The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

z -- MURDER CHARGE || Woman, 40, | Sent To Trial FOSTER PARENTS OF YEAR Joe Bannon and his wife, who have cared for 25 foster mostly handicapped e been named nts of 1959 in To- he award of the Cath- dren's Aid Society was by ; M during the day, is shown here with three of the children. On his shoulders is Peter, 6, with the Bannons for three years, and left is Darlene, 4, with the | family since she was six weeks old. Both have speech defects. Right is eight-year-old Therese. | The Bannons have one son; ! Pat, 13. The of caring for | olic Chil presented Teen-Ager Has Success In Own Business Venture By OLI DAUM Canadian Press Staff Writer MONTREAL (CP) Teen- ager Stephen Garber was no fire- SOUTH PORCUPINE (CP) -- bought a gun and "would sooner Mrs. Anne Lister, 40, was com-igep her husband lying dead at| mitted Thursday for trial on 8 por feet than with me." charge of murdering her hus-| band, Ted Lister, Sept. 8. TELLS OF THREATS Mr. Lister, manager of the! The witness said she left to live Sudbury following threats) Mcintyre Arena in nearby Schu-|n about her relationship with Mr.| {macher, was found in his home wi ith a rifle bullet in his heart.|jister. She wrote daily to Mr.| who sent her at least] The trial of Mrs. Lister is sched-|y ister uled to open at Cochrane Feb. 181000, Mrs, Lister telephoned her %. several times Defence counsel Gregory Evans sevéral times objected to | | | At the preliminary he: Mrs. Betty Salminen, a 35-yea oid, widow ad former, manager {1 crown attorney's question fied that Mrs. Lister warned her Dut Mr. Caldbick said evid _|of = threat, if established, *'goe Rg A Shout Het relations| to show the very essence of this crime, the intent to kill,' SAW HIM OFTEN A provipelal police officer tes- | Mrs. Salminen, mother of two tified that the rifle which ki |children, said her relationship|Mr, Lister bore Mrs with Mr. Lister began Dec. 23,|fingerprints. A 1957, and from then on she saw|after a neighbor him "as often as I could." Lister wounded | The witness said Mrs. Lister basement, said he told her asked her husband for a divorce ambulance was coming Lister called Mrs. doctor, found an in April, 1953. Later, she said, Mrs, Lister came to see her at the arena to ask Mrs. Salminen o confirm or deny she was in-| \volved with him, | Mrs. Salminen told Crown At torney 3, Caldbick she did no ot 1 deny Mrs. List pi of but the latter tal Ked {to her on the street and tele {phoned her. Mrs. Salminen Mrs. Lister told | Vancouver Eachange also her she gs test ] | 1 | = @ | VANCOUVER (CP) -- Like a frisky pup at a kennel show, the| Vancouver Stock Exchange is| foster children came from Mrs. changes in Eastern Canada. Bannon. She says she had ." y of time on my hands" in 1952 and found that people did not 'want to look after sick- ly or handicapped children." "The idea of looking after within a few years as its brokers| show less interest in the penny speculatives--the dog biscuits of the trade--and more in the raw | handicapped children: hit me," [meat of major industrial issues.| | she recalls "We're still as interested in the| CP Photo fol and mining market as we ev INTERPRETING THE NEWS Pinay Retirement May DeGaulle By ED SIMON Staff Writer ed to choose be- and say, Canadian Press In the unstah Charles de G presidency ister who he asked member of the cabinet, is to de Gaulle's desire for| representing all} on« ammunist opi Conservat v into oppo! would find him a parliamentary major- alley h: 100-0dd Cor the f club sors acqu De forms to t Debre out p: ead of ig succes whe needed his support or|with escence to stay in power ity Gaulle's constitutional re-| Pinay rebbed Pinay of his ability] porary ple governments at will and|life 4 5 decision to ing av cabinet as minister fo widely applauded, ture Pinay had| Some legislation to|Who 1e of the 10 nilar tirement 0oDV re announced his tem- from public ously anxious showdown his depar to estrange at least the small businessmen ave always looked to him eadership to bound While some of Pinay's quarrels 'Yiwith Debre concerned fi financial was uniquely matters the y + ar nem new mir whose policies are months following de virtually identical makes it plain accession, Pinay won|that the crucial differences be aise by devaluing the|tween the two men arose outside| franc without allowing prices to|Pinay's department increase. But from the outset he| Although Pinay was one of the made no secret of his distaste for| earliest advocates of bringing de some of Premier Michel Debre's| Gaulle to power, he is known to policies favor a more conciliatory line in As the differences between the dealing with the Algerian rebels two men grew, de Gaull le was re- !than some of the general's sup-'c de ter the 18 Gaulle's further pr MEETING A FRIENDLY 'GHOST aireraft RCAF | near Ottawa, | at the oppo CF-100 "Ghost Bill Between to Station Uplands where they were RCAF Comet for Europe, CBC entertainer Jean Templeton (left) and Sheila Billings took look over a a friendly n otters | hry He meet is Fly f Tor to board an | nto, a mem- 0 Squad FF: The VE | on their way ogerseas to flit |} his min-|of their plans for social reform. | May Go Down ee er were," says Jack Van Lu-| ven, the exchange's general man-| ager. "We're just broadening our| scope." 