7 ll ol tf New bankers factbook Canadians appear to be in- creasingly ‘‘savings- conscious’, says the Canadian Bankers’ Association. The number of personal savings accounts in Canada’s chartered “banks increased by aboul 1.75 million in the year ended April 30, 1974. On tha! date, the CBA says, there were 19,439,200 personal savings accounts in Canada’s banks, representing. a 65 per- ‘cent increase since September, 1963, against a population growth of 18 percent, during the same period, . This and other dala are drawn from the latest edition of the assoclation’s annual publication Factbook. The booklet contains a, wide range of banking slatistics for the past decade, not olherwise available to the general public in a single publication. Concurrent with the growth in personal savings accounts has _ been the increase in the number Should you “roll over’ SavingBonds | Should holders of old Canada Savings Bonds ‘‘roll over’ (irade in) their old bonds on the new issue? “The answer to this depends on each = person’s = cir- cumstances,"’ according lo George Sherwood of Vancouver, regional director of the payroll savings plan. “For a man who is 55 years old, for example, and wha has acquired Canada Savings Bonds for retirement, the cash bonus program: is probably ideal for his needs,” Mr. Sherwood said. “He-ccan continue. to.com- pound the interest.-on his existing bonds and defer the lax on them uutil he retires and- collect (he 10.5 per cent yield as well, . “In addition, as the minister of finance has announced that he intends jo re-introduce the $1,000 deduction for interest income, he will have the double tax advantage of treating. the iax bonuses as a capital gain and can deduct’ the first $1,000 Interest frém his taxable in- come.” “However,” added Mr. Sherwood, “If an investor needs high current income or intends jo cash-in his or her bonds hefore a cash bonus beeames — due to use the money as a down- payment for a home or a new car, for example, then the in- vesior would be betler aff te turn in his or her old bonds and buy (he new issue.” The new bonds muy be bought al par until November 15. Yacelnation, Smalipox was the first disease to be curbed and finally almost eradicated vin vaccination — the deliberate introduction of ‘anti- bodies’ into the bieodstream. of the banks’ branches. “During the decade to December 31, 1973, 1,254 new banking offices were opened in Canada, providing an average of one office for every 3,329 Canadians”. There now are “more {than 6,800 domestic branches and 270 abroad, Similarly, the number of bank employees has increased to more than 114,000 at April 30, 1974, from 73,251 in 1963, a growth of 57 percent. remuneration to employees - - $918 million in 1973, - was more than three times the 1963 figure, due to higher average pay and number of slaff; ” . CANADIAN OWNERSHIP INCREASES Factbook reports the can-~ linuation of a trend extending over many years - the = in- creased participation by Canadians in the ownership of their banks. “Of all shareholders in-1973, 94 percent were Canadian residents compared to 86 percent in 1963", In terms of numbers, there were 182,508 shareholders of the banks in 1973: of (hese, 171,880 were resident in Canada, 5,920 elsewhere in the Com- monwealth, 3,626 in the United States and 880 in other coun- tries. And, in 1973, Canadians owned 88 percent of all shares, compared with 77 percent 10 years before. - Total shareholder equity in the banks has increased more than 92 percent since 1963, totalling ta $2.22 billion at the fiscal year-end 1973. Dividends paid in 1973 amounted to $147.2 million. INTEREST PAYMENTS - UP By far, the largest item of bank operating expense is the interest paid on deposils and bank debentures which, in 1973, reached more than $2.87. billion. Salaries, ‘pension funds “and other staff benefits totalled $018. million, while some $643 million was spent on property and ather operating expenses. Banks’ income, primarily from interest on Jeans and securities and fram exchange, commission and service charges, totalled $5.2 billion in 1974, ‘Over the period 1963-73, the chartered banks obtained aboul 86 lo 91 percent of their total revenue from loans and . securities, andonly about 9to 14 percent from service charges, commissions and fees,’’ Fact- book says. . . Of particular interest to students, teachers, reference libraries, elc., Factbook is obtainable free af charge in reasonable quantities, in English or French, from the Canadian Bankers’ Assacialion, P.O, Box 282,Toronto Dominion Centre, Toronto MSK 1K2: WE TAKE BEER BOTTLES ALLEY Por suop Wa.m.-é6p.m. Fri. tilly 8 TRACK TAPES SPECIAL°2 Canada Business Corporations Act Consumer and -Carparale Affairs Minister Andre Ouellet . today introduced the new Canada Business Corporalions Act in (he House of Commons. The earlier version, Bill C-213, died on the Order Paper at the end of the First Session of the 25th . Parliament before receiving second reading. The Minister drew attention to the fact that each business corporation will be required to have a majority of Canadian resident directors. Bul Mr, Ouellet said, . ‘’the rule prohibiting “Canadian em- ployees of foreign controlled firms from being counted as Canadian directors has been dropped, ‘‘Any advantage thal could be gained is oulweighted by the disadvantages of ex- Alcan Debentures Aluminum Company of Canada, Lid, announces an issue in Canada of $75 million of do-year sinking fund debentures through a group of investment dealers headed by A.E. Ames and Company Limited and Wood Gundy Limited.. The debentures, dated November 15. 