CANADA’S BUDGET

Greymouth Evening Star, 4 December 1940, Page 5

CANADA’S BUDGET

TRADE WITH U.S.A. [by CABLE. —PRESS ASSN. —COPYRIGHT.] OTTAWA, December 2. The Emergency War Budget imposes a diminishing scale of imports of hardwoods, raw silk, and all petroleum products. Mr. Ilsley said regulations were designed to save 5,000,000 to 6,000,000 dollars a month on the basis of current trade. He said that the restrictions would not lessen trade with the United States, but merely change its character by confining imports to essential materials.for the war. He said imports from the United States before they had averaged 65,000,000 dollars, ffionth, while in the last six months they had averaged 65,000,00 dollars, reaching 74,000,000 dollars in October. A . , . Mr. Ilsley said he was not prepared to disclose the urgency of the country’s position in respect -of United States exchange, but he'laid a patriotic obligation oil the gold-mining industry to increase production in 1941. He said the Government had 1 decided that it was justified in mobilising and liquidating foreign securities owned by the people, at least until a serious effort was made to restrict the consumption of imports that were not essential. - . i