CASTLEGAR NEWS, April 4, 1962 1G. 7, 1947 CASTLEGAR NEWS ey 4, 1900 1. 12, 1978-AUG, 27, 1900 LV, CAMPBELL — PUBLISHER AUG, 7, 1947-FEB, 19, 1973 Publisher — Burt Campbell Editor — Ron Normon Managing Editor — Lois Hughes Circulation Manager — Lindo Kositsin Office Manager — Elaine Lee vested in and belongs to Castle News Ltd: provided, ‘ony odvertivement prepar belong to the advertiver. _ $ |, however, that copyright in that part and that part only of {rom repre proots, engravings, alc. provided by the advertiser shall remain in ond Program We should know by tomorrow afternoon just how, bleak the provincial financial picture really is when Finance Minister Hugh Curtis brings down his 1982-83 budget as the legislature opens. By most ac- counts, the government will be forced to bring down a budget with a huge deficit, or introduce a massive array of new tax and fee increases, But we hope that's not all. It would be timely for the provincial government to at least announce some kind of job creation or rej prog for the coming fiscal year as well — to map out the steps it believes necessary to bring B.C. back into economic prosperity and its residents back into full em- ployment. We mention an economic recovery program because New Democratic ‘Party leader Dave Barrett unveiled his party's 26- point program earlier this week. The NDP estimate their program to cost the B.C. government about $300 million and say it is aimed at- helping business — especially small business — during current economic hard times. It's hard to say at this time whether the measures put forward , by the oppostion party would help lift us .out of our economic problems, but at least we know the NDP has taken time to: sit down and plot exactly where it thinks our economy can be helped, We believe it may also be time for the provincial government to do the same, and hope Monday's budget will see to that. nmmunosnngeccv nascent ETTERS Are:you angry? Editor, Castlegar News: "An open letter to Castlegar Resi- dents: : ' Do you get angry when you reflect on the way the experts have managed ‘things for us during the past 20 years? Why ts it that inflation always seems to mean that you and I are asking for ‘too much — never that government is ‘ overapending, or that a few people would like to continue to own the lion's share of the economy, no matter who fers? age is curious that in economically difficult times you arid I have to tighten our belts, but governments get to raise taxes, and the big boys get to push up prices, interest rates, and, of course, their salaries? Don't you burn when you are told that the elderly, the handicapped, and the destitute are supposed to survive , on a subsistence income, but a few others need at least $100,000 per year before their brains begin to work, or their light bills can be paid? Isn't it frustrating when we spend our time and money electing people to government only to find. that when they get there everything is marked confidential, top secret, for minis- ter's eyes only, and. our ‘representa- tives cannot act in our bests interests 5 | ELST Actress Wet Weather... answer in Wednesday's paper ROM. # American 117 Eievate AT Robert nPan Siete Bian NO File rector or Alan Theme 181 River to the Humber +. eroded by rala 1000 of the ; measures tn inches S700 the Salian 111 Greek tetter ‘0 Pranks Un ame oe Led Across 16 Gadrun's busbaad cnyProquIr yocaem WrvLsaU CWCXF OXVV PBJCG c xrBoc \Cryptogaip chee: U equale ‘Bank of Canada Spectacular year: ‘CCROSSWORD. i Average Time of Solution: €4 Minutes. 5 : ae New figure it z a ae Ce me LL a hits the comic pages NEW YORK (CP) — The Incredible Hulk, Superman and Spiderman will have to move aside as an unusual new cartoon character joins their ranks. Vatican officials have ap- proached Marvel Comics, the largest publisher of comic books in the United States, to do a comic book on the life of Pope John Paul, “I like comics,” the pontiff told a ised ‘It's a teaching kids.” The 64-page book, selling for $1.60, will trace the for- mer Karol Wojtyla's life from childhood through the at- tempt on his life in May. Marvel has already done a book on St. Francis of Assisi, medium for whch has sold more than* 600,000 copies and gone through three printings since it was il d three years ago. E Bennett cancels ball months to find ways to bal- Union says the average B.C. ht Bob Mclvor Pete Kazakoff , Phone 359-7519 ' Phone 359-7263 Restaurant for resery atio 365-235) call Castlegar, B,¢, OHOE INSURANCE CONGENCY LTD. A complete insurance 1976, Premier Bill Bennett ‘ cancelled the state ball — traditionally held on budget day in British Columbia — saying his government's bud- get was nothing to dance about. cent for the next two years, He also said all public- sector wage increases in B.C. must be held to between eight and 14 per cent, ‘ In his first budget after wresting power from the NDP in December, 1976, Bennett blamed that gov- ernment for’ the economic difficulties facing the prov- ince in 1976. This time, Bennett is blam-_ ing high interest rates and poor housing markets in