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16 THE OSHAWA TIMES, Seturdey, July 28, 1962 BIRTHS AMBROSE -- Jim and Vivian (nee eider) Pr announce the birth of twin sons at the Oshawa General Hos- pital on Thursday, July 26, 1962, Robert Walter and Brent James, Two brothers . or Gayle and Suzanne. Proud grand- rents are Mr. and Mrs, Walter Snider , Ont., and Mr. and Mrs. Robert Ambrose, Oshawa, Ont. Sincere thanks to Dr. Meliveen and Dr. Doherty. BAILEY -- Its a GIRL! Allan and Marilyn (nee Bray) are happy to an- nounce the safe arrival of a 6 lb. 2 oz. Ge 1962, 6.45 p.m. A first gra: Mr. and Mes. Jack Bray of Port Perry and Mr. and Mrs. Frank Bailey © Blackstock. Thanks to Doctors Baldwin, Grant and Stocks. BRADY -- Jim and Joan (nee Brown) are happy to announce the birth of their daughter, Barbara Joan, 5 lbs. 10 ozs., on Tuesday, July 24, 1962 at Oshawa General Hospital, A little sister for Kenny. Many thanks to Cc: M Tiveen. LESLEY -- Philip and Simone (nee Gimblett) wish to announce the arrival of their son, Philip Marc, weight 7 Ibs. 10 ozs,, at 8.30 a.m, Friday, July 27, 1962, at the Oshawa General Hospital Deo Gratias. MARLOW Douglas and Judy (nee Ward) are very happy to announce the Dr. ie ;|proximately 680,000 shares of TORONTO (CP)--Rio Algom Mines Ltd. announces it ex- pects to make an offer to pur- chase Atlas Steels Ltd. for ap- proximately $45,000,000 and ap- Rio Algom. Robert H. Winters, Rio Algom president, made the announce-) ment Friday following a meet- ing of Rio Algom directors. The offer is subject to obtain- ing certain options and meet- ing certain conditions, includ- ing any necessary approvals of shareholders and bondholders. It would provide for cancella- tion without other consideration of approximately six per cent A statement from H. George De Young, president of Atlas, said discussions have taken place between the two com- panies with a view to merging the business. The statement added that di- rectors have approved continua- tion of these discussions with a view to a formal agreement which, subject to approval of shareholders and certain other factors, will result in the busi- ness, assets and undertaking of Atlas being transferred to Rio Algom, subject to liabilities The statement said Atlas: di- rectors expect to make arrange- ments for the sale of the Algom shares which are part of the of- fer on a basis that should make of the issued shares of Atlas now held by Rio Algom. available approximately $37 in of their son, Paul on Friday, July 27, 1962 at the Oshawa General Hospital. A brother for Brian. Thanks to Doctor Morris and the nurses on the fourth floor. Mother and son are weil. WHITE -- Mr. and Mrs. Luke White (nee Bould) are pleased to announce the birth of their daughter, 8 Ibs. 1 ozs., at the Oshawa General Hospital, on Fri- day, July 27, 1962, A wee sister for Rob- ert, Sherran and Jeffery. INTERESTING family histories can be written with clippings from Th Oshawa Times of the Happy Events. . . » Births, Bagagements and won 's, Notice for these events are only $1.50. Bring them to the Classified Counter or telephone The Oshawa Times 723-3492. OTTAWA (CP) -- A federal budgetary deficit of $72,700,000 for June was reported Friday night by Finance Minister Fleming in a statement show- ing tax revenues had slipped DEATHS and expenditures risen trom year - earlier levels . The minister's regularly BLAKELY, William 0. (Mike) Entered into rest on July 27, 1962, at Oshawa General Hospital in his 48th year. Beloved son of Mrs, Ethel Blake- iy and the late Mr. Charles Blakely of Campbellford, Ont., and brother of Mrs, George Stone (Edna) of Oshawa and Howard Blakely of Orillia, Funeral services to be held at Bennett Funeral Home, Campbellford. Interment at Mount Pleasant Cemetery, Campbell- ford. MALLETTE, Winnifred Suddenly, at Sarnia, Ontario, Friday, July 27, 1962, Winnifred Kyle Mallette, mother of Mrs. Jack Barkley (Martha), and Neil of Oshawa in her 57th year. Resting at the Armstrong Funeral Home, Oshawa, with memorial service in the Chapel,Monday, July 30, at 2 p.m. Interment Mount Lawn Cemetery, Oshawa. ROUTLEDGE , Ida Mary At Norfolk General Hospital, Simcoe, Ont,, on Thursday July 26, 1962, Ida Mary Train, beloved wife of Joseph R. Routledge of Port