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tle drying } 88 7.88 en imple eper- lon, light , complete ECONOMIC TRIALS National Affluence Stirs Inflationary Pressures By JAMES NELSON OTTAWA (CP) -- Stem- ming a surge of inflationary pressures is the chief objert of Canadian government poli- cy at the year-end, just as it is in the United States, Britain and other major countries in the Western world. Consumer prices in Canada are running about four. per cent higher than last year. Al- though food prices in Septem- ber were just about where they were.in August last year, the cost of consumer services soared six per cent higher in the year. It was a reflection of the af- fluence of Canadian society. While the gross national prod- uct--value of all goods -and services produced in the coun- try--was running 6.7 per cent ahead of last year, a large part of the increase was price inflation. Personal incomes after di- rect taxes were running seven per cent higher at mid-year. Total labor income, reflecting higher wages and salaries as well as a larger labor force, was up 9.3 per cent. Finance Minister Sharp blamed it on an inflation psy- chosis. It wasn't the usual in- flationary case of excessive demand for scarce goods. Ca nadian manufacturers, in fact, experienced a slump in new orders in the first half of the year, and trimmed their inventories. And the unem- ployment rate has been on a general upward trend for a year. SETS EXAMPLE Mr. Sharp said it was a case of prices and-costs push- ing inflation, rather than de- mand pulling prices up. To correct it, he embarked on a program of budgetary stringency. To set an example for the private sector of tne economy and provincial and municipal governments, he announced a firm ceiling of $10,300,000.000 on normal federal government expendi- tures next fiscal year. He also increased taxes to raise federal government revenues and move towards a more balanced budget. He said the federal government will cut borrowing on the public money markets in 1968-69 to half his 1967-68 de- mands, or to $750,000,000. Mr. Sharp is counting on these steps to discourage the inflation psychology. Meas- ures taken in Britain and the U.S. should reinforce him. Britain tackled inflation and | its other economic ills with devaluation, lowering the value of the pound sterling in Canadian funds to about. $2.57 from $3. This will mean lower prices in Canada for British | Hug sean ARS Chie Ga. 10 goods--but not to the full ex tent of the 14.5-per-cent valua- tion cut. REJECT TAX RISE President Johnson tackled it in the U.S. by calling for a 10-per-cent surcharge on per- sonal income and corporation taxes, Despite promises of cuts in American government spending on everything but the Vietnam war, Congress wasn't expected to agree to tile tax increase until early 1968. ' Underlying Mr. Sharp's con- cept of an inflationary psy- chology gripping the country is the economic theory that a free market economy needs a a continuing but small rise in prices to keep it from stagnat- ing. The Economic Council of Canada has said that prices should not be permitted to rise more than 1.4 per cent a year, the average actually re- corded in 10 years during the late 1950s and early 1960s, At this rate, the purchasing power of today's dollar would be whittled away in five years to 93.2 cents, in 10 years to 86.8 cents, and in 15 years to 80.9 cents. These are in sharp contrast | to what would be the case if price inflation at an average | rate of eight per cent in two | years were to prevail for a long period of time. At four | per cent a year, today's dollar would be worth 81.5 cents in years, and only 54.2 cents in 15 years. Mr. Sharp estimated in his June 1 budget speech to the | Commons that prices would rise this year by three per THE OSHAWA TIMES, Thursday, December 14, 1967 Q Engineer Finds Canada Land Of False Promise WINNIPEG (CP) -- A British;him his professional credentials structural engineer who says he were not transportable. found Canada a land of false; 'I am taking this-court action jpromise is suing the Canadian/hoping at least it will draw at- government for $5,867. |tention to the fact