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

Pension Plan Effect On Finances Queried OTTAWA (CP) -- -Any pro- posed pensions legislation should 'take account "'of the Price that will have to be paid in terms of the financing of our national development," the royal commission on banking and finance reported Friday. The commission report, tabled in the Commons, held that it is "all but certain that the financing of a national pen- sion scheme with relatively high benefit levels would result in a substantial reduction in the funds available for invest- ment" in mortgages, bonds and stocks: F On private pension plans, finm figures were lacking but di i with per actu- aries indicated that. $4,600,000,- 000 in assets held by trustee- administered plans might be $2,000,000,000 or more below the amount required for full fund- ing--that is, to have enough as- sets now to meet future obli- gations. On this basis, if funding were to be- carried out over a 25- year period, it would require extra annual payments of about} $125,000,000 at four per cent in- terest. This would represent an increase of about 20 per cent in the rate of contributions as of the year 1961. "Tf one goes on to consider rd fits, the magnitudes involved become much larger. "Indeed, they raise serious questions about the ability of the economy to support such pension: benefits and about the consequences' for financ ial markets of different contribu- tion arrangements. In. addition, sizeable public pensions would almost certainly involve a con- siderable expansion of the role of government in the economy." SEES LIMITS There was a limit to the amount of goods and services the working population would be willing to produce for re- tired people. There was also a limit to fhe amoiirit of supple- mentary private saving to be expected if contributions to a national scheme absorbed a substantial part of the income people were able to devote to providing for their future, If a public pensions 'plan were funded, the impact on normal investment patterns would de- pend on how administrators in- vested the money. If they used it to buy government securities, there would be a reduction in the need to sell these to nor- mal investors. Or there might ibe a tendency for governments |to spend more freely than other- wise. | broad investment rules for priv- ate pension plans. It would ban investment in the employer's own securities except in the case of plams ad- ministered by federal or pro-; vincial governments. All funds} would be prohibited from in-| vesting more than 10 per cent} of theit assets in securities of| one issuer except for federal or} provincial issues, | All private funds should be) } adequate to meet terms of the) pension plan and authorities| | should require annual reporting] ' to make sure there were enough assets to meet liabilities. This examination: procedure was more urgent than setting out investment requirements. CUT ANNUITIES OFF The commission echoed the The Oshawa Flying Club this week took delivery of its new- ést airefaft -- a Cessna Sky- hawk. The Skyhawk is a busi- ness or family_plane designed four people and two children to take the work out of travel. or 120 pounds of baggage. It It will fly at speeds up to 139 has a range of 550 miles. Wil- miles an hour and will carry fred Gillette, president of the OSHAWA FLYING CLUB TAKES DELIVERY OF NEW PLANE club, is seen examining the new aircraft. --Oshawa Times Photo recommendation of the.Glassco royal commission on govern- ment organization that the fed- IN THE LEGISLATURE eral government discontinue its sale of annuities. "The institution of old age se- curity payments and the prolif- eration of other pension and an- nuity arrangements have com- pletely altered the situation for which government annuities lwere designed and have re- }moved the need for this form lof subsidy." | The annuity plan, launched in| 11908, enables purchase of an-| B_ y ALBERT V, WALKER MPP, Oshawa Riding One of' the most important nuities of up to $1.200 