Dover, Ontario; dear mother of Kenneth, Ashern, Manitoba; Ronald, Northport, Nova Scotia and Mrs. Norman McColman (Audrey) of Hamilton, and dear sister of Frank E. Train of Oshawa. Past matron and charter member of Delphinia Chapter No. 74, Order of Eastern Star, Ham. ilton, Resting at the Morley Clark Funeral Home, Upper Wellington St., Hamilton, Ontario, for funeral service Monday, July 30, 2 p.m. Mount Hamil- ton United Church, Summit Avenue. Interment White Chapel Cemetery, Hamilton, Ontario. WESTERN, Charles Edward Entered into rest in the Oshawa Gen- eral Hospital on Friday, July 27, 1962, Charles Edward Western in his 67th year. Resting at the Armstrong Funeral Home, Oshawa, with memorial service in the Chapel Monday, July 30, at 10 a.m, Interment en Cemetery (approximately 12 noon), LOCKE'S FLORIST Funeral arrangement, and floral requirements for all occasions, OSHAWA SHOPPING CENTRE 24 HOUR PHONE SERVICE 728-6555 GERROW FUNERAL CHAPEL Kindness beyond price yet within reach of all. 728-6226 390 KING STREET WEST E,.|spending rose monthly treasury report showed a $22,000,000 surplus for the first three months of a current fis cal year as the red ink in June blotted out much of the surplus accumulated in April and May. | | Mr. Fleming's last budget es- jtimated a $745,000,000 deficit for the fiscal year ending next March 31. But the government has since said this will be re- duced by tariff surcharges and government spending cuts an- nounced 'June 24. |REVENUES OFF The June deficit compares with a .$54,900,000 deficit in June, 1961. Budgetary revenues slipped to $446,400,000 from $458,700,000 a year earlicr, and to $519,400,000 328,000,000. For the three months April- June, revenues of $1,371,200,000 were ahead of $1,330,900,000 a year earlier, while expenditures rose to $1,349,200,000 from $1,- 328,000,000. The June dip in revenues was due mainly to a decline in col- lections of personal income tax. Expenditures would have been even higher this yearif it hadn't been for the new fed- eral - provincial financial ar- rangement this year under which Ottawa no longer makes tax - rental payments to the provinces. Subsidies and other fiscal payments to the prov- inces were $55,500,000 for the three months, compared with $129,700,000 a year earlier. 8,000 Hogs Victims Of IN MEMORIAM Cholera Fleming Reveals Federal Deficit Although the new arrange- ment also reduces federal col- lections of personal and corpor- ation income taxes, federal col- lections of corporation income tax rose to $319,000,000 during April-June compared with $307,- 800,000 a year earlier. In June they were about level with last year. But federal collections of per- sonal income tax dropped to $432,200,000 in the three months from $454,800,000, and June col- lections fell to $115,200,000 from last year's $121,300,000. Mr. Fleming also reported a Jurie deficit of $11,800,000 in the old age security fund, which op- erates. outside the normal bud- getary accounts. This exactly offset a surplus accumulated during April and May in. the fund, which finances the $65 monthly pensions to everyone aged 70 and over. Rio Algom Expected To Make Atlas Offer cash for each common share of Atlas, The statement adds: "A number of matters relat- ing to the carrying out of the transactions must be settled to the satisfaction of both parties before any formal agreement can be entered into. MUST MEET CONDITIONS "Any such agreement will be subject to the obtaining of cer- tain opinions and the meeting of certain conditions including, it appears, the consent of bond holders of Atlas to certain am- endments to the trust indenture securing the bonds." The statement said the, whole matter is being proceeded with as. expeditiously as possible, a meeting of shareholders will be asked to approve the proposed transactions, and complete de- tails will be furnished with the notice of meeting, Shares of Rio Algom, a North- ern Ontario uranium producer which is seeking diversification, closed Friday on the Toronto Stock Exchange at $9.20 a share, compared with a high for the year of $10.75 and low of $8.05. The price gives a paper value to 680,000 Algom shares of $6,256,000, indicating a total value for the offer of about $51,256,000. Atlas shares outstanding at June 30 were 