Right Hon. J. L. ILSLEY (Minister of Finance):
I should like to make a brief announcement in which I believe the house will be interested.
An agreement with the government of France was signed early this afternoon, under which Canada will provide to France a credit of $242,500,000 to enable France to make purchases in Canada. The amount and terms of this credit were agreed upon last September by M. Jean Monnet and myself, with the approval of our two governments, and they were made public later in the autumn.
The credit bears interest at three per cent and is repayable in thirty annual instalments, commencing at the end of 1947 and running until the end of 1976. The agreement was signed by the French ambassador on behalf of his government, and myself on behalf of the government of Canada.
This is much the largest of all our credits under the Export Credits Insurance Act. I am sure that members of the house, as well as the government, will welcome this agreement and the effective cooperation of Canadians in assisting in the reconstruction of this great allied nation with whom we have such close ties of friendship and historical association.
Subtopic: CREDIT TO FRANCE UNDER EXPORT CREDITS INSURANCE ACT