a year|statements to. be made during) the problem of financing uni-| The report recommended that|py individuals or groups, In the|the present session of the On- versal government pensions with generous -levels of bene- {federal and provincial authori- ties co-operate in establishing AIR CADET NEWS Cadets Address Rotary Meeting By FLATSPIN FUMBLE I'm back! Gee it's about time, isn't it?) I'm very sorry for missing the last couple of weeks but it's mainly because of transportation and time that they haven't gotten to press. First off, some of the NCO's | and officers attended a Rotary luncheon Monday, April 20, and WO2 Marsh gave a talk on his experiences attending the Fly- ing Scholarship. FS Klaus Anselstetter spoke on his change trip to the United States. Sgt. Cliff. Chamberlin told of his training while attend- ing the Senior Leaders Course at Camp Borden. EXCHANGE TRIP A former WO2, Jim Dittmar topped off the meeting with his talk om his exchange trip to England which was acc' ied with slides of th countryside as well{as many other places of interest. Today 16 cadets and officers from our squadron are in Youngstown, Ohio, at the drill competition. It appears that the CO thinks we are in rather poor shape because' every spare mo- ment he has, it seems, a desire « that we have a rifle in our hands. Oh well! it's good for you, We left for Youngstown at 9 a.m, today and are leaving to- night at about 5. Sort of cuts the holiday short, doesn't it, but that's the way it's got to be because the Dakota can't lyear ending March 31, 1963, the|tario Legislature was the state- plan received: contributions of/ment by Premier John obarts about $37,500,000 and paid bene-|as 'he outlined the new agree- fits of $55,400,000 on 381,737 pol-|ment which had been reached icies in force. which will lead to a. national Premium income was used pension plan with equal benefits for government needs and since|from coast to coast. premiums were not kept at ade-/ The premier had stated on quate levels, administration| several occasions during the cost plus a substantial part of/past 10 months that Ontario annuity payments were met out| would co-operate in any nation- stay more than one day and we can't find enough cars to go down in. Just think, this Sunday Wel of can have g real sports parade} ex-|-- no rifle drill either! | INTERCOM SYSTEM The squadron has a new toy, an intercom. system, It has the} m ain boy in great -- you bellow into the|be driven on a highway at such the federal mike and 95 per cent of the\a slow rate of speed as to im-|Provin' cadets are deafened by the roar.|pede or block the normal and/& MEET YOUR NCO'S | FS Eugene Tymchuk joined) air cadets in 1961, got FS in|rate of speed is necesary for| 1964, is a great cadet and alsafe operation having regard novelty to have around. Eugene| likes spares, lunch hour and library classes. He _ dislikes teachers. Eugene is 18 and in grade 12 at Donevan Collegi- ate. He predicts the Leafs will win the Stanley Cup, but then that's just common knowledge.| _ FORT ERIE ENTRIES MONDAY, APRIL 277 FIRST RACE -- Purse $2,100, three-; FIFTH RACE -- Purse $1900 (2500 TIPS year-old maiden fillies, foaled in Canada,) 6'4 furlongs. | Mix 'N Match, Rogers 119 | Llanddu, Gomez 119 | Swift Chariot, Fitzsimmons 119 | Gold Omen, No Boy 119 | Tudor Ann, No Boy 119 | Frisky Mitzy, Parsons X114 | Bive Booted, Hale 119 Hay Lily, Dittfach 119 Sinner's Hill, No Boy 119 Prime Princess, Wick 119 Acanthus, Harris XXX109 Plenitude, Dittfach 119 Also Eligible: Centores, No Boy 119. SECOND RACE -- Purse $1,800 ($2500 claiming), four-year-olds and up, foaled Swinging Sam, No Boy 115 | Monsieur Beau, No Boy 115 Whitville, Shuk 115 } Master Copy, Persons X110 | Clochette, Armstrong 110 | Highest Reward, No Boy 119 Du Barry Rose, Uyeyama 110 Michalena, Harris XXX100 Good Vibration, Nedeau A-110 Special Pride, Shuk 110 Also Eligible: Mystery Guest, Walsh 105; Tagdonnell, Phillips X117; Prince Tour, Leblanc 120; Our Gigi, No Boy 110; Fort Strome, Hale 