An old "Consumer Guide" from 1972 basically describes the Savage 340 in .30-30 and .222 Remington as budget rifles along the lines of the Remington 788. The Savage sold for $89.95 US while the 788 was $104.95. By further comparison, a Savage 110 sold for $149.99 and a Winchester 94 was $99.95. IIRC, the 340 was also made at some point in .22 Hornet, which would be a rather attractive rifle for my purposes.
As the Remington 788 has shown, being an economy rifle doesn't necessarily mean that it's not functionable or accurate. I haven't had any experience with the Savage and cannot speak to it, and am sure that I wouldn't want a .30-30 bolt gun. I could imagine that the .222 model might have been a popular pick for farmers in your area back when they were in production, essentially as a handy and inexpensive pest control rifle. If the price is right (i.e. should be less than a Stevens 200 and probably about that of an older, used Winchester 94), I'd consider one.
I'm also curious about what others who've owned one of these would say about it.
With Regards,
Frank