Canada: EXTERNAL AFFAIRS: Drainage

From Finance Minister Douglas Abbott, Parliament got a preliminary tally on Canada's foreign business in 1947, found no comfort in the figures. The Dominion had spent $1,155,000,000 more in the U.S. than the U.S. had spent in Canada. Counting other deals (e.g., a $74 million subscription to the International Monetary Fund), the Dominion's deficit in U.S. currency was $1,395,000,000. Because only $652 million came in from Britain and other hard-up customers, Canada had dipped into reserves for $743 million.


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