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il TORONTO (CP)--Prof, B. V. Winnett, head of the department ot Near Eastern studies since 1952, has been appointed, vice- was announced Tuesday. AMED VICE - PRINCIPAL neipal of University College the University of Toronto, it sieeieininmniaanaianiell NEWS IN BRIEF BAN DANCES BOURNEMOUTH, England (Reuters) -- A new teen-age dance, the spastic, has been banned in a prominent ball- room here. It is performed with stiffened arms and legs in imi- tation of someone with muscu- jar dystrophy. dent of the Canadian Bankers Association Tuesday partially absolved the Bank of Canada of Tight Money Blamed On LoanFund Demand so-called near banks--loan and trust companies --and make more loans to business and small borrowers. But under questioning by the Speaking for the organization representing the eight chartered banks, Mr. Paton foresaw high interest rates prevailing for many years to come. OTTAWA (CP) -- The presi- sibility for high interest cates, and the banks would be able to raise funds by issuing debentures, Gilles Gregoire (Ind -- La- pointe) and other committee members quizzed Mr. Paton and other witnesses from the bankers association on how it is that the banks can lend 124% times. more funds than they re- ceive in deposits. Mr, Paton said this is not true of an individual bank, but is part of the banking system as This ts part of the Bank of Canada's control over the money supply. It knows that when it buys securities and puts, say, $8,000,000 in cash into the chartered banks , this will give rise to $92,000,000 in loans and $8,000,000 in the banks' cash reserves. Converscly, when the central bank wants to draw in the money éupply, it can sell $8,- 000,000 in securities, drawing in the cash, and forcing the bank- ing system as a to reduce works 60 as to give that result, but as a banker he wuld have to deny that "by a strike of the pen I or any other banker can create money." * Mr, Paton also told Mr. Cam- eron the banks in recent years have started asking depositors to keep some money in their nog accounts to compensate THE OSHAWA TIMES, Wednesdey, November 9, 1966 7 fue public confidence in the banks, CHINESE STAY AROUND The world's lowest death rate, 5.5 per 1,000, is in Hong Kong, banks for administrative Mere YORK GETS LIQUOR agitk | TORONTO (CP)--The Ontario Liquor Licence Board has ap- roved an application by York niversity for a club licence in the senior common room at Founders' College. Sale of liquor will be restricted to faculty members, SEND CHEQUE BRANTFORD (CP) --A cheque for $755 was sent to Ab- erfan, Wales, Tuesday to help in the relief of the community where 150 persons were killed last monih when a mouniain of committee, Mr. Paton could make no promise of any sub- stantial increase in the three per cent interest the banks now pay to depositors in savings ac- counts, New deposits would be at- And it was on this that he based the association's request to the Commons banking and commerce committee for com- plete abolition now of the six- per-cent interest rate ceiling on bank loans, respon rates and tight credit conditions. §. T, Paton, association presi- dent and chief general manager of the Toronto-Dominion: Bank, said tight money is primarily due to the demand for loan funds in Canada's expanding total deposit liabilities. which hae ao os ge include loans. FALSE through the depositing and|POINTS OUT EFFECT cee plate arapate aa funds free, = = Cameron ao -- Na $8 Sccecres ank to ani , ea ping |naimo . Cowichan - Islands)} Mr, Cameron asked eight per cent of the cash in|said the chartered banks do 'in tn ened die fal diaiionots £500,000 ($1,500,000) in adver-|economy, outpacing the amount| If the ceiling is lifted, he said, |tracted to the chartered banks, |reserve and lending the bal-jeffect" create money by lof their inner reserves. These tising income in the year ending |oy funds the banks have avail-|the banks will be able to attract|instead, by other deposit instru-jance, | the rapid increase inling on the habits of depositors, |are reserves taken out of profits Joose Bes syst a June 30. Accounts for the yearlabie to make loans. more deposits away from the|ments, such as savings certifi-'funds is accomplished. r. Paton said the systemleach year before taxes and put : PAPERS LOSE MONEY LONDON (Reuters)--Beaver- brook Newspapers, owner 0 The Daily Express and Evening Standard, Wednesday . reported the company lost more than There is no specific yardstick for determining what these copes balances should put total advertising income at £25,049,801 compared with £25,- 7 -- 641,696 in the previous year. WILL RESIGN DUBLIN (AP)--Prime Minis- ter Sean Lemass announced coal slag buried part of the vil- lage. NAB SUSPECT MERRITON, Ont. (CP) -- Thomas C. York, 39, of St. Cath- arines, arrested at a roadblock minutes after a branch of the Toronto- Dominion Bank was robbed of $2,000 Tuesday, was charged with robbery. YOUTH HOUSE OUT OTTAWA (CP) -- A proposal for a centennial youth pariia- ment in the Parliament Bulld- ings is "completely unaccept- able" to the government, State Secretary Judy LaMarsh told the Commons Tuesday. She added, however, that the cen- tennial commission is studying an alternative proposal that would not involve government aponsorship. SAY WATER SAFE OTTAWA (CP)---The federal health department re ported Tuesday that tests of Canadian tap water for radioactivity over a 16-month period of 1964-65 showed no health hazard. CANADIAN IN RUNNING PARIS (Reuters)--A 25-year: old Canadian writer's first novel is in the running for France's top literary prize, the Prix Gon- court, to be awarded Nov. 21, a spokesman for the Goncourt jury sald Tuesday. The spokes- man said the book, L'Avalee des Avales by Rejean Du- charme, is one of the six books being considered by the jury. The other five are by French writers. Ducharme was born at will, Tuesday he will deliver his res- ation to president Eamon de alera Thursday. 'My succes- ee ANALYSE THE TOLL CALGARY (CP)--Disease in- volving the heart and the blood accounted for 850 of 2,252 deaths reported in Calgary last year. Cancer claimed 403 lives and 170 people died violent or acci- dental: deaths. ' WATCH TV FOR SCROOL WORSLEY, England (CP) -- A course in television criticism is being given at a Lancashire night school, Students have to study and write about programs ranging from the news to Bat- man, SMOKE TO HELP BLIND BASINGSTOKE, England (CP)--The local association for providing guide dogs for the blind has asked smokers in this Hampshire town for their ciga- rette coupons. company has promised to pay for the £260 training course in exchange for 68,000 coupons. KEEP OLD ACCENTS NORWICH, England (CP) -- The voices of a mole-catcher, a fisherman, a gardener and a farmhand have been recorded | by officials of the city museum | to preserve the sounds of Nor- | folk dialect for posterity. ie: nevty lander I hope, be chosen at a meeting of the Fianna Fail par- liamentary deputies" (Wednesday) the 67-year-old Le- mass added, teday, The cigarette St. Felix de Vallois, Que. 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