Billion Dollar Gift and Mutual Aid

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The Billion Dollar Gift and Mutual Aid were financial incentives instituted by Canadian minister C. D. Howe during World War II.

Due to his spending on war equipment, Britain has no gold reserves and US dollars, to pay for existing and future orders with the Canadian industry. At the same time, after expansion, the Canadian industry relies on British contracts and pre-war has a positive trade balance with the UK but with the establishment of Lend-Lease UK may place future orders with the US. The Billion Dollar Prize awarded in January 1942, coupled with an interest-free loan of C $ 700 million, were both expected to last more than a year. It did not last until the end of 1942. It was replaced in May 1943 with the "War Rights Act (United Nations), 1943" which provided assistance to the British and other allies and lasted until the end of the war.. The magnitude of this contribution makes them one of Canada's biggest contributions to the war effort. The two grants amount to more than C $ 3 billion.

In addition, the Billion Dollar Prize provoked a strong unpopular reaction among Canadians, which was shown primarily in Quebec. The rate at which money is used is the main reason for creating this unpopular view, as well as the lack of funds afforded to other countries in the Commonwealth. The aftermath of the Prize leads Canada's future funding to help the Allies with alternative approaches; which focuses on borrowing material goods rather than money. Further consequences lead to changes in the British Commonwealth Air Training Plan and this allows other Canadian loans of more than $ 1 billion for the UK, Canada, Australia and New Zealand to be shared.

In addition, Canada provides equipment and services, including such things as food, ammunition, and raw materials, as well as things like corvettes, garden ships, & amp; radar sets, mostly go to the Commonwealth; some, like radar, also go to the US. In 1943, Canada had the fourth highest industrial production among the Allies, led by the United States, the Soviet Union, and the United Kingdom.

Canada also lent $ 1.2 billion in the long run to Britain shortly after the war; this loan was fully paid at the end of 2006.

Video Billion Dollar Gift and Mutual Aid

See also

• The British Commonwealth Air Training Plan
• Valentine's tank
• Canadian military history during World War II

Maps Billion Dollar Gift and Mutual Aid

References

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Further reading

• Bryce. Robert B. & amp; Bellamy, Matthew J. Canada And World War II Expenses: International Operations Ministry of Finance of Canada, 1939-1947 . McGill-Queen's Press, 2005. ch 7
• Granatstein, J.L. The Canadian War: The Political Reign of King Mackenzie, 1939-1945 (1990) pp 311-16
• Mackenzie, Hector. "Transatlantic Features: 'Canadian Billion Dollar Prize for the British Empire in World War II." International History Review 34.2 (2012): 293-314. online
• Mackenzie, Hector. "Sinews of War and Peace: Politics of Economic Assistance to England, 1939-1945," International Journal (1999) 54 # 4 pp.Ã, 648-670 at JSTOR
• Mackenzie, Hector M. "The Path to Temptation: The Negotiation of a Canadian Reconstruction Loan to England In 1946," Historical Paper (1982), pp 196-220 online

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External links

• Military Relations Between the United States and Canada, 1939-1945 Chapter X Cooperation in Other Sectors
• 68 Australian-Canadian Collective Agreement

Source of the article : Wikipedia