Editor ;

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1 “The strongest memory is weaker

et

than tne wéakest ink” |

i PAGE 4 MONDAY, NOVEMBER 28, 1966.

traditionally Liberal paper; challenges

A Poor Excuse - The reason given by Labor Minister Nicholson for boosting the interest

gages to 714 per cent was that this would divert more lending money in- to housing. But the Toronto Star, a

the minister’s own showing, interest rates on conventtonal first mortgages are already running from 7% to 814 per cent. How then can the 714 rate. attract“tnore lenders? What it

*~~ will do is impose a needless additional.

burden on home builders, at a time when prices and rents of new housing

have already soared beyond the reach of all but high-inconiegeople in many —————‘greas of: Canada, = ee A

directly for housing at a rate which average Canadians can afford,

|

‘The government, it is maintained, should offset this iniquitous effect of its own tight-money policy by lending

say five per cent. This would involve ‘a ‘subsidy of two or three per cent’ until such time as interest rates generally come back to normal. The cost would be modest compared te other governmental expenditures, and and would be fully as justifiable as the public subsidies to grain growers, coal miners and “others which have been going on for decades.

oe r

Ottawa could help.in the present |

emergency by restoring the $500-per- unit bonus for housing started in the

winter months. Both federal. and |

provincial governmen the-lead_in- promoting more efficient methods of home con- truction. Modern technology pro-

could take

has hardly begun to be'exploited. In short, there must be a many-sided .at-

tack on the problem aimed at ensur-__ ing that low and middle income Cana- dians will |

But the first hurdle, insists the Toronto paper, “is to get over a mental one, the persistence of which is shown by Mr. Nicohlson’s an- nouncement on NHA mortgage rates. We shall just have to banish the idea that something so vital to the well- “being of hundreds of thousands of . Canadians can be left to the mercy of market forces and profit-seeking as usual.” ‘ Sound advice—to which, unfor- tunately,. our policy makers do not seem to be tuned in: -

Old Idea Revived

Speaking recently in Montreal, Bryce Makasey, MP'for Verdun, Que., who is also parliamentary secretary ed that the time has come to establish

a National Capital: District in Can- ada, one that would reflect the bilingual nature of the country, that could be’ “a test-tube” for education problems and produce the ideal climate for Canadians to get acquaint- ed. A week later, Forestry Minister Sauve told the Montreal Chambre de

“Commerce that this was one of the

steps Canada should be taking to provide a.congenial cultural environ- * ment, with educational and cultural facilities plentifully available to both French and English speaking Cana- dians. : s ‘The proposal would seem to have many advantages, but it would in- volve the ceding by Ontario and Que-

___hec to the federal government. of the

~ national capital area and its environs on both sides of the Ottawa river, and neither of the big provinces has

“oe shown-any_enthusiasm-for the’ idea

- ‘In effect. it would create the counter-

part of the District of Columbia in the United States, and being ex-- clusively under federal control its development as a national - capital

- .eould be greatly facilitated.

~ ‘But Ontario and Quebec would lose

ere »

&

” regarded as significant at this time.

‘ 5 ‘ not only territory, but ald tax revenues from the excised areas. And there are municipal as well as prov- incial politicians whose views would have to be taken into account. They represent residents of the area who would be disfranchised, and would be deprived of their rights of local self . government. , But so far as Ottawa is concerned, the Montreal Star advises its citizens sternly that it owes its place, its wealth and its importance as the fed- eral capital of a state which profes- ' ses a recognized dual culture. “With- out its position of the national cap- ital,” it says, “Ottawa still be Bytown, a neglected, decaying com- munity built on a lumber trade whose halcyon years are long past. It would be a town like Arnprior and Renfrew, desperately fighting to maintain themselves on a modest basis: Ot-

Queen Victoria’s decision to resolve other rivalries by creating a new

ing administrative feuds between such centres as Montreal, Quebec, . Toronto and Kingston.”

since the proposal of a National Cap- ital District was first mooted. Noth- ing has ever happened, but the fact that two ranking federal Liberals from, Quebec have resurrected it is

Perhaps it’s the Centennial spirit that is beginning to work! Soviet Competition Recently President Johnson signed into a law a bill establishing a 12- mile exclusive fisheries zone off the coast of the United States. The limit; before the passage of the bill, was

Canadian fishermen, who have tradi- tional fishing rights within the limit. But it would prevent Soviet vessels from fishing too close for comfort.

