Canada: Pushed to Par

Last week Canada's dollar slid almost to par with that of the U.S., its lowest point in 4½ years, and U.S. visitors could spend their money without discount at department stores from Montreal to Vancouver. The currency decline may touch Canadian national pride, but it is just what the financial doctor ordered. In his interim budget, Finance Minister Donald Fleming announced his intention to realign the nation's lopsided balance of payments with the U.S. by imposing heavy taxes on U.S. investors. As to the effect on the dollar, Fleming reasoned that more taxes will dampen U.S. enthusiasm for Canadian stocks...

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