1974 willbe issued al par, carry an interest rate of 101; perean! and have a maturily date of Novernber 15, 1994. . . For the nine months ended September 30,. 1974, con- solidated revenue fram all sources was $1,123.1 million (U.S. funds) as compared [o $621.8 million (U.S. funds) in the corresponding period of 1973. TG ORTER Today's Travel Problems Answered By QUADRA TRAVEL LTD. QUESTION: Wouldn't it.be. beter if we went a4 much“. - fargertravel agency ‘thar! you? pe ANSWER: We don’t think so because we can give you extra time, attention and service! Have you a travel Problem of your own? Come in, phone or write us. We will be glad io help you without charge or obligation of any kind! Cuadra “raul Senctces Ltd, 4648 Lakelse 635-2281 “The Exorcist” Playing Nightly at the Haida Theatre _November 7th to 13th | 7 p.m. and 9:15 p.m. $399 admission cha eR TIME ty nde ad rge for this controversial picture which is restricted to adults only This increase is for this engagement only | The Order of the Royal Purple cluding experienced employees from the board and barring Canadian employees from promotion to the status of director.” The Minister went on to say thal “the contents of this Bill have in the past three years been widely discussed. There is broad support for these policies and [ want to see the Bill passed in the House in the very near future.” The new Bil will replace that portion of the present Canada Corporations Act which con- cerns federal business cor- porallons, (Part J, 1V, V and V1). The Bill will not apply to trust, loan and insurance companies which will continue io be regulated under their respective Acts. Mr. Quellet will be bringing forward a new law for non- profit corporations later in this Parliament. The proposed new law up- dates, reformed, and generally clarifies federal corparation jaw to achieve greater uniformity with the most up-lo- _date provincial statules. It eliminates unnecessary for- malities and clarifies the rights and duties of management. Il also ensures that shareholders have adequate powers to protect themselves. The overall aim of the legisiation is to create a- practical and more equitable balance of interests among shareholders, creditors, management and the public - a balance that safeguards in- vestors bul gives directors and officers the broadest possible powers to manage. Since Bill C-219 was labled in July 1973, the Minister has received a large number of briefs onthe Bill. In response to’ these briefs lhe Govermment has authorized a number of changes to the Bill, {n addition to the change concerning Canadian directors mentioned above. . Most of the changes are of a highly technical nature. Several, however, are of special interest to the business and professional communities. The capacity provision has been recast {o state as clearly ag is possible thal a corporation has the rights,’ powers and privileges of a natural person. Interested persons unanimously - supported this abolition of the “ultra vires’ doctrine. The Bill inlroduces con- straints on the Iransfer of shares of public corporatians to prevent a corporation from coming under foreign control. This is known as.the “express constrained share provisions’. The present Act limits the application of the constrained share rules to regulated businesses. In contrast, the new Bill makes these rules ap- plicable to ali corporations, but subject to the usual shareholder safeguards - (two-thirds vote, class vote, appraisal right. Consistent with the recom- mendations of the task force report that preceded preparation of the Bill, par- Ucular care has been: taken during the revision of the Bill ta further streamline. the . ad- ministration, to minimize ad- ministrative discretion, (o make the Director's. ad- judicative powers subjecl {to express appeal lo the courts, and 1o require pre-publication of any regulations proposed to be made under the slatute. Copies of the Bill and of a Detailed Background Paper, that summarizes the policies o! the Bill are available from Information Canada and the Department. Terrace Co-op saie am. , i ing a Novelty Sale at the I eee on Saturday November 24rd. starting al 10 . PUBLIC NOTICE GREYHOUND LINES OF CANADALTD ARO CANADIAN COACHWAYS (ALBERTA) LIMITED ANNOUNCE The discantinuation of the joint excursion passenger tariff no. 1 to be effective December 1, 1974 BETWEEN Prince Rupert and Vancouver Terrace and Vancouver For complete details. please contact your local greyhound or coachways agent. - Subject to the consent of the Motor Carrier Commission, Any objections may be filed with tne superintentent of Motor Carrier Commission, 1740 West Georgia Street, Vancouver, ae on or before November 20, + E.R. Bob Hallsor . McColl Real Estate Services Lid. is pleased to announce that Mr. Bob Hallsor