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Credit Change Process Not Cure-All For Ills TORONTO (CP)--Changes in credit conditions are no more a cure-all for economic ills than any single kind of treatment is for physical ills, Louis Rasmin- sky, governor of the Bank of Canada, said Monday. Y In an address to a_ joint luncheon meeting of the Tor- onto branches of the Empire and Canadian clubs, Mr. Ras- minsky said monetary policy is but one of the instruments of public policy which influence the performance of the econ- omy. It was Mr. Rasminsky's first public address since he was ap- pointed governor of the central bank in July, 1961. sufficient condition, economic performance. monetary policy in Canada in the last two years has had to give a good deal of -attention to shoring up our external posi- tion." wide agreement that Canada's external economic performance "Whether one likes it or not, | He said there is increasingly has not been altogether satis- factory. "Our dependence on capital from abroad to pay for the im- port surplus of goods and _ser- vices, and the associated in- crease in our large international indebtedness, have been ele- ments of instability in our posi- for good ductive case, levels of output and employ- ment have been much lower than we are capable of sustain- ing. And it is certainly not with. out significance that the im- in domestic eco- nomic conditions in Canada dur- ing the last couple of years has been accompanied by--and in- deed has been closely related to --the sizable reduction which has occurred in our current ac- count deficit." Mr. Rasminsky said part of Canada's economic difficulties during the last several years provement On the contrary, resources were being used to capacity, "But this has not been the our ee Papers Grow In US. Since 1945 By DAVID DAVIDSON tore it to economic health. about the general health markets are making the grow often painful. The trade magazine Edit War both the number of daili NEW YORK (CP)--The giant circulation New York Mirror died last week after the appar- tion promotional surgery to res- The post - mortem on The Mirror is~raising questions newspapers in the United States. Most observers say the indus- try is expanding but that prob- lems of rising cost and shifting and Publisher said last week that since' the Second World in the U.S. and their circulations r THE OSHAWA TIMES, Tuesday, October 22,1963 13 z Eastern Sugar Mills} To Keep Price Up MONTREAL (CP) -- Spokes- men for Canada's three major eastern sugar refineries said Monday they will maintain the at $17.85 a 100-pound bag des- pite the price cut announced by British Columbia Sugar Refin- ing Company. The three eastern refiners-- St. Lawrence, Canada and Do- minion and Atlantic--raised the price $1.10 early Monday, fol- lowing an increase in the Lon- don daily price of £8 a long ton, bringing the price to its high- est level since July, 1920, when it hit $24. B.C. sugar followed the east- ern increase but rescinded it an hour later. Sugar prices are. 'just too damn high,"' said Alan M. Rob- ertson, senior vice - president ent failure of Hearst Corpora- of th or es and many persons 'are turning to sugar substitutes . . . it's costing us a lot." A spokesman for one eastern refinery said: "I don't know how they can do it. They must have some magic formula." "We couldn't play that kind of game because our sugar is bought on a day-to-day basis and we have to pay the going rate." BROWN'S LUMBER &- SUPPLIES LTD. "DO-IT-YOURSELF HEADQUARTERS" NEW HOMES & HOME IMPROVEMENTS FULL LINE OF BUILDING MATERIALS 25-4704 436 RITSON N. Treat Yourself to CANADA'S Finest has arisen from a change in the external economic environment. This, he said, was extremely