-—-And-it-has-served-to-focus-world-at-—

tention on the fact that the Union is outfishing the United States off: is own New England coast. .

“It’s a sad commentary of wor! says Dr. Herbert |

ect competition with our own pro~ duct.” oe The United States does not import

promptly stopped. But the time con- ceivably could come when the coun- try would be faced with Soviet

tawa’s importance is due wholly te |

“fate on National” Housing-Act-mort--|——Actually, it-has-been-many-years—|—

costing 4,515,090 man- days of work in the whole of 1946 statistically the to now.

Among the 18 nations in the Inter- national i

once ranked second only to Canada in tonnage caught. Now it has given this place to the Soviet Union, while Canada still maintains the lead by only a slight margin. The commission members have agreed to “maintain fisheries, for the maximum sustain- able yield” in an area of the Atlantic running ‘from Rhode ‘Island to the west coast of Greenland. This stretch is known as the ICNAF convention area. The total catch from the area has skyrocked from 1,800,000 metrie tons of fish in 1955 to 3,200,000 me- tric tons in 1965. But the United States’ percentage of this catch drop- ped from 27.3 per cent of this total ii 1955, to 10.3 per cent in 1965. - In other words, almost 90 per cent of this total catch is being taken by,

' predominantly Canada and the Soviet ‘Union. One can understand why the U.S. authorities so. concerned. _ But surely the key to the problem lies in greater efficiency by Ameris can operators. The idea of Uncle Sam | being beaten in a race of this kind

what is really surprising. -

For the first time revenue from Canada’s booming oil and gas industry will top the $1,000 million mark this . year. This is an increase of 8 per cent. The problem of where to sell all that oil is what is bothering the “industry now. ey :

Of the 2,616 fatal accidents which _

over 1,800, a whopping 70 per cent, — ‘ took place in daylight on clear dry ‘roads in vehicles which were in good

that when driving is hazardous, the usually self-confident driver becomes more careful, thus creating the para- - doxical situation—borne out by the

nations other than the United States, |

|» EDITORIAL NOTES |

_ occurred. on Canadian roads-in-1965- |

~mechanital condition. It-would-seem—+

pity pubiictond settle- ments which governments are parties, as inevitably hav- ing an impact on t he climate of

factors now being debated. One is exemplified by the

most respected figures in orga-. nized labour, Dr. Eugene For- sey, that there'may soon be “‘a

for school children. When I was a youngster going te school, my books were purchased for me by my foster parents, and they be-

pected of the average child. A-

way with that nonsense, and let Mulders the parents of thelr chitea Buy"

their books for them and let those books be thé property of the children. , Let the parents teach their children to take good care of their hooks.

More power te your pen, Mrs.

record—that for a reduction in fatal . Motor accidents, we should have bad ||

weather and bad roads all the time.

f.

tye >

Gamester. a "2% Tpm, Bir, ete: 7

of roving dark tribesmen and - ; of -deep-bine-|-—---- (November 28; 1941)

or’ ng two-month all senton contempt

____ARCOSS THE CHANNEL BY MOTORBOAT _

OTTAWA REPORT By Patrick Nicholson _ Serious Drain On National Productivity

fes of 1 that a pinch

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Bey, ot ten Canadians

Rich

real-life adventure films produe- ed in association with David L. ‘Wolper.

GUARDED BY KILIMANJARO - ‘If future discoveries should bear out Charles Darwin's pre-

be the cradle of man, then na- . ture could hardly have provided a more dramatic Eden than Tanzania.

| ‘The East African nt ation, ¢om- | bining Tanganyika and Zanzi- bar, stretches north to south from the shining white dome of Mount Kilimanjaro to the deep valley of a river border with Mozambique, ‘and eastward

est Fossil Museum

of the National Geographic

i

g

F S¢5bu 8

id gigi

from the African continent's im- mense central lakes te the In- dian Ocean.

