Like the rest of the world, Canada was anxious to see what the U.S.'s European Recovery Program (see NATIONAL AFFAIRS) would look like when Congress got through with it. As laid out by President Truman, it called for the spending of $2,615 million by the U.S. in other Western Hemisphere countries in the 15 months ending June 30, 1949. Canadians hoped, with good reason, that it would mean enough U.S. dollars to solve the Dominion's foreign exchange troubles.
Until the U.S. began to spend, Canada must struggle along with makeshift measures, notably import and foreign exchange restrictions. Last week, another makeshift...
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