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    "label": "Report, Central Intelligence Agency, Canada, Situation Report 49",
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    "title": "Report, Central Intelligence Agency, Canada, Situation Report 49",
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    "seq": 41,
    "pageIndex": 0,
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    "ocrText": "36\nSECRET\nthe US, which largely caused the $90 million\nThe invisible items on the Canadian balance\ndecline in the reserves of gold and US dollars\nof international payments are quite impor-\nduring the three months ending in late June,\ntant, in 1948 constituting 27 percent of the\nled to a tightening of dollar-saving import\ntotal net receipts and all of the net payments.\ncontrols in July.\nTourist and travel expenditures are an im-\nThe commercial policy of Canada may be\nportant earner of US dollars, the surplus with\nbriefly summarized. The Canadian customs\nthe US on that item being $158 million com-\ntariff is basically a three-column, moderately\npared to an over-all tourist surplus of $150\nprotective tariff. It contains British Empire\nmillion. The tourist item plus the freight\npreference rates, rates on imports from coun-\nand shipping surplus equalled $212 million\ntries which signed the General Agreement on\ncompared to the total deficit of $291 million\nTariffs and Trade, and general rates applying\nincurred by interest and dividend payments\nto imports from the relatively few other-trad-\n(at $255 million) and all other payments.\ning nations. Canada's interest in GATT and\nDetails of foreign investment are important\nthe ITO charter, its support of European re-\nto any consideration of the Canadian econ-\ncovery, and its desire to exchange tariff con-\nomy. Of total non-resident investment in\ncessions with the US are all indications of its\nCanada at the end of 1947 of $7,175 million,\nforeign economic policy. A part of the dollar\nUS capital totaled $5,187 million, British cap-\nconservation program has fostered the fur-\nital $1,642 million and that from other coun-\nther expansion of Canadian industry and the\ntries $346 million. While total US capital in-\nincreased development of Canada's natural\nvestments in Canada have increased approxi-\nresources with the double purpose of saving\nmately one-fifth since 1939, British invest-\nUS dollars by decreased imports from the US\nments have declined one-third. Direct in-\nwhile earning US dollars by increased exports.\nvestment of US capital in Canadian branch\nThe increasing of exports to hard currency\nplants was $2,544 million and is estimated to\ncountries has been facilitated in the past year\nhave increased to approximately $2,700\nby relaxation of most of the remaining war-\nmillion during 1948.\ntime export controls.\nCapital movements with the US in 1948\nwere predominantly inward, and outflows of\nb. International Finance.\ncapital for the redemption of Canadian secu-\nThe Canadian balance of international pay-\nrities owned in the US dollar area of $96\nments on current account for the years 1939,\nmillion were less than one-half of such move-\n1947, and 1948 is shown in the table below.\nments in 1947. Net purchases of outstand-\nCANADIAN BALANCE OF INTERNATIONAL PAYMENTS\n(millions of dollars)\nAll countries\nUK\nUS\n1939\n1947\n1948*\n1939\n1947\n1948*\n1939\n1947\n1948*\nMerchandise trade\n(adjusted)\n+193\n175\n+432\n+226\n+567\n+416\n-128\n-903\n-289\nNet exports non-\nmonetary gold\n+184\n+99\n+119\n+184\n+99\n+119\nInvisible and\nother items\n-251\n-189\n-79\n-89\n+66\n+72\n-172\n-331\n-231\nTotal current\naccount\n+126\n+85**\n+472**\n+137\n+633\n+488\n-116\n-1,135\n-401\n*Preliminary.\n**Including government-appropriated foreign relief of $38 million in 1947 and $19 million\nin 1948.\nECRET"
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