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{i | | | } } r | 26 'THE OSHAWA TIMES, Wednesday, Merch 30, 1966 Spending, Borrowing i Restraint Is Urged I | i ' i 4 OTTAWA (CP) -- Canada is trying to expand too much too fast, Finance - Minister _Sharn warned in his budget speec! Tuesday night. He called repeatedly for re- straint--on spending, on borrow- ing and on pricing. Without any brakes on the economy, he said, the gross na- tional product--total value of all goods and services produced in a year--would rise by nine per The minister, delivering his first budget, raised this chal- lenge in the economic review section of his speech, before reaching the portion dealing with tax policy: "Are we now prepared to ex- ercise the moderation--as well as the enterprise --needed to keep the economy operating at full capacity not.only in 1966 but in the years to come? "Can we now pace our pros- cent in 1966, compared with|perity more than 914 per cent in 1965. But a larger part of the in- crease this year would be in higher prices. With no change in fiscal policy prices would go up by four per cent this.year com- pared with the increase.of just under three per cent last 'year. ? "If Canadians try to achieve more than is physically possible the result can only be severe Strains on key industries, short- ages of materials and rising costs and prices. Productivity would be adversely affected and our competitive position would deteriorate." Repeatedly, Mr. Sharp spoke of the need for brakes on the economy. Some passages were reminis- cent of James E. Coyne, for- mer governor of the Bank of Canada, whose controversial belt-tightening speeches in 1960 were on the theme that Canada "must learn to live within our means and increase our means by our own efforts." Mr. Sharp said: TRYING FOR TOO MUCH "We Canadians are trying to take on more than we can han- dle. "Canadians should be pre- pared to forego some of the ap- parent advantages of immedi- ate expenditures in erder to in- vest in the expansion and pro- ductivity of their own econ- omy." And on the subject of Can- a balance-of-payments deficit, the finance minister said: "There are dangers in trying to enjoy, through borrowing, a ductivity allows. tion for a nation as for an in- dividual." more in real goods per cent in 1966, compared with one of just under three per cent in 1965. OUTLINES TASK "Our task this year must be ance between the increases in ada's borrowings, principally from the United States, to cover standard of living over we years that is higher than our own pro- ".,. Relying on borrowed ex- ternal capital te sustain 2» high and rising rate of consumption can be as dangerous a tempta- Mr. Sharp did not doubt Can- ada could produce five per cent and services in 1966 than it did in 1965. But he expressed deep concern about a prospective price rise of four to maintain a reasonable bal- production which are physically possible and the increase in the demands we place on our re- sources. "Since there is no appreciable slack in the economy to take up this year, we cannot look for as large an expansion of output as was achieved in 1965." Mr. Sharp warned--as he has warned in other speeches -- against compiacency in expeci- ing that U.S. investment in Can- ada will always automatically cover this country's deficit in balance of payments. Canada had to work towards more self- sufficiency. "This is not an immediate problem to be solved this year or next," he said. "It is a mat- ter of developing a long-term balance of payments policy con- sistent with our international po- sition as an open economy in an increasingly competitive world." It would need fresh efforts to exploit both domestic.and for- jeign market possibilities with the products of Canadian man- power and industry and more in- vestment of Canadian savings in Canadian growth. Mr. Sharp said he intends to keep taxation and government expenditure policies flexi- ble, readily adaptable to chang- ing circumstances and now is the time to moderate the trend to booming expenditure. "If we do not by one means or another succeed in moderat- ing the increase in aggregate ex- penditures this year, the most fer is an inflationary increase in prices." Economic Council of Canada said in its first two annual re- views, but he disagreed with the council's view that taxing and spending policies should not be used to deal with short-run ups and downs in