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_ NEW LAW CURBS OWNERSHIP Bank Limiting Aimed OTTAWA (CP)--Finance Min- ister Gordon's newly-announced limitations on ownership of chartered bank shares by pro- vincial corporations or the big corporations are being assessed here more for their political than. their financial implica- ns. The limitations to be written into the revision of the Bank Act coming before the next ses- sion of parliament in probably a few weeks are these: --No individual or corpora- tion, resident in Canada or abroad, may own 10 per cent or more of a bank's outstand- ing shares. * --No government or govern- ment agent may own any shares in a chartered or sav- ings bank. --If any individual or corpo- ration now owns more than 10 per cent of a bank, an exemp- tion will be allowed. --But if any government buys shares in a bank before the new limitations become law. the shares will be declared non-voting stock. AIMED AT BENNETT The limitations appeared clearly designed to thwart Pre- mier W. A. C. Bennett of Brit- ish Columbia. He first wanted to have his government invest in 25 per cent of the stock of the proposed new Bank of Brit- ish Columbia. Later he said his government might buy into an existing chartered bank. Under the conditions Mr, Gor- don wants written into the Bank Act, he urged quick adoption of two bills now before Parliament to incorporate the new Banks of British Columbia and of West- ern Canada. Before the Commons started its Christmas-New Year recess, Creditiste members were refus- ing to let any Senate bill pass the Commons because the Sen- ate had pigeon-holed the B.C. bank bill. While these political consider- ations swirled about Mr. Gor- don's stand, his statement in the Commons Tuesday was based on what he called the tra- At B.C. widely dispersed among a great many investors. No small group of shareholders has had effec- tive control of any major Cana- dian bank. In fact, sources said, there would be few if any instances in which the 10 per cent stock ownership limitation would come into play. Mr. Gordon announced last Sept. 22 he planned to limit non- resident shareholdings in feder- ally - incorporated insurance, trust and loan companies and banks. This, he said, had_al- ready prevented a foreign take- over of one Canadian bank with facilities across the country. | In Victoria, Attorney-General |Robert Bonner of B.C. said "'it will be interesting to see how far the federal government can go toward regulating funds a provincial government has within its control." | Premier Bennett said: | "At no time do I try to dic- jtate to the federal government. I find the statement very inter- esting." In Toronto, a member of the founding group of the Bank of Western Canada said 'he favors the federal government's plan to allow new bank promoters to buy large initial shareholdings, although laws have been pro- posed to prevent any single in- dividual from holding more than 10 per cent of shares in estab- lished chartered banks, J. D. Tigert, assistant to the president of Wellington Finance Corporation, said founders of the new bank will initially own 49 per cent of shares--a situa- tion he said is necessary to en- sure "'solid financing." Speaking in a telephone inter- view from Montreal, John N. Coleman, chief general mana- ger of the Royal Bank, said Ca- nadian banks have always been owned by small shareholders. "We want this. situation to continue and the new law is most desirable." S. T. Paton, president of the Canadian Bankers' Association, termed the proposed federal dition that bank stock has been Given Bank- By THE CANADIAN PRESS Second reading of a bill that would permit the province to buy shares in Canadian char-/the government's view is that tered banks was moved in thelinvestment in chartered banks legisla-|is "wholly constitutional." British Columbia ture Tuesday several hours) after Finance: Minister Walter| Gordon announced in Ottawa), the federal government. would amend the Bank Act to prohibit such investments. | Debate on the provincial bill| was immediately adjourned by| @ routine motion from an op- position member. But outside the house some members of Premier W. A. C. Bennett's So- cial Credit cabinet said the pro- posed federal move could de- stroy Confederation and that it would not be constitutional. The move by Ottawa "could destroy Confederation. in one fell swoop" and