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.,:~...................,...- _ - - ~ ~~(*> ~ - .4.- '4.-.. - 4 Bankers Assn. President Discusses High Interest The Canadian Bankers' As- teciuiology accaunted for about; comparative rates of grawtb." soiation says high interest hall of the 1968 increase in1 Anti-Inftatlona.ry rates are due ta xaany tactos, ba]ne irveu"(er Discussing thc extent to Including "pressures generae nsbfore appropriations for' whIch interest rate increasesi by long-sustained ecanondc lasses and for income taxes), have contributed at al effec-' growth, a world-wide demnand with new types of services also tlvely ta the rationlng of for capital, large scale specu- developing prafitably. credit in the interests of con-1 lative international mnove- As factors in the batiks' taining inflation, the C.B.A.1 Menta of funds and efforts "rate of return". the brief bni says, "Wc strongly sub-i made by governmnents and points out that lower cash res- scribe ta the vicw that inso-ý monetary authoities ta stem erve requirements In recent far as possible under ail con-i the Inflation." years have meant a more pro- ditions the pricing mechanism! The statement la made In a ductive asset mlx and that should operate i the marketi 1bnci presented ta the House tiiere has been a trend towards for credit as it does in other of Cominons cammIttes on a generally lower Uquidity rate areas oi economnic activity. We finance, trade and economic af- for the industry as a whole. ses in aur everyday experience faira by The Canadian Bank- in addition. the banks have as bankers that rising interestý ers' Association. Arthur K. increased the proportion of costs do have some effect an Crockett, C.BA. president and consumer credit In their loan potential borrowers, and it hias chief general manager of The portfolios and have benefitted also been aur experlence in the Bank of Nova Scotia, heads a from hlgher returns from resi- last two years that the higher groUp of bankers appearlng dential mortgage financingrate af intercst on deposits basý arfoe the commnittee in Its made possble by thc 19671 been associated with a :reater current study of interest rate« Bank Act revis.ions. annual increase ini thisform In Canada.1 The bni continues: ..The of savings than i previausý The presentation agreswthrarked risc In lbans aifal years." statements made by Gerorkinds as a proportion ai total! At the samneUtie, howevcr,l Louis Rasniinsky of the Bank, assets bas necessarily causcd a because afIinflation, a saveri of Canada during bis appear- reduction In the banks' iquid naw getting "a phenomenal1 once in July, that thc prosent assets as a percentage of the seven per cent or more gon bi level of rates ls the product 1 total. and these generaily yleld money is in reali;y getting of international farces and less than lbans because ai their about the same effective rate dlomestic xnonetary policies!hi.gher credit quality and their as hie did right after the war," beyond the banks' control. potentIR11y casier disposai ta the brie! adds. FSCtFS l iothers in thec market. Consumer Lending The bncIef ays that a large .Thsenalsitfo In the area af consumer lend- overall Increase in the volume lboer..yielding ta higher-yield.. ing activity, the C.B.A. says of bank business, dIsp6rsoflet inc e-for-iastmcnt of tcheatwo important aspects are aiten cverhead costaa and improf eh ______________and______________ m and obviously cannot overlooked: 1. That the banks contine. dfntly led do not create the demand for * -ctie ndae fndly. Alrcayconsumer products, but mcrely ili uic bans aetiding their finance the purchase of certain IlD U T thy wudodiaiype goods or services the demand a t~~~e." l odnriype for which bas emerged from _.the soeia" and eennnmir Furthcrmore, the bankers' 1presentation adds. bank earn- Ings aofrment ycars represent ta a very considerable extent "a penîod oi recovery ai ground lost during the early and mld- sixties ta, competitors operat- ing under less aneraus restric- tions. That the banks werc out- distanced during this peniod can easily be denianstrated by JOHN F LIELII TH: General Insurance ALL CLASSES 0F PERSONAL and COMERCIAL UNES JOHN McMILLAN 623-3111 or 623-3950 1 14 FRANK STREET, 1 BOWMAN VILLE 1 Pi j ATTENTION FARMER S .