the United States for high un- employment, particularly in ance the budget without in- family is suffering from a creasing taxes or reducing drop in real disposable in- services. come which has had serious, It has already raised fees consequerices on retail and for government services such real estate sales. as medical and hospital care,- “Tax increases in the prov- business and motor vehicle ince would only delay econ- licence fees, electricity — omic recovery,” the credit even marriage licence.fees union says in its latest econ- and green fees at the Uni- omic analysis, versity of B.C. golf club. However, unless Bennett HARM ECONOMY _ still is toying with the idea of Gasoline, petroleum, and calling an election, Curtis is tobacco taxes are indexed to not expected to present a the cost-ofliving and in-. good-news budget. British HH crease i twice a Col can expect some 1 year, tax increases, with liquor a —that our system prevents them from TORONTO (CP) — Most knowing or doing anything of impor- chartered banks made. healthy profit increases last year but one Canadian bank had results that can only be penses and salaries. But, ironically, some of it also added to Ottawa’s perennial spending deficit. For those wondering how such an profit. fig- vee it awn te ee And itis unlikely there will taind that the Bank of Canada Pe anything to dance about is an institution unlike all Monday, when Finance Min- others. ister Hugh Curtis presents “The bank has the Canadian bis budget for the 1982-88 eal year, Fights for printing money and The province has been in a ry pe ate enews recession for some time and labor representatives have handsome return for the fed- (o sidered setting up a soup tance? B Why is it the federal government can give low interest loans to Egypt, Russia, or China, but these same low interest loans given to you or I would destroy our economy? — or so they say. Have you observed that we can suffer with our debts, but our tax dollars can be used to bail out big corporations or pay off banks when foreign nations default on their loans? If you are concerned, angered, or just plain disgusted by all of these conditions and others, please write to me at Box 1064, Duncan, V9L SY2. Pull together But now Chernoff has indicated he may scrap the whole idea — except for those who have already picked out their plots. “I don’t have the heart to see some jerk come in and ruin it all,” he said, We can understand Chernoff's di ‘sad bio Avi 269 Columnbiectiegor We were ‘sorry to hear this ‘week that Nick Chernoff's in- novative project to provide garden plots on a 10-acre parcel behind the new Industrial Park was the target of vandals, The idea of providing garden space free of charge Is a breath of fresh air in today’s .troubled economic climate. It offered those living in ~ apartments and as The Bank of Canada, the government-owned central -bank, had another banner year during 1981, making a $1.85-billion profit, up $400- million from © 1980.° And “The Asphalt Spectali NG VINTAGE PAVI 00, LTD. 418 Gore St., Nelson * driveways * parking fot: * quality work * free estimates tment we — and the community as a whole — must share. It is frustrating and downright dishear- causing a political storm. At that level of profi- tability, the central bank townhouses — and those in homes with little yard space for gardens — the chance to grow their own f “The water is ‘there. People would just pick their own spot, bring their own tools and hoses and be left on their own,” Chernoff explained, os 78 Chernoff himself, .contributed more than $2,000 to‘sprice up the park-garden, with the hope that sometime down the road users may want to form a club ond pay o nominal fee for the opportunity to grow their own food. Ata time. when welfare rolls are swelling every day and unem- ployment is reaching record levels, Chernoff’s garden project was a sign that our i could pull tening to‘ try to introduce worth- while ideas to the community, only to have some “jerks” tear them down. It is too bad this community has those kind of jerks — the kind who deface and destroy both public and private property for kicks. But they're a part of every community. Still, asa conimunity.we have an obligation to pull together and try to ensure similar incidents don't occur again. We urge our readers to join in the battle to curb vandalism — especially vandalism of this type. Get involved. If you see something suspicious, call the police. We can only hope Chernoff's project and others like it are not derailed b together during tough times, of the uncaring acts of a few. 4 FRED MERRIMAN 2) ~~ Alook at the ' Ludlow incident On March 10 of this year | dispatched a letter of concern to Lyle Kristiansen, MP for Kootenay West. A news item. involving a Mr. Laurie Ludlow, formerly of Gray Creek.and presently residing in Non my It ref ble In- to the charges that you're. profiteering, All you have to do is make less profit. That's the fortunate — or unfor- tunate — position most. of Canada's chartered banks find themselves in to- day. wid They're awaiting a’ federal’ gov- ernment inquiry, expected to start in late April, into the sharply higher profits most of them recorded last year ‘during a period of record interest levels. Their defence, when they came under repeated public attack last year, was to say basically that yes, profits were up, but it’s a temporary thing and they have to face lean times as well as fat. fal None of the bankers who expect. to speak before the inquiry will be gauche enough to do it, but they all will be tempted to say “I told you so.” Because after a year in which their , earnings moved to record levels, their ‘ financial results for the first three months of their current fiscal year are couver, trusion upon one of the most ch each other. E facts on the case, the subject speach. In my case it means ft am able to express my opinion. Itaneans we may all express our opinion. It does not mean we must agree with Apparently, in the Ludlow incident, and according to the media recently written.a letter to Bill Yurko, MP for Edmonton, criticizing the current federal government and the new constitution. It had also made some pointed comments about our Prime Minister. Shortly thereafter two RCMP officers visited Mr. Ludlow and made some inquiries about his.employment and marital status. The media gave this distinct impression that the writing of the letter hed § H the freedom of and the ter to acquire more facts. “According to the RCMP. recent y just were The incident as ‘reported by the press raised the matter to a position of high profile, in'my opinion. Therefore, | dispatched the let- Today, a reply was received. The letter was most encouraging. It carried good news which I would like to share with my readers, The significant paragraph in Lyle's prompt reply is worth quoting: Mr. Ludlo several times prior to the visit in question and the visit that le Ha Hs 1 w has been visited by them to the with his letter writing toa of Parl; It was cidence.” talk with me, = :,° necessary. The letter also gave the name, rank and telephone number of an informed RCMP. contact person in Vancouver who would be pleased to Perhaps could acquire more detoils, but | hardly think it 4 that this was simply a coin- Yes, Lyle, lam (am also going to take this o seeking media which have consi refute or confirm facts before an curate reportin expressed herein are just that — 9 ts are accurate? At least! can believe the RCMP. J with your columnists such as myself do not have the same pipelines. In the name. of fair journalism, why can the media not get more-facts before they infer that something as basic as freedom of speech has fallen. Recently we heard that Chris Bird was fired because of some inac- on the Richard Vogel case. it will soon stage where nobody will believe anything they report. My facts — or lack of them — will rest on my own credibility. In my case any on facts and mostly on how | feel about a subject. | would, however, expect news items by a professional reporter to be much more objec- tive. | would be interesting to know where the editor fits into the business of reporting news items. Does he not satisfy himself that fac- portunity to blast the sensation- lerable resource people able to item hits the paper. Barbershop jet. to the Mind you, there won't be any tag days for the chartered banks, but the profits of 11 of the biggest fell by 27 per cent in those three months from a year earlier, 48 88 per cent to $1.71 A ab eta : Canadian Imperial Bank of Commerce alone was up 62 per cent to $310 million from $192 million a year earlier, The Royal Bank's earnings were up to $492 million from $327 million, . Among the rest of the so-called Big Five, Bank of Montreal last year No ‘tag’ days f reported net earnings of $358 million, ly, as they have for the last while; that-:« Cast re | «Wot e up. from $268 million; Toronto Domin- ion earnings were $265 million, up from $221 million; and Bank of Nova Scotia reported profits of $224 million, up from $221 million. So far this year? The Scotia is up in the first three months .— $63 million against $61 million a year earlier, ~ The TD reported a gain, too, to $86 million from $74 million, But Montreal was off to $70 million from $88 © million.. The Commerce dropped to $60 million from $82 million and the Royal fell to $80 million from $189 million. Overall, reports the Canadian Bank- ers’ Association, net income of char- tered banks in the first quarter of the current fiscal year fell to $344 million from $478 million a year earlier. In that period, however, the bank’s total assets rose to $346 billion from $281. billion. . That means the banks’ returns for the shareholders declined to 40 cents for each $100 of assets employed from 69 cents a year earlier. The association notes that year-ago figures are restated due to accounting changes required by the 1980 Banking Act. © Why are banks now finding them- selves in the same squeeze as most people and many other b or banks spread can grow or contract quickly. If it grows quickly, bank earnings climb for a while. But when they contract, earnings drop : The reason ‘is that