a ae si ‘Moslem mi itiamen pounded

‘slums : ‘of ‘Tripoli today” with. artillery, :
| umortat: dnd rocket ‘barrages. {Police said.
the fighting killed 30 people, ithe ‘highest.

q- sues toil in pay inet old bet bait ‘for’,

deal with withdrawing an estimated 60,000

~ 2" Jsraeli, Palestinian’ and Syrfan: troops .

from the country.

a, . Lebanese Foreign’ Minister Elie Salem ”

‘met with U.S. presidential envoy Morris.”
Draper after Monday's session and urged
increased American efforts to work outa
compromise; .the state-owned . radio

‘Thursday in the northtr Israeli- ‘border
town of Kiryat Shmona. .

Police'say. the fighting in Tripoli s so far
has claimed at least 133 lives in Lebanon’s

80 kilometr north of uf
second-largest roe omeires ~ “hand in the current withdrawal. talks.

Beirut.

‘Thousands of : inhabitants 5 tuddled in
basements. and bomb.shelters in Tripoli's
seaside slums. for a filth straight day,-
eking out dwindling food supplles. There
was no running water or electricity, police .

:. said, 7

‘Tripoli hospitals sent dut urgent appeals
for medical supplies as pro-Syrian Alawite-
and Palestinian-backed Sunni Moslem

militiamen-pounded éach dthera’ positiens ~°
in thedense]y populated Baal Mohsen, Bab. .

_el-Tabbaneh and Kubbeh - ‘neighborhoods,

Page! 10, The Herald, ‘Tuesday, Sonuary a ‘983

‘Moslems. Pats Tri

. Bion random

3 raged, without. 1p

‘defense’ units trom reaching ‘the embattled “

-will ‘withdraw its troops‘only ‘after ite has”

: : iy" On, “
demanded the: tirst, atop he. the: "guarantees ihe BLO will not ‘He able fo.re- |

7 - normalization of relations. with. Lebanon, --
which, in turn, insisted the talks: must firet -

_ {President Amin Gemayél’s: request...
.Gemayel has made: several. public
* demands for. withdrawal. of -all forelgn:

‘reported. A fourth session is’ scheduled -

a ‘The latest PLO assurances were: e'made
- by the organization's security chief, ‘Salah .

"newspaper al ‘Madina that the PLO forces ©

‘Kat a: tockets and launchers aimed at
Ist i targets.

“have ‘been killed central mountains

\.

oll

ay

Many, cin were |
ells bn
it duri ing - the.

: burned out. of contrat because. oe
‘iaving. ‘prevented | fire ‘brigades . ind’ ‘civil.

Syria ‘Says: “will: pull out ti
‘Israel; agrees;:to. withdraw ‘its, estimated .
25,000 troops: from ‘Lebanoa.: Israel ‘says it:

establish its base.in southern ‘Lebanon
near the Jsraéli border. oe

Leaders of the Palestine Liberation
Organization say- iheir estimated 6,000--
10,000 fighters-in eastern and ‘northern
Lebanon. would. pull out. at. ‘Lebanese:

forces: . Same évent.

Khalaf, who, told the Saudi:. Arabian’

in Lebanon were a card” in Gerayel's

In Tel Aviv, the “Jeraeli. military
command said today Its forces in douthern
Lebanon had found . nine Soviet-made .

“Meanwhile, polite said israeli forces .
arranged a ceasefire Monday: night ~

“20 years ago, ‘but a ‘aies of ‘boutiques is revlv. ving the
polka-dot blduses, citelé

* “The Remémbering Mz Martyn poutiques spening ‘this
bs month: rat 12 asl aera 8 department atotes in the.

4 believe that, Maniiys Menioc ig the ‘embodimen
of “beauty; talent: ‘and sensuality,” he said. Iti
“image that many. women strive ‘for and whleb man
‘men’ ‘Appreciate... ; nears
‘Clothing. ‘will, feature siyles ‘of the. 1954s - - ~ sheath .
‘dresses; _¢apri pants, polka-dot: blouses and circle
- skirts, as well as coples-of some gowns from Monide
* films. ‘Richman said... at
The boutiques: will sell a $6,000 doll: manufactured = 0
.. ‘by the Eugene Dell: ‘and Novelty Co." Ine: to be |
‘released Feb. 8 at. the American Toy. Falr. Wpt New: :
” York:. Richman‘ éaid. -

“the 86-centimetre-tall: doll will sport a full-length. :
sable coat and diamond and gold jewelry. A $450‘and' -
“fia $75 version of the doll will also he unvelled at. the” a F

Negotiations’ also are teing concluded ‘with Colarkit 2
Cosmetics Ine. of New York for: a ‘complete line of J--*
\- Marilyn’ Monroe “cosmetics, arid’ fragrances: for...
__ Felease i in the’ Spring, Richman said. . : ;

~ Richman. said the boutiques ‘are not specifically af
timed to take advantage of publicity’ Erom ‘he 2 20th - os
annivereary | of Monroe's death on ‘Aug, Sy 1962-2

_ Nor‘: does he expect ‘to’- benefit: from ; pul
" discussion of how the actress died, saying “publicity
- like that tends to severely hamper a: merchandising ~
program.’ " ; . : :

Canada 's. five, or’ ‘six: moat sought-att

with: a meee New! | York. Times. review

id-air

: ‘because there, are a lot of ‘people ready to’

-become, the more .énemies you. make.

them.

their skin, ©. *

: Method,"

_ mand over‘her.own ‘career, she is-aware

. call: ‘over the world. .