à. - <'?Q-z. - eâ l . WHY PAY MORE?0 Premium Quality " GASOLINE " DIESEL " MOTOR OIL Farm tanks and pumpa aailable. CALL COLLECT 6631 DX I FOR IMMEDIATE DELIVERY ards af the time and the pro- niotional activities of the lIn- tdustries most directly involved; tand, 2. That bank participation 1has resulted in a general re- duction of the cost of financ- l ng such purchases. The bncie continues: "As ta the stimulation of gencral con- sumer demand the figures af Canadian advertising expendi- turc for 1968 show the exag- gerated, degree ai responsibility that has been attributed ta the banks. In ail media of pubi- clty - press, radio, television, periodicais, etc., it is estimated that total consumer - d.irected advertislng in 1968 by ail ad- vertisers ini Canada excecded $700 million. In relation ta this total, the advertising expendi- ture ai the Canadian charter- cd banks for ail consumer-or- lcnted purposes was about anc per cent. This suggests ta us that thec Importance attachcd ta this promotianal actîvity af thc banks Is out of ail propor- tion ta the facts. ". . The raie af the banks and the other provIders ai in- stairnent credit Is ta finance the purchase aof-. .-.products and services. This seems ta us, quite apart from temporary in- flatian conditions such as we are now expenlencing, ta be a perfectly valid activity. It seems obviaus that instalynent buytag is now a weil-cstabbish- cd feature of North American life, and wc sec no reason why the banks should flot, in nor- mal tixnes, actlvely participate inît. ".- . Finaliy, we have said that bank participation bas re- duced the cost af credit ta cansumers. The rates chargcd by the banks today range lie- tween 10.7 per cent and 12.0 per cent for instalment boans. Some other lenders charge rates that are bal! as much again." Banks' Full Support Concluding the formaI C.B.- A. presentatian, Mn. Crockett said, "On both social and ec- onamic grounds wc give full support ta the efforts now being made by aur monetary and fiscal authorities ta, res- tare conditions whlch will ai- low balanccd economic growth and continucd social imprave- How your Texaco home teai beats the wintr cold., This te a new rexaco A Million Volts That's one million volts crackling ovenhead iram a Tesla coi] as Ontario Hydra Chairman George Gathencole (right) and the Honorable James A. AuId, Minister of Tourism and Information, chat with Grade VI pupils fram a Toronto schaol who were invited ta a preview of a new and colorful classroom. Created 10 Scott, Thomas. c a r r i a g e; maker, Ring St., keeps an, hand every description afij veihicles used in C. W. which! are warranted equai ta any.ý in the province and are soid, on very moderate terms. Sutton. Thomas C, chemist. druggist and wine merchant. RKing St. Wines and liquorsi o! superiar quality constantlyý on hand. ELIZABETH VILLE fby Hydro as its contribution ta the new $30 million Ontario Science Centre,' n t ber4H lubt. a th lia Don Mîlis, the Centre i expected ta attract a million students in the comning home of Mrs. R, Beatty withl year and Hydro turried over its exhibit Thursday, September 18 to the Minister, ten girls present. Aite thie respansible for the Centre. 4-H Picdge, we had a special ____________________________________________________________________ral cal ta întrcvduce aur three ncw members. Karen Stec is aur new president, Doris Beatty our treasurer, O Maryruth Cawkcr press re- Bowman ville 118 Yrs. Ago havrer.an edce t porte ar. an weecded ta r Beatty and Mir. Cawker, aur Editor's Note:- The foliaw- Burk, Agent, King St. tory, Clinton St. Leaders. introduced us ta' ing article on Bowmnanvîile Provincial Mutual Lille As- Wilson, John, pottery, Scu- "The Third Meal". The Chang- businesses was ariginally sent surance Ca., Charles C. Ne- gag St. jing Pattern af meals was dis- toTe ttemn yMr.vilAgent, King St. Wilson, Natihandel, *eer cussed and we made chnco- Alvin Peters oi Hamnpton. in Aiphabetical list of proies- store. Kin'g St. m1at hrat i o e 192. W rceied heciip.igions, trades, etc: Armour, Wright. George, ca b ine t' The second -meeting of the along with several othens Robent, Barrister and Attor- maker, Church St. izbtvie4HCu wa fro Rusei Wigh wasene-at-Law, oiiort Dh ailey, James, pottery, Clin-! held on Monday, Octoben 6th,l stepmnother had eut them out l Bank ai Montreal, Agcncy, ton S.a nR etyshm. yadsavdte