Word: ilsley
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...long time, the P.M. had wanted to ease the burden of hardworking, dog-tired Finance Minister James Ilsley. Now he named Ilsley to the easier Justice Ministry. Justice Minister Louis St. Laurent, who had been handling foreign relations for several months as well, would now devote all his time to the External Affairs Ministry. To fill Ilsley's tough Finance job, Mr. King named young Douglas Abbott, National Defense Minister...
...chief reason was that cautious Finance Minister James Lorimer Ilsley had been overcautious when he predicted a $300,000,000 deficit last June. The Government had tried hard to keep expenses down. For another thing, shortages had prevented the Government from buying all it wanted. Also, some subsidies (like that on milk, which had been costing the Government about $42,000,000 a year) were ended. Even the Canadian Army was not spending as fast as it thought it would: its total expenditures for the year would probably be about $10,000,000 less than the $283,000,000 predicted...
Finance Minister James Lorimer Ilsley announced that Canada had lifted the Canadian dollar to par with the U.S. dollar for the first time in seven years (it has been pegged at 10% less). He also unveiled a well-pondered plan to cushion Canada against U.S. price rises...
Canada's Government retrieved a blunder. It had ineptly imposed drastic new tariff increases on such things as steel tubing (TIME, Nov. 5), contrary to long-proclaimed policy. In Parliament this week, the new tariffs got the heave. One reason: public pressure. Another, said Finance Minister J. L. Ilsley: the chances of "early international action" to lower tariff barriers "are considerably improved...
...Government has clucked maternally about the joys of free trade, the selfish shortsightedness of high tariff walls. Last week Canadians discovered that the Government does not always practice what it -preaches. Buried deep in the budget, and bypassed in a 42-word, offhand way by Finance Minister James L. Ilsley in his recent budget speech (not of "major importance," said he), was a new 20% tariff wall-increased from 5%-on seamless-steel boiler tubing...