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IMS, East Pass Pass pades, at the ind in ifficult » short opens d finds bid of ig the sibility hearts. on the d then nalling nds on s, He oth his der to e suit, e dia- loquent d. ie king avoid id, and tricks his; m per. 1e king ith the st won had to tricks, . (AP) ull are claim in the 211, is | pairs normal 'a, say Hard- | Jack in the at has is with Hess. hogs id now trait in airs of ner in x-year- could cattle f beef bull's ind to verte- ng doc- car in everely d was ) dam- | years > crash oft her / of a -old is matter r to be longer ile the ake life Last Investigation Of Atlantic Trust Downfall By JANE BECKER jchanged its portfolio to major] TORONTO (CP)--The Hughes|holdings in Premier Trust, commission investigating the)Sterling Trust, Trader's Fi-| collapse of Atlantic Acceptance nance, and Laurentide Accept-| Corp., heard Wednesday how/ance. | British Mortgage and Trust Co,| Mr. Moreton said Mr. Greg-, of Stratford, Ont., grew in seven ory, president of British Mort-| years from a small, conserva-|gage, reported to his board of tive, closely-held trust company directors late in 1964 that the to a liberally - investing firm stock market' had done well so "which behaved more like a he had allowed total stock hold- loan company than a trust com-|ings to rise by about $1,000,000. pany." \But the company had revised The commission, which has|its portfolio in order to have sat for 13 months looking into|"defensive security" which the $150,000,000 downfall of At-|would hold up better in the lantic in June, 1965, has entered|event of a recession. the last phase of its i iga- Ho eB": DIVIDEND RAISED British Mortgage, which had invested heavily in Atlantic was absorbed by Victoria and Grey Trust Co. of Lindsay, Ont.! in September, 1965. But its transformation started when Wilfrid P. Gregory be- In the same report, Mr. More- ton said, Mr. Gregory said a new accounting system begun by British Mortgage had added| $744,000 to the company's cap-| ital that year, and that he felt justified in raising the quarterly Phase | way that the directors would know the precise effect of the new accounting method. "But the president must have known, since taxable income reported in 1964, calculated by © the former cash accounting . method was $17,000, compared) with $204,000 the previous, year," added Mr. Moreton. Mr, Moreton said a major) change in the nature of British Mortgage was its investment in Atlantic Acceptance and its as- sociated companies from 1959 ; until 1965. Its first purchase was $1,500 worth of preferred Atlantic shares in January, 1959. At June 17, 1965, the day Atlantic de- faulted, British Mortgage had $12,200,000 outstanding in invest- ments in the Atlantic group, Mr. Moreton's statement showed. MME, MICHENER Mrs. Roland Michener is the wife of Canada's new Governor - General, Mr. Michener's appointment was announced today by the Queen. By DENNIS BELL | VANCOUVER (CP) -- Clinton |Shaw is having his troubles get-| \ting to Expo 67 in Montreal. The ball bearings dropped out of his roller skates Wednesday. Shaw, 25, is just one of a veritable army of walkers, pad- \dlers, riders--and roller-skaters| --hell bent for Montreal despite, rain, snow, sleet, hail, river rapids and bunions, Shaw left Mile 0 of the Trans- * canada Highway in Victoria Tuesday and pulled into Van- leouver with one of his size 14 roller skates out of commission. | "The vibration in your feet is! terrible," he complained. "I've had a lot of trouble. Half the ball bearings from my skates} fell all over the floor in a res- taurant on Vancouver Island." | He planned to leave Vancou- {in time to buck the downstream] | Bearings Lost On Expo Trip "5 seas \their canoes as they have pad-! But Shaw Still Determined" :""% ise © wa alongside the Thompson River," ball bearings and a knapsack'S full of woolly socks. |New Westminster, one of the Another roller skater, Chris backers of the cross - Canada Price, a 20-year-old Vancouverltin He said the canoeists-- cook, limped into Salmon Arm| 4 Shad the Faatward: Ho © Tuesday with a pulled leg @UDDe Det ee muscle and spent the night re- pedition--are due in Kamloops cuperating in hospital. late Friday. RESUMES TRIP _| CARE FOR TREASURES | He was on his way again ee ae ss | Wednesday, skating