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24 THE OSHAWA TIMES, Wednesday, April 11, 1962 GNP Rise Predicted In Flemings Budget By ALAN DONNELLY OTTAWA (CP) Finance Minister Fleming presented an "expansionist" budget Tuesday night and said economic recov- ery needs continued stimulus. He forecast in the Commons a seven-per-cent rise in gross national product in 1962 which would push national output to $39,423,000,000 from last year's $36,844,000,000. Canada now has rising pros- perity, more jobs, greater op- portunities and rapid economic growth, Mr. Fleming said in starting his pre-election budget speech, "But we must not be compla- cent."' .. Industry still had unused ca- pacity. The decline in unem- ployment rates "must be car- ried*much further." The inter- national balance - of - pay- ments deficit needed to be fur- was based on the assumption! Dealing with the exchange|George S. Piers, manager of rate on the Canadian dollar--|the Ottawa and Hull Better that this year's farm harvests will be normal -- a question which hinges on whether last year's prairie drought will con- tinue. : The predicted seven-per-cent rise in GNP would be equival- ent to the increase in rate of output during the last nine | months of 1961. .Last year's over-all gain in GNP, however, was only 2.5 per cent. REVIEWS EXPANSION The pre-election flavor of the budget speech was heightened by a lengthy review of the eco- nomic expansion which has oc- curred and of government mea- sures carried out in recent years. "The vigor of the expansion that has occurred is due in no small measure to the blend of sound, strong policies we have now worth 951% cents in U.S. funds--Mr. Fleming said policy statements in his last budget June 20 did not mean the gov- ernment had adopted an ag- | gressive policy to drive down lthe exchange rate. | The rate had fallen as a re- sult of the removal of exces- sive pressures. However, he said the govern- ment will not hesitate to em- its exchange \funds" through vent "sudden or erratic move- ments in our exchange rate." HELPED BOOST SALES The reduced exchange rate had inhibited import buying and lhelped boost export sales. | But "unquestionably" the full ploy "fa substantial volume of} |fund--either buying or selling] U.S. dollars~in order to pre-| Door-To-Door Sales Season Preparation OTTAWA (CP)--This is the season for door-to-door sales- men and they're likely to in- clude some phoneys, says t |Business Bureau. | He offers some suggestions jon what to watch out for: | 1, The seed salesman who |promises grass that will grow no more than 1% inches and doesn't need cutting. 2. The tree surgeon who tells you he can save your trees "for all time," 3. Repair men who point out't some minor damage to yow! chimney and warn you that will fall down unless fixed. and scare the daylights out of old people," Mr. Piers said of often they did a partial job and charged outrageous prices. door photographer who insisted a child was a 'Hollywood na- tural." He might be handy with compliments but less skilled in hi Mothers often took advantage of the photographer's visit to save themselves a trip downtown and found pointed with the quality of the pictures. buying any goods unless you} know either the merchandise or "They make up quite a story} he chimney repair men, Most Then there was the door-to- is work, Mr. Piers said. it}is not one bit better than the company that gives it to you." tance of reading all the fine print in a contract. realize the importance of their later they were disap-| Mr. Piers advises against} he salesman Eo ALL COLOR TODAY ONLY! PROGRAM THE Color by TECHNICOLOR PLUS! * MAN You'll Never Forget! 4 in TH E FRG "And remember, a guarantee He emphasizes the impor "A great many people don't signature." A signed contract couldn't be broken unless fraud was proved. Claude Root, géneral man- ager of the Montreal bureau, told a;service club that many people look only at a low price tag and neglect such things as service and maintenance. be wholly eradicated either by government community as long as the pub- lic didn't protect itself. \demonstration of a firm's sell- ling policy and if a merchant lies in his advertising he will mislead a customer right through the whole transaction," "Sharp practices" could not to check with a Better Business)Halifax, Quebec, Montreal, Ot- Bureau before -- not after--jtawa, Toronto, Winnipeg, Cal- goods are purchased and con-|gary, tracts signed. Sureaus exist in|couver. Edmonton and Ven- or the business "Advertising is the outward Mr. Piers said it's important > DOUBLE CHILL AND THRILL SHOW! THE TERRIFYING LOVER WHO FEATURE TIMES:-- 1:30 - 3:25 - 5:25 - 7:25 - 9:15 SAMMY DAVIS PETER LAWFORD JOEY BISHOP PLAZA NOW PLAYING PHONE 723-2843 [PANAVISION' BSL TECHKICOLOR™ Released they UNITED [ZY ARTISTS 4 PETER CUSHING: MicHAEL GOUGH au MELISSA STRIBLING we CHRISTOPHER LEE se pracura STARTS TODAY introduced,"' he said. jeffect of the lower dollar rate The government had madej/had not yet been felt on Can- significant tax cuts to stimulate|ada's trade balance, tourist ex- consumer demand and _ hadjpenditures and other interna- boosted welfare payments and|tional transactions. ther reduced. 