3 TIMES AS MUCH In a recent interview he re- viewed statistics on trading which | showed the value of industri ial | shares handled at the Vancouver | exchange had multiplied nearly| 30 times in the last 20 years while over-all trading was up less than four times. ' ! The 1959 shows $1,680,-| 758 shares traded at Vancouver, | with a value of $58,110,930. In-| {dustrial trading was 2,710,758| shares, valued at $33,210,433, or| upwards of 56 per cent of the total value. porters as well as opposing. some But the issue that made his de- parture inevitable was his ques- « g of de Gaulle's desire to] limit French participation in the $17,282,000 worth of transactions, North Atlantic alliance and Euro-|of which less than eight per cent pean integration. Unlike most of were in Industrials -- $1,284,000, the other disputes, in which de/Even five years previously, in- Gaulle was not firmly committed, | dustrial trading was worth only * 4 this was a personal attack on the $12,093,000 in the over-all $34,805, preside ent himself | 000 worth of tr tio 'Cheese Price HAMILTON (CP) -- Cheddar| RECORD SET cheese prices are not likely to be| Dried whole milk exports last as high this year as in 1059, year would exceed 18,000,000 government spokesman said|pounds, a record, and be worth Thursday {over $1,000,000 more than cheese D. B. Goodwillie of Ottawa, exports. | Ted, too. lings, Ten years earlier, there were He told the hearing her reply th "You'd better get one He may need loctor said Mrs. Lister and her hushand n an argument "PEI To Join * In Liquor Code TORONTO was: old him ito a had been th lat {fr {he {do | {hi (CP)---W. H chief commissioner Ontario liquor control said Thursday the Prince Ed- {ward Island liquor commissioner |has joined with the eommission- ters from eight other provinces i Col- 1 nw. approving a proposed new code students -- we go to four years graduate we can work for some- endorsation," one who didn't go to school in New- the first place." the HIRED COLLEGIANS Some of Stephen's college nipping at the heels of senior ex-|#ounced his approval of the code. friends are already working for plan (him in the office on a part-time He also has seven sales- on liquor advertising "I am hopefu! that {eeive unanimous Mr, Collings said. The foundland commissioner only one who has not it will re- is yet an-| The suggested national The exchange hopes for almost for liquor advertising was pro-|basis. double its present dollar volume|duced by the Canadian Associa-|men, six of them married, work- Liquor Com-|ing for ition of Provincial | missioners of which Mr, is president. Collings! Q | The code has been submitted [Sales club's youngest The said that for the first six months on will discuss it again he ran the business by himself jas a sideline to his agency job. {In March, when he was sure he to the Ontarii | associati at jee esting In Jasper, Alta. in Jul government. ball as a student but he's not worrying about it. He's too busy being a success in business. One year after setting up his lown firm and less than two years after leaving Grade 10, the slim |17-year-old done $15,000 to $20,000 |business and expects to boost it {to $50,000 this year. His company, started in No- vember, 1958, supplies other con- |cerns with sales-promotion gim- micks. He carried a range of 1,000 items such as key chains, |calendars, memo pads in plastic swizzle sticks, 'lighters, ash trays and desk blotter sets. "During 1960 I'll supplement {them with a more expensive line |--gold jewelry, transistor radios {and items that are more suitable |as gifts--and I'll have more men led |than 1 had last year," Stephen s|said in an interview. "We should ido $50,000--easily that," /GOT BANK CREDIT in the home's| Stephen, five « foot - six son of quit the agency and hired his| Gus Garber, a public relations man, quit school a month before e Grade 10 term ended. He |went to work as an advertising other businesses soon and never it." The agency copy boy and got the idea go into business for himself! e following Octe One month er, with his savings and credit om a bank, he was established. "That" s the way 1 do things," said, "I think 'about them and » them right away." The estent of his success came las a surprise to at least one of {10 hours a day. 18, | s friends, Danny Rosenthal, board, |only recently found out how well he was doing. "He showed me his couldn't believe it. hat they say about that s0 when him in the Montreal, uebec and Ottawa areas. Stephen, member, PROPESED RAIL CONSTRUCTION Vy WATERWAYS GRIMSHAW 7 ® GAGNON : during the recent credit RAILWAYS PLANNED Transport Minister Hees says that construction of more than 600 miles of new railway under consideration Mr. Hees told a Toronto meeting that 400 miles would be in Alberta and the Northwest Ter- ritories and the remainder in Quebec, He did not identify ilie lines in either case but he 8 t i | | | at left), posed routee for pected to cost about $65,000. 