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GovernmenilShbuld Accept Blame For MonetaryPolicy Silde CPLTho next led eral budget should state dwlymllmresponsibflity tor mo nelaury poila Mute econom ist Waiter Gordon said today ihen he said it should dew ciare the government will re duce interest rates and not re turn to the tightan policy that was pursued from the int oi 1958 until quite neently lie offered the budgetary aug zestions to Fill Minister Fleming in an address to the Rotary Club or can western Onlt tario town Text of his remarks was re leased to the press in advance of delivery lhe minister of finance and theprime minister have been trying to escape responsibility for an unpopular monetary pol icy by blaming Ran the Bank oi Canada he said To say that the Bank of Canada and not the govern ment is solely or even primar ily responsible for such an important area of policy flies in the face oi our whole sys tem oi parliamentary democ racy Mr Gordon said the optimis tic predictions in the 1966 re port of the royal commission on Canadas economic prospects Stock Market Dragged Down By Steels Oils TORONTO UPStcela and refining oils helped to drag the stock market down in moderate morning trading today Steel Company Dominion Foundries and Steel and Domin ion Steel and Coal were all off In the refining oils BA and Consumers Gas had lessee as did Northern Ontario Natural Gas Trans Mountain Pipe Line and Royalite In the liquors WalkerGoodar ham and Distillers Seaxrann gained fractionally 0n the exchange index indus trials fell 19 to 57ml and west ern oils 44 to 9760 Golds rose 11 to 8109 and base metals 93 to 19322 The 11 am volume was 553000 shares compared with 535000 at the same time Friday In base metals Hudson Bay Mining andlSmelting and Deni son each rose it Gunner gaghed high up 10 cents to Golds were quiet with Giant Yellowknlie up to 107 and McIntyre Porcupine Vt to 34 NOON DOLLAR NEW YORK CmCanadian dollar Ye higher at 310 2160 in terms of us funds Pound star Iing 7412 higher at 3779 MONTREAL CHThe ILS dollar was at discount at 518 per cent in terms oi Canadian flmdathe Bank of Moireal re ported near noon today Friday the noon rate was es sound sterling $375 716 down OPEN CNR YARD MONTREAL cmwon the iiicit oi aawitch thaCNR Sun day inaugurated $80000000 hump yard believed the worlds largest assemth yard for rail way cars iuiiy electronic handling system has capacity of more than 10000 cars government are years awarenessamass not been borne outla recent optimism had scion time hh mm on pep ultli3nI probable lacreaaedwgel 01 NI mu dlverliltyfluogmlthlel oeremnonlyudl and on And lastly we believed somawhat incorrectly as things turned out that Canadians could count on the kind oi gov ernment policies that are de signed to stimulate and spoon age economic growth and devel opment throughout the country and the maintenanca oi high leveisoi employment instead of moving ahead in recent years it could be ara gued the country had been los ing mtmd as indicated by se rious unemployment reduced pencapita nutionel product in terims otnoonstent dtéllartl su economy an 19311521 lrustration end irrita tion in the Iir CAN STILL DO IT ii were summarizing Can adas longterm economic pros peels today would hold es sentially the same view at the future that lies ahead at us al though with some important re sarvstions With our resources withhetiliseuvaiepu somwitbthemodemindumlai hannhantohdidonibe lieve we can rtlli ediieve the figumflmgmmz was an therein commission itwa loatittha rlahtmv Matthewshumor addition mold mm daily exchange rate on the Cane dollar Reduce the huge ennusl deficits being incurred in hi ternational trade Establish municipal loan Reduce lthe present artlfl TODAYS STOCK PRICES compiled by afaman Dnnlopshlqnlrris mourned EEQ£1 fiafifi fund to aid municipalities in me tin capitalexpendituree et least until capital expenditures in the private sector oi the economy pick up Change the tax structure to encourage location at new fight and do exist en er en epreesed areas gtiveurgfiuiecturen in cen ve export man lrete provide incentives to Ca nadians to participate more di rectly in ownership and man