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16 THE OSHAWA TIMES, Tuesdey, February 19, 1963 Cuba Sugar Crop Drop Predicted OTTAWA (CP)--Latest indi- cations point to a drop of at Jeast one-third in the Cuban sugar crop this year from that of last year, an informed source said Monday. The harvest is expected to range between 4,000,000 and 4,200,000 tons compared with an estimated 6,600,000 to 6,800,000 tons harvested last year. The short crop is held largely responsible for a big increase in the world price of sugar and a consequent jump in retail prices. The Canadian housewife be- gan to feel the pinch last No- vember, when the average re- tail price spurted to 10.3 cents from 9.7 a month earlier. Since then the cost has con- tinued steadily upward, until today it was 13 to 14 cents a pound in Ottawa. Trade experts predict that sugar prices will remain at an abnormally high level for some time to come. Compounding the effect of the expected fall in the Cuban har- vest are rising. demand from countries and crop damage both in the southern United States and in sugar-producing coun- tries in Europe. If the predictions of this year's Cuban crop, now being harvested, prove well founded the crop will have slumped by about 3,000,000 tons from that of two years ago, when it sur- passed 7,000,000 tons. The drop is attributed to a combination of poor crop condi- tions and damage believed done to cane stands by inexperienced cutters during the 1961 and 1962 harvests. These inexperienced cutters, recruited in the cities, were pressed into service to supple- ment the work of Cuba's peas- ants. Reports have suggested that many peasants have lost their incentive to work in the cane fields under conditions of socialism, Cuba is believed to have com- mitted 4,680,000 tons of sugar to the Soviet bloc this year un. der various barter arrange- ments -- somewhat more than she now is expected to pro- duce, some of the underdeveloped Politicians Urged To State TORONTO (CP)--Carl A. Pol- lock, president of the Cana- dian Manufacturers' Associa- tion, said Monday night the various political parties "should tell us plainly and positively how they propose advancing the growth and prosperity of Canadian .ndustry and the whole economy in the months and years ahead." Addressing the Board of 'Trade Club of Metropolitan Tor- onto, Mr. Pollock said Cana- dians must be prepared to adapt themselves to interna- tional changes and to turn them to their advantage in every way. possible. "On the whole," he added, "T am not pessimistic concern- ing our ability and willingness to do so." Dealing with trade, Mr. Pol- lock commented: "We have a long way to go before we can say that our ex- ternal sales of manufactured goods have reached a satisfac- tory level, but we are getting there. _"If we grasp the opportuni- ties now available and those likely to present themselves in|the Program vinced that we can create a s.:uation in which the annual value of our exports not only exceeds that of our imports but does so in such amount as to actually give usa favorable in- ternational balance of pay- ments." Mr. Pollock, president of Do- minion Electrohome Industries Ltd., in Kitchener, said much will depend on the extent to which Canadians are suc- cessful in holding down costs, improving industrial productiv- ity and generally bringing about greater efficiency at all levels. Mr, Pollock said Canada's to- tal tax burden is nearly as great, proportionately as that of the United States 'and we are much less able to stand it. "Our most urgent need, there- fore, is corporate and individ- ual tax reductions. and other in- centives aimed at pepping-up an economy that is definitely un- der-developed in relation to its industrial potential." He urged, as an absolute min- imum, that corporate taxes be "abr epag to a level "at least as low as tha. sbtaining in any of leading industrial coun- the next few years, I am con- tries, BUSINESS SPOTLIGHT Canadian Mutual Funds Snowball By BRUCE STOVEL Canadian Press Staff Writer Canada's mutual funds have snowballed in size in the jast 15 years until now. they own more Canadian cornmon: stocks than any other investing group: Alan Chippindale of Montreal, President of the Canadian Mu- tual Funds Association, esti- mates sales in 1962 by the 26 member funds in the associa- tion will be "significantly higher" than 1961 sales of $170,- 000,000. An increase is also foreseen in total assets of the funds, which amounted to $746,470,085 i: 1961. Of that amount, some $465,- 