The new Borrowers and Depositors Protection Bill _ introduced in Parliament ‘have some recently, is going to show that a perlod of inflation — and then restraint — will long term blessings. The new bill may serve to protect us from = our ‘ weaknesses: the weakness pe ‘to overspend — and the weakness to be careless about the credit : arrangement we make to * caver such overexpenditure. CONSUMER CREDIT Let’s face it. Some of us “have been able to control e » .< 2 Poa fophr pte, * commercial ‘our budgets. Many of us have not overspent. But let us think of the many, many Canadians who have been lulled by the advertisements to buy cars, clothes, houses, vacations and furniture on credit, with little regard for the cost of such purchases. It is to this cost of credit that the new Borrowers and Depositers Protection Bill addresses itself. , Under this new law, all- credit establishments will be regulated. This includes enterprises selling goods and service by credit and it covers the local > qutomobile dealer on the corner, clothing stores and furniture shops. The legislation will be of special importance to you if you have a mortgage on “PAGE Aé, THE HERALD, Wednasday. November 10, 1976 . THIS WEEK from Ottawa your home and wish to reg your Interest rate by ma &@ prepayment on the first and second an- niversary of the agreement. This amount can be up to 40 percent of the principal amount outstanding. On the third anniversary of any ° payment, date thereafter, prepayment of all or any part of the principal out- standing will be allowed. INFORMATION MADE CLEAR Another facet of the Bill covers credit information. Now, when you apply for a loan, lenders will be required to disclose fully all costs and terms on the loan at each stage of the credit transaction, This means that as.consumers, we will see advertising by lenders which will spell out the rates and ail other conditions under which credit is given. Collections methods aimed at the consumer will also be controlied & to avoid harrassment and threat. The creation of a “orimirial rate of credit charge” will make it possible to establish before the courts clear and concise proof of criminal activity. This criminal rate will be a new and effective tool against loan sharks and tax refund and welfare cheque “discounters”. lona Campagnolo, M.P. The new consumer credit fegislation should ensure that borrowers and depositors always get a uare deal. ' OPPOSITION PARTIES FOR SPENDING, NOT RESTRAINT In other areas — to change the topic a little — from saving your money to ‘spending your money — the mservative opposition, in cooperation with the New Democratic Party put forward 4 proposal of. massive expenditure recently, — which the overnment side of the ouse felt compelled to vote down. ; The proposal was to in- crease the pensions of survivors (either male or female) of public service pensioners up to 100 percent. “MISERLY” AND “MEAN” Many people have criticized the generous pension plan which public servants already enjoy. Not only is it based on a final earnings formula, but in addition, it has a built-in cost af living escalator. These benefits, to a large degree, are funded by the” taxpayers of Canada, The adaitional benefits, proposed in the mation, would go to an exclusive group which already has one of the most generous pen- ‘motion. They sion plans in the world. Ata time when the federal government is advocating restraint for ali Canadians the Conservatives showed that they were prepared to blow the ud off the restraint program by supporting the eo Piso bet. on overnment causing the rrassment side certain em — having to vote against pensions. for widows and children. But good govern- ment is sometimes different from ‘good politics — something the Tories should keep in mind. HAZELTON AND HOUSTON Last weekend I went to Hazelton for the opening of the K’San Museum. Centre Building, and to Houston for the official opening of the new Houston Curling Rink. I also made several other stops on the way. oth of the projects are excellent examples of the work that can be done through local involvement — with assistance from both levels of government. It was | a privilege for me to share in the excitement of these two official openings, and I would once again like to congratulate the residents of both Hazelton and Houston on their initiative and their community in- volvement. Report from Victoria sy cum. snes Last week I wrote about the economic problems we ’ face in British Columbia and Canada, where through lack of control we have simply priced ourselves out of many foreign markets. As an exporting country where over 70 percent cf all our forest and mineral products - have to be exported with our vast ability to produce, yet - we have a small domestic population for local sales. Without exports our stan- dard of living would have to fall as much as 50 or 60 percent which would cause -Major social and economic problems far greater than any democratic government could survive. The realities of life are : only now coming to the forefront with our costs of production getting ahead of. : world selling prices. So far, 3 the Canadian standard of living has been propped up by major government borrowing to sustain job , creation programs that create no new wealth, only spend tax money that largely came from export : wealth creating industries -and their workers such as . the forest, mineral and - ‘agriculture. In the long run this higher tax rate makes the unemployed which creates a greater demand by unions for more wage increases, greater borrowing that creates higher interest rates, which in turn raises costs and reduces our ability to