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Canadian executive claims Free trade with US would rob us TORONTO tCPi Executive Paul Tuz said Wednesday free trade arrangement with the United States would rob Canada of the chance to become selfsufficient in energy Since oil could be exported freely to the US that is where our oil would go and Canada would end up more than ever an exporter of raw materials to laborvintensive US in No labor disputes says CP TORONTO CP Canada Packers Ltd expects this year to be free of the labor troubles that caused dip in earnings during last years secondquar ter results chairman McLean told the annual meet ing Wednesday The companys Canadian op erations suffered last year be cause of the high cost of meat and sevenweek shutdown of some operations because of strikes but strong second half of the year pulled earnings up said McLean President Stock said the company expects earnings this year to match profits of $209 million or $348 share for the 53 weeks ending March 31 1979 After the meeting McLean confirmed that McCain Foods Ltd of Florenceville NB has recently purchased Canada Packers shares but refused to say how many McCain owns PAID $l5 MILLION In April about $15 million was paid by an unidentified buyer for 10 per cent of the companys six million shares at record price of $30 share McLean said Canada Packers hasnt been approached by any one talking about takeover In May another block of shares representing 35 per cent of company stock was bought by an unidentified party The party was not McCain Woolco grown up now TORONTO CP It wasnt too long ago that the Woolco de partment store chain division of PW Woolworth was struggling to shake off the image of discount store Today is the secondlargest general merchandise retailer in the country with sales of $1031 billion in 1978 an increase of 37 per cent since 1974 Clothing sales are the com panys fastestgrowing area in creasing at rate of 20 to 25 per cent year in the last two years The chain threw itself into the oftencutthroat fashion arena three years ago when it increased its clothingbuying team toa staff of 15 from 12 These buyers choose the clothing that fills all the 100 Woolco branches in Canada as well as the 209 ioolworth stores dustries he said Tuz president of the Better Busmess Bureau of Metropoli tan Toronto was commenting on suggestions for free trade made by federal Finance Minis ter John Crosbie while attend ing the economic summit con ference at Tokyo Tuz said free trade could spell shortterm disaster for Canadian business Most Canadian industries dont have the capacity to sup ply North American market and so could not hope to com pete effectively STABILIZE DOLLAR However he said free trade would stabilize the Canadian dollar and help provide the massive capital investment Canada will need to develop re sources such as the oil sands of Alberta It would mean wed gain economic security but give up the potential to become super power in our own right Meanwhile Mel Hurtig Edmonton publisher an former Committee for an independent Canada warned in an in terview that free trade would put thousands of Canadians out of work and increase inflation He said Crosbies statement Wins player piano Walter Hoogendyke seated at Barrie won an antique player piano in the May ll raffle of the Simcoe Rescue Squad He was presented with the piano valued at $5000 Saturday by Rick Lee of the squad left and by Frank Macklem owner of the Collier Street IGA store Canada facing shortage of university trained OTTAWA CPi Canada faces serious shortage of uni versitytrained managers which may deter improved economic performance says the head of management studies at the University of Toronto Max Clarkson writing in the latest issue of the Conference Boards quarterly review says Canadian business has been like parasite relying on graduate schools in the United States to provide higher education in management The first step towards so lution would be for both busi ness and government to recog nize that the subject of univer sity management education is serious national concern and that it represents significant problem in terms of Canadas future development Clarkson says His article underlines prob lem pointed out by the Eco nomic Council of Canada last fall in its fifteenth annual re view Time for Reason The government advisory agency said This our analysis suggests to us the importance of efforts not only to raise the skill level of Canadian labor but perhaps more important the level of managerial training and know how Several months later the Scir encc Council of Canada made similar recommendation in its publication Forging the Links Iechnology Policy for Can ada The council said Special llars sense Old policies demand thought before act By Ieindcr attention must be paid to the training of new generations of innovators and entrepreneurs Clarkson says one roof of the problem lies in the scant atten tion paid by universities to management education in the 19505 and 19605 DEGREE AWARDED In 1969 when the third Cana dian doctorate in