agement of Canadian enter prises make it easier or Ce nadlan individuals to accumul ate some capital and restrain an excessive flow of foreign capital under present conditions when our own resources are underemployed COMMODORE Bill Patterson of the Ban odk Canoe Club in Dartmouth M5 was named Comrmdore clthe Canadian Canoe Assoc latio succeeding Ken Lane oi flironto The 1961 North Am erican champiomhlp regatta is to be held at Dartmouth Aug 12 GP Photo WE CONSIDER TELEVISION ELECTRONIES Plilili AN OPPORTUNE BUY FOR CAPITAL APPRECIATION Mn lNCOME NESBITT THOMSON AND CONDANY LIMITED re nnnxap at sum roe Idtranu Memorial Square PA 82412 BARRIE Pall Welt ulna MEMBERS Toronto Mont real Canadian Stock ER United Corporations JOnr June Review features united Corporations Limited closed and invest ment trust established in 1933 This Corporation operates under the direction of uperimced management and follows policy ofdiveraifimtion within balanced portfolio As capiizl appreciation is major objec tive common shares at selected growth situations providing diversification together with income and potential capital appreciation occupy prominent position in the portfolio This policy has resulted in sustained growth and outstanding asset mint rarities this re remorse lt1 to ELI IE 33313 34 EEEEE ma tron amva amou mManoaa masmmousnuninemmwum DOWIONIC NI roan AVIIABII kduhhk Ilv 171 lull down ll Uuiitill roaoum srnca CHANG mu MEMMIdeWflw JIB New up OIIIdQIn DNIDIND DICLAIATION cm International Ltd common so Innis so in il on Bleep Ma lie payable WILL DISCUSBANGOLA UNITED NATIONS AP ihe United Nations spotlight turns again this week on An gola Airlcan trouble spot which some diplomale say may spark an international crisis ier gre ver then did the neighboran Congo At the requat of ii As ianAfrican nations and Yugos lavie the 11 nation Security thudivldtndlhm Willa18 Council meeia ruddy in edni alder the altuann in the big Portuguese colony on Airieas west coast EDISON HONORED NEW YORK APlhomas Alva Edison Sunday was in stalled in the Ball of Fame for Great Americans at New York University tor developing the incandescent light Beach Party Erupts Into Riot SANTA MONICA Colll AP Aheach party erupted into neanrint among thousands oi youths Saturday night and so pciiu were pelted with rocks bottles and cans before they controlled it it was milling drinking Buy an ennuin and 1mammnounsnmzuun ugly to BOMB vow wai doiaa Mathias imaginable the beam in the dark Flaunt attempted your butleryou name It and they did lt laid Capt Kirby Temple in charge of the northern division of minty llieluarda live Pinaneialinsccurltymnieadtoaherrmandlomu exhtenoerortheolderpexsonlrhoeoyeenaftz wmnahobringtbeturnfoutiivingupital and thcworry ofmanaginsthenvlngsofaliieunu Tumultunarmed thatcsn be dangeroustoboth pinrial andmcntai health Peoplevdiehuysnnuiticsbuyfrcedomfromwcrry and fear Oiirsnnuiunts find that arexularincome guaranteed or iirshrlny peacooimiod helpsmake thocesunsetyeeresridisndsatisfyingexpuieoee Andwoknowtlistmanyiivetoaripcoldeper Whetheryonarcwmdbuyinsanennnityhedm cryou HelOsndwsntpaymentstostsnnow theresauananitydnsimedtohringyoapmof mindTheManfromManufsctmmwmudhepieaecd bcgiveyoutheoomplctestory3ewretoaskhim aheuttha favourable tn pictino mt FACTURERS LIFE Insurance comran human person warren rested The trouble flamed late in party spanned by radro ria murmur when manyof those present were intoxicated om oer id The radio station said the crowd was much larler thanithadaxpocted Woollen Representative BARRIE Tel PA 35594 NOWUNDER bNERéOF the Canadian Imperial Bank of Commerce is joining together of tWo longéestablishw bahksThe Canadian Bank of Comnierce and the Imperial Bankiof Canada The letters CI stand for great number of new banking advantages They stand for the Courtesy and Industry of 15500 men and Women who or have united their talents to serveyou better They stand for Capital and Initiative to help Canadians develop Canadas vast pctential They stand for Canadian Imperial Bank of Coinm in Canadian banldug Visflz thefCdnadlan IIuperlélB force ofCommerce soun e17ce vigorous and progressive PreSent rt future service utmost courtesy