War Credit

War has put Canada on her own two feet. Last week Finance Minister James Lorimer Ilsley told the House of Commons that only 3.23% of Canada's ten billion dollar national debt is now owed to foreigners, chiefly Americans.

One reason: at war's start in 1939 Britain began to call in $406,000,000 in Canadian bonds held by Britons, converted them into Canadian exchange for war purchases in Canada. Canada owes a mere twelve and a half million in London.

Canada still owes some $333,000,000 in the U.S., has been slower to liquidate her U.S. debt, because she needed U.S. exchange for war purchases south of the border. But even U.S. holdings have been reduced $136,000,000 in the last five years.

This file is automatically generated by a robot program, so reader's discretion is required.