ot eal

per annum MONDAY, AUGUST 24, 1959.

Blood Donors Needed}

When the life of someone near and

dear depends upon bidod transfusions |

being quickly available and perhaps being continued over a considerable

‘period the Blood Donor Service of

_ the Red Cross seems the finest or- ganization in the world. The volun- tary blood donors, at such a time, seem greater philanthropists than many a multi-millionaire.

The Red Cross is only too well aware, however, that there is always

_. someone near‘and dear to somebody

whose health and perhaps life de- pends upon immediate blood trans- fusions.

Each such exception, however, is based on mutual agreement specify- ing the exactly what each country wishes to do and for how long.

The story of the Great Lakes be- fore that treaty is a. warlike one.

om 1609 on, indeed, there had been war on-those waters. The Iroquois had used them for war parties; In the 74 years after 1689 there had been no less than four major wars and at no time could it really be said

those waters. |___ Perhaps the world today ‘could learn something from that treaty. No one would pretend that over much of the period relations between the two countries were constantly cor- dial. There were many clashes of in- terests and personalties. None of them, however, resulted in war as they might well have done had armed vessels been patrolling the inland waterfway.

Limitation of armament, of course, is not the solutionyfo all the world’s problems. No community, large or

conflict unless there was an overrid-

that there was undisturbed peace on_|

Sri anil

small, ‘has long continued without -

To them it is a matter of life and death that the supply be maintained.

= Prince Edward tsland-has-a-mag-—

nificent record for its support of the Blood Donor Service. Doctors here know, without any uncertainty, that when they call for a blood transfusion for a patient it will be forthcoming.

That is a record which is well worth maintaining and the Blood Donor Clinics this week at New Glas- gow, North Rustico, Eldon, Cardigan, Murray River, Montague and Canoe Cove present an opportunity to make a donation of blood that may save the life of a friend and will certainly improve someone’s chances of re- covery.

It is a great privilege to be able to save life in this way. Not all of us ean be heroes in war or disaster; but everyone in good health can contri- bute to the saving of life in this way.

Shrinking Money

It is reported that the Japanese

are printing washable money. It '

seems, however, that the new notes shrink a little each time they are soaked in water.

It has long been a subject of dis- cussion whether money is filthy lucre or whether it becomes as clean as the use to which it is put. There has been no holey money in circulation, however, since Prince Edward Is- land went out of the business of is- suing its own currency. There is, of course, Chinese cash, but the im- pression is that paper money has re- placed even that small coin.

Many religious thinkers have pointed out the temporary na- ture of money. Even economists have made the point that nothing loses value so certainly as money.

It is only necessary to go into his- |

tory to see that from Saxon times, when a pig would sell for a shilling or so, there has been a continual fall in the value of money

In its more spectacular forms it was seen as debasing the coinage or as monetary inflation, but even in periods of seemingly stable currency the general trend of price has been up and the value of money down.

Strangely enough this has not.

discouraged people from trying to accumulate money. As with slot ma-\ chines and other forms of gambling that .can be proved to favour the house as against the player, indi- vidual experience can be very dif- ferent from statistical prediction.

Despite the experience of man- kind from the remote period when money was first invented, it is safe to presume that it will not now or at any forseeable time lose its popu- Jarity. —

Undefended Frontier

Americans and Canadians are fond of referring to their long undefend- ed frontier. It is worth recalling that a major part of it, the Great Lakes, owes ita peaceful status to a brief, geven-line, treaty signed April 28, 1817.

The Rush-Bagot: agreement limit- ed warships on the lakes to “one vessel on Lake Ontario, 100 tons burden and armed with one 18 round cannon; on the upper lakes, two ves-

sels of like burden and similarly arm- '

‘ed, and one such vessel on Lake Champlain.”

That treaty began 142 years of peace between Canada and the Uni- ted States. The limitations have ‘on various occasions been lifted, as for §$nstance, during the naval displays for the Royal Visit, the building of warships during the Second World

ing power and authority. Sene day there must be world government,

to the role of providing a touch of pageantry for ceremonial occasions.

Then and only then will the rule of law replace the rule of the jungle. In the meantime, however, every re- duction in armament will help to avoid that first fatal clash that may man the end of civilization—and of mankind.

Economic Prospects Good

Canadians have been somewhat shocked at the recent climb of the bank rate, which now shows signs of returning to normal. It is encourag- ing to take a look at general econo- mic’s that indicate that the world is at the beginning of a boom.

The Western world seems to be entering a new era of economic ex- pansion, observes the Toronto, Tele-

ted States, Canada, Britain, France and West Germany already are on their way up.

