had tg be stopped, and on May 2nd, 1941, the contract was amended, The Ministry o Food raised its price from / 30/ per ewt, ? vp : ree sy 86/~per cwt. "The Canadian Government undertook b bay whatever additional sum was necessary to prevent the Hogs moving fo United States. "To implement this elause, the following payments (by the Canadian Government) have begn hecéssary se 1031 i ies n-June 2nd, : ¢ per 100 lbs, ,On June 24th, 1941, a further vig © be pet 100 Ibs, On July 23rd, 1941, a further $1.00. per 100 lbs. , At the present time, on every Hog exported from Canada, the Domin- ion Government is contributing. ...2%c per 1b, (Wiltshire weight). This contribution amounts to approximately $150,000.00 per week, THIRD CONTRACT Negotiations for the third contract ane now in progress. The terms place. This much may properly be said -- | u (a). That the price should be. fair te Canadian Producers, indeed; such as to insure maximum production, ' ~~ A | is constantly told that the price 6f Hogs hinges chiefly upon or the 50,000 cwts., But two countervailing |" are as yet unknown, and. only, general comment in regard to it would be in' (b) That the price should be in no 'way influenced by the urgency ot British need 'for Bacon, 'This war is Canada's war as well as Britain's, and to suppy the sorely needed Bacon is one of Cangda's first duties, ! Ara . In the discussions, Canadian negotiators will also have in mind con- siderations which go beyond the immediate contract, » . When the war is over, Canada will be producing Hogs on a scale far exceeding all previous experience. Prior to the war, Canada's Bacom quota (under the Ottawa Agreements) was ............ 48,000 cwts. weekly. But her heaviest shipments in any one year had been a (1037) ...... Faia hp birsiied Basar ei : 83,000 cwts, weekly, 'In the two war years, shipments have been:-- vo September 1st, 1939 to August 81st, 1040 ........ 50,000 cwts/ weekly, September 1st, 1940 to August 81st, 1941 . . (August estimated) 74,000 cwis, And in the coming (third) year Canada expects to v : rt bh 115,000 cwts, - weekly. At the end of the war, Canada will have a surplus production of at' weekly. deliver uota in the' British market such In the main, ta the only outlet. "Canada will then need a ¢ as.(in peace time) has never before heen thought of, are fixed as a result of discussions involving economic give and but also an important element in such discussions.is 'good will'. i At that time good will on the part of the British Government will * have a high importance for Canada. v iad] There iS"another type of good good will of the British consumer," In the past, Canadian Bacon has held 'second' place in the favour of the British housewife. Danish Bacon came first. - y SIEM Foi #1 : . "In this respeét, the presént is Canada's opportunity, 'Canadian' is now the' only-imported Bacoif the. British housewife can | More than ever 'before, 'it is important that now, during the war, Canadian Bacon should become established on the highest level of quality, flavour, and sizeability. ? ' : as a 'Toward this objective a good deal has already been accomplished. In spite of difficulties in transportation (due to the slow speed of convoyed ships), Canadian Bacon to-day stands higher than ever before in British estimation, The improvements have been brought about by co-operation between Producers and Packers under very expert ghidance by Officers of the 'Federal Department of Agriculture," Though little has been heard of it, this is one of the most important: gnd far-sighted achievements of the war period. a Tre * . * Pl J * * The amount of space devoted, in this Report, to the Bacon contracts seemed necessary, because of the: interest in the subject on.the part both of Producers and pubic, : iy In the carrying through of 'these contracts, the Packing Industry had And this review would be incomplete without some have been heard. : : . © "The reasons for such criticisms are easily understood. ~The Producer 'the outlet for the country's surplus. LL : . This is equivalent to saying that, during the past year, the price of Hogs has depended chiefly upon the Britjsh contract price. That price has been constant. And yet the 'price of Hogs has not been constant. At times it was higher than the contract .parity.