| Terrace, B.C." ‘by? “Stertlig. ‘Pubsishers «Ltd. ‘Authorized: as ‘second - ‘class. ‘mall. ? “Reglitration. |. ‘Number 1201. Pos age pald In:ca h, return poste aoa “guaranteed aa rn : Advertising Saies: ar “s “Nick Walton : "Sports Staff Writers Pho! rapher: - : bo togra phers . Don Schaffer ' / Keith Alford ~ Reception-Classified: Carolyn Gibson -. Clireulation: cn oO _ ‘Marla Taylor ; NOTICE ‘OF COPYRIGHT. ced The Herald retains full, complete and sole copyrigh be. . In any advertisement produced and-or any editorial or photographic content published in the Herald.:: Reproduction Is not permitted without the written. permission of the; Publisber. y th ba 85 ‘ye - Editorial | ifaldermen Bob Cooper, Chub Down, Gordon - Galbralth and Alan Soutar do not want.to work r the Interests of Terrace ‘then the ‘other | members of ‘council. have little cholce but to 90" a along with them. . : Since,the November’ elections the increase of." political gamesmanship’ has. turned. into : kindergarten classroom activities. .The: Group -. of Four gives ‘the impression that’ It doesn’t. want to work with the other members of council: ° because the aldermen happen fo represent a different political viewpoint... But since. when - didnot being an NDP or a Socred and a: Western Separatist become a requirement for budgeting. - garbage pickup or Installing a sewer system? P sae Is time council satdown. ata meeting guarded Si e place until ‘these. people get thelr priorities straight and begin to see the better interests of Terrace as their goal instead of this soeristicated game of patty-cakes they keep playing. They. will now probably. continue to prolong all the paranoia and all:the animosity that has been developing over the past few’months as the aldermen meet Jan. 26 to take shots at each other and hurl accusations at one another about -why they are doing this... ° -. . We keep hearing: each side say It ‘cannot - cooperate with the other side. If that Is the case. then maybe they shauld be resigning from more than just the committees. Terrace could have a byelection and.-we ‘could. have a‘ \more responsible} group of people. serving our - Interests In- running the community. . ; Something has got to give. Either the. Group of Four or. the Group of Three or the whole. Group of Seven. Terrace deserves more ‘than . what it Is now getting. ve OTTAWA (CP) _ The public’s unger dso ufter high | unemployment peacefully will hot Ing y ‘edntinue much: longer, the chairman of the Economic. Cquncil of Canada said Tuesday. : “The tranquillity has been absolutely astounding: but itis , quite wrong to assume it will go on that way," David Slater — told a‘ national conference of jobontlooks that attracted 600° participants. ° a Conservative predictions that the’ current unemployment rate of 12.8 per cent will rise still higher means that pressures will:mount pretty severely,” he told a seminar. He said families with more than one salary are rapidly _ losing ground as unemployment and welfare replace pay ‘cheques. Job-sharing programs are proving. to be short: term solutions, ; “The pay cheques have. “Deen stretched. about as far as ’ they will go.” | ma Pressure is -mounting in families and: “there is a , deep sense of frustration. among young people who can't even Bet: short-term jobs,” Meanwhile, an official with another economle advisery.. organization sald unemployment will run at about 18 per’ cent in 1983 and drop to 12 per cent in 1084, ; “There isno sign of a dramatic pickup inthe economy. for. a couple of years,” sald Tom Maxwell, ‘chief economist of the Conference Board of Canada,: : Economy declines of published every” weekday at 010. 0. Kslum. Streeiy. ; } housing atarts ae a _ was the small Gf sce 94; by * expec fo inereane fn 1083. stl \. ‘The Comhiterte.” ” “Construction activity. began plexi up late ist yeutr ‘interest rates fell ind rates are e eapected to fall even “in the weeks vahead. 