there is.a lag between the time money is taken in by a bank and the time it is lent out. Let's assume that you put $1,000 into a bank in return for an interest payment of 14 per cent for 90 days, But suddenly demand for money from the bank rises, so market forces push up the interest the bank can collect from you money to 19 per cent from 17 per cent. The spread has jumped to five percentage points from there, and so ‘the bank makes more money. And don't forget that last year the banks’ prime interest rate — the charge they levy on their top-rated corporate customers — climbed to a record 22.75 per cent at one point, It now has fallen back to 16.5 per cent. s While it was falling back, banks still were paying high rates that had at- Perhaps if we collect our concerns into one, big, impossible to ignore pile, maybe, just maybe... At any rate, I believe it is worth a try. Barrey L. Blow Duncan, B.C. for peace Editor, .The Castlegar News: I am writing to ask your readers’ support for what I consider a respon- sible action all of us can make toward disarmament. The most helpful and hopeful state- ment on disarmament I have read was published by the United Nations at the end of a Special Session on Disarma- ment in 1978, : Among their numerous suggestions for changing the psychological climate - surrounding nuclear war is the idea of “nuclear weapon-free zones” around the world. Project Ploughshares, a Canadian organization which works closely with the United Nations, is promoting a h i tobe to our federal government, prior to the second U.N. Special Session on Disar- mament in June, urging that Canada become such a nuclear weapon-free zone. In another part of this paper is an tracted money from i 8o the actual spread narrowed significantly. The result? Lower profits. There are, of course, many other’ aspects that should be studied in assessing banks’ earnings, including Simply, it’s the same reason — interest rates. : : Banks make most of their money on what is called the spread — that is, the difference between what they have to pay in interest to gather money to operate, and what they charge in other interest to lend it out. When interest rates fluctuate wide- their highly for- eign operations. . # And one reason their earnings look large, even when the spread is re- duced, is that their assets are huge. ~Isa return of 40 cents for every $100 in assets excessive? . The banks will soon by arguing in Ottawa that the answer is no. {Canadian Press) with further detail and 8 place for your signature. I repeat, this idea is a responsible one, first’ promoted by the United Nations, It does not suggest we-have no defence, but it recognizes that nuclear was is unthinkable, and that a climate must be created wherein the arms race can be halted, and concrete, verifiable steps toward security be taken. With a few minutes of your time and a80-cent stamp, you can cast a vote for . security and peace. [Rev.] Ted Bristow Castlegar Interest rates pretty shocking . By Ken Smith Interest rates are going up again — bad news, How bad? . It can be pretty shocking, compared with what some people have proposed. Let's assume, for example, that you borrow $2,500 from a bank to refurnish part of your home. ° . At 2l-per-cent increase, you'll be paying $127.41 a month if the loan is to be paid back over two years. YY inions — which are based partly ei Thank you, Lyle, for your tomy ) At one p ge point less, you'll be paying $126.69 — a difference of only 72 cents monthly or only about $17 over the life of the loan, | That's not a big difference — but what happens if, as some people have suggested, Canada moves to a made-at- home interest rate, instead of tying it to i There have been suggestions that Canada reduce its interest rates by as much as one-third. What would this mean? Well, for you as the refurbished householder, and your $2,500 loan at 14 per cent over two years, it would mean a saving of about $188 in interest charges. : If you were paying a mortgage on the house you put your newly bought furniture in, the savings would become. spectacular. ‘ At 19 per cent, the general going mortgage rate, the payments on a $50,000 loan based on a 25-year repay- ment plan, call for monthly p change a month, but over a year you're looking at $228.72, And over the life of the mortgage, assuming nothing changed, it would mean about $6,000, : What would happen if rates could be. omists are suggesting? The monthly payments would drop cut to the 14-per-cent level some econ- to $586.94 from the 19-per-cent level of. $770.28 — which means a saving of $2,200 a year or about $55,000 over the life of the mortgage. There's more, unfortunately, to the problem of interest rates than keeping happy those people who borrow money of $770.28. . At 18 per cent, the payments would be $761.22. That's a difference of only $19 and to buy i or finance a Ts One of the factors is that Canada is a major trading country, and so it has to operate .within international condi- tions. As a result, it's influenced by what happens in other countries — especially the United