External Finances and the Balance of Payments

Part of Financial Statement – in the House of Commons on 25th April 1944.

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I now turn to the position of our external finances, which will become an increasingly important problem as the war draws to its close. Last year, Sir Kingsley Wood gave a general account of the factors in our external finances. I need not repeat this, but hon. members may find it useful to look at that story as a guide to the further chapter which I shall unfold. Once again we are receiving the immense contribution to the pooling of resources represented by Lend-Lease from the United States, not only of finished munitions, but also of food and raw materials. Similarly the Canadian Government have during the last two financial years made a most munificent contribution to our needs, first by the billion dollar gift to us and last year by a corresponding gift to the United Nations; and it gives me deep pleasure to inform the Committee that I have learned that the Canadian Government will again make a contribution to the war effort of the United Nations this year on similar lines.