Every day there is new evidence of boom. In the United States, the work force is now 67,594,000, high- est in history and 2,415,000 more than a year ago.

Unempioyment, between June and July, fell 238,000 to 3,744,000, which is 1,500,000 fewer than a year

below 3,000,000 in October.

More people at work means that more is being produced, more money is being earned, more goods are be- ing bought.

tail price index is steady. Unemploy- ment is at its lowest in two years, only 1.8 per cent. of the labor force.

Consumer sales are rocketing,

the second quarter of the year, the pound sterling is quoted above par- ity on world exchanges.

From West Germany and France come similar stories. France is get- ting a shot in the arm from its ‘great new oil finds in the Sahara, which will make it one of the world’s great-

dependent upon the political uncer- tainties of the present Middle East suppliers. The franc is steady and in demand.

This is an unusual world situation. One of the main causes of general optimism is Europe’s new prosperity.

‘an unsatisfied market comparable to the U.S.-in size and everyone is scampering to fill its needs. Barring war, the big money in the next few years will be made in Europe. Some of the risk capital that used to come here is now going into Europe’s economy. The West

ee EE SS RE SS oe

Germans have raised interest rates and that is why the rates are so high here.

The rates will be high so long as Canada competes. with Europe for expansion money. \

EDITORIAL NOTES

It is an ill wind that blows no good. The last 15,000 wild horses of the American West are being rounded up and will be sold for pet food. The do- mestic horse, apart from racing strains, is figuratively on jts last legs. In future the producers of pet foods will have'to turn to other sour- ces and that is where the fishermen will benefit. There is no better alter- native than fishery by-products for cheap nutrition

’

confident that he promises to eat bis | hat in public if unemployment it not |

exports are up seven per cent. in

'—-with national armed forces-reduced——

| gram. At least five nations, The Uni- 5

ago. Labor Secretary Mitchell is so |

;

4 pt

~. ye. Y, sets AD TAN Vn SUI ae

ier TTT

ri

OTTAWA REPORT

The 1958 general election was} the most

ers. With a few bills still to be’ paid, the Chief Electoral Officer | has already disbursed $9,448,992 for that election. }

This compares with a cost of | $7.164.576 for the 1957 election

These costs cover the actual machinery of recording the pop- ular vote, such as enumerating the electors, printing voters’ lists and ballot papers, and con-

Costs Of A Election

By Patrick Nicholson

the nationa) treasury. The pur-

costly election ever | pose of this, a purpose which is | charged up to Canadian taxpay-| not always fulfilled, it so dis-|

courage flippant candidacies.

In 1957, no less than 343 can- didates failed to get at least half the number of votes polled by the winner in their constituency; and in 1958 the number of those who forefeited their deposits rose to 373.

The accounts of the Chief Elec- toral Officer, Mr. Nelson Caston- guay.. show two exceptional ex-

tant in the Electoral Office here, Mr. E. Robitaille. The Returning Officer in a rural riding is paid at the rate of $9 per polling sta- tion. Both urban and rural R.Os are also paid for their prelimin- ary duties before polling day at the rate of $1 per polling sta- tion, plus another dollar per sta- tion for supervising enumerators, and another dollar per station for storing ballot papers and oth- er supplies.

TROUBLE IN TORONTO The other large bill came from the Returning Officer in the Tor-

Some persons say the finger Pains them only occasionally for only when pressure is applied. Others report the entire extrem- ity throbs with pain constantly.

Now these tumors are extreme ly small, usually only about two centimeters in diameter. Some- times the skin at the site is red- dish, soft and rubbery. Sometim- es, however, the only clue that anything is wrong is the pain.

In such cases, about the only way to locate the tumor is to press an ordinary pin into the skin around the tumor. Natural- ly, as the pin nears the tumor, the pain will be excruciating. It’s tough on the patient but at least it locates the site of the trouble.

of the tight money pol last fall? The answer is: Gare sell- ing Government bonds from their

in order to raise each

onto riding of St. Pauls, represen- ted by Commons Speaker Roly Michener. This big item, of $49,- 083, contained the inflationary fac tor of the cost of a Royal Com-

ducting the poll) Payments by in- dividual candidates—for the hire of meeting halls, for printing and postage, for travel and publicity —and the much more substantial payments out of party funds und- er the same headings, were not included in the total cost as lis ted by the Chief Electoral Offi- cer. These campaign expenses are not fully disclosed, but they pro- bably totalled more than the dir-

penses in 1957. The small elec- torate of 15,491 in the Newfound- land riding of Grand Falls — White Bay—Labrador racked up a staggering $44.560 for services and expenses of the Returning Of- ficer, which was more than ten times the cross-Canada average.