is sheer "po- litical stupidity' on the part of the Liberal government, said nan, Buy Bill Recreation Minister Ken Kier- Attorney-General Bonner said The legislatures of Saskatche- an, Quebec, New Brunswick, ova Scotia and Newfoundland were also in session Tuesday. Ontario's house did not sit. Other legislature devel- opments Tuesday: Saskatchewan--A. M. Nichol- son (CCF--Saskatoon) said he was shocked at provincial gov- ernment plans to build an $800,- 000 jail for women when the "federal government is com- mitted to move into the field to take care of all those serving} sentences over six months." Quebec--Third and final read- ing was given to a bill that would curtail the powers of the legislative council, the prov- jince's upper house. regulations "not unreasonable."} B.C. -- Second Reading The FBI said three men and a Canadian woman ar- rested in New York Tuesday planned to bomb these three American shrines. From left are the Washington Monu- ment, dedicated to the first U.S. president, in Washing- ton, D.C.; the Liberty Bell, located in Independence MONUMENTAL TARGETS OF DESTRUCTION? Hall, Philadelphia; and the Statue of Liberty in New York Harbor. --(AP Wirephoto) To Soften Propaganda By ARCH MacKENZIE Canadian Press Staff Writer | The United States has moved promptly again to soften the propaganda edge of an expected second Chinese nuclear blast, forecast Tuesday in Washing- jton, State Secretary Dean Rusk did the same thing before the initial Chinese test last Oct. 16. Tuesday's Washington state- ment said the U.S. has reason |to believe a follow-up test is be- ling prepared, to make use of information gained in the first. U.S. intelligence, based pre- sumably on high-altitude recon- naissance and nuclear - debris samplings, pinpointed the Octo- ber test area in the western China desert at Lop Nor. It assessed the blast in the low- power range of at or under the equivalent of 20,000 tons of TNT. SOME TIME AWAY The most important imme- diate point is that China re- mains some time away--esti- mates yary--from being able to manufacture a nuclear bomb as such, or the vehicle to carry it fan ally, this is a steadily-diminish- ing consideration of more im- portant 'long - term questions, jdepending on just how quickly China can close the gap. able material it can provide for bombs, progress in rocketry or longer-range aircraft and how much of its economy China chooses to dedicate to these goals. The fact remains that pros- pects. seem much less_ bright ithan they were last October for working out a system to control the proliferation of nuclear ca- |pacity by nations still at the \fringe or outside the nuclear club. | But, it is also agreed gener- It hinges on how much fission-| OTTAWA (CP) -- Auditor- General Maxwell Henderson in- tends to take a hard look at how effectively the government is eliminating outdated pro- cedures, uneconomical opera- tions and wasteful practices. He wiil embark on this new and wider field of investigation about the time he gets his aud- iting office geared to top pro- |duction. When he presented his an- nual report to. the Commons Tuesday, the House's public accounts committee had already caught up with its backlog of reports. | Mr. Henderson, responsible jonly to the Commons and not to any government department, has been fighting for years for adequate staff to audit govern- ment departments, agencies andi Crown corporations prop- erly. He now has two firms of solicitors under contract to give Fire Battled With Canoes FOLEYET, Ont. (CP) -- Vil- lagers filled canoes with water and used them as reservoirs to fight a fire which swept through the community's main street late Monday and early Tuesday. The Gold Belt Hotel, a bank office, a Hudson's Bay Com- hall were destroyed in the blaze which left half the vil- out electricity or tele phone service, Foleyet is a railway com- munity about 55 miles west of Timmins. ands and forests depart- ment personne] adopted forest| fire - fighting techniques when} pany. wareliouse and a_ pool|-- lage's 750 residents. with-| him independent legal opinions. In the past he had to seek the opinions of the justice depart- ment which, in turn, was tend- ering legal advice to the de- partments of government he |was auditing. EXCEED ESTIMATES Mr. Henderson found further cases of government building and ship - construction works running far beyond original es- timates, and