- At other times it was lower. When the price is above the export parity, producers may not fully understand the reason, but they naturally do not complain. On the other hand, when the' price is below parity, producers whose Hogs are then being" marketed feel they have a grievance, : + In both cases the explanation lies in the fact that other factors also have an influence on Hog prices,--at times a quite important influence. "During, the past year such-factors-have-beent-- (a) The dramatic advance in American to....12¢ high.) oe % Fluctuating conditions of supply and demand in the domestic field. Within the past fifteen months there was one period in which Canadian housewives were urged to consume all the pork pro- ducts possible. Supply exceeded demand. During that period Pork products sold as much as ....2c per 1b. below the export par- ity. ~At'a later period exactly the opposite happened. In order "to make larger quantities available for Britain. the, Bacon Board restricted the amount of Pork product whch.could be offered 'for sale in Canada, first by ...25% and later by a further ....25%." By Treason of these curtailiments, domestic supply was much below demand, and the price advanced above the export parity to a maximum of ....2¢ per lb. ] SEER As to the manner in 'which the Packing Industry has discharged its obligations, certain facts are essential, and they are clear enough: -- 1) 'The Packing Industry performs a vital service in processing. the Live Stock and distributing: the resultant meat products. (2). Its obligation is primatkily to the Producer. That obligation is:-- to produce good meats by the most efficient processes, and to perform this service at & reasonable margin of profit. =(b) a vital part to pay. And A I reference to the manner in which the job has been done. It is especially called for by the fact that not infrequent criticisms of the Packing Industry least ....100,000 cwts. weekly, and for that surplus Great Britain will be . - qos. 'will still more important. That is the Hog prices. (Between April rand July, 1941, top prices .at Chicago advanced from....8¢ low . Lab 4 , p « : : / y wn / : ogi 1 iis «© : 3 re A J J J *» ; . s i. AN : ) a It can fairly be claimed the Industry has measured up to these . - W -- "obligations. © In-the year under review "an.unprecedented volume rr evi of-. Live Stock was-handled.._ The product. was admittedly good, on Na. particularly the vital export product. The reputation of Can- : Lia Bacon in Great Britain today 'stands higher than: ever efore, : rs - . ~~ - The margin of Profit for the whole Industry is not known, but in dh the case of this Company the margin was .... 1/7 of a cent per 1b. For the total Industry, it would perhaps not be higher than 2 1/10 of a cent per lb. (3) Most of the anomalies. which puzzle the Producer are caused by * the: highly competitive character of the Industry. Nevertheless, it is*this highly competitive feature which is the Producer's chief safeguard. : : 2 * * = | * * BN Although this review is alveady long, a section must be added 'in- respect of the Cattle Industry. Within the Live Stock field, Cattle are second in importance only to Hogs. ; : On the "surface, the war has not seemed directly to affect Catile prices. No'Beef has been shipped: to 'Britain. As in past years, the outlet - for Canada's surplus was to United States. And if'numbers alone were, considered, even that outlet seemed less important than in the immediate pre-war year. . : ARLE : Shipments to United States for the last four crop years have been as follows: -- 3 » ; y Crop Year Cattle "Shipments Sept. 1 to Aug. 31 to United States priate ere amet 4 ---------- «1937 -- 1938 . 1038 .-- 1939 _ wt fC 1989 -- 1940 - 1940 -- 1941°¢ € "*August esjima Although numbers have been reduced, these exports to United States | have been vitally important. It was because the Beef was needed in Canada that--fewer- Cattle- were exported. Nevertheless, the outlet in K | the United States for the surplus has been the factor which chiefly determ- ined prices. The United States-Canadian Trade Agreement of 1936, and the subsequent modified Agreement of 1938, have had a value to Can- 'adian Cattle Producers corresponding (in respect of the Hog Industry) to - the Ottawa Agreements and the latér war demand for Bacon. . - Throughout th war years, Cattle prices have steadily advanced. Cattle breeding and, Cattle feeding have both been much more profitable than at/any time singe,1930, * Pe following t ndicates the advance in prices:-- on * d Average price for Crop Year' yg year, Good to Choice Steers = Sept. 1 to Aug. 31 «= 1,050 lbs. down, Toronto : A 10834 -- 1936 Lo $6.27 per 100 lbs. * 1035 -- 1086 BOY iT, 1936 -- 1937 6.32 / 1937 =-- 1938 6.10 , 1938 -- 1939 628 "» < 1989 -- 1940 .. 7.66 4 , 1940 ---- -1941% i 8.46 *August estimated. * - v This rather dramatic advance was due to two major causes:-- (1) Demand for Beef was greater than nornial, For this there were two reasons: ; (a) Exports of Bacon were heavy, and a created for Beef, y ig ' : (b) The very large number of men ih military camps set up a new and 5 important 'demand' factor. gd RATE er (2) 'In the ¢e of this extra demand, supplies were barely normal, as will "be seen from the following table of Inspected Killings:-- domestic 'vacuum' was Crop Year Killings in Sept. 1 to Aug, 31 Inspected Houses 1987 -- 1938 . 912,856 | ! 1938 -- 1939 . 870,006 ' or 1989 -- 1940 . . 884,068 5 1940 -- 1941°* 916,000 oh *August estimated. © Canada "produces and must continue to. produce, .a .surplus hoth of. Hogs - and of Cattle. "And the prosperity of her Agricultore depends apon securing # satisfactory export outlet for those surpluses, 3 iS (Continued on following page) > :