'EXPANSIONIST' BUDGET The minister sounded an early keynote that budget pol- icy 'will continue to be expan- so FLL; VICTOR MATURE "SAFARI IN; TOMORROW! "THE LAST DAYS OF POMPEII" \) el "NIGHT FIGHTERS" -- ROBT. MITCHUM |) cy Ww transfer payments to provinces! Mr. Fleming said the interna: | sionist." Later, he added: --_|and municipalities. ltional balance - of - payments A "We must be careful to avoid) Federal payments to individ-{deficit still is larger than it a premature dampening down|uals had risen to $2,014,000,000 ought to be. of the upswing which is under/in 1961 from $1,224,000,000 in| He said last year's merchan- bi A ' _ 11956. ldise trade surplus was $179,000,- Fiscal policy must Connie The value of total federal|000--an upward revision from to provide stimulus to the eco-\payments and tax abatements|the original estimate of $87,- nomy and further specific mea-ito the provinces would be an/600,000. The improvement from sures must be introduced to im-jestimated $1,794,000,000 in the|the 1960 trade deficit had more Prove the quality of our indus-|1962.63 fiscal' year--more than|than offset a rise in the deficit trial output, thereby stimulat-|91 times the 1956-57 total tolon non - merchandise transac- a? employment and income." ¢689,000,000. itions and the balance-of-pay- ' e also announced measures) yy, Fleming said these con-|ments deficit had been cut to} o stimulate technological re-|, .. Bite ¥ , search and develo tributions to the provinces have! $989,000,000. Se resulted in federal budgetary) j j Mr, Fleming's forecast offsons ag ary) Reporting on his management rong es deficits. The cumulative in-jof the public debt, Mr. Flem- gain in gross national product/crease in them during the lastling said there had been "very five years exceeded by $376,-|beneficial" results to the econ- is - 000,000 the $2,192,400,000 total of/omy from the fact that fluctu- Financial budget deficits in the five years. ations in interest yields of bonds Revi Highlights ; - ie in the market had been moder- Oe eee eagle ate, interest rates had declined $10 boost in old age pension and the spread in Canadian and payments to $65 a month Oe eda ceca rates had nar- produce a $64,000,000 deficit in . ' the pension fund in the new| He noted that his budget 1962-63 fiscal year, compared pledge last June to limit fed- with the $24,000,000 surplus last eral bond borrowing to short- year. term issues had been carried gen ee The fund, operated separat- rgapanatoden cy nunue | ely from 'budgetary accounts, is : financed by specially earmark- ed taxes. Mr. Fleming said the govern-| ment will give the question fur- ther study in the light of its discussions with the provinces|advance retirement of $166,000,- on a constitutional amendment}000 worth of federal bonds jout and said the government will continue policies "that will that would permit a federal|since June, would continue to plan of contfibutory pensions. 'operate. OPENS AT 6:30 Winner of ACADEMY AWARD NOMINATIONS including BEST ACTRESS OF YEAR Audrey Hepburn BEST SCREEN PLAY BEST SONG "Moon River" BEST MUSICAL SCORE BEST ART DIRECTION (color) PLUS MORE BLOOD-CURDLING THRILLS! Scr eeee eeeeeeeeeee' BOTH FEATURES ADULT ENTERTAINMENT BILTMORE 19 s=cze6,) DOORS OPEN MONDAYS THRU FRIDAYS AT 6:00 P.M. ¢ § THORNTON RD. AT HIGHWAY 401... PHONE, 723-4972 ILDREN under 12 FREE! ALWAYS A COLOR CARTOON jpromote a sound and orderly investment market and inves- tor confidence." TO CONTINUE FUND The purchase fund, used for Gross national product in 1962 forecast to rise seven per cent--compared to last year's 2.5-per-cent gain--given nor- mal crops. Continued stimulus required for economic growth, with specific measures to encour- age industrial output, Five-year increase in fed- eral payments and tax abate- ments to the provinces said to exceed five-year total of fed- eral budget deficits. | Old age penson fund fore- | cast to run $64,000,000 deficit in 1962-63 fiscal year. ie HEPBURN \ The NAVY shows the girls how to tie-up Y! Government prepared to use "substantial volume" of cash through foreign ex- change fund to prevent sud- den movements in Canadian dollar exchange rate. | sPETER ROGERS ~~ Watch Your Stem IN ORDER NOT TO MISS HALF THE JOKES, PLEASE DO NOT LAUGH TOO LOUD OR TOO.LONGI Full effect of lower ex- | change value of dollar on trade balance and other in- ternational transactions still to be felt. 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