management studies was being awarded by the University of Western On tario in London the only school with such program there were 496 PhD graduates in the US Canadians who wished to take postgraduate studies in management were almost forced to leave the country Chairman moved to western city CALGARY CP The Bank of Montreal in major bid to increase its corporate strength in Western Canada announced Wednesday it will transfer its chairman to Calgary from Mon treat The bank whose assets of $34 billion make it the third largest in Canada is aiming to become financier for some major natu ral resource projects it also announced plans to build $150million office and commercial building here that officials say will be the tallest building west of Toronto Chairman Fred McNeil to arrive in September told news conference the move reflects the increasing im portance of Western Canada in the countrys economy in our judgment the time of the West has come and the eco nomic growth here will con tinue to dramatically exceed the national average LROWTII DIMINISIIED In an interview McNeil said political uncertainty in Quebec has diminished the growth rate in that province It was impor font to continue the banks pola icy of decentralizing to be closer to clients in areas of high growth He said if was unlikely the move would mean layoffs in Quebec The banks head office will remain in Montreal but ROSS Curtis of Toronto deputy gen eral manager and senior vice prcsident for corporate banking will join Mchil The president and chief executive officer Mulholland is stationed in Montreal while the executive vicepresident and chief general manager Davison is in Toronto chairman of the displayed an appalling igno rance of basic economics the feelings of the Canadian people and the very history of the Con servative party itself Herb Gray former Liberal cabinet minister agreed with Hurtig saying Crosbies posi tion is contrary to the tradi tional national policy of the Conservative party as set out by Sir John Macdonald Can adas first prime minister The national policy helped with the creation of Canadian manufacturing industry said Gray MP for Windsor West Bank warns about Arabs FREDERICTON CPi The federal government will be making mistake if it decides the cancellation by the Arab Monetary Fund of dealings with Canadian banks is not serious move the president of the Royal Bank of Canada said Wednesday Rowland Frazee said in an iii terview that Canadian bankers warned the federal government while ago that threatened financial boycott of Canada by the Arab countries must not be underestimated The AME announced Tuesday it will stop all dealings with Canadian banks becausc of Prime Minister loc Clarks plan to move the Canadian cm bassy in Israel to Jerusalem from Tel viv llt said tlic Royal Bank docs significant amount of business with rah ttlttlllllt but would not say how much lni not concerned as much about what this means for thc Royal Bank as am about what it means for Canada Im wor ricd about what can happen to major contracts Canadian com panics have in Arab countries contracts for housing building and tlIIlIItlIllCitllli projects cant afford to icopai lllt that litlSllItVs IillRIISSIISIIIBIIR Franc madc tlic coninicnts following an address on lllt economic outlook for Canada and New Brunswick in par ticuliir to thc lltltltlltll Chamber of Commerce lhc Royal Bank lrcsidciii said partly because of thc io situation he has lowered his prtxlictions of Canadian dollar strength to about 83 cents from 86 to 88 cents for thc rc maindcr of thc year In relation to the countrys general economic dcvclopnicnt liaec said the financial coiiir munin is eagerly awaiting the new federal governments spccch from the thronc winners competition the examiner Friday Jun 29 1979 Three lucky winners These three lucky winners in the downtown im provement boards Fathers Day Downtown is for each received cash vouchers courtesy of the Barrie Chamber of Com merce They are good for merchandise in any store participating in the improvement campaign Left to right Jo Anne McVee $25 James Barron $l00 Anne Kinarz $50 Examiner Photo Machine business booming owner reluctant to talk PRINCE GEORGE BC CP Keith Yorstor is cagey when asked for figures on the financial performance of his machine and industrial supply firm Business isnt that bad its that good Yorston knows good news travels fast and com petitors will recognize this cen tral BC city of 75000 as po tential gold mine Hes millionaire Yorston said in recent interview and qu industries Ltd his pri vatelyheld company has in creased its business 10 times in the last six years The business began as two man machine shop in Quesnel south of Prince George Now it is diversified company with 180 employees supplying the sawmill pulp and paper min ing and natural gas industries with products ranging from bearings to custommade con veyor systems Yorston left his famiys Ca riboo ranch to buy the Qucsnel machine shop which served many independent sawmills in the area with parts and repairs Then he acquired Prince George Machine