| Admin History | A number of the Western provinces and municipalities encountered difficulties in servicing their debt and the possibility of defaulting/unilaterally cutting the interest rate payable on existing obligations was widely debated (though less widely carried out). This unsettled investor confidence and new issues by other provincial borrowers in London could only have been got away on penal terms if at all. To limit the long term damage to Canadian credit standing Montagu Collet Norman agreed with the Federal Government that only Federal issues would be allowed in London, a line which proved hard to hold. |