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p.m.—Afternoon Musicale p.m.--Baseball Game of the Week Washington vs. N.Y m p m.—On Safari lit) p.m.-‘TEA P. p.m."CFCY TV News and Weather m ,.,,.,..country Time so p.m.-—Song ler You ‘§ p.m.'-T.‘ W p,m.—-5orna Of These Days ,0 p.m.--Cinema 13-7 Hep yland pa p.m.—Front Row Center 30 p.m.—Dlscevery Profile at Victoria Wm,-CIC UV’ NOW! .,sn.-l,aeal Weather 09 s,m.—Mystarv Theatre Meet Boston Dlacllls

I Period oi financial Crisis Seen Likely For Canadians

TORONTO (CP)—A period ofl financial tautness has settled on the country says the Canadian Imperial Bank of Commerce in its July commercial letter. re- leased here.

Under the title Disciplines De- scending. the letter deals with the c u r r e n t credit situation. Canada's financial crisis and the steps taken to deal with it.

says: "The fiscal steps recognize a critical situation but, in present circumstances. the only unchal- iengeable stand is a balanced national budget and a balance on current transactions in our international payments. with in-

s surplus on both ac- counts.

“lf the present moves turn out to be inadequate. further measures obviously will have to

rv. catts NTTE or DAY

9., «am Nita «sea-4-use vAll.'S RADIO & _'l‘V . as last I. ‘ cl‘tswe

be adopted. It may be that im- port quotas will yet be neces- sary to balance our interna- tional accounts and that in- creased taxes will be required to balance the budget.

"Neither prospect presents any adequate long-range solu-

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News. weather. sports on pan.-Wor Baseball Game of the Waeli :30 p.m.— ups Iunnv :00 p.m.— is living World

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on p.rn.—-some Of ‘these Day! -30 p.rn.-Jeri: Iennv .00 p.m.-—Denne lead .30 o.In.-Pater Gunn .00 p.m.--Front Row Centre _ ‘ Go Into Your Dance .30 p.m.—-Discovery .00 p.m.-CIC W NOW! :l0 a.m.—Llene| Network News .20 a.n|.—‘I'iIe Late Show T

an emergency as sea‘- ious as the one now being faced demands whatever drastic ac- tion may be necessary to ram- edy it. No economic misfortune that might befall the nation, could have as disastrous conse- quences as an unchecked fall in the value of the currency."

Of the current credit situation

the bank says:

“Some time ago the Bank of Canada appropriately brought to an end the steady increase in money supply which con- tinucd through last year. SET SIX PER CENT RATE

Noronclo Mines‘ Profits Boosted

TORONTO (CP) —— Noranda Mines Ltd. had not profit in the

$7.08«i.000. or 76 cents a share.

“When the new fiscal meas- ures were adopted by the gov- ernment the Bank of Canada announced establishment of a bank rate of six per cent as

a minimum rate for advances

nt

than the bank rate. was made available to money market flea!- ers, but the Bank of Canada has adopted practices which in ef- fect deny this rate to money market dealers if it is to be used to enable chartered banks to increase their cash reserves.

“The Bank of Canada rate is available to the chartered banks for one week only in a single month; the rate for any further period is subject to negotiations. since the Canadian Bank Act provides for a maximum rate of interest of six per cent on bor- rowing: from the chartered banks. the deterrents to borrow- ing from the Bank of Canada are formidable.

“The rapid rise in bank loans during the last year has almost exhausted the ability of the chartered banks to e n l a r g e loans and. while funds are avail- able in the capital markets at a price. a period of financial iautncss has settled on the coun- try."

Commenting that between 1953 and 1901 imports of con-« sumer goods increased from- $1,fii8.0iI).000 to 31.871.000.000. the bank says:

“It is one thing to employ for- eign capital 0- provide capital goods which should earn their keep by future production: it is quite another to obtain foreign capital to enable the country to use up consumer goods when this capital has to be paid for from some other source at some

ture time.

. "Clearly. greater selectivity and moderation in the purchase of consumer goods from abroad is urgently needed."

six months ended June 30 of 000

-mowers. tnmiooeu.-rn.ssi.su1y 21.1902. ul

compared with 8.822.000 and 74 cents in the same period of 1961.

Operating income was 311,- 172,000 compared with 310.8%).- 000 and investment income was $2.909.000 compared with 88.107.- . Copper production totalled 14,367 tons and gold production

. otmcea with 12.594 tons and 90,350 ounces in the corresponding period last. year.

John R. Bradfield. president. said the most significant influ- ence on 1062 results has been the discount on the Canadian dollar.

“This improved all metal prices and increased gross prof- its by some 8450.000 over 1961."

He said the lack of a Waite Amulet dividend in the first half of 1962 explained the drop in investment income but th more than 8550.000 was realized in new dividends and waits Am- ulet has declared a third quar- ter dividend of 30 cents a. share.