favorable in the first half of the 1950s and much less favorable of B.C. Sugar. Sugar prices had increased. I were '"'unrealistic," he said, In 1945 there were 1,749 dailies with a combined circu- lation of more than 48,000,000 compared with 1,760 this year tion. ee In referring to reliance on for- eign capital he said he had in mind net inflows and that a re- "There is a great deal of dif- cwitdd RITSON NE ference of opinion," he said, "about the extent to which moderate changes in credit con- Reading There Are Special Benefits For All ditions can be expected to in- fluence the performance of the duction in Canada's reliance on net capital need not, of course, since then. "There is no practical way of insulating ourselves from such selling nearly 60,000,000 copies BUSINESS EXECUTIVES economy. ; preclude continued large gross "T am inclined to think that|flows of capital in both direc- most people tend to over-esti-tions across Canada's interna- mate the gg Soles par tional borders. tary policy taken by itself, in which' the vigorous use of the|/WOULD BE DIFFERENT monetary instrument can be of} "Our large aa geys re- substantial help." liance on net inflows of foreign D 2 ' Mr. Raxnnuty said he re-|capital to finance a current ac- both oe and internal, is en gards monetary policy as a nec- count deficit would have a dif- Sor tr be ut we must endea- essary condition, though not a ferent aspect if Canadian pro-|Vor to keep up the momentum BUSINESS SPOTLIGHT AND SALESMEN bd personal me or tor ®@ ACADIAN rin setcnes when @ PONTIAC definite advantages when e BUICK ie you lease a new... No insurance costs . . . No maintenance costs . . . One rate covers -Phone or come ip everything on one or two yeor lease items . . for full details. MILLS AUTO LEASE PHONE 723-4634 LTD. 266 KING ST, WEST ; . set out figures showing that in 1962 newspap- ers did better financially than they had in the last few years. Last year was oné of the few since 1945 in which income, on the average, showed a larger percentage gain than expenses. Newspapers in the 25,000-50,- 000 category last year recorded the largest gain in circulation. The composite increase for all papers was 2.99 per cent. a change. But we need to find out how to float more buoyantly in whatever external economic environment we may encoun- ter. The recent improvement in Canada's economic position, Other Models On Value! | Paper Mill Addition Boosts N.B. SAINT JOHN, N.B. (CP) -- Construction of a $33,000,000 ad- dition to the New Brunswick Economy chase process steam from the power commission's adjacent thermal generating station. The steam, which comes from the DIVIDENDS By THE CANADIAN PRESS Acklands Ltd., pfd. 3714 cents Nov. 30, record Nov. 15. Bailey Selburn Oil and Gas Ltd., five per cent pfd. first series 3144 cents, 5% per cent pfd. 353%, cents, Dec. 2, record Nov. 15. Great West Coal Co. Ltd., class A 12% cents, Nov. 15, rec- ord Oct. 31. The washing action that dares to be different | | | | | | | pulp and paper industry -- al- National Drug and Chemical Company of Canada Ltd., com- mon 20 cents, pfd. 15 cents, Dec rovince's biggest/exhausts of the thermal plant's Pelisrer -- is proceeding| turbines, had been used for "right on schedule." |nothing more than "heating 1D |S card Noy. 8 Rothesay Paper Corpor- the Bay of Fundy," commis-|\"' v. 8, aie Rothesay ort eaatern|sion Chairman Daniel A. Riley|, Rabld Grip and Batten Co. Saint John is expected to be in said. : ror ercelgeeed conta, Jan. 1, ration in December, 1964. It After it is used by the paper|/#°4, ec. will employ 250 workers on the|mill, the steam will be pumped! Reid Lithographing Co. Ltd., yite and 250 more in supply. jback as hot water to be used/pfd. 78% cents, Nov. 