Canada at War: 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...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!