1,402,509 out of 2,000,000 authorized. Cancella- tion of shares now owned by Rio Algom would reduce the number to 1,168,758. ' Shares of Atlas closed Friday in Toronto at $34.8744 a share, their high for the year, com- pared with a low of $27.50. Atlas, a producer of tool and specialty steels, has its head of- fice and Canadian plant at Wel- land. It is building a $40,000,- 000 plant at Tracy, Que., near Montreal and has subsidiaries in England, Australia, Switzer- land and Italy. Rio Algom is controlled by the British Rio Tinto group and is the group's chief operating arm in Canada. Price Of Bonds Closed Higher This, Week By THE CANADIAN PRESS Bond prices closed generally higher this week in all sectors. Day money was available at five per cent, down from 5% last week, Ninety-one day treas- ury bills sold to yield 5.47 per cent compared with 5.51 last week and 181-day bills to yield 5.65 compared with 5.74. Mid- and long-term prices in- cluded: Canada 4%, 1966,. at 9614; Canada 414, 1983, at 88.25; and CNR 5, 1987, at 9234. The Manitoba Hydro-Electric Firm Canadian Dollar Brings Sigh Of Relief By ALAN DONNELLY OTTAWA (CP)--Finance de- partment officials are breath- ing easier these days with Can- ada's foreign exchange reserves growing once again and the dol- lar holding firm on exchange markets, Mr. Fleming broke his cus- tomary silence on the subject Friday for a brief comment: "We're well pleased with the results that have been achieved bythe emergency program." The minister and the depart- ment are mum about the exact state of exchange reserves little more than a month after the austerity program was an- nounced June 24 to stem a heavy drain on the exchange fund. Only month - end figures are made public, and the July 31 report is expected at the end of next week. It's known that the reserves increased by $58,000,000 from commercial transactions in the Board came to the market for $25,000,000 in two maturities-- 534 per cent due Aug. 30, 1967, offered at 99% to yield 5.93, and six per cent, due Aug. 30, 1982, offered at 991% to yield 6.06. This was well received and the long bonds are currently quoted at 9934-10014, : In the corporate area there was a $14,000,000 Quebec Power issue--64, Sept. 1, 1982, offered at par to yield 6.25. The current quotation is 100% to 101, There were no significant mu- nicipal issues. NET EARNINGS | Bv THE CANADIAN PRESS | GO ampbell Red Lake Mines |Ltd., 6 mos. ended June 30: 11962, $967,064, 24 cents a share; |1961, $885,461, 22 cents. | Canadian Wall - Paper Man- ufacturers Ltd.,. year ended April 30: 1962, 291,145, $2.25 per class A and B share; 1961, $328,- 538, $2.54. Du Pont of. Canada Lid., 6 mos, ended June 30: 1962, $6,- 024,000, 81 cents a share; 1961, $3,996,000, 54 cents. McIntyre Porcupine Mines Ltd. 6 mos. ended June 30, 1962, $2,348,435, 99 cents; 1961 $1,194,508, 32 cents. Quebec Natural Gas Corpora- tion, year ended June 30: 1962, net loss $1,686,020; 1961 net loss $3,697,307. Sigma Mines (Quebec) Ltd., 6 mos. ended June 30: 1962, $185,069, 18 cents a share; 1961, $146,404, 14 cents. Education Group Folds Its OTTAWA (CP) -- The Cana- dian Conference on Education is no more. After four years as an in- stitution of teachers and others who managed, if nothing else, to drum up more public inter- est in education, the conference has folded with the departure of its leadership trio. Carrie Robins, former sev- enth - grade schoolmarm from Saskatoon, cleaned out the CCE office here Friday and prepared to head for Metz, France, to help run schools for Canadian servicemen's youngsters. Two others -- Kurt Swinton} of Toronto, an executive of En- cyclopedia Britannica of Can-| ada, and Max Swerdlow, who} directs education for the Cana-| dian Labor Congress--have also| bowed out. | No one stepped up to replace them. That, plus financial troubles, led to the death of an organization, set up on a con- ROAD DEATHS FEWER LONDON -- Road deaths fell by 211 in the first five months of 1962 compared with the same period last year. There were 104 fewer deaths in May than in) May 1961, a decrease of about) 18 per cent. Tent tinuing basis after a big Ot- tawa conference in 1958 and ship wrecked after an even big- ger Montreal follow - up last spring. WHAT PROGRESS? What did the