15, record . ill is the first phase of|282in for making high pressure/Oct.' 31. The mee hi stage develop-/Steam to drive the thermal] Royal. Oak Dairy Ltd., class 8. plunges . three: T ahed by plant's turbines. |A 15 cents, Nov. 15, record Oct. ment by Sal i hacen tirm| The city recently agrzed to|31. seer Canadian 'headquarters in|Supply the plant with 6,000,000 gallons of water a day at the Montreal. ne plant(U'set and 12,000,000 gallons Rage Apt Ss -- Hamn|When the plant is at peak pro- duction. sold--most of it outside Can-|" Rothesay will buy a substan. ada. The original plans were ! tial part of its pulp wood and for an annul capacity of 140,- P pulp 2 '4 also will be cutting on 600 000 tons but this was revised|-quare miles in southern New upward to 160,000 tons. Brunswick purchased recently Woods operations, taxes, Wa-|from Fraser Companies Ltd., ter and power costs and wages/one of the firms associated with will pump about $12,000,000 into/the project. the provincial economy; The over-all three-stage plan annually -- and strengthen the calls for the newsprint mill to position of the forest industry|be doubled as the second step as the number one contributor and followed eventually by a to the gross value of manufac-jchemical pulp mill. tured production in the prov- ince. In 1962 this contribution was estimated at $150,000,000. Pulp and paper. mills employ about twice as many persons as any other provincial manu- facturer. ee MACHINERY ORDERED More than $5,000,000 worth of machinery has been ordered for| the plant including a newsprint) machine the company says is probably one of the largest in) the world. The unit is capable of reeling off a sheet of paper 29 feet Available in a dazzling cavalcade of glowin ; { wide at a rate of 30 miles an) ° hour at top production, | Color-Magic patterns and colours. Beautiful, a's soete seech full produc: practical, versatile Arborite* withstands a agg ee "Secause te ' boilingwater temperatures, defies stains and hi has to start ly j j inn) j ee as eon blemishes, resists chipping and cracking, remains bright and sparkling new year after year! Beautify your home with the wonder- ful Color-Magic of Arborite. Choose Your Favorite Magazines PLUS She Oshawa Sines All for Only € Spe a Week @ Our Carrier will deliver the Oshawa Times @ Your Magazines will Come by Mail, @ No Money Down. Every Order Fully Guaranteed CHOOSE 4 MAGAZINES -- All from Group "8" OR 282 King W. professional Here's how You select your Magazines 3 MAGALINES -- 1 from Group "A" and OR 2 from Group "B" 2 MAGAZINES ~ Both from Group "A" ---GROUP B- Magazines New Ren, 1 MeCALL'S oveves CATHOLIC DIGEST ...... U.S. CAMERA ......000. FIELD & STREAM ....... PHOTOPLAY SCIENCE & MECHANICS TEEN-AGERS INGENUE ... Atlantic Advocate ........ Rod & Gun ... True Love oeecceee Haunting & Fishing ....... --t nnenene lousekeep ee oe 9 umpty Dumpty TV Radio Mirror Popular Gardening & Living Outdoors Le Samedi (Fr.) Le Rev, Populaire (Fr.) Au Grand Air (Fr.) La Rev. Mod., Chatelaine (Fr.) Le Magazine Maclean (Fr) . 5 in every room in your home! Magazines New Ren. CT (1 ARGOSY [The Man's Magazine), 3 yrs. ( REDBOOK 3 yrs. (0 BETTER HOMES & GRDNS. 3 yrs. LADIES HOME JOURNAL . 3 yrs. TRUE STORY yrs. CHATELAINE yrs. PARENT'S MAGAZINE yrs. Sports Magazine . yrs. Child Life . (Age: yrs. Flower Grower yrs. Mod Photography yrs. Christian Herald ........ yrs. Mechanix Illustrated ...... yrs. Moody Monthly yrs. American Home yrs. Glamour yrs. Esquire ..... yrs. American Girl yrs. Liberty 2... 