Red Dumping Proof

In the first quarter of 1931, the Board of Trade revealed, Great Britain for the first time since the War bought more wheat from Russia than from anywhere else.

Canada maintained her rank as second largest wheat-seller to Britain, but Argentina dropped from first place to third and the U. S. from third place to fifth.

As a matter of fact the volume of U. S. wheat sales to Britain shrank by a spectacular two thirds compared to the corresponding quarter last year.

Did Russia win the wheat race by dumping? Facts speak for themselves: although Russia sold Britain more wheat than Canada she sold this larger lot for less than Canada received for her smaller lot. Specifically Britain paid Canada -L-1,662,915 for 5,577,477 cwt. of wheat, 'paid Russia only -L-1,463,939 for 5,788,947 cwt.

The Russian wheat, therefore, was "sold below world prices" and in that sense was "dumped."

But there are several definitions of dumping, none universally accepted. The word is often used to mean "selling below production cost."

Nobody knows what Russian production costs are. They are figured in rubles. Nobody knows what a ruble is worth in gold, the only true yardstick.

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