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18 THE OSHAWA TIMES, Tuesday, June 13, 1967 Federal Reserves Group Scrutinizes Credit Cards NEW YORK (AP)--As_ the advance agent of the cashless society, the credit card has hardly tried to hide its identity. It is known now to millions of North Americans. It has trumpeted its presence in countless advertisements, been promoted through trading stamps, touted by skywriters, offered to names culled blindly from college class lists, And, aside from having given a lot of people the false idea that the dollar bill will be ob- solete, it is involved in a con- troversy in the United States that throbs in the once conven- tional world of banking, since banks are issuing most of the cards | Early this year an American} banking executive said the little money cards were being made available '"promis- ditional banking practices. The Federal Reserve is con-) cerned with their possible link to inflation, the thought being! that, since a credit card always comes back into your hands after use and a dollar doesn't, overspending might thus be en- couraged Another banker warns that the credit card society may in- deed be the forerunner of the cashless society' because so many people will overspend they'll have no money left any- way. Some bankers, in fact, have declined to get in on what they call the card craze. As a sub- stitute, these bankers permit overdrafts of regular cheeking accounts. i These are among the ma- noeuvrings and _ controversies that may well be the predeces- cuously," without regard to tra- sors of the chequeless and cash- Island's Living Standard Doesn't Ease PORT STANLEY, Falkland Islands (AP)--The hardy peo- ple of this isolated British col- ony have a high standard of living but they're lonesome. -- That is the view of a British economist after a five - week study of the Falklands, a clus- ter of islands Argentina and Britain have feuded over for for more than a century. These South Atlantic islands, more than 100 of them, lie 300 miles off South America. Freez- ing winds from the Antarctic sweep them month after month. Britain took possession of their bleak 4,618 square miles in 1834, but Argentina has always claimed them for reasons of geography and colonial history. Claude Guillebaud of the Royal Economic Society was in- vited by the Falkland govern- ment to see what could be done to improve the islanders' life. He found that no one is with- out adequate food or housing. All houses in Port Stanley, the capital, have flush toilets and all but three or four have bath- tubs. In Guillebaud's view this is a Lonely Life record many villages of equal size throughout the world can- not equal. That, however, can- not beat lack of contact with the outside world. DARWIN ONLY LINK About. the only link the 2,500 Falklanders have is the Dar- win, a 790-ton steamship that plies between Port Stanley and Montevideo, Uruguay, bringing mail and essential supplies. Travel to Argentina is out, they say, because of the politi- cal quarrel with Britain. Guillebaud heard many Falk- landers express hope Argentina may relax its ban on travel to the islands. The Argentines call the Falk- lands by their old name, the Malvina Islands, claim they are part of the old Spanish colony they inherited and argue about the geographical link with the underwater continental shelf that juts out into the Atlantic. Last year, a group of armed Argentine youths hijacked a passenger plane out of Buenos Aires, crash-landed it on a pas- less society. They are part of an evolution to automation. The outcome isn't clear, but. the card is its present symbol. | Once these cards were asso- ciated mostly with dining, en- tertainment and travel. But the} hundreds of cards issued by| banks can do anything money can do except light cigars. Already the card has become a major form of instalment credit through arrangements between banks and department stores. Both buyer and seller benefit. The buyer obtains credit through possession of the card. The seller receives full payment from the bank, which then collects the "easy pay- ments This process, too, is evolving. The many credit cards could, conceivably, be replaced some- almost anywhere. This c&rd would be a person's chief iden- tification. Some day, the visionaries Say, a person might not even see his pay stub. His Salary might be deducted electroni- cally from his employer's ac- count and credited to his. Per- haps his bills would be paid automatically also. He hardly would need cash. Students' ee o Builds Complex EDMONTON (CP) -- A new $6,000,000 Students' Union Build- ing is expected to be completed at the University of Alberta in July, The building will house facili- ties ranging from students' un- ion offices to a ballroom, 800- seat theatre, eight-lane bowling alley, art gallery and even a meditation room. Architect Herbert J. Richards said the new. building is based on the idea of "a concentration of activities in one building." An eight-storey tower high- lights the building and will be topped by an elaborate stu- dents' lounge. The tower will also house a creative arts section, and em- ployment, alumni association ture, and "recaptured" the is- lands. The British Navy shipped Australians Love To Gamble MELBOURNE (CP)--It took Australia's governments a long time to realize that instead of trying to stamp out gambling they should cash in on it. Ever since the first convict ships. sailed into Sydney harbor, gambling has been going on in this continent--by bored, lonely men on cattle stations, winniag or losing a month's pay on the toss of coins; by city business- men risking a week's profits on Tace courses. Race-horse betting with back- lane illegal bookmakers be- came such big business a few years ago, with so many police- men wasting so much time try- ing to control the racket, that two state government s-- them home. Wool exports and whaling sta- tions have kept the Falklands alive over the years. Recently Britain joined other Western European countries in setting up a satellite recording station and student counselling offices. The lower horizontal area con- tains the ballroom, a cafeteria, day by a universal card good). lounges, offices for a student! newspaper and radio station, the art gallery and theatre. The bowling alley and a six- sheet curling rink will be lo- cated below ground level, along with billiard and table tennis there. rooms. Queensland and Victoria -- de- cided to act. They set up their own state betting shops and an organiza- tion called the Totalisator Agency Board--TAB as Austral- jians call it--to run them. Church leaders and_ social welfare workers protested that this would spread the gambling disease even further, ruin more homes and increase crime. WOULD REDUCE CRIME But the government case was| that it would reduce crime by wiping out the illegal bookmak- ers and their hangers-on. The Jaw was strengthened so that bookmakers could be jailed for a second offence. And, govern- ment officials claimed, police would be freed for other more worthwhile duties. It all sounded fine. But within months of the TAB shops open- ing, hold-ups and robberies be- gan. There was so much money about--in its first year of op- eration in Victoria alone, the TAB turnover was $170,000,000. Under the bureaucratic way the shops are run, Saturday's race winnings cannot be col- lected by the bettor until Mon- day. So on Saturday nights the shops are stacked with the day's takings. "A hold - up man's dream," as one detective put it. a community of quiet elegance located in oshawa's northern residential area. Simcoe and Taunton If you are looking for a lot to buy... visit cedar ridge -- use a builder of your choice for information. phone 723-1194 For big or we do big The Associates make pe charges. Whatever your 111 SIMCOE ST. S. PHONE 725-6531 FOR FREE GUIDE MAP OF EXPO '67 OSH. 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