z lOKIN FR RE IhNFOiRCEMENTS loans—banks include . .n The Guardian. Charlottetown. sat. April 25. 1964.icommtsston called Ion the w-ltuflm mien: vmml '"l‘ 'err i: to c "Ste" 'i:‘:"'i'! ll-ilitax corporation stud). cz‘liiniissioned by .thc t'ormcr Conservative gov- jcritmt‘ni nearly [Vi tyears. Hearings we re held across (‘a'i'rla during 1952 and in early 1003. The commission, to-Ir nearly 3.000.000 \\'l‘-"d‘5 of 'evideiice. it hired a 25-man re: search team. The whole projecti cost $750,000. 1 This was the key finding of. the commission: ; The Siliiul’tl‘v limit of six per- cent on bank lending rates—un- changed from 1944, when it was; lowered from seven per cent—' “frequently harms the very people it is designed to help,"‘ and shoul be removed en-‘l i tirely, and not just raised. Moreover, the 'said it should gardlcss of what the ":vc"n-' ‘ment does about any of its other: commission ' be removed re-t ‘h _ ‘ loan companies 6.1 per cent. the Riskie" loans wzuld c" bank rates above six per cent “but below ill 50 now (“l'.‘.‘.' mu by some lenders. COMPETITION A FACTOR "When market rates are high. banks would undoubicdly raise. their own lendin: "it-"L'Os “i the force of coriipctition and the higher deposit mics i::-; sary to attract funds wuuitl tem- per the tendency l'rii bank I.- l- ings to se. and III”: limit the amount of additionLI business they are able to obtain." banks alreailv had mostf of the counutry‘s savings depos- its, even though the: ‘i'ive been] losing ground to others. i l 962, they had ST.932.000.—‘ 000 in personal savings depos- its—45.8 per cent of tlic , companies l 9.7 per cent, the mortczigc ‘5‘- {nt- a. credit unions 8.? per :‘L‘ill. .tn recommendations totiher 27 r cent was held in BANKS HAMPERED the form of Canada savings "Rigidities such as the six-.mnds- I 4 Almost pareiitheiicltllv. thel per-cent ceiling artificially pre-‘ iveni banks from providing the j'best possible service to e economy by limiting their abil- .ity to borrow and to lend to ‘ customers who rely on them for funds. item. in tight - money pe- - 0 "Willow" rlods, the. banks were unable to [[5 Sci rot first inr- man. 1' i‘i\t‘ I'I‘t‘\l(I(‘Il! .It)Illl>tin is President. griiii-faccd. was (or visit to nearby rm“. has 3mm”; hwy, “5 ,~.. :nmgmtn m pygmy h\' crowd - trapped in crowd as he ai- retraining school. However, misc interest rates on loans ‘ t-nttmi o.» in Mimi: Bond. indium. Tho tempted to leave landing firm the crush flal'i‘ way Without 11* and therefore had to ration intorcenients arc HAMILTON CRITICAL Pearson Gov'i Blasted For Agricultural Moves l cident. (AP Wirephoto) ROYAL . Continued from page ll by Ontario Chief Justice Dana 'Port r. Members were Dr. W . A. Mackintosh, vice - chancellor of; Q u e e n's University: James} to be either abrupt or Douglas Gibson, general ma-na-t ger of the Bank of Nova Scotia; t out." credit. Those who couldn't get a bank loan then were driven ' into the arms of high-cost lend- I ers, who in turn were sheltered Iby the restriction on the banks. ‘ “Removal of the six-per-cent ‘ceiling would clearly extend competition and over time lead to substantial and desirable 1‘ changes in banks' lending poli- cues." The changes were not likely startling. "fanning Rates would begin me: the sale of savings bonds “less vigorously," and make the Ll‘lld rates less attractive, to spur a greater flow oi Canadian saw. ings into mortgages. stocks and title" types of bonds. he c o m m i s sion's reconi- nic'iiation for abolishing