o ay gS. Bigelow, J o hn, tinsmith, Pres. Karen Stec apened the1 yeanhs Cnda.Drctr Blewett and Hoax, general King St.1 meeting with 4-H Pledge, fol- Fro Te anda irctrysmiths, King St., horse-shoe- Brag, S., tailar, Kmng St. !lowed by roll caîl. Dor1sý of 1951-1852, Published by îng and general smith work Brooks, F. L., general store,: Beatty read the minutes. The! Joh Lvei, onrel in ail its branches attended ta. KRing St. isenior girls helped the new Bowmanviile Ès a village English steel plate shovels ali Brown, Thomas. Smrnithb, members %vith their notes.1 siitu.ated on an excellent bar- ways an bond. i wagon maker, King St. Several names for aur clubi baur ai Lake Ontario. tin the, Bowmanvîlle Messenger, ai Brown. Thos., tailor, Rin-g were suggested, but wie didn'ti Township of D arlIi n g ta n. w'eekly newspaper, McMillan St. decide on any definitely. AI-! County oi Durham, Canada,, and Begg, publishers, King St. Bowling, Rev. G., Primitive! ter aur group work, Planning Wet.Connar, Hem-y, Temperance! Methodist. I0of enus, two senior mcm-, Disantfro Toont 42House and Saloon, King St. Buckler, Aaron, watchmk-ber, Karen and Drsdmn md i:ulsta ge fanPrtHe 12s Traveliers wiil find a com-1 er. King St. strated thei making ai 'Cream1 Rd; dstantiran ort ofrtable bouse and low char- Clark, Hugh G., watchmak- ai Taniato Soup' arid 'Quick! 22 miles, usual stage face: ges. er. King St. Burgers', witb ecdioa thei 7s 6d; distant* from Kingstoni' Cowie, F. Y. and W., deal- Clime, Rev. John C., Con- junior miembers assisting i 37s mi Ples sat afabo1re rsin dry goods. groceries, grcgationalist. the measuring a telate. 37 6 oplaio aou 15(00. hardware, crockery and coun- Coate. Dr. D., King St. 'We are invited ta Helen! Agencies ai Assurance Cou- typ ucRn Drewery, Mrs., Inrikeeper,l Trew's home for aour nextý panies, banîks. etc:1 Davidson, S. W. anid Co.. Kinig St. meeting. Bank ai Montreal, John chemists and druggists - Simpson, Agent, Scugog St. choice stock of drugs, chemi- Bank oi Uppcr Canada, H. cals, dye stufis, paints, per-~ S. Reid, Agent, King St. fumýerY, t îow prices, King i Mantreal Fire and Marine S Assurance Company, Joain irbi Robent Postmas- 1 er, King St. Fainiairri, J. B.. ment ta go forward together 1 book -seller and stationer, King in Canada. Tic realization a!1l St. Ail the Americari peniodi- this objective will require ail cals funnihe ta suiscribers G e y o i tic skill and perseverance that~ at United St.ates prices. can lie brought ta bear, and Fisiher, David, dealer in dry wîi not lie an easy task. But goods, groceries. hardware In aur vlew we have no ai- and country produce, and ternative; this is the goal, nurseryman, King St. cnd a iwhich must lie reached." Hales, H. B., manufacturerC ad a S oi saddlery, harncss, etc., aif Uic best quaiity, King St. Hinds, Alfonzo, Waveriy House, hotel and stage bouse, King St. Travellers wiil mid a h o this haeuse corniortable and u h convenient and charges rea- sonable Fn Haines, George, carniage maker, King St. Hay, David D., dry gonds, King St. Ih Harris, J., shoemaker, King Hunt. Thomas W., generai store, King St. Jenkins, Wm., tailor, King Choae from sevrat Forced Warm Air Fur- madels. flace. Ail are fully guaran- It Is deslgned to en- .t.ed, and available on sure the complote oin- long, easy terni pay- bustiori of eveîy drap of ment plans. ail. 80 you get maimum If you need one, let's heat at mInimum cost. talk about ht. Espoclafty sinceon cOoasiWe'llsweethat you always you fous tn oter ftels lni the first have ttie home cainfout you desire. place. Day and Nlght. 0w ISUIIWOrk hseps U0MhIm 00 WILSON & VOWLES 17 Libety St. N, Bowmnanville, Ont. Phon. 6=.7591 A. L..WEARN huMisiaih, ont"i, .Ph... 263-22i WM. SKELDING zH ECO OR Newtonville, Ontario roe7&O O ' M O Kennedy, Rev. Thomas,j Churci o! England.1 Kennedy. Rev. Alexander,' United Preshyterian. Reys, Wm., talon, King St. Lowe, Dr. G. H., Ring St. McTavish, E. and D., car- niage mnakers, Ring St. McFeeters, James, generai store, Ring St. Martin, Phiiip, tailor, King St. Manchester. Mn., tailor. Mitcbdll's, Temperance Inn, Ring St. Mitchell, William, Surveyor and Landing Walter ai Cus- toms, Ring St. Muir, James, baker, Ring St. Montreal Tclegraph Office, Fý C. Patrick, operatar. Newsom, S.. carpenten and buiden, Churcli St. Pethick, William, tailor, Ring