11; Mencheval, Ned- eau Alls. A--W A Clark and W K Alexander and L Jones entry 500 THIRD RACE -- Purse $1,900 we a claiming), two-year-olds, maidens, furt Better Emirs, Shuk A-115 Sail Ahead, Wick 117 . Bar Gossip, No Boy 120 Danassas, No Boy B-117 Blue Week, Harrison C-112 Lucky Bean, No Boy B-117 trish Joe, Rogers 120 Strappy; Hale gn ait, Gomez Foot susketeer, Turcotte XXX110 Sail. Along, No Boy 115 Jorney Home, Shuk 120 Also Eligible: Foxy Sulten, No + $eadadie, Harrison C-120; No Boy 112. --Tedoreen Farm entry SiArrew Farms and View Hulloe Farms entry C--Stafford Farms entry Boy Little ' OURTH RACE -- Purse $2,100, three cared maidens, foaled in Canada, fil- Hes (Division of First), 6% furlongs. Maple Queen, Potts 119 Balaji, No Boy 119 Regal 'Fashion, No Boy "9 Brief Star, Harrison 19 Golden Tina, Harrison 119 Tell Anna, No Boy 119 Lucky Lee, 'Whyte 119 Cairnarctic, Shuk 119 Glenfortuna, Armstrong WwW Bamboo Curtain, Rogers 119 Diesel Fleet, Armstrong "9 Beauty Column, No Boy 119 y' BUYER .) | L. SELLER 728-9474 PAUL RISTOW REALTOR 187 KING ST. E. i claiming). Three- and four-year-olds. One Mile and 70 Yards. North Sky, Harrison A-99 | Brigitta Skol, Fitzsimmons 116 | Select Chic, Potts 113 | Fairmagoria, No Boy 118 Zenarchal, LeBlanc 118 Lady Domain, Simpson 101 Dark Gem, Tawse XXX101 | Spartan Earth, Robinson 104 | Black Coral, Harrison- A-108 } Tucker G., Gordon 118 | ao Mm and C B Carter entry | SIXTH RACE -- Purse $2300 (7500 claiming). Three-year-olds.' 6 Furiongs. Breule, Phillips X106 Speedy Lament, Simpson 106 Holy Cow, Walsh XX104 Tanwood, Shuk 116 | Top Ruler, No Boy 116 | Capricious Miss, No Boy 11 QUINELLA BETT SEVENTH RACE -- Purse $2500. "The |Olean" Allowances.Three-vear-old fillies. shoulder of the road and re-|contain a 6 Furlongs. Cecelia Binder, Rogers 117 Docible, No Boy 117 Tin Pan Alley, Parsons X105 Maple Way, Harrison 112 My Valentine, Shuk 112 Cool Fool, Fitzsimmons 115 { EIGHTH RACE~< Purse $1900 (2500 Claiming). Four-year-olds and up. One and one-sixteenth Miles. Pillan Mapu, Benjamin 116 Cloud 1.V., Stadnyk 114 Money More, Fitzsimmons 113 Keep a Thinking, Tawse XXX106 Fair Johnny, No Boy 119 Miss Speedy G.,No Boy 111 Sassie Maid, Harris XXX101 Mr. Yo Te, Potts 113 X--5 Ibs. apprentice allowance XX--? Ibs. apprentice allowance XXX--10 Ibs. apprentice allowance Post Time 2 p.m. F Se neem © Guarantee # i If You MUST SELL | List With " BOLAHOOD BROTHERS ol REALTORS THEY WILL BUY YOUR HOME TELEPHONE 8 728-5123 i 101 SIMCOE NORTH Lawn ue ee the office and|Traffic Act states as follows: speaker all over the hall. It's | days. of the government's general|wide pension plan, but that with revenues. out Quebec. this could not be- lcome a leality. favre never was any doubt that a netion- Low S eed wide pension plan would be in p the best interests of all Cana- re dians. ~ C B It is obvious that the proposed an ring |withdrawal of Quebec and On- ™~ Itario from the Canada Pension | Plan resulted in the federal arge lgovernmer naving to re-assess its position and during the past Today's Traffic Tip presented |few weeks a great deal of be- by the Oshawa Junior Chamber hind-the-scenes bargaining has Commree, in co-operation|taken place on the pension ques- with the Oshawa Safety Lea-|tion, bargaining ee oplé gue, deals with the operation|>rought, not only to the prop of i j lof Ontario, but to. all Canadians, motor vehicles on highways improved nation-wide p2n- at. slow rates of speed {Hod plan ' Se ertar ns | Premier Veknite tll the tes: ii ic aiyislature, "negotiations between (1) "No motor vehicle shail|! soveinenent amnd:-the ces, on the pension pro- ram, have pointed the way to reasonable movement of traffic| methods | ina approaches : jov' , 3 thereon except when such slow) ill face us in keeping our coun- try united and whole". to all the circumstances. NEW PACKAGE DEAL (2) "Every person who con-| 4 new package tax deal has travenes any of the provisions|aiso been arranged that will of this section is liable, for the| give g greater return of income