Hyde Park Agreement (1941)

The Hyde Park Agreement in April 1941 was initiated by a telephone call from Canadian Prime Minister William Lyon Mackenzie King to American President Franklin D. Roosevelt. He explained that his country was facing a financial crisis because it was supplying Britain on credit and so had no cash to pay for the American imports needed by Canadian manufacturers. Roosevelt agreed to ease the crisis by including, in the lend-lease agreement, exports to Canada that could be identified as components of Canada’s munitions production. With minor modifications, the agreement kept Canadian war finance and production on an even keel.