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 crossing 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 exporting 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 cost 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. That this had been accomplished the shareholders of the trading company were convinced. Therefore, instead of losing their heads as well as this large sum of money, they examined the situation coolly and sanely, making up their minds that the loss was due to the grain going out of condition because of the unusual weather which had characterized the season. No doubt the executive and directors had been handicapped by their lack of knowledge as to the methods and manner in which the export business was done; but that was to be expected and only by experience could they learn. "Can the export part of our business be developed successfully with a little more time?" asked the farmers. "Yes, we believe so," replied their officers. "That's all we want to know. Write a cheque to cover this loss, reorganize the Export Company and stick to it." This faith in their officers, in themselves and in the cause they had at heart was justified within the next two seasons when success was achieved with the subsidiary concern and the farmers were able to congratulate themselves that they had been sufficiently level-headed not to allow themselves to be stampeded from the exporting field altogether to the great weakening of their influence.