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...