has joined their staff as of November Ist, 1974. Mr. Hallsor isa graduate of the Real Estate Council of British Columbia Educational! Pre-licencing Course and has an extensive background in both regional and municipal administration. He is a former resident of Terrace, is married and has two The Haltsor family have taken up children permanent residence at 4902 Park Avenue. .. Bob will be pleased to assist in discussing your realestate needs atany time. He can be reached at 635-6131 office) or 635-9717 home). ‘When buying a 1975 _ consider — important facts. — poe an aret fies carlines have beet divinevred without catalytic converters and cae rion any gasoline~ regular, premium ov unleaded. Read the full story: Cars equipped with catalytic converters require the use of unleaded gasoline. tn order to racet the new Canadian exhaust emission standards, some 1975 curs are equipped witha catalytic converter, which is au envissian - control device that requires the use of more expensive unleaded gasoline, > Unleaded gasoline is not readily available. Although unleaded gasoline may be avallabte al up to dn af gasoline stations in some major urban . centres, it will be substantially less in rural arcas, ‘The Department af Industry, Trade and Commerce - survey. dated June, 1974, states that ona national huss, unvteaded gasoline will not be available at 8 oubot LO stitions in Canada, as of October 1, 1974, a Government sources had this to say regarding 1975-1976 Canadian emission control standards. "The Federal Government plans to... require emission controls for 1875-model cars in Canada thatwill praducea- lurther reduction of S% in exhaust emissions but will neither require use af ‘catalytic converters nor resullin any further reduction in fuel economy.” “The new proposed Canadian 1975: automobile emission standards, while they will be more stringent than the ‘| present 1973 standards, will not be as. stringent as the proposed U.S.1975 standards,” Ste "The proposed 1975 standards for Canada will not require use of any catalytic converters.” . Tote, “The federal announcement yesterday sald that the 1975 Canadian emission standards ‘can be secomplished by the use of such devices as early fue! avap- oration, electronic ignitions, and improved ¢arburetars’.” oe ‘Wt calalytle converters are nol required: on Canadian cars there-will be less of a demand for tinleaded gasolinain. _ Canada.” Doe! — From qnows report published in Tha Globe & Mall, duly 20, 1973. Cars equipped with catalytic converters require ‘an 2 the use of inileaded gasoline, Unleuded gasoline is. nit readily ubailable, Howeverjalt Ford of Gandda: —Excerp? fram a Department of Transport letter io the Motor Vehicle Manutacturers Assecialion, dated February 20, 1974. ° All Ford of Canada carlines have been - engineered to run on any gasoline and meet the new 1975 Canadian emission control standards without requiring catalytic converters. ‘There's asignificant difference between Canada and the United States in exhuust emission standards for 1975 cars, - The Canadiin Government decided to adopt niore reasonuble emission standards than those in the United States. which meant that catalytic converters were Not necessury ta meet the Canadian sstandiirds, So for 1975, Ford of Canada decided not to folluw suit with Ford in the Upited States - “although it would have been much easier (and fess cosy) to da so. ; on Ford af Canada’s decision to minimize the need far catalytic converters in Cumada shows our real concern (or yar. the motorist. . We decided ta offer cars without catalytic converters because a) a catalytic converter could be umestra expense for fou. h) the unfeaded Fuel that’s required far catalytic converters is in limited supply in Canals, ant, ¢) unlended gasoline is niore expensive than the lower-priced regular, Now in order to meet the 1975 Canadian exhatst emission standards, without the use of - catalytie converters. Ford of Canada invested over SU million inaawestunsive prograntinvelying significant engineering changes, aclditional com. plexity in cur assembly plants and other special programs. os : ' ‘The restft is tat all engines Cwith the vaception efone = the bptional 2.8 litre V6). for WHh197S tines of Ford of Canaia cars, meet the )oshatalards, wthout-requiring ealalytig converters, anid dosa while suing on ay gasoline + unleaded, prantium ar the lower priged regular. - . . (Ford of Canada feels thi this will mean a lot lo motorints who are notable te find ulead “gusoline hy their normal driving dnd Teelshopping patlerns, Purticuhurly, those who live In ured areas, or are travelling (o the vattage or ski slopes - where unleaded gisoline availability is substantially less” than major urban centres: Buying or leasing-Right now you can select a | 1975 car fromm stock at your Ford or Mercury | hax] _ dealer which will run on any gasoline. Car, personal needs, And ne matter where voware in Canada ar wherever sou're goite, vou ean use the gasoline thats svailable: unleaded. premiuny or Ahe lawer priced regular, : When you choose from 1975 Ford or Mercury carline, it’s nice to know you can settle for any gasoline, anywhere, at ce ‘ Extenders” have been: —