first offence to a fine of 'not|taxes to the provinces. This will less than $5 and not more than|amount to $63,000,000 to Ontario $50; and for any subsequent|in the next two years. This ad- offence to a fine of not lessiqitional revenue will, assist in than $10 and not more than|meeting the ever-rising or permit may be suspended for|province for schools, universi- a period of not more than thirty|ties, roads, health and munici- |palities. The new national Ppa plan will provide coverage for nine (1) Some of Ontario's high-| yt A ten Canadians, or 90 per ways have an extra lane for] cent of the working population. slow-moving traffic on long gra-|teft out would be only the. small des. If there is faster traffic|fraction of employees earning overtaking your vehicle, youljess than.$600 annually and self- should drive in this slow lane| employed people making under and allow faster traffic to. pass.|¢1 000, (2) On two-lane highways) Contribution rates' will aver- there are often long stretches|,5. three per cent -- 1% per of road where vehicles cannot|.ont each from employer and pass one another safely be-|amployee -- on earnings up to cause: -- : $5,000 a year. Top pensions of (a) hills and or curves in the|s195 monthly at age 65 will be road are too frequent, or [ (b) approaching traffic is too|For the self employed the rate heavy. lof contributions will be three In such instances the slow] per cent of earnings up to $5,000 driver should pull over onto the|The plan is compulsory and will il portabilit main there until such time as|ering all provinces, overtaking traffic has passed) The new R.S.0, 1960, ¢. 172, 8.62. ifellow citizens Premier Robarts has mentioned| | | to|man problems that|"'santa Claus" gang member |paid after 10 years in the plan. | y clause cov- | | pension proposals | and the slow driver can safely provide that widows, orphans | return to the travelled portion'and disabled persons would be | of the road. (3) Rather than drive slowly|administered the plan the con- in order to admire scenery,| trol of funds collected in a prov- pull over to the shoulder. ince would remain with the Pro- $ BUEHLER: _-¢) | Tender EATN AT ss TRUE-TRIM BEEF 3 a", KING E, -- 723-3633 Meat Special! Mon. & Tues. roi 49 PORK CHOP | FRESH MADE COUNTRY STYLE SAUSAGE 4 hs: 1.00 PORKSTEAK 2 Ihs. 1.00 @ FREEZER SPECIALS e HINDQUARTERS %, %, y= |; BEEF . . |p covered and that no matter who | A Pension Plan For All Canada vincial Government of tha' province. ~ ; DETAILS TO SETTLE There are still many details to be ironed out before the Canada Pension Plan can become a reality. One of these is the mat- ter of integrating the Canada Pension » Plan with, existing plans. This is a matter which is of vital interest to many of my in this Riding. this important item on several occasions and he pointed out again this week, "integration will be necessary, whether it is easy or difficult to accomplish'. The new agreement covering a national pension plan and the new tax sharing program has been acclaimed by the provit cial premiers as "an enormous step forward" and a "real vic- tory for nationa] unity". I am sure that most Canadians will welcome a Canada Pension Plan as a start in the right di- rection. Possibly the only sober- ing thought is the inevitable, al- ready predicted, increase in fed- eral taxes which will be neces- sary to cover our added bene- has} tits Damage Bid By Juryman MONTREAL (CP) -- A jury- in the murder trial of Georges Marcotte is seeking permission to sue the Quebec government for $4,000 damages for a. back injury suffered dur- ing the trial. Counsel for Serge Menard of Verdun, a Montreal suburb, has served the Quebec attorney- general with a "petition" of rights" ard seriously injured his back when he slipped ang fell in a shower stall providéd for jury- men in the. Montreal court- house building during the trial. Marcotte was convicted in March, 1963,/ and sentenced to be hanged for his part in the December, 1962, bank robbery in suburban St. Laurent in which