ON THE £.IR Cvelical Budgeting Theory Criticized By N.Y. Bank

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at

TV. CALLS NITE or DAY Day 4-2537 Nite 4-4172-4-5601 VAH-;S RADIO & TV 204 Kent St. Ch’tews

By FORBES RHUDE

Canac‘an Press Rusiness Editor gov- pro- , duce budget surplusses in good

Cyclical budgetting by ernments is supnosed to

tires ee deficits in recessions However, th i. tvs

* dency is

plusses.

The First Nat’oral City Rank of New York expresses such an ov’nion in its current letter It enparently regards as “‘optimis. tic Presider’ Xennedy’s ‘rve- cast of a balanced budget for the ‘fiscal vear 1969-1963 and coments that while budget sur- p'usses have heen propose*—in each of the last six presidential b-dget messages, surpirsses were produced only in fi<~al 195" and 29°90.

“The theory of compensatory finarce letter says; ‘“‘we have had pre- scribed increases in foderal spending in periods of business recession but not the cutbacks in periods of prosperity. The tailoring of outlays to fit pros- pective revenues is a practical demonstration of the working of | Parkinson’s second law: ‘Expen- diture rises to meet income.’

‘DEBT SOARS “When business is slow, gov-

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jernment outlays are increased to produce more jobs. When business is good, they are in- creased because revenues are enlarged. The public debt }moves inexorably -higher. In- |come tax reforms—the secret of European prosperity—keep get- ting postponed year after year.”

| The World Bank and its asso-

many critics feel much stronger towards bad-time defi- cits than towavds goo?-time sur-

hes not worked,” thehydro-electric project on the

—

ciate, the International Develop- ment Association, have estab- lished a new department te handle African business. Eu- gene R. Black, president,

the decision was taken in view of the two institutions’ rapidly- developing responsibilities im connection with Africa’s emerg- ‘ing independent countries.

The devartment will come into-operation April 2 under the direction of Pierre L. Moussa, who has served with the French

overnment in a variety of posts since 1946. J. H. Williams, Ox- ord graduate who has served with the bank since 1961, will be as*'stant ‘rector.

The Bank also announces: a ‘oan equivalent to $47,000,000 to the Volta River Authority, an agency of the Ghana govern- ment. The loan will help finance ‘onstruction of a dam and

Vo'ta river at> Akosombo, to gether with a transmission sys- tem to supply power to southern Ghana. Other financing will in- “lude $37,000,000 from American sources, about $14,000,000 from Britain, and $98,000,000. from Ghana itself. |

The project, with an ultimate capacity of more than 1,100,000 horsepower, will creaté a reser- voir about 300 miles long and with a surface area of 3,275 square miles.

Largest single customer will be an aluminum smelter to be built and operated by Volta Aluminum Co. Ltd., formed by Kaiser Aluminum and Chemi- cal Corporation and Reynolds Metals Company. The smelter will cost more than $100,000,000 | jand have an annual capacity of ‘100,000 to 150,000 tons.

|

._By KEN KELLY

| OTTAWA (CP) — Associate Defence Minister Sevigny has |erased the Communist — la- bel he pinned last week on the governments of British Guiana jand Ecuador and expressed his regrets. | “I guess I was a little out of line in that speech,” he told the Commons, referring to an address he made last Thursday in which he spoke of ‘South America where in just the last six months Communist govern- |ments have taken over British | Guiana and Ecuador.”

The speech evoked sharp de-

nials both countries in Canada and,

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jafter questions were asked jabout ft in the Commons Fri- day, a demand by Prime Min- \ister Diefenbaker that Mr. Sev- igny explain himself. Informants said Mr. Diefen- baker was angered by Mr. Sev- igny’s remarks and instructed him to correct himself publicly.

|PASS ON TEXT

| A text of the minister's state- ment Monday will be trans- mitted to the Canadian ambas- sador in Quito with instructions |to relay it to the government of Ecuador, an informant said. A similar course will be fol- lowed by the British high com- | mission here. which handles dip- lomatic affairs in Canada for | British Guiana.

| Mr. Sevigny’s brief statement |to the Commons Monday noted that referegce was made in the 'House to the address he de | livered to the Quebec Associa-

‘Associate Defence Minister Reerets Red Tag Application

from representatives of |

The Guardian, Charlottetown, Thurs. Feb. 15, 1382. 13

(ANT BAKED IN SOUTHERN FRANCE =~ ARE SO LARGE THEY MUST WW THE ON A Fuh

\tion of Architects at Montreal.

“In that speech I voiced my concern over the spreading of the Communist ideology in var- ious countries of the world. I made certain comments about British Guiana and Ecuador in this connection

“T have since been satisfied that the governments of those | countries are not Communist and I am glad to correct the statement I made... |

“I also: made some reference to the spread of communism in the Far East and to the threat thereby posed to the West. I wish to make ft amply clear | that I was re“erring on'v to the threat presented by the mili- tary strength of Communist China.”

This sentence evidently re lated to a question Friday by opposition leader Pearson who asked Mr. Diefenbaker to com- ment on reports Mr. Sevigny had said “the yellow peril is one of the most terrible threats to western citilization.”

4 YEARS FOR BURGLARY

MONCTON (CP)—Gordon Jo seph Thompson of Kingstop Ont., Monday was sentenced to

four years in penitentiary in Dorchester, N.B. He received four years on each of two

charges but sentences will run concurrently. Thompson earlier pleaded guilty to a charge of breaking into a store here last year and stealing $682. A charge of placing an explosive charge in the safe at the store also brought a guilty plea.

| __ CONTRACT BRIDGE

By B. JAY BECKER

South dealer, - Neither side vulnerable. NORTH

41062 @AJI1073 @K65¢4 gAZ

@Q75 @kKoss

986 @4

@10962 @Qis

#KQ102 #97643

SOUTH

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The bidding:

South West North East

1¢ Pass 39 Pals

4¢

Opening lead—king of. clubs.

dummy play is to force your

| opponents to do. your work for

12.30--Maritime Ferm Broadcast

1.00—-Newa, Weather 1:15—Tommy Hunter Show 1:45—Time Out For Meledy 1:59--D.O. Time Signal 2:00—Time Out For Melody 2.15—Old Favorites

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5:03— Interval 5:04—Maritime Fish @d’cas? 5:30—The Fve Thirty Show

700 News & Music

11.30-Eventide 12.00 Here's The Westher

you. Many a hand is lost be- cause declarer undertakes to do things that he can delegate the defenders to do for him. Examine this hand. South starts with four possible losers — two spades, a diamond and a club. The diamond and club losers are inevitable, there being no way of avoiding them, so all of declarer’s thoughts are con-

from dummy, East covers with the king and South must even- tually lose two spade tricks.

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“2.0—Tistening To Muse

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DAILY CROSSWORD |

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