Surplus of $188,800,000 In 1938; Receipts from Tourist Traffic Declines The income of Canada írom all external sources exceeded in 1938 the current disbursements of Canadians in other countries by the substantial surplus of $18,800,000, according to the Dominion Bureau of Statistics, whose estimate is quoted in the monthly letter of the Royal Bank of Canada for March. This is the amount by which net external receipts from merchandise, gold and the tourist trade surpassed current payments abroad for interest and dividends, freight and other services, states "The Binancial News."
The principal changes in current receipts during 1938, as compared with previous years, were the consequence of reduced credit balance irom merchandise exports and the tourist trade. The industrial recess sion general during 1938 resulted in a reduction in the demand for many leading Canadian exports and generally lower prices, so that the surplus from the trade in commodities declined to $180,500,000, compared with $213,300 in 1937 and the recent peak of $822,200,000 in 1936.
Unfavourable business conditions were also largely responsible for the lalling off in net receipts from the tourist trade to $149,000,000, against 317000000 in 1987, although the total reported for 1938 was higher than the corresponding figure for any of the three years prior to 1997.
Text read from the printed page and cleaned; old type leaves the occasional error.