603,288 was held in Canadian common stocks. Mr. Chippindale said this fig- ure is slightly more than double the Canadian common stock holdings o* life insurance com- panies operating in Canada. Pension funds owned slightly more than half as much in Ca- Metals Steel Stock Market Limelight TORONTO (CP)--Base metals stole the limelight on the stock market Monday as industrials took their first loss in four trading sessions. The base metal index--com- piled from 15 leading issues-- gained more than 1% points. Trading interest centred around Noranda Mines as the stock traded nearly 20,000 shares. A special-sized transac- tion of 27,500 shares at 32%, worth a total volume of $800,- 625, accounted for the greater part of the volume. Falconbridge was best senior base metals, with a gain of %. International Nickel was ahead % and Consolidated Min- ing and Smelting %. Weakness was general in the main list. Biggest loss of the day went to Canadian Westing- house, down 2% at 26. Algoma Steel and Interprovincial Pipe by. "= dropped %. x, industrials dropped 50 at 504.63, and western oils 93 to 11455. Base metals climbed 131 at 198.73 and golds 82 to 93.57. Final volume was 3,845,000 shares compared with 3,906,000 Friday, Hollinger led golds with a gain of % at 244%. nadian common stocks as the mutual funds. Mr. Chippindale estimated there were about 220,000 share- holders of Canadian mutual funds in 1962, with an average holding of about $3,500. Owners were mainly the "smaill man" --farmers, executives, lawyers, housewives and such -- though several "sophisticated" invest- ors such as pension funds held by open-end mutual funds which are organized and pri- marily owned in Canada. Open-end, or mutual, funds are investment companies whose shares are redeemable by the holder at current asset value. Canada's mutual funds had Only $29,000,000 in assets just 15 years ago in 1948. By 1951, as- set value had grown to $56,700,- 000 and by 1955 assets had rearhed approximately $250,- 000,000. _ Mr. Chippindale, also manag- ing director of Canadian Invest- ment Fund, the second-largest Canadian mutual fund, says the funds perform a valuable stab- iiizing role in the stock market. SOLD SOME HOLDINGS He said CIF sold some of its common stock holdings in late 1961 when it was felt stock prices were a little high. Then the company sank $6,000,000 in cash reserves into common stock last year in the five-week Period of falling prices begin- ning in late May. "Other mutual funds say they did the same thing when stocks started dropping fast," he said. "In this way, the funds keep the bottom from falling out of the market, and on the other hand they keep prices from ris- ing to unrealistic levels." He says the success of mutual fufids in 1962 despite the sharp drop in stock prices at mid- amongiyear is proof "'the vehicle is sound, even if there are occa- sional mistakes made. "The mutual fund provides a medium for diversified invest- ment, primarily in common stocks. By diversifying, individ- ual losses are balanced out by the long-term rise of the mar- ket. "The whole system is based on the fact nobody knows what will happen tomorrow. But by specialized research and wide diversification, you. can im- prove the odds of coming out of your investment with a gain." | ENGLISH DINNER SETS BY 'JOHNSON BROTHERS' "SADLER" 3-PCE. ENGLISH TEAPOT SET Creamy earthenware in a fluted design with shining colour-of-gold trim. Pink rose motif with green foliage. Teapot is 6-cup capacity, and set includes cream jug and sugar. EATON Spotlight Sale, 3-pce. set........ P| EATON'S MALL LEVEL, DEPT. 252 "Myott" Earthenware CUPS AND SAUCERS Graceful swirl design in eggshhell white with scalloped edges, pear- shaped cup. An excellent value ! 4.99 EATON Spolight Sale, 6 cups and 6 saucers POTLIGHT ECONOMY CHINA, Choose from three delightful 'Snowhite' earthenware patterns Service for Four, Six or Eight (Not illustreted) A--"AUTUMN SONG." Wheat spray and flower design in turquoise and grey with colour-of-silver rims, EATON Spotlight Sale: 20-piece set -_-_. $8.95 41 -piece set -__. 22.95 66-piece set ___. 42.95 B--"SPRING LEAVES." Modern coupe shape with side spray of green leaves and a few tiny pink flowers, Solid pastel green cups. EATON Spotlight Sale: 20-piece set _-__ 7.95 4l-piece set ---. 19.95 6G6-piece set -... 39.95 C--"BLUE GRASS". Modern coupe shape with side spray of stylized wheat and field grasses in pale blue and grey. Solid pastel blue cups. 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