that people Frederick H. J. Blake's peti-/can be led astray by an immi- tion to the Exchequer Court in/gration office in Britain,' he Ottawa claims the amount on)said Wednesday in an interview. grounds that nobody warned) Mr. Blake, 52, has no univer- |was admitted in 1956 to the In- 'S . li ' entimenta ity migration department in Lon- |stitute of Structural Engineers. MONTREAL (CP) -- Quebec|don, he said. No mention was 'Santa Says... a. ty. aeeree Ont 8 dvanced L S |\through training on the job and ; | He was interviewed by repre- sentatives of the Canadian im- is neglecting its economic devel-- Made about the necessity of opment in favor of "'sentimental/being a university graduate or lal Leader Jean Lesage said tion of Professional Engineers | Tuesday. in Manitoba, Hetold a service club meet-| Mr. Blake said he was earn- jing that Québecers "could dealing the equivalent of $9,000 an- |more positively with the prob-nually in Britain but in Winni- |lems they face by building peg is making just $7,500, al- jindustries, highways, hospitals,|though he was told by the immi- land verbose statements," Liber-|Deing accepted by the Associa. | Mf | schools, universities and re-|gration department in London: search centres." \"We just can't get enough peo Public statements "'flirting|ple with your experience, You'll | with the separatists' were driv-/be able to double your salary In ing badly-needed capital away. |12 months." "Not only will sentimental) and verbose statements not} CAUGHT IN THE ACT. solve the constitutional prob-- LONDON (CP) -- Dennis St lem, but they put the economic Jean played truant, and several future of Quebec in danger." | million newspaper readers -saw If Quebec withdrew from Con |him do it. Instead of goig to | federation, French-speaking |cehool he dropped into the Eng people across the country would lish soccer team's training suffer i ground to collect autographs Unluckily for him, he accidental cent, At the end of October {ly got into a photograph of the the consumer srice index was jteam and was caught out by the 3.6 per cent higher than a |school principal when the prin year earlier, leipal read his morning paper ~ Atotallynewcar wasntenough Sowemade two distinctive sizes. One wheelbase for two-door models. A longer wheelbase for four-door models. Result: perfectly propor- tioned styling in every model. Breath-taking. A proud profile be- gins at the bold, new grille, sweeps gracefully over the sleek roofline, EVERY CHEVELLE HAS TO MAKE IT aErOnE E oe Inside, Chevelle's new cockpit is an invitation to take off in new come fort and luxury. And the Chevelle people didn't EXCELLENCE forget performance. You can ¢| 21 different power teams. Chevelle blends beautifully into Chevelle's dramatic new rear end treatment. Totally integrated styling commands admiring glances wherever it appears. Integrated styling is carried across the width of Chevelle, too, with wider body, wider tread for a poised, confident stance. As you can see, Chevelle is very contemporary. Long hood, short deck, wider tread. A totally new car. models. can move you out of the ordinary with a standard 140-hp Six, or the new, bigger standard 307-cu.-in. V8 that delivers 200 horses. Or you can choose one of four optional V8s... all the way up to the 350-hp Turbo- Jet V8 that's available on SS396 You could go on and on telling about all that's new from Chevelle. Chevelle -- gotitfor68 YOUR CHEVROLET DEALER CAN OFFER YOU THE BEST DEAL WITH HIS UNBEATABLE COMBINATION OF LOW PRICE AND UNMATCHED CHEVELLE VALUE, CHEVELLE SS 396 SPORT COUPE MALIBU SPORT SEDAN IIIS Ieee A refined suspension system for the smoothest, quietest ride. A new automatic ignition key alarm that buzzes a gentle reminder not to for- get your key when you leave your car. But it's time to stop. Time for you to go in to your Chevrolet dealer's and see all that's new--all offered at a price that makes Chevelle your best buy. ONTARIO MOTOR SALE 140 BOND ST. WEST, PHONE: 725-6501 OSHAWA, ONT. AUTHORIZED CHEVELLE DEALERS IN OSHAWA-WHITBY: S LIMITED NURSE Chevrolet Oldsmobile Lid. 1190 DUNDAS STREET EAST, WHITBY, ONT. 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