A grain exchange, then, is the market-place where grain dealers meet to secure information and maintain regulations for the prompt performance of contracts. The exchange organization does not deal in grain, but has for its sole purpose the protection of those who do and the facilitating of transactions; in other words, it is on the ground to see that the grain trade is carried on in an honest and capable manner and to punish offenders against proper business ethics and established rules. Its membership is composed of grain dealers doing business in the exchange's territory--milling companies, exporting companies, line elevator companies as well as independent dealers and "commission men." Besides seeking a supply of wheat to keep their mills busy for the season, the milling companies sell wheat. It is the business of the exporters to make shipment to other countries. Wheat is sold to exporters and millers by the elevator companies, who are interested in running as much grain as possible through their elevators at country points. The chief business of independent dealers is to handle wheat that stands "on track," ready for shipment, either buying outright from the farmer or handling it for him on a commission basis. The "commission man" is in an especially good position to do a clean-cut business. He assumes no burden of large capital investment and operating expense, as do the elevator companies. His chief need is a line of credit at a bank and from this he pays advances to his clients, his security being the bills of lading of wheat consigned to him. He does not need to buy or sell on his own account and, unlike the exporter, he does not have to risk changes in freight rates or in prices or make deliveries by given dates. As for the satisfactory milling quality of the crop--that is something for the miller to worry over. In order to do business it is necessary only for the commission man to be a member of the exchange and to obey its rules. For a long time Winnipeg has been known as the greatest primary wheat market in the world. That means that a greater volume of new wheat, direct from the producer, passes through the Winnipeg market than anywhere else, not even excepting Chicago where the first grain exchange to reach international development was established in 1848. The Winnipeg market is fed by the vast wheat area of Western Canada and frequently between two and three million bushels of wheat go through Winnipeg in a single day. During the rush season sixty or seventy cars of wheat leave Winnipeg for the East every twenty minutes of every twenty-four hours. The freight boats on the lakes load 460,000 bushels in three-and-a-half hours.[1]