March 22, 1938


restore in the United States to save our creditAt eleven o'clock the house adjourned, in that market. Gradually, what did we have to do? We had to restrict imports so as to build up in that market a currency balance which would enable us to push our dollar up to as near parity as possible and restore public confidence in our securities. That we did, and it was a difficult process. That we did also in the United Kingdom, and that, too, was a difficult process. I should like to point out, lest there be misunderstanding on that score, just what did happen with respect to that matter, because it must be within the knowledge of hon. members that we had not only a difficult task, but a task which was a legacy from the former administration. The Minister of Finance must know exactly what the trend of the trade was when he left office. He knew that an adverse debt balance had been created in this country. He knew that we had this terrific responsibility with respect to interest charges on our obligations, private and public, as well as municipal in the markets of New York, and he knew also our position in Great Britain. I have here a report issued by the statisticians of this country giving the story during all those years of what you might call the estimated British and foreign capital invested in capital investments abroad as at December 31, 1937, and preceding years, showing the slow progress that we made in being able to restore our credit position both in London and in New York. without question put, pursuant to standing order. Wednesday, March 23, 1938


March 22, 1938