There was ravioli, Italian sausage, wine . . Drive are closed to car traffic. 4 . and there was even the Tribune as the paper joined the Stivities Sunday at the third annual Italian Market Day with its streetside booth, outside the Tribune cj es. Several thousand people turned out for the day-long event for which eight blocks of Commer- —Sean Griffin photo (ECONOMIC FACTS ’ By Emil Bjarnason and David Fairey Monopoly directory i The Financial Post has just released its annual | “Sting of Canada’s largest industrial companies bas- &d on 1978-79 data. The list for 1979 has been ex- Panded from last year’s 200 companies to provide Mancial data on the largest 300 industrial com- Panies. The data includes rankings by sales or revenue, by assets, and by after tax profits. It also Provides rates of return on invested capital and Shareholders’ equity, numbers of employees, percen- lage of foreign ownership, and an identification of major shareholders. When analyzed closely the Financial Post survey Provides some striking: figures to demonstrate the high degree of monopoly control over the Canadian E ®conomy and a growing foreign takeover of Our ma- | J0r industries. There are approximately 225,000 industrial com- Panies in Canada. Of that number, those that receiv- €d more than 50 percent of their sales revenue from Manufacturing, utilities, construction: or transporta- | lOtalling $191.3 billion and after tax profits totalling $8.3 billion. The largest 300 industrial companies in this group (Or less than one tenth of one percent of all industrial Companies) control 72 percent of total industrial Company assets, receive 84 percent of total industrial Profits and receive 76 percent of total revenue. ~ The largest 200 industrial companies in this group Of total profits and receive 72 percent Of total sales Tevenue. The largest 100 industrial companies in this group- Ive 62 percent of total sales revenue. ay Of total assets, receive 18 percent of total profits \ nd receive 25 percent of total sales revenue. The - Canadian G.N.P. was $231.8 billion. The combined _ the largest 10 companies accounted for 20.3 percent _of total G.N.P. ‘tion operations had assets totalling $148 billion, sales. Control 69 percent of: total assets, receive 81 percent ~ T ___be- on the ascendancy. Clearly foreign ownership he largest 10 industrial companies control 17 per- largest 10 industrial companies employ a total of 510,030 workers or 5 percent of the employed work force. The immense power and influence that this small group of monopolies exerts over the economy is fur- ther demonstrated by a comparison of their total sales to the Gross National Product. In 1978 the sales of the largest 300 industrial companies of $191.3 billion accounted for 63 percent of the total G.N.P., the combined sales of the largest 200 industrial com- panies accounted for 59 percent of total G.N.P., the combined sales of the largest 100 accounted for 51 percent of total G.N.P. and the combined sales of The largest single industrial company in terms of sales was General Motors of Canada with revenue of $7.7 billion. The largest company in terms of assets was Ontario Hydro with $13.2 billion. The largest profit takers were Hydro Quebec followed by Bell Canada with net incomes of $552 million and $370.1 million respectively. And the biggest employer was Canadian Pacific Ltd. with 107,000 workers. Also of significance is the continuing trend shown toward foreign ownership and control of the largest Canadian industrial companies, as tabulated below: Foreign Ownership of the 200 Biggest Industrial Companies Number of Companies Degree of Foreign Ownership 1976 1978 1979 100 percent 68 71 75 51 to 99 percent - 44 40 . 43 10 to 50 percent * 18 22 14 Total Number 127 133 132 While the total number of largest companies with substantial foreign ownership has not changed significantly from 1978 to 1979 the number with more than 50 percent foreign ownership continued to . dominates Canadian industrial monopolies with U.S. multinational companies the major controlling in-: terests. THE COMPLETE / 4} | TRAVEL SERVICE / ff We will professionally look after = gh phillip david rankin stone paul memurray barristers & solicitors all your travel needs. We specialize in tickets, tours, passports, permits and reservations. Call us today — for prompt personalized service. #5 i GLOBE TOURS 2679 E. Hastings St., Vancouver, B.C. announce the opening of their new office at: 500 ford bldg. 193 east hastings st. vancouver, b.c. 682-7471 v6a 1n7 preferred areas: labour law criminal law immigration family law personal injuries motor vehicle accidents conveyances estates and wills ° - Sandinistas warn of U.S. military coup | Continued from page 1 matic relations with the Somoza government. In Canada Monday, the Nicarag- uan honorary consul, William Branson, resigned his post and de- nounced the Somoza dictatorship. Branson said he no longer wants to be associated with ‘‘a regime that doesn’t respect human rights.”’ Although Somoza’s regime has been propped up by direct US; military and economic aid, the U.S. is now attempting to manoeuvre to dump Somoza in a military coup, the Sandinistas have charged. In a radio broadcast reported in the Havana-based newspaper Gran- ma the Sandinistas charged that sec- ret meetings were held in Managua between foreign minister Julio Quintana, U.S. political attache Jack Martin, Colonel Aurelio Somarriva of the general staff of the armed forces and Colonel Nic- olas Valle Salinas, head of the Man- agua police department. The topic of discussion was the immediate resignation of Somoza and his re- placement by Quintana. Later the Sandinistas charged that a military coup was being or- ganized by the ‘‘reactionary gov- ernments’’ of Central America and the ultra-right in the U.S. and Nic- aragua. The coup would replace Somoza, but the anti-democratic and oppressive regime would re- main intact, the Sandinistas said, and they pledged to continue their fight against a military government. Israel embassy move evokes wide protests The new Tory federal govern- ment’s first venture into interna- tional relatons has the Canadian labor movement, the -Canadian Arab community and important sections of the business community up in arms. The president of the United Elec- trical Workers Union (UE), C. S. Jackson, Friday wired prime. minister Joe Clark demanding he reverse the decision to move the Ca- nadian embassy in Israel from Tel Aviv to Jerusalem. ° If Arab orders were cancelled be- cause of the move it could result in the loss of 200 jobs at the Westing- house Hamilton plant, Jackson said, and the jobs ‘‘must not be lost by political manoeuvring.” Jackson told Clark that he must reverse the decision in the interests - of the. Canadian economy and to show the ‘‘primacy of your govern- ment’s concern for the interests of all Canadians.”’ Earlier the Vancouver-based Ca- nadian Arab Friendship Associa- tion called the Tory move ‘‘a ser- ious threat to world peace and a di- rect attack on the Palestinian peo- ple’s national and human rights.’’ The Arabs linked the move to the ‘‘American imperialist plan against the aspirations of the Arab people”’ and warned that there will be severe consequences for Canada. Monday of this week Canadian bankers reacted with alarm to the news that the Arab Monetary Fund had halted all dealings with Cana- dian banks in protest over the em-- bassy move. The AMF announce- ment caused the Canadian dollar to slip a half cent on international money exchanges. The Toronto Dominion Bank and the Royal Bank of Canada expressed concern over the development. Also Monday, NDP leader Ed Broadbent called on Clark to recon- sider the move not only because of the economic damage it would cre- ate, but because of ‘‘the moral issue.”’ : CLASSIFIED ADVERTISING FOR RENT Unfurnished, 1-bdr. pets. 253-8180. house. COMING EVENTS “JUNE 24, 29 — AUUC Kobzar Dancers and Greg Proniuk pre- sent “‘The Orient & Southeast Asia and Asia in slides’. Sun., June 24, 2 p.m.: “Southeast Asia.’’ Perohe dinner served at 5 p.m., $2.50. Fri., June 29, 8 _p.m.: ‘Asia. Refreshments, snacks, entertainment and danc- ing. All showings at AUUC Hall, 805 E. Pender St., Van. Adm. each show, 3. For info, call 299-8172. Proceeds to Kobzar Dancers Ukraine tour. JULY 29 — Hold this date for Canadian-Cuban Friendship Association annual garden par- ty. “TRAVEL Are you interested in a 36-day trip from Vancouver to Yoko- hama,~ Japan, and then to Nahodka, USSR, across the Trans-Siberian Railway to Novosibirsk, and then to Tashkent, Volgograd, Kiev, Len- ingrad, Moscow, and back home again? The departure and return are Sept. 2 and Oct. 8 respectively. Complete cost $3,095. Phone Anker Gilstead, 433-6270, or Fraser Wilson, ‘299-1031, days. No. PACIFIC TRIBUNE—JUNE 22, 1979—Page 11 Interested in travelling to the Soviet Union? Tour leaves Van- couver September 1 for 30 days. Visiting eight nice cities. Full price, all costs included: $2,095. For information phone 261-4772. HALLS FOR RENT WEBSTER’S CORNERS HALL — Available for banquets, meet- ings, etc. For rates: Ozzie, 325-4171 or 685-5836. RUSSIAN PEOPLE’S HOME — Available for rentals. For reserv- ations phone 254-3430. UKRAINIAN CANADIAN CUL TURAL CENTRE — 805 East Pender St., Vancouver. Available for banquets, wed- dings, meetings. Ph. 254-3436. BUSINESS PERSONALS ROOF REPAIRS — Reasonable. New roofs and alum. gutters, 277-1364 or 277-3352. TRADE unionist seeks research, writing w o r k. Phone Ron Sos- tad — 980-5157. MOVING? CLEAN-UP? — Wanted, articles for resale. All proceeds to P.T. Phone 526-5226. “The Goodie Bin.”