LOAN TO CANADA
UNITED STATES EXPORT AND IMPORT BANK WASHINGTON, Nov. 18. The United States Export and Import Bank announced a provisional agreement to lend Canada 300,000,000 dollars. The loan is designed to enable Canada to maintain purchases of “essential equipment and raw materials in the Unitea States.” It is subject to a formal agreement in which the interest rate and the manner in which the money must be spent will be defined The loan will run until December 31, 1948. It is the result of negotiations over Canada’s dollar difficulties between American officials and a Canadian mission, led by the Deputy Finance Minister, Mr Clifford Clark. Authoritative quarters said the Export and Import Bank’s announcement would probably be followed shortly by a Canadian announcement of stringent import restrictions to conserve dollar resources, which had been dwindling recently at what is officially described as an “alarming rate.”
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https://paperspast.natlib.govt.nz/newspapers/ODT19471120.2.105
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Otago Daily Times, Issue 26623, 20 November 1947, Page 9
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147LOAN TO CANADA Otago Daily Times, Issue 26623, 20 November 1947, Page 9
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