The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

2 THE OSHAWA TIMES, Friday, July 19, 1963 No Immediate Moves | To Meet Kennedy Tax been DESPERATION Dy ne AP siaff Faas House Given Glimpse Of Grit Pension Plan Ry JACK BEST YTT AWA T arnmer Imak cant Tr te han - @ Maximam of #175 a after 19 years, will be one the most hotly yntney < pieces of lezisis " month asked oe a place | * his? wi TRY ARRANGE M Pick afte nan CTeRLe AR SEES DECEPTION IPAS! toy $4.90 *RCs Urge To Aid = Unity Dialogue' Rs ALEXANDER FARRELI WEATHER FORECAST Cooler Weather Late Saturday Fererasts antn weather: Evans: frreras ~ with sated epreading ® during the caper ait Same < wes Satard Ferrcast Temperatirrs Lows overnight, highs Saterdas are experied Se t A ' 7a s @xturherce rE ¢ . MAS ? lake S Lake Ere Sanny be and cor thuontiercsh aa wr Re Raum nation ip would prod nm confasen among and manv Protest CLEAN YOUR FURNACE TODAY FREE TO CUSTOMERS ou PERRY Ray 723.3ean 2 wIRHT OTTAWA (CP)--It may be some time before government imeasures---if any--are taken to ease the economic pinch ex- Ipected to result from President |Kennedy's new proposal for a jtax barrier against American foreign investment Finance Minister Gordon Thursday night. held the first of/ an anticipated series of meet jings; with top officials of his idepartment and the Rank of Canada, Further meetings today were expected | Informants said the first task jis to sort out the implications ifor Canada if the U.S, Congress agrees to the president's drastic proposal The pinch is expected to be felt in several key points of the Canadian economy, with the possibility of slower economic growth, higher unemployment higher interest rates, new sures on foreign exchange re serves and an increase in the amount of Canadian industry under American control An immediate impact. how ever, was felt in the siock mar keis, Stock prices went into a deep slump. The Toronto ex pres change's industrial index, cover ing 20 representative companies dropped 15.29 points to 616,05 GOVERNMENT TIPPED President Kennedy's proposal to Congress---tipped to the Ca nadian government a few hours in advance by a special mes senger--is aimed at reducing the heavy outflows of U.S. in vestment capital which have shrunk U.S, exchange reserves He requested enactment of a special excise tax on American purchases of Canada and 21 other industria countries, The proposed 15 per cent on stocks purchases and 2% to 15 per cent on bond purchases of three-year matur ities ar more onger the maturity, the r the rate lt would be a t ending De 3 enacted by Congress fect today Mr. Gordor mons na au hat this may mportant effec an dian economy and payments situation He added later it securities rates would 1 told the balan Congress Said Favoring Plan Ry HAROLD MORRISON WASHINGTON. (CP) Pres dent Kennedy has proposed a temporary, 28-month excise tax purchase by residents of States of Canadian and those of 21 other industrialized counines The mood of Congress ind ca the revolulionary pro yosal will be accepted by 3 ma jority of Siators i The se Kennedy Thursday resulted in drops in prices on and Montreal stock exchanges Foreign stocks on the New York exchange also deciined Under proposal, the tax U.S. residents would be 15 r cent of the purchase price "ommon stocks and other equily ies, both new and outstanding issued by business ountrnies on the the United securities eg move sharp surpr he bonds arn matunng the ww Sh ma ad m 'bonds maturnng a SS han three would not be affected CANADA HARDEST Ht ada years va would the Toronto ' and means abivy in mid t appreved bi s Senate finance committe group committee hamber aw the two congressiona before it can become The main aim 0 to curb the heavy flow can ca J lo Canada New Canadiar floated in the U.S Steadily in he treasu mated : ne pated ir rising diar t > vied to $590,000_000 some 8&7 per cent 'of all new eign secy Americans What Kennedy would like an ers a jan and 4 here Howeve were expected tc adminisira nnedv's dec One whether was there had beer ommen forma! dis asked any ad bad during erse ab ensensus seemed me 'the Unit Me actor he payments S Wor HOE BAR AOA riy WAS Henry posa sman PRETES Wiscensit of . the subcommil