9 ~ yn starts mieans that October; 196, and. ‘that, building: permits for: future. con: 4 straight moriths, ° os “The sub tantial advance’ which ha has Already occiired in A new study. bays the cut about $10. biition. a ye ry from. its ‘receasion’ low : point of. Tuésday ‘fier than half-the. 2 ‘percent gain of 188), ‘but still te usineéses,” a '— Caterpillar ‘Tractor Co. ‘and Republic Stel Carp: tae The piles of gold soared. above: $500 an out; ‘te. highest close-since April, 1961, reversing éatlier ‘Iosses-in. ‘from. a, four-year. “atody oni Wi productivity in eanatructon jae rediice t of tories, slo von 22 stu pepe enti n costs. ‘rong more: tha third faster (han the: oe rate = th 3967, anid rich while. aneel in my tangeat US: “dhan ‘the’ 0.2 percent of 1960, the report: aid. . ‘a Three ‘business. ‘groups’ “which paid: “they feat the | dmic.consequences of big federal deficits urged that “qext’ year's defence spending. be cut even, more™ than: ‘President Reagan wants, The groupe, were, the ‘Ainerican a “Business Conference, -the National Assoclation of “Manufactirers and the Natlonal Federation of Indepengioat ‘reported. Idsses. for the final quarter of 1962 and the full oy year.: Caterpillar. sald it lost.'$204 million in: the fourth: ‘ quarter and $160, million for the year, Republic's Tosa ‘was -” $50) 6. mnillion in the final three months and {210.2 yaliion for “the ‘year. - : seit European trading. Gold traded as low as $296: an ounce last. dune... thks — “And | new high-rate savinigs iecounte ‘attracted a8. a billion to savings and loan assoclallons in their first weeks - and helped set a ‘record last month for new. deposits, the. "Federal: ‘Home Loan’ Bank -Board sald. The new $2,560" " “minimum ‘accounts were introduced Dec. M4. Tey: pay ‘interest. of near 10 and 1 per. cenit. _ ree 1) te i maa 5 Brompost better “Prospects: for - economic recovery ‘are ‘better than | TORONTO (CP) — How much control should one person .. ve over people's savings? | q id, 1 eh Gat her bem a ge making the rgunds egret» ens é 1 ment and fbiictal chien tor with ‘Yen bral cnn Qa ope HE provinices' pase - a, corporation said Tuesday it is a major step forward, | companies changed from conservative institutions to multi- ‘million-dollar playera in such venture fields. as. real eatate, Although trast companies face some restrictions: on ‘the. loans they can give and the types.of investments;they can make as truzteea of such things as pension and estate funds, their ownership is relatively unregulated,. : - While one can't buy a Canadian -bank, thete’’ mo: auch © » restriction on trust companies. Anyoné.¢an own one. Bagy ownership has been one reason trust compaites have been popular. acquisition targets in recent: years.’ ‘Several. tirms _ controlled by: -real estate: _ developers: and. ‘anid - - speciilators; wey ls Also; while no individual can own more than ‘10 per cen at ‘a bank, one can own a. trust company, utright, And nd peo frequently do, held. Of the ‘three trust aarti orien re widely - government, “Jan. 7,. Greymac Trust Co.and Crown. Trust | Co; were controlled by, Leonard Rosenberg. of Toronto, who bought 99 per cent of Crown last October: Seaway Trust Co., - third, WAS controlled by: Andrew. Markie: af. ‘Midland 1, the. Ont.” an Chartered banks are governed by. the federal Bark Ast, which is revised about every .10 years and is: monitored by « Parliament. “Trust companies. fall ander. a mix. of Federal! _ and provincial, legislation... > -. . The federal government has been cifcilating broposals - for a new-trust act since last summer that would mit tne dividual ownership to 10 per cent. Moat observers belleve the outcry from. Ontario’ 6 epleoe Will foree cy ‘Speedy passage of reforming legislation. But - James Savary;| professor of economics at York. University, ; says reform of trust companies: ‘may still’ be. difficult - .because of : ‘that. Aypi¢atly Canadian auestion: Ie that: a- . federal or. provincial matter? 2: Soma of. Canada’s 80 trust soripenee ‘ate: ‘tederaly Savings. control questioned: " chartered, while others‘are provincial. And while Ontario, _aralle) legislation. -Both Savary. and Afix Granger, a Vancouver investment "analyst, Say a dilemma’‘such as the one. Ontario has found Ateelf in was béund to ‘happen. & Ie : Granger said that because of the. concentrated ownership | of trust companies, particularly the small ones, it's difficult: to moniter their activities and holdings. -: ‘She sald: reports that the: assets of: the three ‘trust com “panies were vastly overstated aren’t surprising. She wise suspects, there ‘may be: more firms ‘with: the. same , predicaiient. because” truss companies .are heavily dependent on réal eatate assels, which haye ‘slumped in the.’ _Jast year. -Speaking, ‘in ‘the tegisiature ‘Monday, Robert Elgie, A | Ontario consumer and commercial relations minister, said i] provincial investigators believe the three trust companies “ptovided ‘Mortgages on. an overstated ‘value of 11,000 - an - Same Period ayearearlier. Toronto apartments.. “were quickly resold or “flipped” for almost: $500 million to a “"gertes of humbered ‘companies: with: all three trust com- : panies providing mortgage. financing. . “Larry Smith, economies: professor. at: ‘the University of toronto, says ‘that because’ public : confidence, in. trust “companies may be seriously shaken,’ this type: of financial - dnatitutlon. will have to offer higher interest rates to. eet : people’ to deposit money with them.. Pe - {venture ‘capital or entrepreneurial approach to -keep their af ‘interest rates a point or so higher than banks. Now they. will o : “have: to take r more risks to. keep their market sharé, says ~ Canada ‘at odds v with Us.- * @rrawa (CP) — Canada and other western, Allies will remain: at. odds ‘with the United ‘States for years over Washington’ 2 Iiaistence that foreign-based subsidiaries of Us. corporations remain subject to. American. Jaws, aus. Jegal expert predicted Tuesday. : ‘The iseve known as extra-territoriality — ~ the extensionof : ‘national, laws into the field of international. politica and commerce — is a deeply ingrained principle in U.S. government ‘direles, said Lawyer Douglas Rosenthal. ‘He is a.former chief of the Justice Department's foreign commerce section now specializing in trade: regulation and Saternational law in private.practice. |. ‘The Jasue produced deep divisions last year between _ Washington and its allies after President Reagan ’s decision Soviet Unton and Poland, . ‘Reagan: wanted U.S, alles to follow. sult’ and, in par- | to unilaterally impose commercial sanctions against the’ | WASHINGTON (AP) = recession from étart io finish, declined 1.8 per cent in 1982," ( "operate in consiruction of a pipeline to carry Soviet natural the sharpest drop since 1846, A new ‘government ‘eport as to western markets, : indicated today. c4 economy -~ a8 measured by -real, or inflation-adjusted, |. gross national. ‘product — was falling even fasler, at‘an equipment or _ annual rate of 2, Sper cent, inthe fourth.quarter of 1982 after. - rising slightly in-the previous six months, the report said: - “protesting this application of U.S/ law. in their territories, The decline for all of 1982 was more than four times the . Rosenthal sald that even though Washington now knows it 0.4-per-cent drop during the 1980 recession, the most récent can no longer dominate the western alliance, there remains previous nalloral business dowaitirn. Real GNP rose at Sper -a feeling that, the U.S, felons muyt: have some power. Hf . cent In 1981. —_ i a ‘the American patie ‘aethen. aa systems to.the Soviets. « = The US. economy, crippled by - ‘deular, urged: Western Eutope to abandon plans to. ce, engineering. ‘CANADA JOINED PROTEST - Ottawa jolted Its allies fa” a He cited ax an example the v. S. sanctions against Tran a . f ‘during the hostage crisis, saying the mové probably. ‘bought os some time for Washington to find a kolution. .°:. Rosenthal said it would be unrealistic. to expect. any. US. te. . thé reach of U.S. law, but he believes there Is-a middie "|". ” ground for Washington which would | BJ a long way. toward > ~ administration to make concessions that. would @ meeting the concerns of its allies. The. legal. specialist’ agreed: with a . roploiton that. ‘the pipeline sanctions cast the shadow of U.S. law further than.