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Tourist Gains Helped Balance Of Payments told! WORKS LIKE SUB : tario Doctor With Nursejriesicy AUCKLAND, NZ. (AP) -- A to a question by| scientific team working off New] . : Rep Flown To Gogama eee ger eT Meant@-|Caledonia in the South Pacific TORONTO (CP)--A 'doctor|\Dymond said official reports he|4as found that the beautiful and a nurse have been flown|had received conflicted with|shelifish pearly nautilus varies from Sudbury to Gogama to as-\news reports of the outbreak.|its buoyancy in the same man- sess the seriousness of an in-| The medical team will assess|ner as a submarine. It pumps uenza outbreak in the isolated|the situation and stay in the|water in and out of its shell northern community 60 miles|Gogama area as long as needed|just as a submarine fills or em- southwest of Timmins, the On-'Dr. Dymond said, legislature was SSS BR Seas 8 Ss ee is: Mi OTTAWA (CP)--Big gains in tourist income helped to shave Canada's balance of payments deficit to $848,000,000 in 1962, a drop of $134,000,000 in the year. _-It was the third consecutive decline from the peak deficit of $1,494,000,000 in 1959 Figures released Wednesday by the bureau of statistics showed that with Canada earn- ing slightly less on trade due to a reduced 1962 trade surplus, the over-all decline in the cur- rent- account deficit occurred entirely in non - merchandise ' transactions. The deficit on non- acd ag al dise iransactions dropped by $152,000,000 to $1,033,000,000-- and more than 70 per cent of the decline came from an im- proved tourist situation, plus lower foreign-aid payments and less emigration to the United States. Canada's tourist-account » def. icit went down $110,006,000 to $50,000,000 from $160, 000,000 in 1961, Biggest gain came as the 1961 tourist deficit of $24,000,000 with the United States swung. over last year to a sizeable surplus of $90,000,000, 'the first surplus Canada has had with the U.S. since 1951. CREDIT DOLLAR PEG The switch was attributed to last May's pegging of the Cana- dian dollar at 92% cents in terms of U.S. funds, and the reduction to $25 from $100 in duty-free goods Canadian tour. ists can bring home in any four- month period from the U.S. Meanwhile, Canada had an overseas travel deficit of $140,- 000,000. This was only slightly more than in 1961. On the capital side, Canada financed the current - account deficit with exceptionaily large inflows of capital in the second half of the year following the mid-June exchange crisis. In the first half of the year, capital outflows offset most of net $273,000,000 outflow of short. term capital and the net income of long-term capital was cut tc a bare $11,000,000 as against $334,000,000 in the last half of 1961, With the year half over, money began to pour back into Canada with more than $700,- 000,000 of it in long-term forms --producing a@ year-end oe of $718,000,000, about $72,000, less than in 1961, The full saan s inflow of short-term capital was $337,000,000 as against $421,000,. 000 the previous year. The long-term capital--mak- ing up about 85 per cent of the current - account deficit -- in- cluded $525,000,000 in direct in- vestment, some $10,000,000 more than in 1961. This was exceeded only in three other years--1956, 1959 and 1960. PAID FOR TAKEOVERS The bureau estimates that as much as a third of this direct investment was for take-overs of Canadian firms and inter- ests, and for refinancing. "This was an unusually large proportion, such inflows being more than four times their size in 1961," the bureau said. Most of this money went for takeovers of several oil compa- nies and a retail food chain, but there were also 'significant amounts" to buy major inter- ests in manufacturig compa- nies and commercial real es- tate, About $190,000,000 of this di. rect investment came into Can- ada in the last quarter of the oa October to Decem- er. With the American and Brit. ish shares of this direct invest- ment dropping slightly to 60 per cent and 20 per cent, respec- tively, other overseas countries doubled their investment in 00) Canada to about per cent of the $525,000,000 total. In security transactions, more than seven-eighths of the whcle year's net capital inflow of $282,000,000 came in the fourth quarter, The total com- pared with $306,000,000 in 1961. BAN CERTAIN SOAPS PORT ARTHUR, Ont. (CP)-- An immediate ban on the sale of mineral-based detergents has been passed by the Lakehead council, A report from the lo- cal medical officer said such detergents could not be broken down in sewage treatment plants. Mayor Waino Laasko said: "Many people in southern Ontario are drinking water, which is, in fact, mild deter- gent." pties its buoyancy chambers. RETAILERS TO THRIFTY rest and eve "Vinyl" 723-2294 21 SIMCOE S. ZeLLLERS CANADIANS Save on De Luxe Strollers BUY NOW AND SAVE! SPRING OUTINGS ore a pleasure with this de luxe stroller! Sturdy plated tubular metal frame and ac- cessories; adjustable foot-rest, back- other high-price features. matelasse up b AT @ Satisfaction Guaranteed @ Z\, 3 * eat Credit Plans To Serve You JUST SAY CHARGE IT! 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