Page Two

TFRRACE.““OMINECA”

HERALD, TERRACE, B.C.

TERRACE “Omineca” HERALD

A Division of NORTHWEST PUBLICATIONS LIMITED

CATHERINE M, FRASER, Publisher

Published every Wednesday at Terrace, British Columbia °)

The publisher reserves the right fo edit or refuse items in the publication of the paper. ..
‘ Member of 6.C, Weekly Newspaper Advertising Bureau; B.C, Division of the e
Canadian Weekly Newspapers Association; and Audit Bureaw of Circulation.

a

JOE CUNNINGHAM, Editor

“,

ers be

Take a gamble on a bank?

THIS WEEK, the Bank of British Co-
lumbia will faunch a campaign to sell
upwards of $50 million common stock to
the public.

The campaign will be accompanied by
considerable fanfare and propaganda
tailored to induce B.C. and Canadian
business, professions and ordinary citi-
zens to "buy these shares. We will be
told that this bank is the greatest thing
ever to happen to British Columbia, and
that an investment in it will be an in-
vestment in the future of this province.

We dispute the, wisdom of an invest-
ment of this nature. We do not discour-
age the advent of this bank if it be
financed by persons who can afford to
tie up substantial sums of money for a
long pericd of time without anticipating
even a reasonable return.

But we strongly deplore any Bank of
B.C. propaganda which seeks to induce
ordinary citizens, the so-called “little
people” of this country, to invest in the
bank's commen shares. We say this be-
cause we ‘consider the Bank of B.C.
shares will depreciate in value and will
not poy even reasonable dividends for
a long time ta come.

The new bank will be publicly welcom-
ed to the financial community by senior
officials of investment houses and exist-
ing chartered banks and near-banks.

Privately, many of these officials will
counsel their clients against buying Bank
of B.C, shares because they are a poor
investment. There are good and suffici-
ent reasons for moking this statement.

Bank of B.C. shares will be sold to
the public at $25 per share, made up of
$10 capital and $15 for reserve, A year
from now it is unlikely that their market
value will be higher than $16,

Bank of Western Canada (the only
other natione! bank to receive a new
federal charter} common share went on
sale late last year for $15, made up of
$10 par value and $5 reserve. They are
now selling at $10 to $12.

Officials of the Bank of B.C. freely ad-
mit that the shareholders will not re-
ceive any dividends for a least three or
four years, The non-yield period could
last much longer than that.

:  Competent..monagement and staff is

_ essential to successful: banking. ‘It hos
taken the existing banks i many years ta
train these people. Where is the. ‘Bank of
B.C. going to get such highly jftained,
competent staffs?

Banking success depends on reliability
of custamers. Money is made by lend-
ing, but only to good risks, If a bank
lends money it can’t collect — no profit,
but a loss, is realized. Years of doing
business have taught existing banks the
hard way who are good risks and who are
bad. The good risks, the competent suc-
cessful businesses are well lcoked ofter
by the banks they have been doing busi-
ness with. They are unlikely to change
just because a new bank comes along,
Why should they?

The new Bank of B.C, will have to seek
business generally from three sources —
the provincial government and gavern-
ment-owned corporations like the B,C.
Hydro, the B.C. Ferry Authority and the
PGE; the relatively few industries which
will switch for some reasons of their own;
and from those businesses and industries
which can’t get loans or satisfactory loan
rates from the existing banks. Mast of
the Jatter class must, of course,
be labelled bad risks, and their business
must be termed dubious as far as it ef-
fects an bank profits go.

One of the problems to be faced by
the new Bank of 8.C. will be to discover
the bad risks. Years of experience, back-
ed up by permanent records, enable the
existing banks to judge the qualities and
qualifications of borrowers, The- new
Bank of B.C. lacks both. Nor has it any
apparent way to overcome these serious
handicaps.

All of the foregoing will not stop many
British Columbians from buying common
shares in the Bank of B.C. Many will buy
because they are patriotic and Premier
Bennett has not only proclaimed the
bank as the greatest thing ever to happen
to the B.C. economic and business scene,
but he also has sent his awn son to help
direct its operations, Many will buy be-
cause they are told the story of the Bank
of America and how California never got
off the ground until it got its own bank.

Others because they have been fed
stories about our economy being con-
trolled by banks governed in eastern
Canada who don't care about the west.

The main thing, however, is that
whether they buy Bank of B B.C. shores. or
not, the people should:be-told the-truth.
And the truth is, thesé sharés will not
be, a good financial investment at this

time,

tis a gamble, pure and simple.

Why make dad an idiot?

WE WISH a pox on fathers’ day.

Most of these phoney. feasts serve a
good purpose: they keep money flowing
which, in moderation, is good for the
‘country. It keeps people working.

But the fathers’ day rites are excep-
tionally obnoxious.

The problem with the whole dreary
affair is that dad gets a raw deal on his
day, plus the other annual 364, from the
image ‘makers.

We don't quarrel with the idea of in-
flicting some floppy slippers or a pipe on
the old man.

