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1e tho oarminor Tinnedy Fob 1m Excess profits paid OTTAWA CP Consumers and businesses paid chartered banks between $200 million and $500 million in excess profits be tween 1968 and 1973 report published by the Economic Council of Canada says Released Tuesday it says the extra earnings by the chartered banks also resulted in excess taxes of $200 million to $400 mil lion being collected during the period if no excess profits and ex cess taxes had been earned the Canadian ban shareholders and Canadian governments then the cost of banking services to consumers would have been lower than that prevailing during the 1968 73 period the report says For example borrowers of bank funds could have been charged lower rate of interest and lenders to the banks could have earned higher return on deposits Although published by the Economic Council of Canada the report carried disclaimer saying the findings had not been endorsed by members of the council and were the per sonal responsibility of the au thor Jack Mintz Mintz says in the forward the study was done to determine if the banks earned excess profits since 1967 after the present version of the Bank Act was passed The Bank Act is under review again and roposed amendments are be ore the Commons finance committee COMPARED RATES To determine the amount of excess profits Mintz compared the rates of return on in vestment in number of other companies Excess profits were the after tax rate of return gained by bank shareholders over and above the return from other fi nancial and nonfinancial in dustries Mintz found that bank profits not only were higher than other industries in Canada but were also higher than US banks Sinclair Stevens Progressive Conservative MP for YorkSim coe and party financial spokes man raised the report at fi nance committee meeting where members of the Cana dian Bankers Association com mented on the proposed amend ments He asked why profits Save $17 on cu ft Save 816153 cu ft were so high Robert cMacintfoslri execniitive fraezar cap Chest freezer vicepresi ent Ba Nova Scotia said he disagreed with the conclusions of the re nk Enjoy the convenience of Features dishpan bottom ti teataarevery bad he said addin that the 9919 m9 easy Gleam auto report had been avai able four basket 477 224 070 key election adjust geeggsfffgeiggeghmasmem 114 cuft 477 424 10 oddcontroi477 224150 oun COMPARISON UNFAIR Res 28598 239 Reg 31598 He said the study had un fairly compared Canadian banks with those in New York Canadian banks had large number of branches serving de itors while the New York anks had relatively few branches and concentrated on wholesale banking Mintz says in the study the amountof excess rofits earned by the banks an collected by governments depends on the in dustry with which bank profits are compared If compared with earnings of trust and loan companies the 30 excess profits were $220 million Save $30 Kenmore family size frostless refrigerator Holds up to 155 lb food Save now on this trostiess refrigerator RH White 247 478 950 Colors LH models ex Kenmore dishwasher features Save $100 in the riod from 196873 Com page anew moms in fluorescent lit backguard snx push button programs Microwave oven the retail industry excess prof its were $479 million in the pe 98 Excess taxes tgtjalied 517 million if compar with rateof return of banks to Reg 34998 Rag 43938 Rog 57998 3223313 fifgfigl°hgrifli Features clock controlled oven with interior light controlled Cycles pots pans rinse hold normal wash water miser sector variable broil large window Plus two and two option hotcool dry Plate warmer and light wash on dial Mintz Said some the data in elements minuteminder Wht 227 462 090 Muitilevel wash Wht 267 479 441 Colors $10 extra Microw ave oven Zgagci°régggt guabf Continuous clean model Wht 227 462 690 Reg 37498 Builtin model wuth Wht and interchangeable color front Wings Holds up towztg lb1 km lished in 1976 on deposit in Now $35498 Golden Wheat or Almond $10 extra panels 267 479 120 Builtin 36998 9Y Easy clean interior 227 499 495 stitutions in Canada Mintz is an economics profese sor at Queens University II1illsdale Save $30 5program nae Lon Dual Action® agitator 3352311 January meeting of the Hiilsdale womens institute Dual Action agitator for uniform was held at the home of Ruth Lea and chaired by president Marian Drennan washing washrinse temps 35 vamaslafag water level switch plus speeds who ke on his new book no White 267 448 710 Golden Wheat of Co or He said the first selv or Almond $10 extra tier in Hillsdale came to 0m Township contest on how well mitirieasieown timiifutif Save $20 Fabric Master Save $20 Com act Washe Rumble Mr and Mrs Mark Ronald Dryer TOUChup setflng programs including perma press and Mr and Mrs Lionel irew were in Toronto last weekend Kenmore twoprogram waSher with cooldown 2speed motor visiting relatives and Eva Wht 267 429 700 Color $10 more Rumble who is in St Michaels Full snze washer features normal Hospital and short wash programs heavy Congratulations are extended Fame Mame amo me coerI duty motor White 267 448 010 to Mhr gorithrfstquejGrefiyes Touchup takes wrinkles out of Buy now compact Dryer 33 nlrzszt 32 fillingi Girons 10min COOdown dry Matching dryer priced right rack Whit Touch up normal unheated air fifgflflfifififlrems are Mr lt 0° 088 perma press with wrinkle guard and Mrs Harold Dunn and Mr wur 438 710 60 Wheat 98 Full SZe Features timed set Wht 267 469 700 Color $10 more and Mrs John Greaves Almond $1 extra tIngsheated wath cooldown and aninggtilg $3195th Mjgaitrihoug purpose Account unheated White 267 488 010 Grace Houle Tuesday MAJOR APPLIANCE DEPT CLAMPED HEAD iN Store address The first photographs in it Guarantee vented by LouisJacques Da 509 Bayfield St Georgian Mall Barrie guerre in 1337 needed 15min and Was refer SW hours te ure which was why Sim may now se your IS ac Ion or the had clamp to hold psons Sears prces iOfl TU88 Sat 930 am to 530 pm Pum ACCOUnt money refunded his head still Thurs Frl 930 am to 930 pm