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revenue, 4.5
per cent of -the ' entire: in-
dustry.
“They drive the industry
here,” said Robert Payne,

with

Evans.

The survey, which ranked
the top 151 comparies in
Canada, also found total rev-
enues of Canadian-owned
firms fell slightly from the
previous year.

of Canadian-owned firms
within the industry.

The survey also showed
the growth of personal com
puters in the market.

Three of the top 20 firms —

INVESTMENT INDUSTRY

of Canada) offer their own
line of the small, desktop
‘systems.

Although Radio Shack,
Apple and Commodore all
had healthy revenue in.
creases, Commodore topped
the list with a spectacular
874-per-cent rise to $110 mil-
lion from $23.2 million the

million;
Group, $140.1 million; AES
Data, $134 million, and Hew-
lett-Packard Canada, $112
million.

Boundaries irrelevant

By DAVID HALLIDAY

JASPER, ALTA. (CP) —
International boundaries are
becoming increasingly irrel.
evant for the investment in
dustry, Edward. O'Brien,
president of the Securities
Industry Association, said
Tuesday

The industry in the United
Sates already has an inter-
national flavor in ownership
and control, said O'Brien,
head of an association repre:
senting the U.S. investment
business.

Canadian Japanese, Briti-
sh, Swiss, French and Ger-
man firms own many U.S.
companies and some measure
of fairness is needed so U.S.
firms can compete in world
markets, O’Brien told the In-
vestment Dealers Associa-
tion of Canada annual meet-
ing.

O'Brien was unable to at
tend the meeting because of
illness but his speech was
read to delegates by Andre
Saumier, an executive mem
ber of the association.

His speech said the Euro-
bond market has , grown
about sixfold since 1975,
largely because it is unreg-
ulated and untaxed.

“U.S. markets will never
return to such a laissez-fair
state — nor should they if
they are to retain public con-
fidence.”

O'Brien said his association
is pushing for legislative
change to allow U.S. firms to
capture a larger share of the
Eurobond market.

“If the U.S. captures a
prominent role in interna.
tional finance it will spur U.S.
markets to greater creativity
and competitiveness.”

Pierre Brunet, who became
chairman of the Canadian
association on Tuesday, said
capital markets throughout
the world have become in.
creasingly integrated

INVOLVES FIRMS

“The implieations for Can
adian brokerage firms are far
reaching. If we do not become
an integral part of the inter.
national network which is
falling into place we will be
reduced to the fate of a small
town bypassed by the super
highway built five miles
away.

Some Canadian firms are
trying to acquire the financial
base needed to compete with
the giants of the investment
world.

Dominion Securities Ames
Ltd., the largest broker in
Canada, recently merged
with No. 6-ranked Pitfield

Mackay Ross Ltd. to form
Dominion Securities Pitfield
Ltd. with a capital base of
$100 million.

Rupert. Bullock, British
Columbia's superintendent of
stock brokers, told delegates
Canada needs a _ national
compesation fund to insure
investors against dealer
bankruptcy.

Bullock said a national
contingency furid operated
by the Canadian association
does not have the capital to
cover large firms formed by
recent mergers.

“The fund only has $8 mil-
lion or $9 million in reserves
and covers only association
members,” he said. “Some-
thing should be done before a
firm fails and the hue and ery
goes up because the fund
does not cover client losses.”

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ysine S
tovide
jobs

jumped on this particular
and wants more

rites

It now is accepted that it's
up to small and medium-
sized businesses to provide
the new jobs Canada needs to
put a dent in its shocking
unemployment levels.

The big corporations, seen
as saviors of the jobless as
recently as a decade ago
when they anticipated con-
tinued economic expansion —
and created more more new
jobs to meet that growth —
now are being looked on as
virtual dinosaurs.

It's not that further
growth isn't expected from
the major corporations. It is.

It’s just that any positive
developments in that area
will not necessarily help to
reduce Canada’s level of 1.5
million unemployed:

Because of international
competition, the corporate
giants will be making their
gains through investments in
computers, robots and other
high-technology advances.

That's fine for their bal-
ance sheets, and for Canada’s
overall wealth, but it doesn't
do much for the 21-year-old
who's looking for a job.

The other employer people
could turn to 10 or so years
ago to get a job was the gov-
ernment — whether federal,
provincial or municipal.

Even that source has fallen
on hard times — not as hard
as some critics of govern
ment spending would like,
but all three levels of gov-
ernment clearly are growing
less quickly than in recent
years.

So that leaves it up to the
small and medium-sized
firms.

The jobs they offer can
range from being a waitress
at a fast-food outlet to bolting
on new mufflers in a muf-
fler-a-minute shop, operating
a word processor in an in-
surance office or splicing to-
gether a microchip in a small
but specialized high-teehnol
ogy plant.

Studies in both Canada and
the United States have
shown that such areas, with
the emphasis on service in
dustries, have in fact become
the only employers creating a
net increase in the number of
new jobs.

What should be done to
encourage this trend?

Every politician with an
eye on potential votes — and
is there any other kind? has

help for small and medium
businesses,

Great. The question is;
what kind of help?

The answer so far has been
to throw money at them,
either as grants or subsidized
loans, barriers to limit for-
eign competition for their
markets or whatever other
ginimick can be dreamed up

If these programs signi
ficantly helped small busi
nesses create jobs, they
would be applauded — no
matter what the motives of
the politicians who introduce
them.

SUCCESS DOUBTFUL

The problem is that the ef.
fectiveness of various gov
ernment programs intended
to help small firms may be
completely misdirected.

A new study prepared for
the Economic Council of Can.
ada suggests this is so, es-
pecially as far as loans or loan
guarantees are concerned.

‘The study was prepared by
economists Jean-Marie Gag-
non of Laval University in
Quebee City, and Benoit
Papillon, a former council re-
searcher.

Their report notes that a
lot of small businesses com-
plain that they can't get
loans from the chartered
banks or other traditional
sources of credit.

In fact, it seems to be just
the reverse, the economists
say. A study of 15,000 firms
found that on average they
have a higher-than-usual ra-
tio of debt to assets.

And that can spell quick
trouble for any company.

There was, no indication
that small firms have serious
difficulties borrowing money,
though they do have a
tougher time getting equity
financing — that is, selling
shares to the public.

Because of this, there may
be little or no need for gov-
ernment-sponsored lending
programs. In fact, they could
actually hurt the small firm
by building up its debt load.

What's needed, the econ-
omists suggest, are better
incentives for people to in
vest in small firms by remov-.
ing barriers or perhaps in
troducing tax encourage.
ments.

But one message is clear.
Throwing money at a prob-
lem such as unemployment is
not the answer.

Survey maps
not important

VANCOUVER (CP) — A
provincial Energy Ministry
statement that would have
done credit to the most en-
thusiastic mining stock prom-
oter is drawing lukewarm
reaction from major compan-
ies.

In a news release this
week, the ministry said that
when joint provincial-federal
government survey maps are
released next week, there
will be a mad stampede for

spokar

mineral claims in two areas of
northern British Columbia,
and exploration activity will
be stimulated.

It enthused that the re
lease of the maps could “trig
ger as many as 4,500 new
mining claims” and generate
“between $50,000 and
$75,000 in claim recording
fees, and exploration invest-
ment in the order of $3 mil
lion in the medium term.

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