the iii- iterest-rate ceiling was coupled with these two suggestions: 1. Require full disclosure of, annual interest rate ('Ilii"',:-S on. all types of credit granted—‘ cash loans as well as finslic'n'z ent contracts. It would be dtiitcuiti but an agreed normula could bet, evised. To avoid concealingt interest charges in the price of. an article, the law should be; amended to specify that "the‘ price of the article must be iiiati O. .at which cash transactions are ut." normally carri 2. Set a limit of two per cent a mont in interest1 charges on loans up to $300.' and one per cent a month on all loans in amounts from $300! to $5,000. This would apply to all insti-l At present, lilf‘ ederal Small Loans Act specifies a rate of interest of two per cent month up to $300. one per cent on balances between $300 and $1,000 and onehalf of one per cent on balances between cii.- 000 and $1.500. Over $1.500, there is no limit to charges However, this applies only to small loan comtparic- and ‘ censed money - lenders. commission found that ‘lic ores- maximum in the $1,000-to- $1,500 bracket. namely one-hal of one per cent, was simply preventing lenders from gl‘flfli- 'ing any loans at all in that range. No similar recommendation was made by the commission for limits on conditional sales contracts. such as those (“1 new- car financing. The commission found charges on suc i con- tracts ranging from 12 to 9 per cent——and for used cars, this rate goes higher. commission said there -are strong arguments for apply- I in: the maximum interest-rate limits to such transactions, “but ‘r'? have " . study of all the difficulties )I ‘d::in'_' s-> an. 'i" ‘ v .I. tprepared to make such a i-r-p. 39mmendaiion.“ A commission source that a coitrli‘l'inal solo. tract is just that, a contract. And as sir-'i. II is o-iiis' ‘:v ~;|. eral jurisdicion. in. stead uncle" : . ,. stitutional power over propel-iv itrt' ’vil rights. ' MORE n ‘l rd w, I PLAN LONDON CENTRE LONDON (Reutersl—A piar it) a 1563,0000)” $195,0(l0fi‘llll International Conference Centre in Loii on‘s (,‘ov'elii Garden area to rival New York's Ll~ rol Centre a n d Moscow‘s Kremlin palace was announced here Wednesday, Details of the ,plan were outlined by Sir ‘TIltlnlaS Lund, chairman of the 1execuiive council of the group gpromoting the project. Now Largest Mail Order Seed House In The Moritimes . . . some highly rated variety from dls~ trict sources which only too often has failed to live up to when grown under local conditions. For this reason. nationally recognized as the. field of latest and best varieties. have made it ‘ y nev offer customers any new seeds with- out extensive trials first ducted in their own gardens. This policy, together with the prompt service for which they do House first choice. throughout Eastern Canada. Its description Vesey's although. leaders in being con- . are noted. has combined to make this Sded among so many O'l"l‘.-\\\'.\ t‘l’i - ,\.rin tin-ti. Iflht'll wt .illi)l'tl\(‘ inc llllilgé‘ "f lit” “‘91? “'35 n" leadersmp Paul H. Leman. Montreal cor- Well - secured, short - term ilton. ici'mCi' C01! ‘ ~‘ I 'illlud-ilil " “ l}“'_ from Ottawa porabion executive; W. Thomas‘ loans would likely be made at 0 "OUT idl‘mm‘ 5 1’“ f‘ ‘c' 9 has The fundamental p r Oblem t Brown. Vancouver investment,I low rates—perhaps lower than ~ , lircii iJZ' >llf‘d itiid i do not was to find methods to market; dealer; Gordon L. Harmli al at present‘ m meet competition cimaicd the :;,'1' knon \\Il>, more