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an N -- i DRI ess wl -- 18-- PORT PERRY STAR -- Wed., December 30, 1981 Durham College \ Offers 144 January courses Starting January 25, Durham College will be offering 144 courses in its Evening Extension Programs. In regard to Credit Courses, every division has an excellent selection to choose from. In the Business Division, courses range from Account- ing Fundamentals -- relating to the presentation of financial statements and other factors in the account- ing cycle, to Effective Supervision - in regard to administration, communication and production. There are also Secretarial courses -- in regard to Shorthand, Type- writing and Word Processing. In the Technology Division, there is an introductory programming course in Computer Science, and one in Micro-Processors, providing students with theoretical and hands-on experience in the use of micro-computers and micro- processors. Also a course in Tooling Design, provides a basic introduction to the various injection- mould types used in plastic processing. The Health Sciences Division courses range from Coronary Care Nursing to a variety of programs which assist in communication with the deaf. The Applied Arts Division offers Drawing, Oil Painting which and Photography, to name only a few areas. There are also Credit Courses in Adult Training, such as Welding, and Blue- Print Reading. In the generab interest area - - a course in Car Care to give a general overview to repairing a car, or a course in Calligraphy to assist in clear, distinctive hand- writing. There is a course in Consumer Protection for those who want to become aware of how they can protect themselves in the marketplace. A course in Quilting will look at the use of this traditional craft, and one in Karate will teach you the ultimate form of GEORGE STONE 3 REALESTATE LIMITED & STAFF would like to thank you for your patronage and support during the past year and we wish everyonea very Healthy, Happy & Prosperous 1982. CLIFFCROWELL VALERIE BUTT unarmed self-defense. Income Tax for the Average Person will help students compute their income tax forms, taking advantage of the various allowable deductions. These are only a few of the many general interest subjects offered. .This winter there are seven courses being offered in Ajax at Harwood Second- ary School. They include: Accounting Fundamentals, Business Organization, Business Law, Dynamic Living = and Confidence Building, Effective Super- vision - Administration, Human Relations, and . Women in Sales - - a course in basic selling techniques for the benefit of women BILL RAE interested in breaking into the sales field... A complete listing of the Durham College January courses will appear in the local papers on January 2 and January 6, and there will be a special registration evening in Oshawa on Tues- day, January 12, from 6:30 to 9:00 p.m., with academic advisors present to answer specific questions about the courses. One can, of course, register any weekday from 8:30 a.m. to 4:30 p.m., start- ing Thursday January 7, or by mail by calling 576-0210 (Extension 236) for an official application form. Most courses begin the week of January 25. There are also two registration nights for the seven Ajax courses offered at Harwood Secondary School. These registration will be held at Harwood Secondary School on Jan- uary 14, and on January 18, from 7:00 to 8:30 p.m. The Bond Market by Brian Champion The surprising thing about the drop in interest rates is not that it has happened but that it has not happened sooner. One reason is that an unexpected build-up in inventories in the third quarter gave business an appearance of strength that was totally erroneous. Another is that capital investment intentions have looked stronger than they really are. These two supports have been with- drawn very suddenly. Bankers and businessmen that we have talked to report an abrupt decline in incoming orders,a shelving .of new capital projectss and .a noticeable slowing in load demand. These conditions undoubtedly have been brought about by high interest rates. The breaking point proved to be higher than most people expected, but as rates continued to climb it was inevitable that they would ' slow the economy. Housing and new car sales were the most directly affected but almost every business, in one way or another, felt the impact. That the current slump is . broadly based is evident from earnings reports appearing. The question now is how deep will the decline be, how long will the slump last? Estimates of the extent of the recession are as varied as its impact. For some industries, -it will be the worst in many years. For others, it should prove relatively mild. There is no doubt, however, that it will make a significant dent in the North American economy and will probable last well into 1982. In the process, there will 'be a number of corporate casualties and even those that escape the worst effects will be badly shaken. For many people, the winter of '81-'82 will be the winter of discontent. The free fall in interest rates reflects the sudden easing in loan demand and some technical consider- ations such as" the exceptional success of the Canada Savings Loan. The drop in the U.S. has been even sharper, with 30 day treasury Bills down to 10, percent. This, together with .aslow-down in capital move- ments south, has resulted in a firmer Canadian dollar and made room for a further downward 'adjustment in Canadian rates. If the U.S. Economy turns around next summer as is generally expected, the down-trend in rates will be arrested. Renewed loan demand could lead to upward pressures, articularly if President gan takes no steps to 4 a return to sanity? reduce the budget deficit estimated next year at over $100 billion. Reductions in defence spending or the introduction of new taxes would cut the deficit, but so far the President has shown little willingness to move in either direcion. Canadian rates are tied to the U.S. and will not perform any better. For the moment, the trend of rates is still downward. Minor interruptions could be seen, but the likelihood is that somewhat lower levels will be reached before the market bottoms out. Beyond that, much will depend upon three things: the strength of the U.S. business recovery; the extent of the deficit; and the hard line policies of the Federal Reserve." Despite the demonstrations on Parliament = Hill, the direction of rates will continue to be set in Wash- ington. Still, it is our belief that the heights seen this year will not be reached again for a long time to come. A semblance of sanity may be returning to the bond market. Brian Champion is a registered representative with Pitfield MacKay Ross Ltd. McMichael collection } (From page 17) ment and control. Since, the McMichael Gallery is presently under- going alterations so that it may better serve the public, some critics have suggested that we are destroying the essential character and integrity of the buildings and grounds. . 'Certain 'necessary reno- vations are being made to ensure fire safety for all and access for disabled people, who until this time have been unable to. fully enjoy the Collection. But no changés will be made to the building which are not compatible with its aesthetic character. The same materials found in the existing buildings are being used for the additions and modifications. For example, any new walls will be clad in fieldstone to match the existing stonework. Cedar shake will be used for the roof additions. The windows providing the picturesque view of the grounds will not be reduced insize, as has been reported. In fact, in some areas, they are being increased by at least 30. per cent. The McMichael Canadian Collection belongs to all the people of Ontario, and our Government will continue to ensure that its 'character, integrity and beauty are maintained.'