It’s a nice human way for the family
to acknowledge the job he does for them,
not only by tailing to keep the family
finances going, but also for the guidance
and direction he can give.

“What irks this corner is the baloney
dispensed so liberally by the image mak-,
ers who design the ads and commercials
for consumption in Canada and that
place below the border.

BIL

“Teruce

LBOARD

They present the father as a feeble
brained idiot, replete with apron, in con-
stant need af direction from an omni-
scient wife.

. -. Those fast resorts of feeble brains, the
television situation comedies; probably
establish the idea.

And now there is a real danger of
people, particularly children, taking it
for real.

It is a sick situation,

The late Governor General George P.
Vanier was so anxious for the future of
the family as a social unit that he esta-
blished an institute to study its problems
and the ways to find answers to them.

One major problem of the family is
the diminishing of the stature of the
father by stupidly vulgar caricatures
from Madison Avenue and the tv box,

Dad has a real job to do to help run
a family, and guide the children,

A real, human-type father is worth
saluting on Sunday,

Madgistrate’s
Court...

Tha following convictions
were made in Terrace Magis-
trate’s Court last week before
4 Magistrate C.J, Norrington:

Twenty convictions for. speed-
ing and minor traffic offences;

ANDY CAPP...

! iM ABSOLUTELY WORE OU" Out,

FLO -

WISH I SINT AVE TO’

| : a (cer UP EARLY IN THE MORNIN’:

SEVEN & CLOCK

By John Roth
Canadian Press Staff Writer

Events moved with lNghtning
speed in the Middle East last
week when all-out war flared
early Monday between!sraej and
the Arab states,

What finally triggered the war
will probably never be known
and rapidly became irrelevant
as Israe] lashed out against
Egypt tn the south, Jordan in
the west and Syria in the north.

Within hours Israel claimed
spectacular victories, She re
ported her air force had des-
troyed 374 enemy planes--most
‘of them caught on the ground,
At the same time her armor
broke through the Egyptian
forces to overrun the Mediter.
ranean seacoast townof El Arish
in the west of the Gaza Strip,
and advanced. into. Jordanfan
territory,

+ «after that it was one Israeli
victory after another,

By Wednesday Jordan was out
of the war, Jerusalem was In
Israeli hands; Israeli forces
were holding all land west of
the Jordan river. and Jordan's
army was shattered. King Hus.
sein had no option ‘but to accept
‘a-ceasefire. .

“In the South the Israelis swept. :
into the Sinal Peninsula to’ the
banks of the Suez Canal and oce
cupied Sharm e] Sheikh, vital
outpost controlling the Gulf of
Aqaba whose occupation by Egy-
ptlan forces was one ofthe main
causes of the war.

On Thursday both Syria and
Egypt followed Jordan’ s exam-
ple and accepted a ceasefire,

The lull in the north was brief
however. Within hoursSyria and
Israe] were fighting again, For
the first time [srael turned her
full military might on Syria
and within 48 hours was deep
inside Syrian territory advan-
_cing on Damascus,

+++

The big powers and the UN

Security Council found it dit-.

of the battle,

As soon as the war began,
Britain and the United States
declared thelr nevtrality, but
Nasser almost immediately ace

OH, 1 GENERALLY PUT

2)

THE ALARM ON FOR

ficult to keep up. with the pace.}

, BLIMEY BY THAT TIME I'VE GOT ARF ME Bi
Oe WASHIN’ DONE, TAKEN ANDY A CLIP © &
TEA AN' AB A COUPLA ROWS ALREADY

NEWS SPOTLIGHT

UN loser i in middle Eust war

cused them of supporting Israel
with carrier » based aireraft,
Both denied the charges,

- The Soviet. Union denounced
Israel from the outset as the
ageressor and thefirst attempts
to frame a ceasefire resolution
In the security council were.
deadlocked as Russia insisted on
Israel! forces. rétiring within

the boundaries of the 1949 armi |

stlee agreement, -
By Tuesday, however, with [s
raell victory almost an accom

plished fact a ceasefire reso

Tutlon went through,

On Friday the Soviet Unton
came out with her strongest
statement to date indicating the
line she would follow in post-

war talka, Supported by six |-

East European governments
Moscow warned Israel to with
draw behind the 1949 lines or she
would “do everything necessary
to help the people of the Arab
countries administer a resolute
rebuff to the aggressor and ‘to
extinguish the hotbed of war In
the Middle East,''
+++
The immediate reaction inthe
West was relief that Israe] had
coped without embroiling the

wastern’ powers ina confronta-
flop. ‘with ‘Hussia, bit the peace.

may be as “dangerous as the
war.”