dairy products wtthin Can-i Calgary farmer and Jam 0'; in me money market merit and l‘t’\2_~i't‘I .. , . .. \li lIIillliIltli‘i attackcd a ada on a iiaiional basis. There started to gwe Canaan a ll'l \lltlt'lllt'lli Ito Zilll“lllll(‘(I to For- was no point in trying to market: tional agriculture tix'wgv t‘~il')' \IIlli>It‘l‘ Satire that the," them in countries with sur-' ""hc iC>l i> bill! ii iii lll'tllltbt‘ll lieu dcparmcnt of pluses of dairy products. I whciiif‘" this ii \c:\ ' ts ~'i 1t it‘l‘t‘N": :ilit‘ l'll‘uI (it‘rolopiiient Mr. Hamilton askcd the gov- once grcit (I:‘l).‘i:'1"“" llti is it." w,i...:it- as an iiiilepciident ernment to make public a re- relegatitin 'i. l « :tist- llllli firm: if agriculture depart-V port arm survey con: lion in the OH‘l- with of mont tuntrols, ducted in 22 districts of East-I things ill the iicv. "I‘.1‘.lli(‘ itzll lflr‘tni-t nod iiccii niade for;ern Canada in January, 1963,j lift up farm :iicoitic,” he >ElltI wax in .1 number of govern-:while he was still minister. ‘ in the Common; iii in Mt‘nw'dlllt‘illo to work out? He said he previously did not r l\ Hamilton \lllihl‘ litmus twin-t iitoiltorls of land use to- believe the report should be _ rim iii-c; tiny of honor» on ‘lu- n, m. ' nu imam ‘ published hcca use of the This business was started in I039 in however. During rhe summer months. swamwioo lirlllI't)__ nmvgvnm ’rtw tllIlUl‘f‘ ricpai'iiiicnt ' “shocking”l info1t‘maii0n Ildcoél- just om mom in a country mm“. by mark“ gardening is me on," of the of the agmnltnt-c FI.’_.I"I!I‘(‘l'I ~IltilllfI ln- 'Ilr ‘licnrt and mtls- iaiiied of ow iviiig stan ar 5 , He ,poke after ,\!ilt‘li'i:ll‘0 \itn— rind luv carrying out such 8 among some farmers in eastern the owner_ ém‘m‘ w' ‘csex In" day and early each mommg "'9 mck me]. Ha“ Wd um“, .,,, mm ,,..(,:..M,,, W, “I. 53”“, had Canada present building was built in I94o Is loaded with fresh vegeatbles for de- 01‘s could earn Cloottttouoii to shawl tin forestri and lul‘aI‘ liowevcr. Mllt'f‘ the govern-. with storage. rooms hcing enlarged in livery to the hungry marketsofnearby $200,000.0th liliil'l" :i mm tIt‘\t‘lii;iillt‘llI department would mciii was takin: no action to; . 1960. Expansion is again anticipated Charlottetown. This seed firm iii pro- the same, land will tliv lii‘ll“i‘|\‘ Hurt-W :Ilrit‘iiCIldt‘llHY. llFlll 111050 lal‘rnlt‘l's the i‘ODm‘l t ESPQCIGIIY Patrons of More" Creamery in the near future. as present facilities hably unique In the fact that in the of more resent-iii n DESPERATE NEED should IK‘ IlllbIlSIl‘d;_m_*__ are, not adequate to handle ' growing of so many acres of vegetables The former all'lt‘li.i'| t‘ ‘1' ll Ah. “mutton sad the 30mm. ‘ creasing business. each season. such an I al opportunity isler said the « tIl‘ mm; “I.” wt ., act U. her Y FAIR OFFICIAL NAMED ‘ H- l . r ,- . V v . is given to be so well acquainted with “mailed the ‘ 'l “‘d CilsICl'll lzlr-iiicrs. They were i: MONTREAL tCP) ~ Jean. A “Mum “net/mi" “I” be held "I more“ Ha“ I" 1956' BE" E' 51mph“. was lake" “'0 ldefltlt‘HISI-l‘allls 0i See-GS With WMCI‘ made 1‘ [Wk I‘I‘V " “Wit “ '“ "tlcx'icv'utc nccd." one of their Cote. 35. head of the Nationall on Friday (Wt‘llillg' May lSt. at 3:30 ILm. Daylight in“, the Mr!“ aim now Is aSSIS‘am it supplies “5 “'“mmrs' stead of hC‘li. NH of M lull Film Board's international divi-I , I ‘ ‘. ' . , , {munger' “’5”; seeds at present departtiiciiis. ll on 1 Sim, has hm. named special Saving Time to .consnior expansion of Dairy herds IssueI 25.00'ltfitalroglugs annuallyI and EaclLeyea‘r sets also it very law; b to 20th or laid on iflL‘ ‘ “in”, 1.5.. moms nlanuner [01' the 1967 .. . .. .