two policemen were shot to death. One of the bandits was dressed as Santa Claus. An appeal is pending before the Supreme Court of Canada, seeking permission to re-/sue the government. |$100, and fn addition his licence|quirements we have in this} The petition says Mr. Men- CITY AND DISTRICT NO ACCIDENTS The Oshawa Police Depart- ment reports that in the 24- hour period up to 8.30 a.m. today no auto accidents or criminal occurences were reported HONORABLE MENTION A Grade 5 pupil at St. Chris- topher's School received an hon- orable mention award of $10 in a recent fire prevention poster contest. Mary Burnat, age 10, competed with Grade 5 pupils throughout the province in the contest sponsored by the On- jtario Fire Chief's Association. BOY STILL MISSING | Police 'are intensifying their search this weekend for Thomas Long, 15, who has been missing from his 35 Rosehill boulevard home since Monday evening. CHARGES WITHDRAWN A charge of common assault against Daniel Mark Baker, 20, 78 Taunton road east and Wil- liam Baker, 21, 122 Church street, was withdrawn by Wil- liam Hallett, Friday, at Osh- awa Magistrate's Court. Crown Attorney Bruce Affleck told Magistrate F. S. Ebbs that he was satisfied. the three men had settled their differences, THEOLOGY GRADUATE David Courtland Northey, Osh- aWa, was among themembers of the graduating class in the- ology at Queen's University, |Kingston, on Wednesday of this week, LETTERS PATENT The current issue of The On- tario Gazette carries the infor- mation that letters patent of incorporation have been grant- ed to two Oshawa area com- panies. They are Orchard Park (Whitby) Limited, of Whitby and G. Plitz and Company Limited, Pickering Township. FAILED TO FILE A fine of $25 was levied on each of two charges against Muskoka Silicone Aggregates REVUE STAR JOYCE SULLIVAN Soloist with the well known Bell Sing- ers, star of television and fam- ous for many popular recor- dings, will headline the Whitby Rotary Club's Annual 'Rotary Revue" in Anderson St. High School on Friday evening, May 1. The proceeds are in aid of the Rotary Charity ef- fort. 'Ipanks for large groups of cri day, Court. guilty on both counts. CASE LAID OVER 85 brought Oshawa' Magistrate's Magistrate F was pleading not guilty. Limited, Oshawa, of failing to file an income tax return, Fri- at Oshawa Magistrate's The coiapany pleaded A charge of making a false statement, against Alvin Barr, Phillip street, Oshawa, under the Unemploy- ment Insurance Act, was put over for two weeks, Friday, in|guards is one of the-.most. ser- Court.|ious problems facing the credit . §. Ebbs -agreed| to put the charge over in order! that a case can be made out) » against Barr who indicated he| NEED... FUEL OIL? PERRY Day or Night 723-3443 Owing to the death of MRS, SELENIA SOUTHWELL mother of Mr. E..A. Southwell proprietor of Davidson's Shoe Store DAVIDSON'S SHOE STORE WILL CLOSE at 12:30 P.M. MONDAY April 27th, 1964 ~ - Irish - Norwegian - Spanish - Greek ~ Canadian - Chinese -- Japanese -- Russian -- Swedish -. American - Mexican - Polish -- Ukra nian - Romanian - Arabic - Iclandic - Egyptian - Hawaiian - Polynisian -- Turkish ~ Indian -- Flemish - Danis -- Finnish - Welsh - Celtic - Latvian -- Lithuanian -- Estonian --Bartugese -- Bulgarian ~ Servian -- Croa tian - k -- Canadian - ish ---American »-- Bulgarian a Yiddish - - Mexican -- Polish ™ Ukrainian -- Romanian -- Arabic - Iclandic - Egyptian -- Hawaiian - Polynisian -- Turkish ~ Indian -- Flemish -- Danish -- Finnish -- Welsh - Celtic - Latvian - Lithuanian -- Estonian -- Portugese -- Bulgarian ~ Servian - Croatian -- Malaysian - Hebrew-- Yiddish - Slovak - Armenian = Enotish - Italian -French - Dutch "THE OSHAWA TIMES, Saturday, April 25,1964 Stronger OTTAWA (CP) -- The oper- caisses populaires will not be disrupted by proposals of the royal commission on banking and finance. The commission devoted a complete chapter of its report, tabled in the Commons Friday, to this question. Purpose' of a series of recommendations "is to