incidents in which the government passed orders- in-council 'without what he re- gards as the proper legislative authority. He reported this year these among other cases: --A_ locally-hired accountant in the Canadian high com- mission in Canberra, Austra- lia, misappropriated funds to- talling $13,589 in four years. It cost $12,000 to investigate the defalcation, and $7,053 was recovered. External af- fairs department is _ tighten- ing up its procedures. --The mines and technical surveys department spent $75,090 to send a_ hydro- graphic ship to the Caribbean when it normally would be in winter port, to help the Royal! Navy chart shipping chan-} nels 'to return service in| on originally charted Canadian coastai waters." --Prairie Farm Assist- ance Administration pro- cedures and policies need careful review. Minutes are | not kept of the emergency g Rusk Moves Auditor-General Embarks On War To End All Waste fund's review committee, and it is difficult or impossible to trace fraudulent claims for benefits. WANTS MONEY BACK --The navy is trying to re- cover $74,000 paid to seven shipyards which built 13 new destroyer escort vessels on cost - plus - five -. per - cent- profit contracts. They earned the "excess profits" on the basis of over - estimates of} the. value of component parts) ) ordered by the navy. --A $9,000 aircraft electronic navigation device worth $15,- 000 in replacement value was sent to an RCAF depot for repair and mistakenly turned over to Crown Assets Disposal Corporation. It was sold for $20 and the ultimate buyer wouldn't give it back for any reasonable compensation. --Houses and related build- ings costing $143,000 at Pigeon River, Ont., were abandoned and then sold for $8,145 when the customs depot moved 11 miles, Em- ployees now drive 40 miles to and from Port Arthur and Fort William. kind to the Royal Navy hoe pe) City-Wide Delivery MITCHELL'S DRUGS 9 Simcoe N. 723-3431 WINDSOR, Ont. (CP) -- A strike of some 7,000 workers at Chrysler Canada Limited plants here continues with no indica- tions from company or ' the United Automobile Workers (CLC) of when contract talks will be resumed. Company and union negotia- tors at sub - committee level have not met since Thursday, and the issues involved in the strike that started Jan. 28 have yet to reach the main bargain- ing teams. The latest issue to cloud the bargaining atmosphere is a charge by the union made last weekend. that the company is using "strike breaking tactics by importing United States - manufactured automo- biles" during the strike. The union made the charge to Prime Minister Pearson and asked the government to inter- vene and prohibit "improper use of the new tariff treaty." The letter said that cars are being imported duty-free under provisions of the new Canada- U.S. tariff agreement and that this nullifies collective bargain- ing processes. The company says the impli- cations in the charges made by the union-are both false and misleading. "We can only repeat again that there are no points at is- sue in negotiations with Local 444 that responsible bargaining THE OSHAWA TIMES, Wednesday, February 17,1965 3 would not solve," a company statement said. It was learned through inde- pendent sources that lost pro- duction of Chrysler, - built cars in Canada since the strike has totalled more than 6,300 cars. The number of cars imported by the company has, been esti- mated at not more than one- tenth the lost production total. The strike involves the work- ers at three plants and Walker UAW-Chrysler Talks Resumption Uncertain Metals Limited, a Chrysler sub- sidiary. In addition, some 150 of the 1,500 office workers have been laid off and picket lines have been set up for the first time in front of the company's main ad- ministration building. Cyrysler plants in other Ontario cities are not affected. Main issues involve repre- sentation, overtime, job oppo nities and production standards. Salary open. CARPET SALEMAN REQUIRED Permanent position for qualified person. Must be fully experienced in carpeting and resilient flooring. APPLY IN PERSON ONLY TO ANGcus-(;RAYDON 282 KING ST. W. A. E. JOHNSON, 0.D. OPTOMETRIST 14% King St. East » 723-2721 HEAT WITH OIL DIXON'S OIL 313 ALBERT ST. 24-HOUR SERVICE 723-4663 SERVING OSHAWA OVER 50 YEARS SHOULDER LAMB CHOPS FRESH SHANKLESS Sirloin VISIT braemor gardens (Stevenson Rd, N. and Annapolis Ave.) Community For Young Moderns and So-0-0-0 Steaks Roast FRESH--SLICED Wing PORK SHOULDERS STEAKS and ROASTS ~-Round Steak BABY BEEF LIVER Meat Market Week-End Specials 2 lbs. 4-00 ib. BO Ib. 69: b. 59° FREEZER SIDES OF BEEF No charge for ti BEEF HINDQUARTERS .... 