States, where 70 per cent of Canada’s exports go, , & lot of economists argue that if Canada arbitrarily reduces its interest rates, the value of its dollar will plunge . because the country will become less attractive for foreign investors. aa were to happen, consumers would pay more for everything that's imported — whether it's a Japanese car of a Florida orange. R.B. Bryce, a retired Ottawa man- darin with long experience in inter- national finance, says ‘it is difficult to forecast accurately the extent to which a substantial reduction in Canada’s interest rates would pull down the dollar, . oa made more money for its owner than the entire bank- ing system, which re; profits of $1.7 billion for the year ended Oct. 31. teport the money it made last year,was turned aver to the. The Bank of Canada also way of federat_jgoyerngient, 3 some ‘of :these:-bonds,-“outs,'~" some of the cash being used for general. government pur- poses such as interest ex- disease in B.C. children has declined by 44 per cent over the past 20 years, a province- wide survey shows. through also has dropped considerably, says the 1980 survey which exam- ined the dental health of 8,268 children aged five, nine, 18 and 16. new computer’ methodology made it possible to survey the entire province in one year. Previous surveys were conducted in 1958-60, 1961-67 and 1968-74, The reduction in dental disease was calculated from the count of decayed, missing and filled teeth per child. dental health eral government, The method by which money is created is rather ingenious, When the federal government needs to raise funds to meet its spending ‘The bank says in its annual general public. and in return, deposits B.C. children record better Ottawa to spend. Because the central bank Depression, it has had a long time to create money. Gov- ernment debt on its books totalled $16.9 billion on Dec. 81, 1981, up about $700 mil- ‘lion from the end of 1980. The interest on this debt is an expense for the govern- ment, but-since one part of ge gets the interest while another pays for it, much of the Bank of Canada's $1.85-billion profit cancels it- self out. But it also means the fed- eral government has $16.9 million in debt for which it pays no interest. The Bank of Canada also makes money printing bank notes, the bills Canadians ‘hold in their wallets for small purchases. From the figures released, one capnot deter- mine how large a source of profit this was in 1981. VICTORIA (CP) — Dental The number of teeth lost fe bi The Health Ministry says a was established in the Great - MAKE YOUR BID AT CARL'S . DUTCH AUCTION Check our window display for these Items to be sold by Dutch Auction. Wine Rack (18 bottle, wooden); Riviera Pattern (S5-piece place ‘setting); Bella Pattern (5-plece place setting): Bello Pattern (45-plece set, service mboo Wine Rack; Delevan Fi AM-FM Cai @ Radio; 2 Modular Wine Racks; , Saucer, cream ai bowl, mug); Irish 35 Jers; style, metal, Wine Racks; Candle, Wine Rack, fo assembl Ounraven cater (einer plat a SUP. 3 ir}; Polar Pattern inner plate, cer Maen patern (plete. cup ard saucer); Coffee Table Wine Rack; plus many more patterns and place settings. Pick lor ry forms see Carl's Drugs. Deadline for entry Is April 5. ‘CARL'S DRUGS Cestleaird Plaza Open This Sunday, Noon - I p.m. & 6-7 p.m. -~kitchen at the legislature to dramatize the plight of the worker. * clear his budget, at an esti- ted $7.55 billion, will b deficit, it sells bonds to the jey.caey o> Pilfon, will be a —leave room for much in the money into an account it nounced that all.B.C. gov- keeps for the federal govern- erning bodies — from hos- ment. This money, created pital boards to the provincial out of nothing, is available for government — will limit The B.C. Central Credit _ likely target. *s Attention Men & Boys! last two years. Fi or All Seasons With B.C. in financial dif- ficulty again, the 57 members | -/7 e s : of the legislature will see 7] Boys & 115) Bonnett’s jon? Wear: mm, 233 Columbia “965-6761. | Remember 10% OFF for Cash the forest industry. Mining is also in trouble, natural resource revenues have fallen $700 million in the But Curtis has made it government hand- fees Pe ir In February, Bennett an- per cent to set an example for the government's spending restraints program. The provincial cabinet has been working overtime for REALTY WORLD. * - Castle Realty Ltd. Castlegal -HELP!! WE NEED MORE LISTINGS! BELIEVE §f OR NOT. We have sold most of- our city listings in the $40-$70,000 price range, and WE HAVE MORE BUYERS © READY TO BUY RIGHT NOW. - . if you are contemplating selling and prepared to price your property at fair market value WE WOULD 1/KE TO TALK TO YOU. CALL OUR OFFICE TODAY AT 365-3336 for an appointment with one of our professionally trained sales associates for a confidential I with no obligation and for A FREE MARKET VALUATION OF YOUR PROPERTY These selected kstings are examples of some of the many excellent buys now available. 4 KRESTOVA ale t 2 Well looked after mobile “horke “én! 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