2. A line being constructed by Quebec Cartier pany from Port Cartier to a | new townsite at Gagnon (map | at right), hore of Great Slave Lake in he Northwest Territories (map Map traces both pro- the line, ex- Mining Com- Some of the line has | Petroleum Product For Reactor TORONTO (CP) General Electric is developing a| 1ew nuclear reactor design that| uses a low-cost petroleum prod-| le by |ried out Hoult at the firm's civilian d the heavy water to carry heat from the reactor to the stean (generator. Heavy water would still be ised for control of the atomic eaction using natural uraniup jas fuel, The design work is being car- in a new laboratory atomic power development at Canadian | | Peter borough. Train miles run in both freight |and passenger service in Canada {in 1958 totalled 109,201,000, am ict instead of expensive heavy | oiont. -per-cent decline from 1957. water. Company President H. Herbert | Smith said heavy water costs $28 a pound and tons of it are used| n reactors. Any substantial re- iuction in heavy water w 'epresent a saving in capital osts for a commercial nuclear vower station. Mr. Smith told the Empire | {Club , that the design uses low-| 'cost organic liquid in place of MEETINGS MUST BE SPEEDED UP LOCKPORT, N.Y. (AP) -- The first 1960 meeting of the Lockport city council was de- voted largely to a discussion of how to speed up meetings. 1t lasted seven hours. STEPHEN GERBER | would succeed on his own, he| first salesman, office and You know us college school for we the Montreal Ad and | He said he plans to go into wants to stop working, even| though he hardly sees any of the money he makes, He drives a 955 model ca subtracts a salary and invests the rest of his earnings. "My main interest is my busi. ness but I don't kill myself work- ing, he said. "I put in about SHFEGUARD YOUR CHILDREN HEALTH WITH MILLERS Worm Powders r = 4 ~ - CHILDREN HAVE WORMS ; Byer since 6 have ri he raves" relief Sormh Ens, wh rE res fron 1 yor give to ol up. Quickly effect) Pleasant... Effective Graves RMINATOK Safe... Use Mother el: 1" 241 a second - year engineering stu-| dent at McGill who said he had of the known Stephen for four years but Annual Meeting of Shareholders The Royal Bank of Canada James Muir declares recent experience contains booms and slumps Leadership and abt | nized" Chai Royal commonly James President Canada, reeng- Muir, of The at the is not declared rman and Bank of # bank's Annual Meeting in Mont- | real on Thursday, January 14th, "that the banks have given a de-| monstration of timely and effec- tive support of the current anti- inflationary monetary policy." Reviewing the necessary and] effective decisions and actions taken hv the monetary authorities "freeze | and thaw' period, Mr. Muir said, | "Before indulging unduly in self- congratulation, it may be well to| reflect on some lessons which re. cent experience holds for the| monetary authorities and for the| chartered banks in combating) future booms and slumps, LESSONS TO BE LEARNED "The first lesson is that there is need for improved communica- {tion between the Bank of Canada |and the chartered banks. Of | course, communication must be a two-way street. I have long de- {plored the passing of bankrate in| {Canada from the realm of com-| munication in this sense to a {mere shadow, floating % percent | |above the market rate for three) month Treasury bills. | "In recent months, the Bank] lof Canada has assured us that| {the money supply will probably| rise modestly in recession, stay| needed to maintain trade position, living standards and economic growth. self-discipline | lessons for combating future | LOANS INCREASE DESPITE RESTRICTIONS K. M. Sedgewick, General Man- |ager, reported that due to height- |ened business activity, loans in 21] categories and sizes were in strong demand throughout the year and despite the necessity of adopting restrictive measures from time to time, a sizable in: crease had taken place in this des partment of the bank's business. {""It is interesting to note," said IMr. Sedgewick, 'that the num- |ber of our borrowers in Canada | BANKS MEET TIGHT MONEY CHALLENGE "Denied the use of the price system to allocate credit in accordance with market forces," said Mr. Muir, "banks were forced into the thankless task of rationing credit as best they could among their customers. "But they did more than this. The chartered banks supplied the credit necessary to finance the subsequent re- vival, To do this, they sold securities, mainly govern- ment bonds, sometimes at a cost in terms of yield rates well above even their maxi- mum lending rate, in order to raise cash to increase loans to deserving borrowers, large and small, by almost $1.2 bil- lion between Sept. 30, 1958 and Sept. 30, 1959, + '"The savings of the general public, who bought the bonds were channelled into new loans to businessmen, farmers and consumers. There was no creation of new money, only the channelling of savings into loans through the mobilization by the banks of the existing money supply." increased by approximately 48. 