- ever before because they also applied to licensees" “AUS, ee * firms. That nbeapect formed bart of Canada's sbleetlont io el Polley. ai! He Oba eee ‘ ans taaue I is ihee extent to which business salons fa > Mbscow: Rowenthal said by all accounta there In little doubt. i the. U.S. damaged itself badly bp. the: pipeline issue,‘ . i =the value of lost aates to Ameri¢an firme is estimated at: - Canada strongly objected when teagan, largely rebuffed *, : Moreover,- production’ of. foods and services. ‘in’ the. by the allfes, barred foreign companies owned or supplied a by U.S. corporations .from wiling any petroleum, related . Mus. ‘law. “The policy is not & foollah or naive one designed to ‘tape | “Canada or screw Europe.” I Is based ona beliet that the: US. must thew. teadersb'p edaintt, the. countries of the East i” : ” pupsday. ° cos _flation had abated in the United states, “During a ‘complicated 1 manoeuvre ‘io ‘which all three - ‘Companies participated,:the 11,000 apartments were. pur- - : chased from Cadillac Fairview Corp. for §270 million. They Over the years; many trust companies haveh had to take a: * tevekta ‘sliould ‘or could be balanced in dealligs with : * Despite the economic’ ‘and political 5 ot from that in: B Een - chifent Washington still believes it must be able to.contral: "|" n subsidiaries of American firms or they could avoid... oo _ down quickly, the chalrmari of the Bank of Nova Scotia sald “The world economy is over tiie wordt of ita crisis‘ and, bY late this Year, a recovery. shotld be started that will last -.throtigh the middle of the decade, Cedric E. Ritchie tana the. bank's’ 151at anual meeting. .. Modern ‘financial institutio#s had’ withstood ihe ted ‘et ; hat ‘Ritchie called “the great revession of’ 1981-62'"an “yapidly falling’ interest rates. were justified because: ca " . 7 itt is now prudent to alopt ridre moderate polleies. .”;:a: .rapid,: ‘rather than a slow decline in. interest rates is ad. __ vigable.? ! oat Ritehie sald a solid base is bette formed for Fr) sustained “recovery, and “now ia cleatly. the time bo adopt & positive - _and constructive attitude." 6 me alae -In-another development, Canada: Post has reached. tens. ‘tative agreement. with 16 businbss associations in a new attempt | to define thé nature of: a letter, Co “itty Deal of 9 eon HH nace sb sl; ; they are publish ed in he AB ane sain In eh -) early in February, _ He ‘cautioned, however, that séveral other groups ob- * jected to the corporation’ 8 attempt last year to define a letter. These, he: taid, must ‘be: satisfled before anew proposal can be made to. the government. ‘ Those ia ‘the group with which; ientative agreement hes _ _ been reached include’ the Canadian Bankers Association, _ the Canadian --Manufacturers:. Association, «the _ Retall “Council: of : Canada and the Canadian Life ard Health “Insurance: ‘Association. . Their ‘major concern was corporation. handling of bulk * intail, ‘requiring items. to ‘be handled individually instesd‘of by. weight as ‘previously, thus. driving up mailing. costa. In other. business news Tuesday: |: ; -— The. federal. spending deficit continued tos, war in November, reaching $1412 billion during the: first eight months of tie’ fiscal-year, double the. tt. a7 billion of the. “The cheirmanat Quebée’s giant ¢ credit: ‘undon group, the . * Mouvement Desjardins, ‘blamed past Quebec’ governments for buying labor peace with: public sector unions “atany ‘price.:’ Raymond Blais said it wasn't the usioris that had - abused the eaten, ‘it was. 8 the government that let itselt — “ Newfoindlanid Prointer. Brian mn Peckford said he will go to the parent company of'Bowater Newfoundland Ltd. to seek angwera he had been unable to’ get about, the future of the Corner Brook-mill, He will consider drastic action If he is not give satisfactory information and’ cominitments ‘- on Bowater North - Amicrica Corp. in, Old: *Gfeenwich, “Conn. — Retail trade’ in November, adjusted for’ * seasonal . Variations, was $3.2 billion, up 27 per. cent: from..'the. . "previous month. Nol seasonally adjusted, retail‘irade was | #8. 5 ballon, ip 4.1 per, cent from’ November, A. on 7 i _ . o pe . =i "Ho wants to givo us $1,000 tb wee “the moon for a few dayalt”” ~ penierally appreciated: dnd intereal rates should be brought ~~~