Depot Ltd Thats where good timing played hand The Pacific Great Eastern Railway was pushed through to Prince George providing the forest in Beaufort Sea new frontier To investors in Canadian stocks two of the most exciting words in the English language these days are Beaufort Sea The sea is portion of the Ar ctic Ocean extending from the westernmost major islands of Canadas Northwest Dear Sir have an insurance policy for $50000 on which have been paying $585 per year for 10 years have to continue these premiums each year for life If cancel this insurance now would receive 311700 in cash Another insurance agent has offered me new type of policy providing 349500 of insurance for cash pay nient of 322100 with no future premiums to pay is there catch or should make this changeI Dear Like so many other decisions this one depends upon your expectations of the future if you can tell me what interest rates will be over the rest of your lifetime can tell you ex actly whether or not this change would tie in your best in terests As to whether there is catch in reality there are several which may or may not affect the value of this new type of policy for you The cost of payment insurance varies greatly depending upon the interest rate credited to the premiums Tradir tionally the interest rate credited to life insurance policies was very conservative but that rate of interest was guaranteed for the duraton of the policy Your present policy is being credited interest at rate of around four per cent guaranteed for life At present that rate of interest seems horrible but 20 yeais ago it was quite ac ceptable and it may appear so again someday Recently life insurance companies have been experimenting with what is known as the new money approach to crediting interest Under the new money approach the rate of interest credited to any particular premium is related directly to the rate of return at which that premium can be invested with todays high rates of interest the new money approach can offer very significant advantage particularly in the short run With single premium plan the entire premium can be invested at todays favourablc rates so the new money ap proch is most often used with single premium plans The hit it rate of return is usually guaranteed for the iiiiiial five or year period fcci that time the insurance coverage ill be adjusted up or down the reflect then cur rent rates if interest rates have decreased substantially you could eventually be worse off than you are now However as these single premium whole life plans tii curr renty earning eight pcr cent interest in the first five years you will earn as much interest as you will in the next ten or your current policy lhcrefore it would take many years before you would find yourself at disadvantage from the standpoint of the amount of insurance you have Before rushing into this change you should also be aware of the following ou can borrow the cash value of your existing policy as loan at six per cent interest Thc new policy would have loan interest rate of at least nine per cent interest and this can be increased in future Your new policy will oiin be issued on the basis quoted if you are now in good health The new policy can be con tested if you die itliiii the next two years by suicide or in the event of misrepresentaton to the insurance company it These policies are only written by three small insurance companies so the security of your policy is not as great as it would be if you were insured by one of the larger companies In conclusion this single premium life insurance can be advantageous in many situations but be sure you fully understand hy the policy appears to ht so much cheaper Predicts no slowdown Elliot Estes president of General Motors said he foresees no recession for the US auto industry and blames the current sales slump on public overreaction to the gasoline shortage We still stay by our forecast that 79 can be good year for our industry AP Photo Territories to above Alaska it is covered with ice for eight months of the year and per mafrost extends up to 130 metres below the sea flool But trapped in the rock below the permafrost may be enough oil and gas to make Canada selfsufficient in energy That at least is the dream of investors who have pushed the oil and gas index on the Toronto stock market up about 900 points or 49 per cent since the beginning of January Rising world oil prices have helped the advance but analysts say the largest domestic influence has been specualfion over exploration this summer in the Beaufort Sea And at least one analyst says that speculation has gone farenough Wilfred Gobcrt of Wood Gundy Ltd in Toronto said ma recent interview Except for very highrisk investors we would defer further buying Prices tof companies in volved in Beaufort Sea explor ationi have moved too far ahead of earnings Xpttlittllilh and investors should refrain from buying at these lcvcls in anticipation of market correction DOME IS LEADER More than 30 public iinadian companies have an interest iii Beaufort Sea exploration By far the largest