000 during the year." Capital funds of the bank now exceed $256 millions and assets stand at more than four billion |dollars, "Our depositors now number well in excess of three |million," said Sedg "Th Tudes a very percentage of the Canadian de- positing publie -- a fact which pleases us greatly. It is our aim {to compete aggressively for eon- [tinued growth in this field." | ACTIVITIES ABROAD | Referring to the Royal Bank's extensive system of branches in. the Caribbean area and South America, Mr, Sedgewick men- |mentioned that seven new offices (had been added to the overseas |system during the year, New imain office bulldings were near- ing completion in Jamaica and the Dominican Republic and ma- jor additions are underway at a number of other points. "We have an important chain of branches" distributed throughout most of the. | Western Hemisphere countries," |said Mr. Sedgewick. "Our Man. | agers there are fluent in the lan- guage and well versed with local |conditions and customs. We are. {well equipped to assist exporters (and we invite those who have a real interest in new trading ap-. portunities to come to us and en- relatively constant in recovery | tain chief - of agricultural marketing] 'We hear a lot about the| apparently referred to these: 7ices said he thought anyone cheese market, but you can see| 1. A line from Waterways or would be '"'very optimistic" who/the whole milk market is just Grimshaw in 1 Alberta to the | already been constructed. ~CP Newsmap | predicted prices as high in 1960 as important," as they were last year, Mr. Goodwillie said experi- Mr. Goodwillie also discussed ments seemed to indicate that butter and dry skim milk pros-|better packaging and promotion pects at the 93rd annual conven- was the best way of promoting tion of the Dairymen's Associa- butter consumption, tion of Western Ontario. But, he sald, "there is no rea-| Royal Bank Plans Big Expansion MONTREAL (CP) K M He said 1959 butter production son to believe that the downward Sedgewick, general Jhanager of | was about 320,000,000 pounds, trend in usage will not continue, '3¢ Royal Bank of Canada, told| down 13,000,000 pounds. even 'with an increasing popula.|th® annual meeting of sharehold-| {tion and more immigrants, We will be lucky if we can maintain our present usage of just over 300,000,000 pounds." F. L. Hart of Montreal, » ers Thursday dian expansion program current fiscal year {branches [negotiation." In addition eight new overseas| "in preparation or in| vice-| president of the National Dairy branches were scheduled to open| Council of Canada, said the In- this year dustry's main task was to take! Mr. Sedgewle the bank advantage of development trends added 2 in branches to make sure that the expanding in the year ended Nov. 30, 1939 population consumed more dairy for a total of 969 and the current products per capita than during program will bring the total to| the last 10 years, more than 1,000 GOOD FOOD BUSINESS MEN'S LUNCH 12 to 2 P.M. HOTEL LANCASTER the bank's Cana-|§ in the| has 43 ne wi B FOUR SEASONS TRAVEL $7 KING STE. OSHAWA, ONT ONE ONLY! and on. a 6 per cent amortized mortgage. Located on fashionable Briar Court--immediate possession RA 3-2265 Ristow & Olsen Realtors RA 5.6165 Canadian servicemen tour includes a trip to where thev will perform mbe of e United Emergency Force Ther Eovpt m RA ~National Defence Phote The last Kassinger Personality Home available in GRANDVIEW GARDENS Schofield Insurance Assoc. Ltd, Howe & Millen Realtors 5.7732 and boom times, and rarely, if |ever, fall. In our present situa-|its activity; that is its velocity of {tion, for example, this should [circulation. Our mechanism of {mean that the current ease in| | monetary control is defective in [chartered - bank cash will mot|that it ignores the velocity di- {prompt a sucking up of the Dr onshon: and this defect forces {cess, since that would mean aus to resort to rough-and-ready, {money supply. The clear implica-|trial-and-error expedients by way tion is for the banks to use their|of correction. Monetary control cash for investment or, when would be greatly improved if we needed, for increased loans. |could devise a practical formula "Now for the second lesson. Re|for reserves against deposits that gardless of the clarity of com-|would take account of changes in munication itself, there is still} [the velocity of