This high cost was necessitated by the Returning Officer having to travel around huge, sparsely- settled Labrador. For this pur-

ect cost to the taxpayer in the

fenbaker won his first victory The total was probably lower in the less free-spending 1958 elec- tion. (

payers in’ each election, through | the forfeiture of candidates’ de- posits.

PARTIES FILL TREASURY

Look at Britain. The economy. is | booming without inflation. The re- |

1

est oil-producing nations, no longer |

} |

|

The Eurepean Common Market is |

Every candidate must deposit $200 when his nomination is ac- cepted. If he wins the election,

or if he obtains half as many/ contains 40.000 voters, thus the |

votes as the successful candidate, his deposit is refunded: otherwise | it is forfeited, and handed over to

A Banker

Thanks to some of the losing. ) candidates, a small but interest-| vote polled in that riding cost the ing drawback came to the tax- | taxpayers $4.65, compared to the

pose, and to distribute and col-

1957 election, when Mr. John Die- | lect ballot boxes. ships had to

be chartered and a plane was

| hired for four weeks. |

Thus democracy comes expen-

sive in Labrador; the average

cost in the typical riding of Os- hawa of 8 cents per vote. The returning Officer is paid at the rate of 4% cents for very name on the voters’ list in an urban constituency. It is reckon- ed that the average such riding

job is worth about $1,800 it was

explained to me by the very helpful and well-informed accoun-

Explains

Meatreal Star

Curtailment of credit and ra- tioning of loans have been forced on the chartered banks by a com- bination of tight money and the six percent ceiling on chartered banks’ lending rates, according to James Muir, Chairman and President of The Royal Bank of Canada.

“It is clear from comments arising from some quarters in cer | tain papers that the statement | made by the chartered banks last | week relative to the present tight money siuation is widely mis- understood.

“As far as we are aware. nei-| ther the Canadian Bankers’ As- sociation nor any of its member banks have sought to increase bank earnings by asking for a rise in the legal maximum rate of interest, viz., 6 per cent, which the banks may charge on loans This is a point which cannot be emphasized too strongly. EFFECT ON BANKS

“However, as the Canadian Bankers’ Association statement intended to make clear, when the Bank of Canada’s minimum lend- ing rate rises above the al maximum of 6 per cent which chartered banks are allowed to charge, the banks are no longer able—through no fault of theirs —to implement Bank of Canada monetary policy by further in- creasing the going rate at which customers may borrow.

“It must be made clear to everybody that the Bank of Can- ada and not the chartered banks controls the volume of money and credit within our country. It is the Bank of Canada which de-

cides when money and credit |

should be increased, or tighten- ed, or left constant. The machin- ery which the Bank of Canada us- es in order to carry out any given policy ‘works through thé char- tered banks. For example,,let us

say the decision of the day is te

make money easier—in these cir- cumstances, the Bank of Canada increases the cash reserves of the | chartered banks. This makes them flush, and at such a time “money becomes cheaper, i.e., the rate of interest is lower. This in- duces the banks to loosen up their lending policy — a situation which borrowers readily take ad- vantage of, and so we have an expansion of business in almost every direction. “Now let us examine what hap- |

pens when @ tight mondy policy

comes into force, such as has been the case since last fall. The Bank of Canada decreases the cash reserves of the banks or holds them constant in the face of a growing demand from bank customers for more loans. The net effect is the same in either case. Money and eredit grow scarcer and inevitably dearer, the yield on Government Trea- sury bills rises, the price of Gov- ernment bonds drops, which in- creases the yeild, the ‘‘bank rate”

| rises and as part of the cycle, the |

rate of interest charged by the

chartered banks to their custom- |

ers has to go up. The higher bank rate is thus passed on to the public and this goes on and on until the cost of money to borrowers becomes unprofitable, at which point they sstart to trim their sails, and so what might be

alled a period of restriction or

mission appointed to examine charges that the voters’ lists had been padded in that riding. and the legal expenses associated with subsequent trials.