strengthen credit unions and caisses populaires so that their financial condition may fully jutify the confidénce which members place in them." None of the infendations would affect the day - te day operation of credit unions. But one of the chief suggest- ions would result in credit union "centrals" -- organiza- tions set up to act as central edit unions -- being brought under federal bank laws. "Each central should be re- quired to. maintain, adequate cash reserves in relation to his own liabilities and the liabilities of its member societies' and they should hold cash reserves at the Bank of Canada to inte- grate their operations in the \country's financial system. SHOULD JOIN CENTRAL ° | As part of the process of ltightening regulations around \the credit union movement, the |report suggests that all local lpranches be required to belong ito a central to be assured of temporary funds outside their own resources, The government should do its part in supervis- ing centrals to see they were always in a position to meet the needs of local, branches, Inspection is a serious prob- lem in many provinces, the re- port said. In Quebec the caisses popu- laires 'have adopted the most thorough inspection procedures in spite of the fact that the Quebec legislation does not pro- vide for any clear gover t ation of credit unions -- andjport. Credit Unions Proposed union movement, said the re- "In spite of their excellent record and the fact that both locals and' centrais can and do - borrow from chartered banks when need arises, the low level of liquidity maintained by credit union systems in some parts of the country raises ques- tions about future develop. FNS aces "If the growth rate were to drop at all suddenly because of a change in the competitive sit- uation, because the f of potential new members 5s) or disappeared, or because of increased sensitivity to general monetary policy, serious liquid- ity problems might develop." The report noted that another royal commission now is con- sidering the tax structure around credit unions and other co-operative organizations, "so it didn't go into the subject in de- tail f However, it recomme: that the retained earnings credit unions--now tax-free -- should be subject to corporate tax and that the restrictions on tax-free reserves that apply to chartered banks also be applied to gredit union, Since most of the earnings of locals are less than $35,000, said the report, the 2l-per-cent tax rate would apply and because these rates would be below those of most competing insti- tutions, it should not cause "'un- due difficulty." Credit unions and caisses populaiges now formed a "'sig- nificant" party of Canada's fi- nancial system. The movement had 4,700 local branches with nearly 3,000,000 members and assets of more than $1,600,000,- 000 The commissioners could not accept suggestions that credit unions, through lack of concern for interest yield, were misal- locating the resources of com- munities. responsibility in this area." But in other provinces, even when governments are respon- sible for supervison, "'the su- pervisory staff is not always equal to the task expected of im"? The commission had heard an example from British Co- lumbia where one inspector and two assistants were. responsible for 326 local branches. The lack of over-all supervi- sion to ensure adequate safe- CONTACT LENSES CONSULTATION by APPOINTMENT Payment plan Includes one month trial period. PHONE 723-4191 | F. R. BLACK 0.D, 136 SIMCOE ST. NORTH Now you can have a new home without moving with New Alcan Siding comes in white and all popular colours--baked on for lasting beauty. It won't re- quire painting or maintenance of any kind for years --you wash it just the way you wash your ¢ar. This is the only siding in Canada: thatis double-guaranteed: ° Alcan guarantees the quality of the siding... we , guarantee the installation. Get new-home beauty now with Alcan Siding--call us for a free estimate. DUMONT ALUMINUM PRODUCTS LTD. 333 SIMCOE ST. OSHAWA TEL. 728-165]