5lc Ib. FRONT QUARTERS ... 31c Ib. SPECIALS ... 41e Ib. and freezi 22 Simcoe St. North HAMBURG PATTIES 5 ,,, 2.35 Norm Fisher's Meat Market Phone 723-3732 MONUMENTS Special Offer 10% REDUCTION Off our large selection of modern cemetery memorials. Evening ab- pointments welcome. OSHAWA MONUMENT CO. R.R, 4 -- OSHAWA John Martin Oshawa Tel, 728-3111 Evenings call 723-6264 Located 1% mile east of city limits on Highway 2. | The council itself must ap-|~"7). si sael furs heir hoses Cc H t : ete af | China and France are outside|they discovered their hoses} onvenien prove the bill before it is signed |¥)¢ limited. test. ban. treaty|wouldn't fit couplings installed| into law and was scheduled to! igned by the U.S., Russia and|by the CNR. Canoes, filled with] s Mayor Denies . do so today. pili Water ¢ the rail evstain: Racist Charge | The Opposition has attacked| China 'and the U.S. ccdiee oer tg. pet lwere used as reservoirs, |the bill on grounds it would give|that is. possible--even more bit-|the water then was pumped) Pg ig Sigg gly tefl fo) assembly the right to amend|terly divided with the unos cri- pavers a cert | ces y ~onstituti i sis in Viet. Nam. Nor is Russ'a 5! antly white Dearborn, object of|'he constitution by simple ma-|i any better position to at-| * Dg Most of the village's residents a five-day search by federal au-|jority. The government says the|;onnt° to play a middle role.|helped fight the blaze, many by thorities, appeared for arraign- f arec assembly, which is elected, has|president de Gaulle of France|throwing sno won_ buildings ment in U.S. district court Tues-|-asolute power over appointed | pursues his own road in nu-|threatened. Damage was esti- day on an indictment growing] officials." Council members are|clear, monetary and other mat-|mated at about $300,000. No/ out of a racial demonstration. | | appointed. |ters. one was injured. Hubbard is charged with con- spiring to neglect and failing his duty when demonstrators pelted a Dearborn home with stones and garbage on Labor Day, 1963, in the mistaken belief it had been sold or rented to Ne- groes. Estimates. of the crowd ranged up to 400. He pleaded not guilty to the charges, which he termed | rotten abuse of the mighty) power of the federal govern-| ment . . . based on one-sided | distortions." | Dearborn, a Detroit suburb, is | Open Evenings Till 9 P.M. ANYTIME IS GOOD FOOD TIME Lunch with business associates, Sunday breakfast with the fami- ly, late evening snacks after cur- ling or a movie. . . yes, anytime is the right time for good food. And, anytime is the right time to Our good food, friendly staff and typically. Canadian: atmos- phere will bring you back to see us many times. LEAN MEATY BEEF Blade Roast Such a health care program is as necessary as education, | BONELESS BRISKET he told a press conference. | POT ROAST The first volume of the Hall | BONELESS BEEF report deals with integration of | the services of optometrists in ECONOMY 6 & 7 RIB complementary fields to the eye specialist and opthamol- SHORT CUT Ist 4 RIBS |PRIME RIB Tuesday. C Ib Cc Ib C Ib Brookside 24-0z. Loaves Bread Bread 2-39 --EXTRA FEATURE-- Tukeys Ads a city of 112,000. Hubbard has| visit The 1867 Restaurant. eB nie IM OE ST NORTH | 54 S C 8 REGINA (CP) -- The Cana- a3 M hr dian Association of Optom- | FRESH PORK NOT FROZEN us ooms SPARERIBS perpen mezded by the Hall royal com- | y a mission on health services, Dr. | FRESH PORK ~ SHOULDER ORONO CREAMERY - C B 4 55 utter 44 FRESH PORK ¢ Optometrists , HIGHEST QUALITY MEATS --EXTRA FEATURE-- etrists favors a comprehensive | D. R. Price of Gananoque, | 51: Biscuits germ FRESH PORK a a C G 9 EVERSWEET RINDLESS 'Dr. Price said the optom- etrists agree with the findings | of the commission, but dis- | agree with the basis of their | recommendation that optom- etrists should have increased training in the medical fields of anatomy, physiology and, path- ology. MacDonald-Cartier Freeway ot Interchange 73 (Courtice Road) TELEPHONE 725-8231 OVEN READY Turkeys Favor 'Plan' io. 9 wire : 49: health care program as recom-| : ii caf PKG, Ont., association president, said lb wv i FIRST GRADE BUTT Ib BACON): LB. CELLO