St. Pir'ie, William, talion, King St. Porter, William, iran foun- der, Ring St. Ratcliiie. Wm., Teniperance Inn, Ring St. Reed and Wherry. shot store, Ring St. Schaiieid, William, generai store, Ring St. Slater, Rev. J. C., Weslcyani Methodist. Squair, Robert, grist andý cat mills, Clintan St. St.ephens. James and John,' Saddlers. Ring St. Van Camp, J. and J., gen-j eral store. Willliâma D. D., cloth tac- - Make tic liveryman wash and ail your harness, and do net tie the harness up with wire longer than Is necessary te get proper repairs. The same may lie said o! your suspenders arid buttons. - Treat everybody as you like taelie treated, not iorgetting your hanse; If you want ta know the horsts side oi it, just take off your coat and bat some zero day, bitch yourseii ta tht same post with your beit, and stand there about two hours. Hereaiter don't forget bis blanket. - Dont go pell mcii thnougi the streets regardiss of pedestnians as tiough you were going aiter your salary cheque. Tht iact that a mari is always in e hunry doesn't always mean that he is accompiishlng avermucli. - Close the door when you go out, not fargettîng ta shut the front gate. - Be courteous and pobite, and don't lie airaid te hand out a little jaily occasionally. It doesn't hurt anybody's feelings taelie jolled a littie. - Carry yourseli with dîgnity and others will accord It ta you. - Study Yeux business and try ta improve tht quaiity of your wonk. - If you wiil do today what somebody would put off until tomorrow you need not worry about yout future. s s e e just three montha ago we were wltntaaea ta thé first telephont cail ta tht muon. Perhaps anticipating lncreased long distance traffic to the lunar surface# the Faîl meeting ai the Consultation Commiteeni International Telephone Carriers wlllinchide chaos- lnir an Area Code for the muon. 4..., ings Bonds CANADIAN IMPERIAL' BANK 0F COMMERCE Thse Canadian statesmnan. Bewmanvflle, Oct. 13, 1089 Eynon, Rev. John, Bible jreading of Peter Shaftf's Fee, John, carpenter, Ring UIraU Vi 'r nmip, ',The Drama Workshop 11 P'orsyth, Georgesorae meetings, but wvll keep their GKine t Rv. riitvemembers iniormed by mail ai metdist. JPiiie the many activities planned. Giffods. G.tnerad a Tht Bowmanville Dramna1 Very soon ail members wll b@b ther sor, C.intonneran . -Worksiap held their iirst busy- working on this year'u Hutcheson. St. John H., Bar - meeting,. ulde.Sp e-mscal, which is ta be pro- ber 25, nt the Lions Centre. duced ln collaboration with the nister, Attorney-at-Law, Ringý The program. ln charge of 1Bowmanvible Rotary Club and MSt. .an Bgg pin-John Amcsbury. consistcd ofci athe Recreation Departuent ery, Ring St. McMurtry, William, dealer in dry goods, grocenies, hard-, ware, crockcry and country produce, King St. y Manning, Robert S., manu-- l facturer o! ail kinds ai cabi- Mason, Samiuel, saddler and harness maker, King St. Evcry article in thelicbné constantly on iand or made-to-order. a LII pnices. Neads, Jacob, hardware mner-; chant, smith. carniage maker,! by K. R. vyluierden dealer in stoves, iran, etc..! Ring St. your telephone Neville, Charles C., Clenkl of Division Court and Insur- manager ance Agent, Ring St. Reid, H. S., Coilectar ot, Customs, Agent for Marniagei Licerises and of Bank ai Up-. The more things change the marc tbey sta,,q' thée per Canada. Ring St. 1 Simpson, John & Co., I-i same. Witness the iallowing exerpts ironîi "Rubes F'or porters of dry goods, grocer-! Troublemeri" issued by the Chicago Telephone Corn- jes, hardware, milers. distil-11 pany (naw Illinois Bell) in 1911. lenies and exporters o! coun-! try produce, Ring St.- Put up a "good iront". It is not nccessary ta advti'. Sinmpson, John, Agent Bank' tise any talion shop neither is it riecessary ta go about of Montreal, Scugog st. orwk oknlkeacahav.Oeaisai Smith, D. S., praduce. clati bu r ook asrepetale a ah ease but tey ust and wool mercharit; cash paid lokarepcalasayhn sbute mt for woob produce, etc,, Ring nt least show that they are an speaking terms with st.- the laundryman. -. .~--4.-.- RENT A" NE PtOM ... MaoDONALD FORD sU1m aI. *W.,, Oaws 0N M y -M.utlly. it..asbI.Rae& v .4. t.,. Si,. .4. .4. 't 1' .4, t, 4. 1- I. 4, 4, .4,, .4, 4, 4, f4 .44 .4, q. a, p. J, .4, 4, f. il .4 t' 1) t' fi 'i 'I L Canada Savings Bonds let yot own apieceof ît ie it ensy