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PAGE 4, WEDNESDAY: NOVEMBER 13, 1974, WHITBY FREE PRESS Onta*rio's Financlail Staibýiîity by Bill Newman»»RMPP Over the past four years tie Ontario Government lias been applying vigorous restraints on spending. For example, major high cost areas suchi as health and educa- tion expenditures have been limifed. Suchi initiatives have flot been designed to cut back on services, but rather f0 limif increases in cosfs in order to make sure yoLI are get- ting your money's worth. 1 anm sure you will agree that this is especially important in this period of inflation. In recent months, we have heard considerable criticism from opposition spokesmen going about the province de- crying "fiscal irresponsibility" and claiming "reckless spending". But who is flhc faxpayer to believe? Proof is now af hand which verifies thaf Ontario lias one of the sounidest and bcst managed econoniies in the world. Earlier this month Moody's Investors Service Inc. - one of fwo major -credif ranking authorities in the United 1 States - allocated Ontario a triple-A credit rating. Moody's assessînent of financial stability - be if govern- ment or corporate, foreign or domestic - is followed closely 1 by financial authorîties on a world-wide scale.1 We cati be very proud of this rafing because if is uriequalleci by aîiy otlier province iii Caniada. Classitied AA by Moody's are Britishî Columbia anîd Alberta. Anl A rafiîîg goes f0 Saskatchcwan, Manfitoba, New Brunswick, Nova Scotia and Quehec. Newfoundland is rated I3AA and Prince Edward Islanîd is Lnrated. [n announiciuig lic upgradiîig of Oîîtario's rating a Moody's official said thaf flic action was take "ii view of the Provinces sound financial conditionî, its wcll mnaîaged debt and its enviable sources of relativcly inexpensive hydro-electric power." Moody's decision is made solely on exhaustive research of financial conditionîs and performance without regard f0 political considerafion. For a province, -as for an individual, credif worthiness affects the interest rate a borrower inusf pay. Oîîtario's superior rating will permit us f0 borrow wMien necessary at lower rates than anyone else. This lower rate will resuit in a significant saving f0 Ontfario taxpayers in the years f0 come. Althougli the Ontario Government does nof need fo borrow money for ifs own progranîmes, like housing, health, transporfation, efc., ifs exceptional credif rating will be of extreme benefit t0 Ontario Hydro. Hydro faces major expansion commifînerîfs over fhe next ten years or so if we hope f0 keep pace with our anticipated demand for electrical energy. In order f0 meet these expansion commifments, large borrowings, guaran- teed by the provincial govertiment in world money market s will be required. Our f riple-A credif rating will mean that Hydro can get the necessary funds af the lowest possible rate of interest, fhereby assuring a considerable saving f0 Ontario taxpayers. An example, of this was shown recently in New York. Wl EKI NI) INFLIrION FIGIflIlI e e e e e e e e e e when YOD buy a bucket or barrel at the regular price. *FREE Feh FiS for k OremyOole9law. *FRELioaf Of * GreianBred * FRIDAY, SA1URDAY * SUNDAY $ i NOVEMBERi 5,16,1 ; (n 'JdsRfONLY .*.*.:Kf:krie A ckDIk!fOMAN C V~~Colonel Sanders and his boysms rt f n ake it in'gerd 474 Simcoe Street.; 973 Simcoe Street N.; 301 Dundas Street W., Whitby; 574.K'ing Street E. Also stores in Toronto, Peterborough, Lindsay, Cobourg, Trenton, and Bellevil le. Ontario Hydro's new $175 million issue was boughi Up quickly by investors at an interest rate of 10¼4%. At the samne fime, Detroit Edison which lias achieved a Baa rating by Moody's had to offer Uts investors an interesi rate of 12 V2 %Y. The real significancc of thc rating, however, is reflecfed in Moody's refýrence to our "wcll-managed debt". If now requires lcss than six months' revenue to pay off our net dcbt as opposcd to nline months a decade ago. We will reduce the oufsfanding debt ini Ontano by $369 million this ycar atone as a resuif of policies announced in Provin- cial Treasurer John White's Budget of April 9th. This sum is in addition to the reduct ion of $225 million in the public debt lasf year, and the special debf reduction programme designed for 1974-75 with a pofential target valuè of $350 million. It is My opinion that our new triple-A credif rating pre- sents solid proof tliat Ontario's financial management is in capable hands. r- PROVINCIAL JUNIOR 'A' HOCKEY WHIIBY KNOB HILL FAIMS vs TORONTO MATS Sun. Nov. 17 7-30 p.me IROQUOIS PARK ARWMA Aduits $1.75 Students with I.D. Children .50 s1.0o BINGO Mondacy Nov. 1 8th Heydenshore Pavillon Whitby Doors open 7 p.m. - lst game 8 p.m. prompt Admission $1.50 includes 2 free gamnes $80 & $100 & 20 regular Senior Citizens transportation provided Phone 668-6956 by November 16 to organize cars R EF RESHME NTS Corne early to avoid disappointment WVEST LYNDE COMMUNITY ASSOCIATION HELP WANTED SCOUT LEADERS 6 Whitby Scouts wilI be forced to close on the 26th of November unless leaders are forthcomning. No experience necessary. We will provide training and supplies. Our scouts meef Tuesday night at 8 p.m. at R. A. Hutchinson School (Blair Park District). If you would like f0 volunteer please caîl 5387 or Mrs. Wild 668-5588. Mrs. Gay 668- Store (416) 668-4231 PIONEER INTERIOIIS 111 Dunlop Street West, Vegetables Agriculture Departmnent re- ports indicafe thaf this year's harvest of 360,150 acres of 14 miajor fresh vegefables represenfs a 2% drop lin. yield from last year. Beets M ]Red Beet- (beets), represents a literai translation from the Ger- man-rote Rube.ý Whitby, Ontario. LIN 6A4 NaturallOrganlc Foods Natural foods are produets marketed without preservatives, emulsifiers, or artificial iiigredi. ents. Organic foods are essential- 1y the same but these ùmply the exclusion of pesticides and chemi- cal fertilizers during the grow- ing., 9