full tilt to.) FOWEY, England (CP) =| ward the Rogers Pass section of Cornish company director the highway at Revelstoke. James Allday provided for his | Meanwhile, back on the two most precious possessions Thompson River, British Co-) hi "il 6 water | lumbia's centennial canoeists)!2 his will--two veteran cars. were having difficulties master- His 1896 Benz and 1903 Alldays| " ing the treacherous springtime are on permanent loan to a! currents Wednesday. motoring museum and his| aon a ed pee Brine, widow is to bequeath them to, r. David Chisholm, Don Mc-|,, | Naughton and Jim Reid, set out) Such of his grandchildren as from New Westminster last Sat-|She thinks most interested in| ver today with a set of new'urday on the Fraser River--justjveteran cars." aid Alderman Doug Scott of THE OSHAWA TIMES, Thursday, April 6, 1967 19 'Take A Scythe To Red Tape", Nixon Tells House On Housing TORONTO {CP)--Opposition department to provide "'a sin- Leader Robert Nixon called on/gle department responsible for ro ign bef igent ig! to raat housing the people of "take a scythe' to re ape Ontario." ing iatiee pecvincsr " (igty Gree on ye raw . : ince of more of the cost of edue Speaking as the legislature ¢ icinaliti began debate on the $25,152,000 Me ee : spending estimates for 1967-68 i) gr the 150 munininalitins of the economics and develop. UPS for the 150 municipalities ment department, Mr. Nixon °° without planning laws, recommended: : 6, Simplification of the pres- {. Gpagallon At publio hous nt jungle" of building by- ing schemes by municipal au-, " thorities with the Ontario Hous- He also suggested the prove ing Corp. confining its activities|"C@ Te-institute a scheme in- to construction and financing of 'Toduced in 1948 which provided developments; jhome buyers with second morte 2. Extension of the principle /848eS of up to $1,250 at three- of land lease in housing devel-|Per-cent interest. opments to private schemes; He said the drop in starts of Transfer of the Ontario] single - family housing in the Housing Corp, to jurisdiction of|first two months of this year an expanded municipal affairsjis shocking came managing director in dividend to 25 cents from 20 1957, the commission was told|Cents. by its accountant, A. W. More-| The change showed up as in- ton. jcreased profit and reserves on One change was in the size the company's books, Mr. More- | and range of its investments. (ton said, although, by a com- PN Oconee: |parable accounting method, | CITES FIGURES _. |British Mortgage actually made} In 1957, Mr. Moreton said, |less profit in 1964 than in 1963. | British Mortgage had about $2,-| "Did the president's state- 000,000 invested in stock of 53!ment to shareholders in the 1964, companies, Its largest holding--|annual report: disclose this ef- $260,000 -- was in preferred fect on earnings' asked com- shares of B.C. Telephones. mission counsel Albert Shep- It also had substantia) invest- |herd. ments in Dome Mines, Canada| Mr. Moreton said he saw no) and Dominion Sugar, Trader'sjevidence of it. Although the) Finance, Page - Hersey Tubes|president's report to the board | and Dominion Oilcloth. jof directors in November, 1964, By 1964 the book value of|'eferred to the new accounting British Mortgage's stock hold-|System, he said sdb ings had risen to $7,200,000. Its) | largest holding was more than| $1,000,000 worth of Atlantic Ac-| "haa Chain Link Fences ceptance stock, and it had Dutch Marines Clip Beatniks © AMSTERDAM (AP) -- Some 120 Dutch sailors: and marines stormed into Amsterdam's cen-| tral station hall Tuesday night, rounded up scores of beatniks who were annoying passengers --and gave them all military- style haircuts, | At the sound of a navy whis-! tle the servicemen sealed off) the hall as four police stood by and laid into the beatniks with belts. Coll us now for @ free estimete, When the long-haired nozem --Dutch beatniks--fought back) with brass knuckles and clubs! A-ONE FENCE Co. | the sailors pulled out scissors. | | | call 723-5377 | You owe it to yourself to get our price on any fencing Job, residential or industrial, big or small, Prompt service end quelity work- menship et @ reasonable cost. Some of the nozems were in-| jured in the shearing opera-) tion. 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