compete with lower cost areas of the world that have higher productivity. The solutions are not easy even though easy solutions are a dime a dozen from economists and political leaders, knowing full well there is no easy solutions. The truth is there appears to be only’ twa’ solutions, neither’ easy “or popular, especially now we have been through 20 or 30 years of living above our earned standard of living. No matter which way we turn it will mean learning to live within our means. No one should fear this as even with a lower standard we can still be better off than 95 percent of the world population and likely just as happy with less material things. The number one choice we have is'a roll back of wages, salaries and government spending, with no govern- ment borrowing. Interest would go down, along with the cost of living and nearly demand, as it should when demand diminishes. Second, as pointed out by Professor Galbraith, on the other side we have big unions also that won't let wages go back. Again defeating the law of supply and demand, there isn't such a thing left, ex- cepting in smaller industry and the production end of agriculture. : Number two choice is devaluation of the Canadian dollar to 90 cents which would bring us back into a competitive position in the exporting industries, such as forest products, mining ‘and agriculture, where’ our higher costs of production would again be more in line with our foreign competitors which would create more employment and a better standard of living with expansion in industry to employ our young people, Again there is always some bad with the good. British Columbia especially im- ports most of our food, cars, television, radios, cameras, clothing, shoes, etc., which will mean an increase of 10 percent in our cost of living. This naturally brings a demand for increased wages and salaries, so without a control people to find employment. After looking at both alternatives, it looks like some type of controls are here to stay as long as we have big corporations that control prices not based on competition and big labour that set wages, not based.on productivity or ability of the industry to pay. I happen to think both are here to stay, making controls, as much as we dislike them, also here to stay. If not, we will see the eatest round of inflation, a oss of our export market, higher unemployment and finally an end to democratic government. 1 realize there will ‘be many claiming easy an- swers if elected. However, history proves there is no easy answers when any society lives for long above their means. As long as we accept the facts of life, we have a bright future with nothing to fear, and an exciting challenge to build a new society based solely on our ability to produce and market in’ competition with others. : ‘Contrary to what mast writers say about Terrace and the northwest, the problems we face are not Terrace prablems but NOVEMBER _WALUES | 10- 12 - 13 Saie Price Panty Hose One ‘Sale Price size fits in beige _ Drygoods Department at Ladies Sweaters New fall and winter styles in a@ good assortment of styles and colors. Sizes S, M, L. | g 65 >) OO Ladies Tops Made of 100 percent polyester in assorted colors Sizes S, M, L. Short Sleeve pwear Long gowns, short gowns, pyjamas and - frousecoats. Assorted materials and styles. . Long Sleeve 3.99 wll 4,99 or spice. 3 OG n | for B Two piece ski suits made of nylon. Colors blue, - green & brown. Sizes 10 to 18. Perfect for the ski season ahead, Reg, 33.95. Sale price , and patterns. y Long Sleeve Cardigan 5.99 6.95 1.95 ‘them Tess and less com- all would be ll off mechanism, | the initial i ‘i. ‘petitive with less revenue ta before. There. is. only one advantage of devaluation Canadian problems. 1 would : 2 eee ee ee Setetetouneyeuitg Jeot. ABR we woud De Pravne ad ae wrtees Mune Daw 4. for expans 2 . i ; Eg i fone comm acs, fei aus ob tee om mee | | CLEARANCE RACK a ‘ r deaill with C b k di ; : 1 tand » mm ancouver an _ see e . y : , ; ending tread ull wi anert it to fall ac aoe ng to expansion loyment ung loss of Jobs due jo high costs ; sure aud dil ties thee treat seving dors: slacks, jeans and vests. Be a4 7 + . I ie . . 4M ; ™_ “BARGAI 3 " N RACK ONLY | 2 . en ton ein er 8 OE SSRN SIL OS SOLS a SSSR SRT S , : DENIM, DENIM, DENIM : iM . od . . . ’ fd i +) . a e 3 We have a great selection of teens and ladies denim including pre-washed . - A Member Information Meeting . , Jeans, long or short skirts, vests, tops, blazers and much, much more. oe — 3 : ; Hissuanamnenenanses selene sesaicentt ispetetetoitetetehS eATPP EPEAT EEE re NEUES = ie e OQ . e. aS “ oe SAE CS: CR ARR sf will be held in the Co-op Cafeteria Skidoo Suits Stretch Tights ¥ Wednes day, November 17th _ oP . Infants to teens in four colors. Sizes a : Ce 7 Nylon suits with a full zipper front. rang) from 3-40 fo 12-14, - im : ; Assorted colors. Sizes 4.to 6X. Reg. 21.95 BI | . ‘Price 1 59 pr. to 2.1 9 pr. x . Smorgasborg Dinner 6:30 p.m. | sate ence §=— 1499 tou aanertsnevannsrsiassnnenssnneee he _ ae . . Suen = Begin your 7 Information Meeting 7:30 p.m. — a 3 | a ollle , a Christmas’ »: _ | : | Ski Suits ristmas ’ . my . tn excellent selection for girls and shopping ; i a ' ' ¥5 in outstanding colors, Greatfor. . we D T ket $2.00 Ea la many skiing days ahead. Girls sizes ‘ early while ae gi inner IG $ . G Bto4, boyssizes'S,M,L,XL. . 5 selection | wa . . . s ' fy, : - cy -- : ~ : AVAILABLE AT ALL CHECKOUTS AND THE GENERAL OFFICE Prete on OLD ,, GOOD | |. Heat ts best | ati : range rom 4 a to i | et es gy —~ T ) Meh -Thars: 100 an 000 ps, Feldage. 0:08 a.m -Bi00 pms: Centre / Terrace G 4617 Greig Ave. re =_ ”