6a yrs. Modern Screen yrs. Mobile Home Journal .... . yrs. Calling All Girls (Ages 7-14) 3 yrs. Maclean's (Every other week) 3 yrs. --GROU ers become accustomed to it." About 30 highly-skilled news. print workers will be hiced| initially and'the company plans a training school for staff mem- bers. before the. plant opens. Most o* the plant workers will be recruited locally. Agreements for taxes and water supply have been com- pleted and the company re- cently 'signed a long-term con-| tract with the New Brunswick| Electric Power Commission for its energy requirements. Rothe-| say says the energy agreement} is unique in North America. The paper plant will pur- up down--330 times a minute : Why up and down? Less wear and tear And it works. Give even the heaviest, on clothes. Only a Frigidaire Washer's dirtiest denims 6600 ups and downs and . agitator works this way. All Frigidaire they come thoroughly clean. But that's Washers work up and down. Not side- easy. The real test is with your dainty ways. , things. They don't take kindly to backs Why not sideways? Because sideways and forths. But they come clean gently agitators wash by dragging clothes with ups and downs. No drag. Anything through the water. Back and forth: Back youcan put in water can be washed in the and forth. Too many pulled threads, Frigidaire up-down Washer. Up and down is kinder te your clothes, More facts: You can use liquid, or Safer. Instead of dragging clothes through powder washing aids, You can spin water the water, the Frigidaire out fast when washing's agitator pumps sudsy done, leaving clothes bare- water through the clothes, ly damp and saving dry- Keeps clothes entirely un- ing time. Still more facts? derwater too. Always cir- See your Fridigaire Wash-. culating. Never letting er dealer, See his match- them ride up. ing dryers, too. tj) FRIGIDAIRE EF PRODUCT OF GENERAL MOTORS BUILT BY CANADIANS--FOR CANADIANS Frigidaire Washers with up-and-down agitators come in every price range. eeeronece ASK ABOUT The New 6-Month Deferred Payment Plan No Down Payment -- No Payments for 6 Months MILLWORK & BUILDING SUPPLIES LTD. 1279 SIMCOE NORTH 728-6291 OPEN DAILY: 7 A.M, till 6 P.M.--Fri, Till 9 P.M. sercees seeeee see enee seer eeeenne fianns paNNTTN ooo0o0oooono0 oooooo0o00o0000 ud eawu i liashanesoiniaeas oOooo0egooono0 ooo0000000 TV GUIDE . ' Mademoiselle perro Ya Children's Digest (Ages 5-12) 3 yrs Ellery Queen's Detective Mag. 3 yrs. Jack and Jill <3 3 yes. House Beautiful oe @ Yt Sports Afield .... ~. 3 yrs. House & Garden 3 yrs. Popular Mechanics ....... Front Page Detective ..... Harpers Bazear ... Show Magazine CO High Fidelity se eeeee ooo000o00o0 % oooo00 ooo0oo0oRoo000080o oo0000000 y coo ooooooo0oo00o00000o os NEED | GARAGE? See Scotiabank. You'll be surprised how easy it is to arrange a Home Improvement Loan for this or any other worthwhile purpose at The Bank of Nova Scotia. Talk to the manager and di: how repay can be adjusted to suit your budget, : Seotia Yoen THE BANK OF NOVA SCOTIA ooo00000000 ooo00000000 PLEASE ALLOW 6 TO 8 WEEKS FOR FIRST MAGAZINE TO ARRIVE DO NOT WRITE HERE ue Newspaper Delivered By .. STURDY WASHER Carrier's Route No. ....cceeeess-: Please enroll me as a member of the Oshawa Times Economy Reading Plan. This gives me the privilege of receiving the Oshawa Times for 36 months and the magazines chec' le 1 agree to pay 65 cents weekly for 36 months with the understanding that this amount represents full payment ot present rates for not only the magozines but also for the news- paper. ig + PHONE NO. 2.0025 ss000 Your Frigidaire Dealer In Whitby . . . BUTT RADIO & APPLIANCES 118 BROCK ST. SOUTH PHONE 668-3707 © ADDRESS .....44++ CITY... cc cce ences ORDER TAKEN BY ALL MAGAZINES MUST BE DELIVERED TO THE SAME ADDRESS oO NEw NEWSPAPER SUBSCRIBER o PRESENT NEWSPAPER SUBSCRIBER cocees APT. NO. PROVINCE . HOME APPLIANCES (Oshawa) LTD. 90 SIMCOE SOUTH PHONE 725-5332 ; OR IF BUSY 725-6335