~ ._ k ‘ H ‘ ‘ emp 0y a sa 0 persons tiring nnm r 0 new or gmaions Ill c no u The “hole (lint llI l.. . ‘: il‘lll ilziiiiwupolicy as the, Montreal worzld's fair. it was “lthm this d'htnd' “5 a l’rOduur “‘0” are 1wrongly “"3 peak Shipping W'M' ma] grounds- Many gardeners have agriculture Into a cn-oi-tnnziiril “.5, mmemm so”, or met announced Thmsday He will urged to attend this “wotmg as it is most import All their Interests are not Indoors had the experienco of purchasing and t'-lIif.‘;~l\'<‘ tilt? l'.\’*lllillvll'~ lllil‘ v' c agricultural industry to-; be responsible for the prepaia- _ _ . , ctttnc tmd been rmnst-tm it .. 'ritt- provinces of Ontario lion of national days and other ant to all milk and cream producers in this dis- MUFT T\i\'l£ STEPS linolnw. the two main dairy‘ special events during the six- - V .- . ., ,- - Mi: Hays. in mm»; vi; n. s Il"‘ . ‘,'.t‘l't‘ willing to co-oper- month fair in the spring and fnd' bpwm' spmhm “I” hp "I attendanm' estimates. start you t‘ttt.~l or an iii ticvt'loping such a policy summer of 1967. Start CoIIeciing Now And Get In On This P.%E.~ . House Cleaning 8. Bottle Bonanza! CONTEST STARTS FRIDAY, APRIL 24th -- ENDS SATURDAY, MAY 30th “with entries close at 3:30 pm. every Friday during the Contest —— “’llIl one exception —— the last. week, entries will close at l22llll noon on Saitirdzt)‘. May 30th. Just Look at These Prizes! l IN‘W bicycle each week to the boy or girl turning in the most bottles for the week. NEW BICYCLES 2 sleeping bags each week to thr. boy or girl turning in th surond and third largest number of bottles for the week. SLEEPING BAGS .\ $50.00 certificate for Mom to use to buy groceries from her favorite store. This print will be given to e boy or girl returning the largest number of bottles during the overall contest. 5 FULL WEEKS ! Winnorwillbo Cash! Cash! Cash! Bottles must be finned CONTEST RULES in to J. a. 1. Morris .1. a 1‘. Morris Ltd. will Announced AII Winners must answer 2i“, you 2‘. fm. regular Lid. Winm” Wm be "moaned ” a simple qualifying ques- size bottlec am] 5(- for Plants in Charlottetown CFCY TV “film” "‘9 m" “ pan. every Sat tion. The decision of .l. 8; large bottles. Only those and Summerside. Be- "May for the “all” 0‘ “l0 . _ _ I. d bl V .l b contest Starting on May Ind T. Morris Ltd. is final. “I9 9"“ w" 9 30' tween the hours of- 9 a.m. with the final weeks winners and the Grand Prue wl on Employees of .l. & 'I'. .‘Ior- “Wed and 5:30 p.m. daily and Iw- Jum- 4th over crcv-rv be- .. - t s 7 . . All ris Ltd. and their families . COCO COIC . Sprite tween 9 mm. and 12:30 “1’32" :m iamwmmelgehflx: are not. eligible. C Pmss 0 Morris I pm. on Samrday_ fixdrnilz‘lflfl on Welland”. Imam :rfirchlfi NOVA SCOTIA THE PROVINCE THAT WAS MADE FUR HOLIDAYS The story of Canada begins with the story of Nova Sootia. How it was that John Cabot planted the English flag five years after the voyage of Columbus and here was the first settlement of Europeans north of the Gulf of Mexico. The excitement of our history is preserved in landmarks, fork, m, historical lioness and parks all ovorthie historic province by he see. AI hie-awaits you— wini warm hospitality, modem aooomnodatiom and all the fun under the sun. OKWZ‘W w, Nova South TM New Box 130, Hm Nova Scott: Please send travel literature to: Name Add rem Chi-42564 I-————————-——-