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.
In 1934 the Commission of Government was sworn in, ending responsible government, and beginning a new chapter in Newfoundland's constitutional history.
The saltfish industry in Newfoundland, as a cyclical extractive industry dependent on an open-access resource, went through multiple periods of boom and bust.