I am quite sure it will not be necessary to provide for $700,000 United States funds, because all the debentures are not held in the United States. Even if they are held by Canadian citizens they will not be able to cash their bonds in the United States and get their exchange. They might cash them there, but they would have to convert the funds back to the foreign exchange control board, and all they would get would be half of one per cent. Therefore only those residents of the United States who hold debentures would get any benefit out of the exchange position.
Subtopic: NEW WESTMINSTER-REFUNDING OF DEBENTURES, GUARANTEE OF LOANS AND REDEMPTION OF SECURITIES