CCE accom- plish? Miss Robins, 35 years a teacher, recalled "many intan gibles," including one she des- cribed as possibly the most im- portant social development in Canada in the last four years. "Certainly there is a greater interest in education among the general public -- a genuine in- terest, not just a passing inter- est. They're realizing we're not doing what we should be doing in education in Canada. "Why not? Maybe it's be- cause we're not developing from our schools the young cit- izens who can get us out of this muddle." She looked into the future and saw, with automation, per- haps a 20-hour work week. "What are we going to do with all this time we're going to have? Are we going to spend money beyond our means look- ing for happiness? Or are we going to find it within our- selves? We can if we're efu- cated right." last week of June, after hitting a critically low point of $1,100,- 000,000. An indication 'of. what has been happening since is the drop of $239,000,000 in govern- ment cash during. the two weeks up to last Wednesday. The government's cash bal- ance reflects all of its trans- actions, including normal spending and tax revenue. In- formed sources say the $239,- 000,000 drop shouldn't be taken as meaning that that much was used buying U.S. dollars to fat- ten the exchange reserves. But they say it indicates some large purchases of U.S. dollars, just as sharp increases in fov- ernment cash earlier this year, signalled the heavy decline in foreign exchange reserves. On top of this, the exchange fund got some $60,000,000 U.S. dollars from the mid-July pay- ment by France of $67,600,000 on a post-war loan by Canada. Meanwhile the exchange rate on the Canadian dollar was held fairly steady recently at about 92%4 cents U.S., one quar- ter cent. above the 92%4-cent parity rate fixed May 3. At the start of the month there was $1,808,700,000 in the Cattle Switch Needed By Small Farmer MONTREAL (CP) -- Quebec breeders have been told a large - scale switch from dairy to beef cattle would be the only "thing that would save the small fatmer." Mrs. W. C, Pitfield, at whose suburban farm the Canadian Shorthorn Assogiation and Que- bee Shorthorn Club held a meet- ing, said there is a "'terrific po- -- for beef cattle in Que- Some 50 Quebec, Ontario and Maritimes farmers attended the beef cattle judging school spon- sored by the two shorthorn as sociations at Mrs. Pitfield's 300- acre Saraguay farm. "In Quebec," Mrs. Pitfield said, "the farmers are over- producing milk these days and if you haven't already. got a contract you stand no chance of getting one." "There's a market for East- ern Canadian beef and all the land in the world here in Que- ec, Ab Stolz of Guelph, Ont., a Canadian Shorthorn Association official, said there is "no point in bringing cattle in from the West when there's more moist- ure and better grass here." exchange fund, but this included a$300,000,000 loan from the In- DIVIDENDS ternational Monetary Fund and $350,000,000 obtained in a reci- procal exchange "swap" with United States and British cen- tral banks . Both must be repaid and there's an undisclosed time limit on repayment. The gov- ernment would probably prefer' to repay them ahead of the due| date because of the effects of such a_ step on confidence within the financial commu- nity. Meanwhile, informants say, it By THE CANADIAN PRESS Atlantice Acceptance Corpor- ation Ltd., common 15 cents, Sept. 17, record Sept. 4; first pfd. 55 cents, Sept. 1, record Aug. 15. Canadian Fairbanks - Morse Co. Ltd., class A 10 cents, Sept. 1, record Aug. 17. Chrysler Corporation, 25 cents, Sept. 1, record Aug. 6. The Foundation Company of Canada, common 12% cents, Oct. 19, reeord Sept. 28. is too early to know clearly, the effects of some other austerity measures adopted June 24: The special tariff surcharges on im- ports, government spending cuts, and higher interest rates STOUT FOOTWEAR The Eskimo mukluk has a sole of bearded seal hide, up- pers of ordinary seal hide with on borrowings. an oil coating to keep feet dry. FRISE -- In loving memory of Mra George Frise, who passed away July 29, 1952. --Sadly missed by nieces and nephews, Jack and Marie Bartlett( Ann, Betty and Jim. FRISE -- In loving memory of a dear mother, Elizabeth