CONTRACT BRIDGE

By B. JAY BECKER

West dealer. Both sides 'ncnblo. Roll‘! 4 A Q it I 9 8 8

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SUNDAY PROGRAMS CFCY-TV

>30 p.m.—Afternoon Mualosio

Swimming Trials on p.m.—World of Sport

World Soccer [.00 p.m.-Country Calendar 530 p.m.-Twenty-Twentv 00 p.m.-Fighting Words silo pm.-Reflections I00 p.m.—l-ilghway Patrol mo p.m.—Fathar Know: In no p.m.—News Magazine :30 p,fl'l."HC!I mo pan.-Ed Sullivan Show 00 p.l|'I. nanza no p.m.—-Close Up on p.m.—CDC TV News :08 a.m.-Local Wlllltfl :09 e.rn.-Sign

7 A Q A

no bidding:

West. North East lou

has Pass ' Pass e 9“

Opening lead—-queen of clubs

Your batting average as de- clarer would rise tlppreclnbly it you could actually see how the defenders’ cards are divided in- stead of having to guess th a- distribution of their high cards and their suits.

However. th e r c are some hands ‘hot are troublesome ev- en when you see all 52 cards Such hands are comparatively few and -‘er between. but they do hlave come fascination when they r

‘POGO

so. You might want to try snaking

5.20-The Outports 6x00—Naws G Weather

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us not at (ops. temrs) Open 8:30 a.n\.-9 pan.

7

7:45-—‘$aturday Night Hoedown

l0.ii0—Naws, inland and Marine he

West r i0.i5—6aturdav Night Neadown

four hearts with this hand. haw ing the beneit of looking at the East-West cards. It may puu.l you for a while. =

Probably the instinctive play. after winning the ace of clubs. is to load a low diamond a n d finesse the nine when West plays low This will not work in the present hand because East would win with the ten and re- turn a .rump. Eventually you would lose three diamonds and a heart to go down one.

The same result wouzd prob sbly be obtained it‘ you played the lack instead of the nine.

The best way of playing the hand is to enter dummy at trick two with a spade and lead t h e

Cijjlnéhes-an-——-I

RlP|.EY'$ BELIEVE IT OR NOT

nine of diamonds. If 1': ast fol- lows low. so do you. and your troubles ore over. But it. as is likely. East covers with the ten. you may the queen. (It does not do East any good to go up with the king because all you would lose is two diamonds and a heart.)

West takes thee are but is sty- mled. He cannot afford to lead a trump. so let's say he returns a club. You ruff it and lead ano- ther diamond. East wins the icing and returns a trump.

Naturally. you refuse to fines- se because that would peopand— ize the rontract. You take the heart with the ace. ruff your last ‘diamond. end thus ' malts

our.

Actually, this line of play is best even it the E a st-West cards are not known. but it is very hard in actual practise to resist leading diamonds original- ly from the South hand.

oaoss 49. Aboimding

DAILY CROSSWORD A

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iiioeagn err on same saruaoav

7:OO—News. Sports 1. Weather 7:l5—lrea|<tast Mu ic

clcsst and Songs Around the Worldl 9:00—Muaic For Saturday I0rO0—NawI l0.05—ln|and Weather I Music tor Saturday 10:15-Playroom I0:A5—Movie Scene Il:OO-—Jazz Scene ll:.‘i0—-TBA ' I2.00-luncheon Date l2:4o—Fervn and Jr. Farm '70.-dflfil and Program Playblll

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l-05—MeIedv Parade _ . ll:J0-—laeh To The Ilble 00-News Headlines In Weather '02-Meglé at Music .:30—Mentague lntertelns =40-Magic of Music 055-Atlantic News Ieundup l:00—weatlIsr

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E-15 --M-Glen 0" 1:00-—Newa. Weather l:l5—CBC Stamp Club CIICY IADIO 'l:30—Mood Latino _ -~-W £;o...o..‘°"""'...‘I'“'...‘.L'.."." H. ‘W’ 2:15-World Church New no-um and Wes 93°-“N "°' '-"“"‘ his-Country I Western Ieundw 3*“'cl'“‘:'°'::‘:m H5-News Headlines I weather 3'05"" "' '

3:30-Here Come The Clowns

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M)-CBC News 7:10-Marine Weather 7xI5-—lnterlvdo for Music ' and Inland Weather 1:30-looking Through The PIP“ us—'niis was At The U.N. l:O0-Whack-O NI?

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t Marine Weather

Sports l2.l0—$lnn Off _, cscv IADIO SUNDAY

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O.w-ls Donne NOINOIIO

0.30-Radio bible Class

9:”-News fCIC't

9.oo—taeal weather Petlcllt

9.09-ouedav School bv ladle

9.30-Iibie institute lroadcast 00-News In Oltttlf

I2 ,oo...5._ 3”" seems, Inland and '

I2:I5-—Paul Carson at the Organ l2_30—Old Fashioned Revival Hour 1.00-—News and Weather l.I5-Tall Us A Story l:30—Voice of Prophecy 2:00—News and Weather 205--Emile Cote Glee Clul 2:!lO- World Vision 3:00--Wlaara The Bible Spollt 3~30——Pennlea Gosoel Hour l.00—Hebrew Christian Hour 4:I5—Truth For Today l:30—Hour Of Decision

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lI:l0—Wee|<-end Review 8. Our

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iI:l0—Weel:end Review

and Our Spatial Speaker

ll-30-Sunday Chorale

~I2.oo—lnlsnd and Marnie Westl-I

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