“ Canada, ‘but Canada is Canada’ and when
"- You go to the States; your playing will not

between Christian and Druse. Moslem
militiamen .in. the central. _bebanon
mountain town of Aley, 12. kilometres.
southeast of Beirut. More fhan 180 people. -

q

r

police reporied.

; fighting in the last ll weeks. -

Mabey, woe pti

“Towers of Gold
Feet of Clay

You might. say y that the’ Canadian ‘banking com: : 7

munity find me a poor. credit risk, .
Recently, E-wrote a column: called. bank bashing, a

. whole new: national sport and suggested that Walter
- Stewart's book entitled Towers of Gold, Feet of Clay;

the Canadian Banks serve as a guide to the activity.
My deathless prose, appearing in the Terrace Herald,
atiracted the scrutiny of. Irving C: Whynot of Toronto,
who takes exception to the column..

Whynot says: “Your column was faulty in its facts.

as well as its conclusions. You appear to base your,
column on the recent. book by ‘Walter Stewart which, |
_in turn, is-also full of errors. To say, for instance,.as .
~ Stewart does, and as you Tepeat that “banks love in- .

flation”’ is utter nonsense,’

Why is‘ Whynot writing? . Whynot is. chief: of in-
formation services for the . Canadian Bankers’
Association, To bottom line the issue, Whynot is paid
to bring forward a position that: favors his employers
which are collectively the Canadian Banking establish-
ment.

The question that begs lo be answered i is “whether

Whynot, a-former Canadian Press national: business .
> editor, would have written the sdme letter or harbored
the same sentiments if he were still with the: ‘public.

-media? . -!
-Another question. that begs. to be asked is why the

' . CBA hasn’t taken‘legal actions against Stewart’: s book

if it has grossly misrepresented the banks?
Whiynot says that banks liking inflation is ‘‘non-
~ sense’’, That’s like a surfer claiming he doesn’t like the
large’ waves because occasionally they cause him to

wipe out. Whynot doesn’ tlike Stewart! 's book, sa, let’s

quote from other texts,

-Money and Banking in Canada, edited by £. P.
* Newfeld who’ was formerly with the Toronto Univer-
sity. and, is considered, a leading critic or? fanada’ so

banking. system, gives an historical over-view of.
banking in Canada. -
Newleld authored. a section: on inflation after. the

» Second World. War. The section talks about steps
taken by government through the Central Bank to con- -
trol the money supply, It brought in tight money .

measures in 1950 and 195).
Newfeld writes: “This tight.cash policy succeeded i in
. controlling general public liquidity, but, it could not

ensure the chartered bank loans would ‘also be under. .

-control. There was a sharp increase in-such loans
during the last quarter of 1950 not explained merely by

seasonal factors, for no subsequent _ seasonal decline \

occurred,”” ; :
In 1951, the Central Bank had to lay down “specifi ic

working rules” to bring the chartered banks: in line. .
“This: understanding with the. banks was com-

_prehensive and laid down, a Specific objective - “no fur-

_ ther increase in loans.’”

Otherwise, while - ‘the: Canadian government ‘and

Central Bank was altempting to curb inflation through.

formiflating monetary policy, ° ‘the charters ‘were

~ blissfully.i ignoring the situation,

- They were in fact pushing out more loans much the |

same way ‘that Stewart points out that banks: pushed.’
- credit cards like potato chips. The more Ahings change,

.. the more they stay thesame.

Whynot also takes exception to: my reference of.
CBA . pushing out confusing stats that have “‘ill. in-
formed media members'*:

economist, or bysinessman making those statements.
As for confusing’ thaterial handed out by the CBA;
‘Whynot supplied me with submissions presented to the
‘government on chartered banks. Nowhere that I could

find in thé documentation does it’say on What the in- -
formation is based, It reads like e this: “The, Brocery

‘going off. agreeing - ‘that
banks are'not making excessive profits. First, - the ~
average general reporter doesn't know his equity from

‘his asséts and ‘would be, hard pressed‘ to explain
whether it was reported in the context.of 4 financier, .

RUMBLES

> By ;
- Jean Sorensen

+ ABtorling News Feature

stores made a reasonable ‘evel of profit, etc,” It
doesn’t say what groceries the associatin represents. Is
it the big five chartered banks? All the banks? Finan-
cial institutions, etc.? which had losses that would in-
“fluence the total picture?