payments Aiken, can whe is Of j as Canada's best Oongress, said iA an here is a mi he US an fo im a the expert of capital te hand. He beheved Should do more io ase More capelal al heme George ew DISOUSSION SET Tm oposal ix te come be House Slaying Of Negro Ruled Justifiable MARION (AM--A 1 MAN retarned a of jyashfiable bomiride m the fatal sheoime Wednesday of a T-pearvld Ne The mother of an eigh careld g said the Neere molested her daughter The Neer Andrew Lee Ar derson. died tee hours after he hased inte a held bv w and sheriff's Ark -oraner's jury WAS ecrdens @epaties T HR. McG ne was based or ax wT teen er eagh sed an Ar h pives ans atficer the we 8 alteme i cap from ; an increase of one per cent .n the effective interest cost of Canadian bond borrowing in the New York market This is seen nere-as likely to boost interest rates generally in Canada Phe former Conservative' fi nance minister, George Nowlan,! could. have implications the U.S, move most serious Canada," Government said 'the tor officials -aren't happy about one implication of Kennedy ha » tax wouldn't apply to direct investment American controlied industry in Canada This would do what Ottawa doesn't want to happen Encourage the growth of Amer can control in the economy and ge American lending on bands plan-th acl precisely tiscou anadial Fereign capital ars has Canada's big bal s deficits on cur transactions ed S848.000. 000 luring the yea mul oa ne nto Canadian stocks d more than $300 00.000 into American-controlle for y ymer This Ame an $524,000, 000 nvestors nd bonds ar ad dectine Naced fT nada gn exchange reed exchange adian om would doliar is of Unt sale wrged dur finn exchange have to be set eM Gor al times that N be main would make for Canada to} is Own capita borrowing |i more vely so become nibit ern oan 2 Pupils Win Scholarships Courtice P.S. By MRS. C. CARPENTER INTERPRETING THE NEWS China-Pakistan Affair Bloomin By JOSEPH MacSWREN Canadian Press Mall Wrieer if Red . wavs Camara CHINA WOULD nnir wt } m * ALL" BSD King W. 728-4224 GERROW FUNERAL CALL OR SEE DIXON'S FOR ONL FURNACES SERVING OSHAWA OVER 30 YEARS 24-HOUR SERVICE 313 ALBERT ST, 723-4663 Pakisia PATEND PROGRAM Roaned NOW IS THE TIME Phone 728-4681 NU-WAY RUG CO. LTD. 178 MARY $f For Wiis hold rat he origin of him he's night of cireumstances hane Ottawa On Lake RORERT RICK ment cP) Ry OTTAWA mment has s The gov aried to on ment fiat move ative fronts - AWlessness COM ' abo eceiving the Aport Or rife rom Mr No he gov ced in the ( page m L of a specia consider eS AQAINst Water Hai ¢ Ranks lenar le possible 1X lence and Four tadicte In Duluth Shipping Case MINNEAPOLIS 4 ndera the go Labo tarme shiAMA CRARGI Rabbit ALLAGEPLY BEATEN awe of ihe four De were beale wh be deter "RACCOON NAMED RINGO abor To Assist chet Lake Dispute »« «"<s sked all pointed to ane name the 19th century hadman John Ringo (CP Wirephoto) Move -- Report tice and ex already at Mildred Courtny 0 anville Ont er t nen. after roving h Western lit appea Starts Labor on possible min wasport. -iw Howe the ) Y WAS wo y be om netructed for heen arward proposals MITTEE by covernment Mir mons AT WORK also an © is trving to set the United Willard ym mitt epariments of > an early Norris abor Urged <:": meeting on report Labor with Seeretary Just aid the waterfront president Internationa! (Ind.) But he enti Teamsters, Long and Seafarers un Ship Com \ nc i ne United States ce Norris ame Mr afarers ada some searing for Ranks yRONTO h vn cP) hon Writz confer ely be a prelude er meeting t would President Claude Jodom oO Canad Labor. Congress and AFL-CIO President George Meany WOULD REVIEW The ounsel would be a review ef ata. » see whether aid against onapracy te uf means p a the ship r fer comspic ndictable of. v affenres in onspuracy " ROVOOTT = ¥ SVVVVV? wvwvvrv >MODEL SHOE STORE; . Mr let Ri taler mes King E PARIONS { Surs MORTGAGES Ample Funds for Ist MORTGAGES 2nd MORTGAGES We Also Purchose Ist ond 2nd Mortgages N.H.A. LOANS ARRANGED ' OUR SERVICE #S FASTER DUR COST & LOwsR SCHOFIELD-AKER Limited 723-2265 728.3376 Atter 7228-3 S HES Hour QUEEN'S UNIVERSITY REGISTRATION DEADLINE for correspondence courses and area tutorial classes SEPTEMBER 2, 1963 ii. nn OE