the business cycle. "And I do not share its view place if we are to succeed. "While our present situation clearly calls for restraint on the than stimulus, this could change fairly quickly. THANK YOU Our thanks to these who indicated their support of our recent stand against the Provincial Sales Tax, Oshawa Discount House higher prices wherever possible and pass the savings on to their customers. Your continued support at 0.D.H. will always fight helps to make this fight possible. last opportunity to participate in 5% savings. However, APPRECIATION DAYS Early Bird Special 18" OTACO 2 cycle; 212 hp. Rotary Lawn Mower Compere et 64.50 FOR PRICE SAKE 39.88 LOWER LEVEL Ladies' New Spring "'In-or-Outer" BLOUSE 100% cotton; screen printed evergloze; minicare drip ond dry finish, POR PRICE SAKE wACH r 2.88 MAIN FLOOR Ladies' Canadian Made Shift-Dress Cotton printed, one piece FOR PRICE SAKE EACH 2.88 MAIN FLOOR No. 5 or No. 6 Blue Flashbulbs PRICE SAKE DOZEN 1.44 MAIN FLOOR FOR --Thank You -- Femous Cenadien Mede "MADEIRA" Flannelette Blankets made in with the highest stonderds by Caldwell Linen Mills Ltd. 70" x 90" 3 ag . 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OPEN DAILY 10 a.m. -- 10 p.m. Adults Only We Reserve The Right to Limit Quentities immediate nenalty we shall suf- He agreed with much that the that fiscal policy can and should be reduced to an arithmetical formula. Appraisal, judgment and flexibility must have their increases in spending, rather "Our objective is a steady and sustained rate of growth. "Our intention is to keep our fiscal policies flexible and read- ily adaptable to changing cir- cumstances." Also Mr. Sharp said new tax agreements can be worked out with the. provinces to give them their proper share of tax reve- nue sources while leaving Ot- tawa room to exercise fiscal pol- icy for economic purposes. A wider formula for federal equalization grants to the less- wealthy provinces could be evoived, and Ottawa still would Stas be able to give leadership to the provinces in embarking on new programs without treading on their constitutional toes. The report of the royal com- mission on taxation, headed by Kenneth Carter of Toronto, would be made public by the end of May. Equity and effici- ency would be the basic princi- ples of subsequent tax reform. Mr, Snarp salad ne was wan- ing only a few changes in im- port duties now, reserving some proposals for bargaining at the current Kennedy round of inter- national tariff reduction negotia- tions in Geneva. He said Canada supports the creation of new world machin- ery within the International Monetary Fund to ensure an ad- equate liquid supply of interna- tional reserves, Canada is a member of a group of 10/na- tions which has proposed a new international reserve monetary unit. , ARABS HOLD OI About two - thirds of the world's oil reserves are in Arab countries. | : The Oshawa & District REAL ESTATE BOARD | J. ZURBA TOP MLS SALESMAN Oshawa Realty (Bond St.) Led. YES SIR! When you mean business then call the people who are in the business. Call a member of the Oshawa & District Real Estate Board and ask to list your house on Photo M.L.S. LIST PHOTO M.L.S. OSHAWA AND DISTRICT REAL ESTATE BOARD are pleased to present | _ THE TOP MLS SALESMEN | For the Month of February, '66 MULTIPLE LISTING SERVICE ---For---~ RESULTS GRIFFIN REAL ESTATE | R. POCOCK TOP M.LS. LISTINGS LTD. \DON'T MISS OUT ON THE... International -~Want-Ad Week Special 1f you have a house, room or apart- ment, to rent, or an article you no longer use to sell, Action Want Ad during this special offer and see for yourself the result getting power of Want Ads. place a Times Cl. Sn. a ort MARCH 27 - APRIL 2 ager os ee a | FUR wT. long . . . the cost is low. . INSERTIONS OF A ACTION WANT-A = if E PRICE Your Times Action Want Ad runs 6 times for the price of only 3 and applies to ads placed by individuals to start Monday, March 28th through. to Monday, April 4th. Want Ads will be accepted up to 12 noon Saturday, April 2nd at this special rate. SORRY, NO COMMERCIAL ESTABLISHMENTS PLEASE. 3 DAYS FREE Use the terrific pulling power of Times Action Want Ads all year . but during International Want-Ad Week you can receive 3 days free. Immediately your ad brings results, call us to arrange for cancellation. 4 od a U N D F REACH AN EAGER AUDIENCE OF PROSPECTS WITH acti Us CLASSIFIED The TIMES - 86 KING STREET E. Telephone 723-3492