Governor General Vincent Massey’s throne speech on Jan. 10, 1956 outlined Prime Minister Louis Saint Laurent’s plans for the country during the third session of the country’s 22nd Parliament.
At the time, Canadian grain producers experienced bumper harvests. These large harvests caused storage issues at elevators even though the country had strong export figures.
“Lack of space in elevators has limited the ability of producers to deliver grain as early as usual in the marketing year,” Massey said. “In order to provide an immediate source of funds where they may be needed, my ministers will ask you to authorize guarantees for bank loans to producers secured by their grain.”
In addition, the government was tasked with making the Treasury cover the costs of storage and interest on wheat held by the wheat board over its normal car