The production, processing, transportation and marketing of grains from the prairie region amount to the largest single industry in Canada. The centre for much of this industry is the Winnipeg Grain Exchange. The first exchange was organized in 1881, but it was forced to close by the depression and drought of the mid-1880s. In 1887 the present exchange was formed. This photograph shows the floor of the exchange in 1937. Open only to members, the exchange was the place where grain was bought and sold on a cash basis for both the national and international markets. In 1904 the exchange organized "futures" trading whereby dealers and members of the public could speculate on the sale of grain at a future date. This system did spread the risk involved in moving grain from the farmer's gate to the miller's door. It was, nevertheless, regarded suspiciously by many farmers because it permitted some speculators to make considerable money without performing any directly useful function. In fact, for many agrarian leaders the exchange became a symbol of the exploitation of farmers. especially in the early twentieth century.