circulation, some ambiguity in the data com- & "The third lesson of recent ex- list our aid." -- TRADE POLICY Referring to the forthcoming meeting of the member nations: on the General Agreement on Tap iffs and Trade (or GATT), Mr. Muir said: "It is paradoxical, but nonetheless true, that the econom- ic renaissance in Europe seems now to pose some kind of threat to our increasingly easy North: American way of life. Meat" while, prosperity and Increased municated. For example, through its control of chartered bank cash |Perience is that the course of | reserves, the Band of Canada con- {monetary control would run] irols the money supply, allowing|much smoother if the chartered | of course for any lags in char- banks were enabled always to (tered bank adjustment. There implement Bank of Canada policy | are, 1 believe, two major ambig-|by allowing their lending rates to nities in our concept of the reflect changes in market money supply. |rates, or under the present rate- {fixing system, changes in bank- |rate. 'The market for credit,' [said the British Radcliffe Com- | {mittee, 'is a single market' and |the Governor of the Bank of Can- |ada has recently expressed a similar point of view. But in a sin- gle market only one price can rule for any given commodity. It is absurd, therefore, for bank lending rates to be subject to price control while other rates by other lenders are allowed to re- fleet market conditions, if chartered bank lending rates were made more flexible most of the difficulties | |could be avoided without abol- |ishing the maximum rate prin. ciple. For example, a 'minimum' ceiling, set at the present 6 per cent, could be made adjustable upward when necessanv to a level not more than one percentage point above the 91 day Treasury bill rate or (the same thing) % of a percentage point above bank- total supply of money and credit (rate. Such an arrangement would lis concerned) should, like the [greatly ease the banks' problems |chartered banks, be subject to|of allocating credit in a tight appropriate cash, or other, re-|money situation serve requirements, "There would be no 'tight "The second ambiguity in our imoney'," said Mr. Muir, "if the {concept of the money supply con- [price were right. Instead, those cerns that well-known but elusive |willing to pay interest at current AMBIGUITIES "The first ambiguity is that the |S money supply as generally de- fined omits credit created hy other than the chartered Banks. |For example, it omits credit |created by Finance Companies, |Caisses Popularies in Quebec, Credit Unions and Provincial Sav. lings Offices in other Provinces, (Trust Companies doing a de- |posit business, and all varieties of department store charge ac-| counts, 'However, "The implication of this am- | biguity for policy is simply this, | that monetary control is inhibited land may at times be effective, as well gs inequitable, in controll- ing the money supply in this broader sense. Rather than ex- |tend the range of specific gov- {ernment regulation, it might be worth while to require that these lenders (who, in effect, do a banking business so far as the |efficiency have made European nations more receptive to freer trade. including the reduction or" removal of war and post-war ex- | change controls. The present con- - lciliatory attitude of the Europeans provides an opportunity for bold" action to turn the new develop: ments into means to freer trade on a broader basis for the bene fit of all members of GATT. At . the same time, Canada in partie- - ular must pay attention to recent. development in Latin America. Current moves to form a Laff American common market and 8 regional trading group im Cen tral America may pose addition- al problems but they also create opportunities... It cannot be em- phasized too strongly that the res - moval of trade and exchange control curbs in Europe and the slow awakening of Russia and the Far East mean the creation of . new and exciting opportunities to exploit entirely new post-war markets "I believe," concluded Mr. Muir, "that Canadian shave the courage demanded by the march of events in the 1960's and the will to achieve the even richer promise of decades still to come, With our material blessings, these qualities are all we need to make Canada a leader and an example to all the eager young countries -- in Ltin America, in Africa, in Asia which even now are, like us, striving to meet the great problems, and to ache ieve the even greater rewards, of factor. the "velocity of circula- [market rates would get the fur tion". Clearly the inflationary po. those g to pay the rates (tential of any. given money sup- expansion {would sib S until | ply depends not only on the | | the price of funds became more | money supply as such but also on |fevorable." 5, |8 sustained, balanced, healthy growth in a tough com. petitive, but, let us fervently |hope, an essentially peaceful economy of nations." economic