These losses were partially offset by the increased value of gold shipments, which, with the record output of 1938, rose to $156,500,000, as compared with $145,000,000 in 1937 and $109,600,000 in 1934.
Net payments on current account in 1938 were slightly smaller than in 1937, amounting to $242,000,000 for interest and dividend payments, $20,- 000,000 for freight and $35,200,000 for other miscellaneous services. The total paid out on these accounts, however, has been consistently smaller than the total received on account of chandise and gold shipments and from net tourist expenditures in Canada, In 1938 the surplus amounted, as stated, to $188,800,000, as compared with $218,200,000 in 1937 and $308,500,000 in 1996.
The capital account for 1938 also reveals a contraction in the net outflow of capital. Outstanding among the changes in the capital movements are the reduced outflow of capital for the redemption of Canadian securities—from $177,900,000 in 1937 to $150,- 000,000—the change in the direction ju the international trade in securities, and the apparent increase in the proportion of other capital movements. Net retirements were lower, as the number of issues maturing in 1938 was less than in recent years, and conditions being generally less favourable for re-financing than in curlier years, there was also a drop in the number of issues that were criled for redemption.
Text read from the printed page and cleaned; old type leaves the occasional error.