1. These talks ended yesterday afternoon (Thursday) after five very satisfactory meetings. Minutest will be sent to you as soon as completed. A press statement was agreed upon for release here 10:00 p.m. tonight and in France for Saturday morning papers. The text in France will differ slightly. The Canadian text is as follows. Text begins:

The Secretary of State for External Affairs announced today the successful con­clusion of the three-day meetings of Canadian and French delegations on trade and financial matters.

The delegations reviewed together the recent trends of trade and balances of payments between the two countries and noted with satisfaction that a better bal­ance was developing in the trade situation especially as a result of recent increases in French exports to Canada. The possibilities of increasing normal trade in both directions were explored, and the French delegation explained that they were mak­ing special efforts to meet Canadian import requirements by means of trade mis­sions, market surveys, and other means.

Special attention was paid to the satisfactory trade agreement recently reached between the two countries during the recent multilateral tariff negotiations at Tor­quay, and there was a preliminary exchange of views as to the possibility, at some appropriate time in the future, of further tariff negotiations between the two countries.

In connection with the general aim of increased trade between the two countries, which is facilitated by tariff reductions, the Canadian delegation noted with plea­sure that, only last week, the French Government had been able to relax its restric­tions against imports from Canada by allowing their own exporters to dollar areas to use a substantially greater part of their dollar earnings for purchases from those areas.

A suggestion was put forward, and welcomed by both sides, that trade might be further encouraged by a group to be formed by leading French and Canadian exporters. This possibility is being explored immediately.

There was detailed discussion of the possibilities of further trade in scarce com­modities. The French delegation were anxious to obtain larger supplies of base met­als and forest products from Canada especially pulp and paper. Similarly the Canadian side explored the possibility of obtaining more steel and other products from France and French overseas territories.¹³

Discussions were held which are expected to facilitate the release of those French assets which still remain vested in the Canadian Custodian.

The conversations took place in a most cordial atmosphere. The following offi­cials took part. The delegation from France was led by Mr. Pierre Charpentier, Director-General of Economic Affairs, Ministry of Foreign Affairs. It also included Mr. Gibert, Director of the Ministry of Economic Affairs, Mr. Bizard, Inspector of Finance, Mr. Plandin, Ministry of Economic Affairs, Mr. Bulteau, Ministry of Industry and Commerce, and Mr. Dauge, Ministry of Foreign Affairs. The Cana­dian delegation was led by Mr. W.F. Bull, Deputy Minister of Trade & Commerce, assisted by Mr. Denis Harvey and Mr. C.M. Isbister of the same Department. It also included Mr. John Deutsch, Director, International Economic Relations Division, Department of Finance, and Mr. A.F.W. Plumptre, Head of the Economic Division, Department of External Affairs.

Further discussions will take place as required to continue and extend the useful work already done. Text Ends.

¹³Voir le document 325./See Document 325.