.g VI Guardian, Charlottetown. Thurs. Dec. 18. 1962. 11 “nut. Group

ussian Scientific Worker

5 . _

I. Arrested On y l — Soviet OW (AP) The M“SC has announced k arrest of a Russian scien- ’ worker on a charge of giv-

state secrets to British ! siness man Greviile Wynne I a United States embassy at. . . l III? news agency Tass said 9 Russian. 0. V. Penkcvsky,

levelopment ;. nk Reports ' .1 ov. Slump

OTTAWA (cm — The crown. . ncd Industrial Development ' ank. after a record year of ’n expansion, has run ump in business. _ The bank reported Wednesday .’ new loans during November econd month in its fiscal 31- — compared with 195 a

chum 31 per cent to $6.858.-

Tor the two months October- 0vember, there were new ' ns compared with 322 in the rrespunding period of 1961, d their total was down 15 per nt to $12,875,000 from $15,200,-

1| . he bank's annual report for ' 3 year ended Sept. 30. issued lriier this week, showed a 53- r-Ct‘iil rise in numbers of ans and a 29~per-cent increase ' amount over the 1960-61 fiscal

r. f’llIw bank‘s interest rate on éw loans was increased to van 1101‘ cent from 616 per cent . September. . fAt the end of November a tal 3173.704,743 was outstand- g in loans, investments and 'arantees, up 34 per cent from .ycar earlier.

I khakiﬂﬁHMHI .

Accessories

in.

fur

t r i -

1 l

If

into a.

‘ar earlier. Amount of loans

Mac/(ext;

HOUSE o F FASHIONS

SUMMERSIDE. REJ.

Spy Charge

had worked for British and U.S. intelligence services since last year. \ Tass. describing Penkovsky as an employee of the state “‘ n co-ordlnation of scientific research work. said e sold secret information about the Soviet Union of scien- tific. technical. political and military questions to Wynne and to Richard Carl Jacob. secretary-archivist of the U.S. embassy who was expelled last month on a charge of spying. ARRESTED NOV. 2 Wynne. 42, was arrested in Budapest. Hungary, Nov. 2 and is awaiting trial here on espion- age charges. Russian authori- ties said -Wynne has pleaded guilty. 1' Tass said an American om- staff member named

Changes Act On Bankruptcy

OTTAWA (CP) - The govern- ment‘s bill to amend the Bank- ruptcy Act to and abuses in the handling of small estates was altered Wednesday by the Sea- ate banking committee.

The bill now returns to the Senate, where it originated. for passage before being sent to the Commons. .

The original bill would have repealed sections put into the act in 1949 to provide for a trus- tee's summary administration of cases where a bankrupt's assets did not exceed $500 after paying off secured debts.

Under this system some of the ordinary safeguards in the ori- ginal act were relaxed. For ex- ample, the requirement that in-

estate was waived. So was the need for the trustee to put up cash or a bond for "due admin- istration" of the estate.

spectors be appointed for each a

Now the Senate commutes! has amended the government bin to keep part of the 19t9 pro- visions in the Bankruptcy Act —but in a way that would mod- ify the powers of l trustee.

COULD REQUIRE SECURITY

Under the change, the need for a trustee's security still would be waived but could be required by the official receiver, the provincial court officer ap- pointed for bankruptcy pur-

poses.

In addition. the Senate com- mittee provided for appointment of inspectors if the creditors de- cide they should be appointed.

Senator Salter Hayden Ontario). committee chairman. said the changes "took the mid- dle road" from evidence heard earlier by the committee.

The original changes were drafted by the justice depart- ment to reflect points raised in earlier hearings by various

was accused. along “some other officials of the diplomatic representations of the United States and Brit- ain." or receiving secret mater- ial from Penkovsky.

This raised the possibility of further expulsions.

The only officer of the Amer- can embassy staff whose name

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