_ The CBA also points out that it. gives its returns in.
terms of both equity.and assets. However, it says in its _

government teridered reports: “Return: on . assets

. (ROA) is the most commonly used measure of bank:

profitability."”

Gentlemen, I’m not surprised, The banking com- ;

munity is conservative -in' nature, unobtrusive’ in

management style, and like an under ground fire loves”

to take over territory without being noticed.

| would suggest that retuyn--on. assets. (ROA) is
nothing more than-a. dodge. Anyone who has taken
basic. econo

$10 with $1 going to principle, the rest to interest.

The.banks technically say the interest rate is 25 per

cent but,.in fact; the return on their investment is ac-
tually 300 per cent. The banks take the payments,

return them:to the loans markel and create earnings on”

_ top of earnings. They’ call these new. loans assets.

- When the consumer payments are annually Measured:
', against the assets, which swell wo to four times Faster,

‘the rate of return becomes marginal.

In 1967: {he | Bank ‘Act undérwent revision and banks

_ were allowed into the conventional morigage-field for
_the first time. They were .allowed to reduce, their

required cash ratio and removed ‘interest rate ceilings. ;

All these combined allowed the- banks to double their
‘rate of asset expansion,

like turning up the heat ona stove pot.

As well, the banks tell us that they are only passing
on the. cost of borrowing ‘money fromthe Central”
“Bank when they peg thé interest rate. However, that is.

only: believable if-every dollar loaned out had‘ to be
borrowed from Central Bank. It neglects the hundreds
of. millions ‘ihe: bank coritrols of assets, equity; and
‘created money”.
“You fail to note; however, th that the recent hearing

by the House of Commons Standing Committee on.
Finance, Trade, and Economic Affair also found that , .

- the bank profits’ were nat excedsive, "
his letter, : ; :
That’s vindication? 4 :

Let’s quote Peter Newman's Canadian Establish-
sment.. >
“Except for the occasional aberration such as, the
independent minded stewardship ; f James Coyne,

hynot writes in

__ Telations, betwéen- the. chartered bahks, the Bank of
Canada, the Department of Finance, and the Cabinet: |
are sO cosy, that outsiders uy ‘hard to become part of

|
‘So, the standing commiltee found nothing wrong
“with ‘the: banks increasing assets. by: 27 per centsand,
rofits by 37 per cent: duting 1981? Imagine that.-Or,:

Imagine ‘if the committee came out publically con-...

“F demining the banks. Would i it not have been partial self
‘condemnation? :

Banks.“also. “qualify for tax. shelters. Of - profits.

the standirig committee, the banks would like to-tell us:

chow much of their earnings as a percent of profit they ;

_ have been able to shelter over.the years.

- The CBA writes us that if in the future | want help in.
collecting facts, | should contact-them. ‘We welcome © .

consifuctive criticism of banking in any forum. But,

we do suggest that it is‘much more meaningful and

useful to the reader if the basic facts are correct.’’
No. Kidding, Mr. Whyriot.. .

YOUR ALTERNATE FOOD STORE |
4662 Lakelse Avenue

paler bee bul 8 she’ He -finding,

In’ 1985, she isan: "authentic: eevee

“cin an® Interview, ° Hsn't. too pleasant my
oa Harnoy,’ who: ‘elainis. to: ‘play ‘beat when ° :
“fear at you. “The more ‘well-known: you * - ‘spooked most.:'The excellent’ New - Yorks
‘without actually. doing anything wrong to _

oo Mag long : as you. are unknown, everyone a
a BAYS ‘Oh, yes, quite talented.’ But ‘as soon
as-you make a ‘stand, some ‘peaple stick. -
~{with you, while others, well, you: get under. fe

“Thavea very personal atyle of playing; wong
. some like it, ‘BOME ‘don't. don’ t follow any:

-; that she must avoid what doesn't.werk for’ =

»+sher-Tt was a lesson she learned from, last}
"year’s ‘New. York’ Concert: Artists Guild...
“competition, which. had contestants from ©!

"When F first went to the competition, a
“people told me, -'Well, you made: it-in |.

be Secepted there.’ ‘1 went ‘there and

gardenside ff

competition. ‘The: win: entill
two New York appearances, ith ar
estra in’ Carnegie Hall, ‘and th -oth

er, Own in the recital. chamber

alk down: ‘the rit, Yau fe ry.
aking ee -- Sound, like -kitach
old’ romance no a
; But. the ghosts. brought ‘out. the “pest! ir:

Times response to’ the ‘solo’ concert ‘hes:

already brought queries from orchestra:
_ managers across the.U.S., where most of.
her’ engagements for next. season will: be. *

. But she regards herself as Canadian. and -

. can't ‘foresee abandoning Toronto | as. ‘her -
_-home: bare.

-: She'll play a Toronto ¢ concert on: + Feb. ‘id ;
andon Feb. 18 will play in Ottawa with the: -

'; National Arts Orchestra in a concert iat
will be broadcast live by CBCEM:. :

AS a sign of Harnoy’s ‘neresaing com: Ss

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