Fearing negative impacts on stock markets, Canada and Britain agreed to help Newfoundland meet debt payments pending the report of a royal commission of inquiry.
During the mid-1960s, American entrepreneur John Shaheen arranged with Newfoundland and Labrador Premier Joseph Smallwood to construct an oil refinery at Come By Chance.
In 1934 the Commission of Government was sworn in, ending responsible government, and beginning a new chapter in Newfoundland's constitutional history.