In the period from 1927 to 1931 the decline for all foreign issues amounted to 83 percent,The data compiled by the Department of Commerce indicate that approximately 52 percent of the American investment in Canada has been made through acquiring direct ownership of properties, while the remaining 48 percent has been made through the purchase of securities. A New York State court ruled that payment on such bonds might be made in currency other than gold. This gave rise to the charge that while Canada was paying its foreign creditors 100 cents on the dollar and its domestic creditors only 85 cents, the United States was doing the opposite, paying its foreign creditors 85 cents on the dollar, and its domestic creditors 100 cents.The mathematical accuracy of this contention may be challenged, but another point has been raised which is fundamentally more important. The Canadian bonds were primarily an external issue, and the obligation to foreign holders was therefore of a peculiar character and might justify the special consideration of such creditors. Please enable JavaScript for this site to function properly. But the Canadian holders of these bonds have had to be content with payment in depreciated domestic currency, notwithstanding the gold-payment clause in the contracts. They are a third larger than total direct American investments in all of Europe, and a fourth larger than such investments in all of South America. When the war ended this net indebtedness of $3,000,000,000 had been wiped out, and the United States had become the world's creditor to the extent of some $10,000,000,000. $1,303. Some of these bonds, however, are held by Canadians, and for this reason the total scheduled payments exceed the amount which must actually be transferred to foreign creditors. The estimate by Dr. Max Winkler, however, places the total at $4,436,011,000. These direct investments, somewhat in excess of 2,000 millions, are about double the direct American investments in Cuba, which ranks next to Canada as a field for American capital, and are more than four times the amount of such investments in Great Britain. Increased foreign investment was not the only sign of growing American economic power. The large amount of direct investments in Canada is due in considerable degree to the establishment of branch factories in the Dominion by American corporations desiring to overcome tariff barriers and also to obtain the advantage of preferential tariff rates accorded to the products of Canada by other members of the British Empire.A broad classification of the total American investment based on the slightly varying estimates of the United States Department of Commerce and the Dominion Bureau of Statistics is shown in the following table:The upsetting of monetary standards in both Canada and the United States has produced complications in the service of that portion of the Canadian debt which is represented by securities. 1924. Congress soon afterward legislated to the same effect. Between 1927 and 1929 the total annual flotation of foreign securities in the United States was reduced by one half, but in this same period the offerings of Canadian issues actually increased by 22 percent. Of this sum, $2,192,467,000 was British capital, $3,069,181,000 was from the United States and $238,793,000 was from other countries. WILLIAM O. SCROGGS, Director of Information of the Council on Foreign Relations; joint author of "The United States in World Affairs." That compiled by Professor Kenneth W. Taylor, of McMaster University, conforms very closely to the total reported by the Department of Commerce. $360. SINCE the United States became a creditor nation Canada has been the favorite field for American foreign investment. During the 1920s there was a big shift in … American foreign investments continued to increase greatly during the 1920s. Wage Levels and the Price of a Ford Model T: Average Earnings. The issue may finally be carried to the Supreme Court of the United States, and its ruling may have an important bearing on the debtor-creditor relations between Canada and the United States.How a Lazy Historical Analogy Derailed Washington’s China StrategyHow to Keep U.S.-Chinese Tensions From Sparking a War US actions have great potential impact on Canada, but Canadian actions having little impact on the US.

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