Earller Israel! Premier Levi
Eshkol sald Israel] had no ter.
ntorlal ambitions, However, Is-
raél will not readily withdraw
from strategic points lke the
Gaza Strip, Sharm el Shetkh and
the Jordanian territory she has
occupied, Gen, Moshe Dayan, de-
fence minister, sald bluntly Is-
rael intended to hold on to Jer-
usalem,

The governments in the three’
defeated Arab countries dre tots
tering,

‘On Friday: Nasser resigned
then retracted his-resignation
Saturday when it appeared that
he still commanded widespread
popular support,

In Jordan, King Hussein, long
shored up by the west, was tot.
tering on his throne,

in Syria the fall of the Baath.
ist military regime is predicted
within days, .

DL GP PORTER

P.O. Box 220
VANCOUVER
635-2245

ROSE, GALE & CO.
CHARTERED ACCOUNTANTS |

of McPherson Block e Torrace, BC.
SMITHERS PRINC

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WEDNESDAY, JUNE 14, — United Church women present:
. “Dining decor for 67." ‘Dishes, fine china, bric-a-brac,
2 to 5 pm. and 7 to 9 p.m. at the United Church Hall.

FRIDAY, JUNE 16 ~~ Friends of the library are sponsoring
.. a-book sale, from 1 to 9 p.m, at the Co-op.

\, SPECIAL FOR FATHER’S DAY —
_ SOCKS OF ALL SIZES AND -
| COLORS

95c per pair
* Also. socks for the whole fornily.

"WEDNESDA JUNE 21 — Skeena District Local Guidin;
ee on will hotd theiy monthly meeting in the: aks
\Church ‘Hall at 7 pm,
prownles in the: First
© Sea are @ encouraged to attend, :

All. mothers. of Guides. and

| 7 TURDA OLY 1 = anyins wishing to enter saws
sa ee contact Tom Kenna, at GaG8148.

and - Second Skeena pack om

seven on Hquor charges andtwo
for causing a disturbance,

Magistrate F.H. Adames cony-
icted 12 persons on speeding and
minor traffic charges, two for
creating a disturbance and three |
for Hquor offences.

| Cradle Roll

The following birth were Te

| corded in Mills Memorial. Hom

pital;
Mr; and Mrs Vietor MeNell,.
June 7, daughter, |. .
Mr, and Mra, Reno Pelletier,
June 7, a son,
Mr, and Mra. George McCue
ough, June 4, a daughter. .

Mr. and! Mrs, Henry Harte
_ wilre, -June.8. a. daughter. |

Mr, and Mrs, Donald Fursetti,

_ Jone 9,8 son,

Mr. and Mrs “Sim Miller,
‘June 13, adaughter. ..
-Mr, and:Mre, Allan Clarkson,
Jue 13, a daughter, ;

complete S900 and up

oe a Sn na

Among the losers must be
counted the United Nations, The
UN could not prevent the out.
break of war and the ceases
fire’ agreements were. due to
Israeli victory not Security Cow
neil pressure, With Israel and’
Syria still fighting there is no

“UN machinery to stop them,

Around
the
town.

Terrace Magistrates C,J.
Norrington of F.H. Adames
spent a few days last week at-

tending ‘the B.C, Magistrates
Conference tn Williams Lake,

Batty-Jo Banks of Calgary,
granddaughter of Mr, and:Mrs,
David Tumilson of Thornhill,
presented Princess Alexandra
with a bouquet before their de-

parture. from Ednomton on May |

26 where Princess Alexandra’

and her husband were visitors, |f
“The. Calgary school patrol. ‘band,
vacation. *: : Fs
“The Calgary school -patron band |f
of which Betty-Joa 1s q member |

ete gee

entertained the visitors at the
alrport before their departure,

Mrs. Kevin Van Herd returned

on Sunday CPA flight from Vane |

couver where she spent-a. short
vacation,

Rey, and Mrs. G. VanLaar of
Willard, Ohio, former residents
of Terrace, arevisltorstetown,

While here they are houseguests | |

of Mr, and Mrs. J.: Contant,

Rev,. VanLaar preached at both

services last Sunday at Chris-

tlan Reformed Church In the ab-

sence of Pastor Vernon Luchies

who was in Prince George.
+++

Mra, Joe Cunningham and two

children arrived Iast week to
-join Mr. Cunningham " new Ede
-tor of the Terrace **

‘ominaca

Herald,’' The Cunninghams

“have taken up residence in the

Keystone Apartments,
+++

Tommy Colliver of New West»
minster who has been visiting
with his friends forthe past
ten days is returning south on
Thursday, While here-he is the
houseguest of Mr. and Mra,
Walter | McConnell on High-
way 16. a

' i oe oe

' Mr, and Mrs, AlHalfield wera
special guests at a party at
the home of Mr. and Mrs, Hans
Amdam on Graham. It was a
surprise party on the occasion
of the Halfield’s 25th wedding
anniversary, .”
friends from Christ -Luthern
Church attended the gathering |}
and presented the couple with
@ purse of silver, A specially
dacorated cake was cut ‘by the

bride and groom of a carter. a

All Chain Saw Users

contursye

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the pew beslted-leok
tevnks by SURF KING,
Elouicdred . fobrle —
Pode. te stay rect.

F or your

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