In recent years, there has been a proliferation of specialist journals in the area of international commercial law. This new review, modestly priced in comparison with a number of journals that have appeared in this country, has a distinguished and far-flung editorial board. Its focus, however, if the present issue (Vol.2, Part 2, July 1988) is typical, is on issues arising from the interaction of the United States and Canadian economies, including the penetration of the United States economy by Canadian business actors and vice versa.

This issue contains articles on the acquisition by outsiders of interests in U.S. trading corporations and on the recent U.S.-Canada free trade agreement. A recent general election in Canada was fought largely on this free trade agreement, victory going to the incumbent government responsible for its negotiation. It seems fair to say that free trade between the two countries bulks larger in the Canadian than in the U.S. consciousness. Canada (not Japan) may well be the largest trading partner of the U.S., but the percentage of U.S. external trade that it captures is much less than the 80% or so of Canadian external trade that goes to the U.S. The Canadian economy, moreover, is considerably more dependent on exports than is the more autarkic American economy. To borrow Pierre Trudeau’s metaphor, close involvement by Canada with the U.S. is like getting into bed with an elephant.

A substantial part of this new journal is devoted to “updates”, again almost exclusively preoccupied with U.S.-Canada matters. There is material dealing with Canadian tax law and the U.S. and Canadian securities regulation industries, as well as items on transport deregulation in the U.S., the U.S. Foreign Corrupt Practises Act, and the migration to Canada of American defensive takeover techniques. The obligatory case comment section deals in this issue with an important decision of the Canadian Supreme Court on the autonomy of documentary credits, compliant sales documents and the fraud exception (Bank of Nova Scotia v. Angelica-Whitewear Ltd. [1987] 1 S.C.R. 591). There is also a book review section.

The material, by and large, is descriptive, with a very limited shelf-life, and is most likely to be of use to those wishing to keep their fingers on the pulse of U.S.-Canada commercial and corporate law. It is also extensively devoted to public law and regulatory issues, as opposed to those of a private law nature. All told, this new review is less broadly-based than the International Lawyer, though an ambition to expand is suggested by the range of correspondents and editorial board members.