- All told, this land of prehistor- fe fossils, big game and safaris,

—wide—harsh-piains;- lakes and volcanic peaks, is lar- ger than France, Belgium, and Germany. combined.

The present-day population numbers some 23,000 Europeans, 100,000 Asians and Arabs, and about 10,000,000 Africans.

. Sisal plantations spread in land from the coast. Rope fiber remains the chief cash crop;

NAME JAILED MEN PETERBOROUGH, Ont. (CP) labor council officers ser

an Ontario ; Su- preme Court’ injunction have been nominated for election to

rs. presi Peter: borough Labor Council, and George Rutherford, its vice-

president. They were jailed for demonstrations last February outside strike-bound Tilco Plas- ties Ltd.

CHURCH, HAS’ CAPITAL - The Church of England owns

W. D, JOHNSTON, Montague, P.E.L

ing about $60,000,000 a year.

5 cee St eee

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4] were severely strained and al-.

ur Yesterdays

@rom The Guardian >

TWENTY - FIVE YEARS AGO

Hitler’s. timetable had been knocked badly out of line by Russian blows.

British imperial troops smash- ed Axis tank lines four miles north of the recaptured battl- ground of Rezegh to make his- toric junction with the besieged

' TEN YEARS AGO * (November 28, 1956) eae Saitaeen Gh Gee oe announced was 3 g¢ to cut his nation re from its long alliance with Bri-~ tain and to liquidate her mili- tary bases there. :

The ties of the Commonwealth

most crushed by: the armed in- tervention of Britains and

property and investments yield-

*

France in Egypt, said External Affairs Minister Pearson.

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CANADIAN IMPERIAL K OF COMMERCE. _

ie

‘ . CONDENSED STATEMENT AS AT OCTOBER

ASSETS CASH RESOURCES

‘

:

31, 1966

(INCLUDING ITEMS IN TRANSIT).............. $ 749,851,497 —

GOVERNMENT AND OTHER SECURITIES......:...............0.... 1,708,359,568

seems meee sserecee ses sececevesasoebscseds

oor

382,153,334

CM LIABILITIES WI ia ocd cd ccccctccsaces.: Nivetdistcesss deocscsetes $6,024,672,478

ACCEPTANCES, GUARANTEES AND LETTERS OTHER LIABILITIES... ...........-

SHAREHOLDERS’ EQUITY: CAPITAL PAID UP....c....0--....-s.. $§ 69,680,000

REST ACCOUNT. ... . 20s. .--2-.--- UNDIVIDED PROFITS. . 2. 5.

: POTAL LOABILITIGS... ns Same

‘STATEMENT OF REVENUE, EXPENSES AND UNDIVIDED PROFITS

INCOME FROM LOANS: eee

atin

cad

TEAR GOS CHO Si, 1908

CREDIT.......3..

eoccets

soe

245,000,000

4,723,264 _ 319,403,264

seeses $6,594,867 487

OTHER OPERATING REVENUE. _ 2s... ss. n enced anne

TOTAL REVENUE...

3 TOE AD, CPG oc oa oni nv a re ect wessc yn

BALANCE OF REVENUE........ cheese

+ eee eet Ome e SEE SSO EES

totes

DIVIDENDS...............5...-

rin z st

UNDIVIDED PROFITS AT BEGINWING OF YEAR... 1...

; e 3 TRANSFERRED FO REST ACCOUNT......... 22s nee ee UNDIVIDED PROFITS AT END OF YEAR...........-.<-.«...... $

a “BALANCE AT,

PRESIDENT”

228,923,687 21,868,092

&

eerscecssbecscasscSscecsentes § 208,890,028 INCOME FROM SECURITIES®... 2.2. eect eee

BEGINNING OF YEAR (¢0202.5) tse $-240,000j;000 BALANCE AT END OF YEAR $ 245,000,000

: ‘ M. CURRIE ¢ ° - <i

5,000,000