Caroline, who passed away July 29, 1952. --Lovingly remembered by daughters Gladys, Olive and Nora. Canadian Brine Gets $386,742 In Damages TORONTO (CP) -- Canadian Brine Ltd. has been awarded $386,472 damages against the laker Scott Misener and her owners, Scott Misener Steam- ships Ltd. of Port Colborne, Ont., after Mr. Justice D. C. Wells ruled damage to a pipe- line was caused by the '"'gross negligence" of the ship's cap- tain. Sitting as judge in admiralty for the Ontario admiralty dis- trict of the Exchequer Court of Canada, Mr. Justice Wells said that while the Scott. Misener was attempting to raise anchor in the Detroit River near Wind. sor Dec. 12, 1958, one of her flukes caught the pipeline, which was broken and fell to the river bed. He said he could only con- clude from the evidence of ship's Captain R. A. Rafuse that the ship was anchored without any care or regard for two large signs on both sides of the river indicating the pres- ence of the pipeline. He said the ship's officers had admitted seeing the signs after the anchor was raised. He said the captain undoubt- edly broke the pipeline -- used to transmit brine from salt mines on the Canadian side of the river to a Michigan plant in Detroit--by directing that the MONTREAL (CP) -- Nearly) 8,000 hogs have been destroyed} in Quebec since the outbreak of} hog cholera two weeks ago,| says Dr. Henri Troalen, re-| gional director of animal health| services for the federal depart-| ment of agriculture. | i] However, Dr. Troalen said Friday there are "very encour | aging "signs the epidemic will be checked soon despite new outbreaks expected next week. | Until now hogs on 25 premi-| ses have been destroyed in! Quebec and more than 200 farms have been quarantined within a one-mile radius of) where infected hogs were dis-| covered. Dr. Troalen said the epidemic | has not reached the disastrous proportions of a 1961 outbreak when some 58,000 hogs were destroyed on 408 farms through-| out Quebec. | He said the Quebec epidemic! started July 13 when a consign- ment of 150 infected hogs was placed among 2,000 healthy ani- mals at a sale in St. Hyacinthe, 30 miles east of Montreal. Auto Production Drops Off Sharply TORONTO (CP) -- Canadian automotive production this week totalled 2,996 vehicles, eompared with 8,241 last week, says the Canadian Automobile Chamber of Commerce. The sharp cut resulted from model changeovers and the holi- day season and, except for one car from Chrysler, all produc- tion was from Ford. j Ford produced 2,515 cars| compared with 2,963 last week) and 480 trucks compared with 0. i | Car production by companies} this year to.date, with corres-| anchor be raised and lowered until the obstruction fell off, For that action, he said, .the| ship's commanding officers| must take full responsibility. | The plaintiff. was also| awarded interest at five per| cent from Dec. 12, 1958. | \ }ponding figures for last year in brackets. American Motors 12,906 (4,- 168); Chrysler 23,686 (27,701); | Ford 78,875 (62,300); General) Motors 148,391 (104,815); Stude-! baker 4.722 (3,298). | | 1 Light as a Feather! Cool as a Breeze ! Women's VACATION BOUND Reg. 3.98 to 4.99! Telephone and Mail Orders Accepted on Style "A" only. Bright cotton playshoes with fashion flair and a holiday air! Many styles in the group . . . all with colourful uppers on vulcanized rubber soles. Flats, wedges and stack heels with taper toes in plains, prints and stripes. Sizes 5 to 10 medium width, but not every size in each colour and style. EATON July Sale Special, pair....... PHONE A--GORE--Step-in flattee with multi-striped elastic throat in- sert- Antelope, black, pineapple and. sunkist. Sizes 5 to 9 medium width, EATON'S MALL LEVEL, DEPT, 238 725-7373 COTTON CASUALS 2.99 EATON'S WILL NOT KNOWINGLY BE UNDERSOLD EATON comparison shoppers see to it that our prices are as low as any and we give you the extra protection of the EATON Guarantee, "Goods Satisfactory or Money Refund- ed" which applies to price as well as to quality and value. EATON'S will not know- ingly be undersold and in addition you get the PLUS VALUE of EATON Telephone Ordering and EATON Delivery Services. EATON'S TELEPHONE ORDER SERVICE OPEN MONDAY TO SATURDAY 8:30 A.M. TO 6 P.M. ---- FRIDAY 8:30 A.M. TO9 P.M,