Enumeration expenses rose be- tween 1957 and 1958 owing to a higher scale of payments for this work. In urban ridings, two en- umerators are appointed in each polling division, nominated by the winner and second candidate in the preceding election, or by their parties. They are each paid a basic fee of $25 plus 10 cents for each name inscribed on the voters’ lists. In rural ridings, there is only one enumerator; he is also paid the basic $25. plus 11 cents per name, plus $15 for

The bills for our elections may ' seem high-running about $1.50 for each vote recorded—but that

goods or services rendered. These short-lived election time jobs no doubt constitute a welcome little something extra to the many workers employed. 4

a calming down takes place in the whole economy and a boom or an unhealthy active condition is gradually brought to a stop. CURRENT SITUATION

“Now what is the Canadian picture at the moment? First, the Bank of Canada has pursued | for months and is pursuing a tight money policy in a battle | against inflation. This policy has driven up interest rates to levels | seldom, if ever, seen before, but — and here is the nub of the

whole question — these interest rates have hit an impregnnable barrier, as it were, in the shape of the legal lending rate estab- lished under The Bank Act. From this point on, quite obviously the banks are rendered impotent so far as being able to assist in | implementing the Bank of Can- | ada’s monetary policy through the forces of increasing interest rates. ; “In view of all that has been said, how have the banks been | able to continue to meet their clients’ demands for heavily in- creased loans since the inception

sagen ae en

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TAXI

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Charlottetown

one day's work revising his lists.

money is all paid out directly to) Canadians all over Canada, for

d, in view of what we have | Said about the drop in the price of Government bonds, it requir- es no imagination to realize that | this is a far from profitable pro- | cess. However, the banks are, so | far as we know, making no great complaint on this score. What we | are concerned about is that com- mon sense makes clear that such a policy cannot continue indefin- | itely. Equally important, or per- haps even more important, the fact copfronts bank management that there is a point below which Ihey cannot allow their holdings of Government bonds to drop and still preserve an adequate volume of liquid assets so that they will | Mot depart from traditionally sound policies.

| RATIONING OF LOANS | “At this point, so long as the , Money supply is not allowed to increase with the demand for loans, the chartered banks must resort too.the curtailment of loans through the direct restriction ‘and rationing) df bank credit. | This, of course, is a thankless task and, in the process. the char- tered banks and not the monetary | authorities appear to the general | Public as the ones responsible for all the hardships borne by page! —— <r on, but unable j ready supply credit. Se

“In other words, interest Policy and control of the wands supply are interdependent devices which the Central Bank may use to control bank credit. The first is inhibited, and at present rates made impotent, by the ceiling on chartered bank lending rates. The second is effective but Places the onus of credit restriction unfairly on = chartered banks.

“The whole pu e Canadian Dinbeet duane statement, as I understand it was simply to explain to the gen- eral public that the Bank of Canada, and not the chartered banks, is responsible for mone. tary policy: and hence for the Present curtailment of charter-

ed bank loans.”

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land room ole

A table of light wood to hold a few -

Small treasures, none deemed priceless, none heirloom,

A table of round top three legs —all yew.

A bow, a table, fashioned by men’s hands,

Both are descendants of the Eng- lish yew;

The weapon is unused, the table stands

Symbol of service to both old and new

in the Christian Science Monitor

The Age Old Story

FRANKLY

Today there came to a.New Eng- |

—Fanny DeGroot Hastings. i

OUR YESTERDAYS —

(From the Guardian Files)

Bvga HH] intel

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next convocation of the Col- lege of Chest Physicians

ment arrived from England some time ago and has been awaiting the arrival of the installation crew. It was stated yesterday that if everything zoes well, it is

SPEAKING

by Freedom

Did_you_know that Lt. Colonel J. David Stewart, was appointed a director of Charlottetown Marine

Industries Limited two years ago and during this time,

front hum with activity?

up to now. ’ And did you krow

the department? Isn't that announced, in fact for the

the Royalties so that at practically

district is like saying a fish he is put into the water.

office?

management relations?

no dirt roads in the whole suburban area? To say that Mr. MacDonald does not speak up for his

in spite of the fact that a Conservative Government has been in power at Ottawa and we have four Conserva- tive members in Ottawa, we have not had\a scow in for repairs? Is this the way he intends to make the water-

Perhaps Colonel Stewart forsees the defeat of his party leader in first Queens and is assuming that as “next Premier” of the province, he will be able to g. - swing a little more weight than he has been able to do

that the tourist trade this

summer is almost three times what it was last year and that Stewart and Farmer intend to “revitalize

wonderful!

Did you know that long before the election was

last four years Earle Mac-

Donald has been getting streets paved in Parkdale and

the present time there are

doesn’t want to swim when

Did you know that the civic workers were unable to get a working agreement with the City Council while Colonel Stewart was mayor . '. . they have been able to realize when his successor took

an agreement. which

Is this the man who fs going to improve labour

Did you know the Conservatives cannot give jobs to all those they promised before the last Federal election and there is certainly less chance of their be- ing able to do so in the provincial field?

(advt.)

ND

Hear

ALBAN FARMER

Inserted by the P.K.L. Progressive Conservative Panty, : Ye

Monday On CFCY . 10.30:A.M. - 10.45 A.M. AST

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4