acreage is licld by Dome Petroleum Ltd of Cal gary which has spcnt about $320 million to acquirc drilling flcct through its wholly owncd subsidiary Canadian MartinDrillingLtd ionic lcfrolcums stock which was trading at about so sharc last fall had ltitllrltil onc split lit lay and was trad ing it morc than $30 in mid June lomc main business is tlic distilling and markcting of not ural gas liquuls such as pro panes and biitancs obtained to refrigerating natural gas in pipelines But the company ttllh to ban bccomc identified almost completely with Bcautort Sea exploration and many corpo rations and llIlltltltll taiia dians haw incstcd in ltllilt ci ther through its stock or Its cm craldrillingfunds dustry with direct link to thc coast and larger market for its products Now 27 years later the in dustry is embarking on ex pansion plans totalling more than $600 million TIMES WERE IOIGII Despite the railway and the boom it eventually ignited times were tough in the 1050s We had to carry lot of in dependent sawmill operators on our backs he said There was no other way we could do some of the biggest operations but the companys most regular customers still include many small operators His biggest challenge came as the industry grew larger and giant companies like BC Forest Products chcrhauser Northwood and Prince George Pulp and Paper moved in and gobbled up small competitors Yorston 64 said he recog liltl that he had to grow big ger to meet bigger demands business They were under The la rgcr pu mill capitalized and were con operators were having dif sidercd poor risk by the ficulty obtaining replacement banks parts for tiicir machines manv Now QM industries scrvcs imported from Europe Another look bail Socialism condemned By lfililGREENWOOD Life is tough One of the main and usually emotional protests made against the freemarket freeenterprise capitalist form of society is that some would go sick without adequate medical treatment and some would go hungry without enough money to buy food Both objections arent really valid But there are always examples of poverty amidst plenty that exist even today for the professional protesters and bleeding hearts to make an apparent case of The trouble is they should be rcviling the fact that people are not in fact equal human nature is not cut out of mass of dough with cooky cutter Even in paradise theres always going to be those who not only dont want to work but also whats more dont even give damn if they starvc and go sick as result of flicii lack of enterprise or wliatcvcryoii want to call it Anyway thats not really what my point is going to be What draw to your attention is recent report that for ex ample Toronto Vcstcrii hospital has pist cut about 100 beds from its 1073 number of 013 llcalth Minister linibrcll cx plaincd flicr wasnt enough money And thats whcrc Big Brother starts to get frayed cuffs and downatrhcel shoes its all very wcll sctting out to build ttopia and believing everybody can be looked offer from cradle to grave whether they work or not Sooner or later it starts to gowrong For example thcrc any difference between the person who dics bccausc tlicrc isnt bed available in intensive Ctlt or thc onc who lll litt2iilt medical costs couldnt bc afforded None at all ticcaiisc fhc rcason is exactly tiic same Food Slitlltl ind ccrtninly old age pcltStlinSt and all thc other ncccssitics of lilt cit struck off thc wcltarc menu when tlic cconoiiiy shirts to Illtl and Hill down which it docs sooiicr or ltitir iiiidci Hiutlllll liats masking this that for the prcsiiii ah the oi iitll coiiiitrics in the world are be ing ttlllill kip thlilii lllt liil iclatiicly ficiWcst Russia for ctiiipc would lilt if the West didnt help iiir with tl grain sliipiiiciits Sonic for Red China As for widcii itlioiii lllt iiiibility of international loans ihcri lit shortages in that paradise with vengeance lrcady liti pretty diati ioiiipaicd with life here and even many European coiiiitius fcci lltf world did litttlllll coiiiplsycly socialist all thc ttillcd ll iiid iiiiipiiiiiV oi titi1iill11 would become bigger nightiiiaiw than lltt cxcr wcic under freedom then you ll noi only ltl or go untrcatcd iii doctor buyt youd hmi io ttilll ind itchtiff oii wcrc happy in Big Brothers itlwili iliiti ninthr oi fact fl ihiady and always hasbcen hap p1mllm pi in book The lt1lttn by lledrick Smith itpiitts that littiillt of low pay for doctors health care of ycry low quality and lltlt1 do stcriliation very bad ly mistakes in iiptttitttil1 oi oi tpSIS infections lhad ft lll tipciiliil on if iililllllltlli so tlilt htls Atlt grty got pit int itiic tint llli denlopcd intch ion All tltl from lilllill5 dot oi who had rcturiicd there from t11tlCtt And thc ciiiii ittittl of human civilization would ltttfllnt iqUitlt as gic iiid iiifciio Ilh far worse infec Horn of the human Hlll than ccr ttSlttl in the worst con ditions of lltt titll littltllif imolution But try tellingthat to librlcft socialist you if gct would tic derision oiiicthing likc laughing at lt captain of the Titanic when he told you it was sinking