Hon. DOUGLAS ABBOTT (Minister of Finance):
Mr. Speaker, I think I should rise to a question of privilege to correct a press report of the figures which I gave in my budget speech last night with respect to our foreign exchange position. In the Canadian Press report which appears in this morning's newspapers it is stated:
The country's present foreign exchange reserves are $668,000,009 after drawings of $130,000,000 on the Export-Import bank loan from the United States-
And so on. The actual drawings on the Export-Import bank loan are only $80 million and not $130 million, and the net position is therefore $588 million. I do not blame the reporter. It is no doubt due to the way in which my budget speech was phrased. I gave the figures to the end of March as $607 million, of which $50 million represented drawings upon the Export-Import loan. The figures at the end of April were $668 million, taking account of $30 million drawn in April, or $80 million in all.
Subtopic: REFERENCE TO PRESS REPORT AS TO BUDGET FIGURES ON FOREIGN EXCHANGE POSITION