PAGE aM THE HERALD, Tuesday, December. a W974

:

The lack of euificient new investment in Canadian resource we ea

dustries, which have been the traditional backbone of our economy, ©

could lead 'to serious shortages and problems in years to come, .

Page Wadsworth,. Chairman and Chief - Executive - Officer, “
Canadian Imperial ‘Bank of Commerce, told the Bank's: 108th any ”

nual meeting here today.

“We have been in a most enviable position in the world economy
Mr.. Wad: :.
“Canada has been able to avoid .the. massive),
disruptions which have wrought havoc in the economies. of the ne

because of our self-sufficiency in energy resources,”
sworth said.

world over the last 15 months."

“This self-sufficiency in energy resources will be short: lived if
the energy industry is forced to curtall-the vital investment in::

exploration for new energy scurces. Indeed, in a few short years, .--
Canada will be a net importer of oil, even. if exporls are phased

“This is bound to affect the standard of living for all of us, no-

matter where we live in Canada, or where we work.”’

The Commerce Chairman said that in light of the huge capital’

’. “It needs to be recognized,” he declared,

requirements required by Canada over the next decade, respon- .

sible action by all levels of government and society was an absolute: -

necessity. ©.

“Current federal-provincial squabbles over resource dollars are .:

nol in the spirit of the co-operation which sso desperately needed, "

Mr. Wadsworth sald.

A number of reasons were ‘pointed out by’ the Commerce =

Chairman for. concern regarding the eorporale secior. of the.

economy. Rapidly inereasing profits in the past year were often ~~
more apparent than real because, toa large extent, they reflected

price Inflation.
The real purchasing power of corporate retained earnings (i, é,

the corporation's internal sources of funds) has been considerably ‘

eroded by rapidly-rising prices, he stressed.

firm's expansion today as it would havea year ago.

Simply slated, a,
dollar of profit will not go nearly as far when re-lnvested towards a

Referring to profits as. "the engine ‘of growth and prosperily on;

which our system depends,” Mr, Wadsworth suggested, ‘‘We need
in Canada some form of capital cost system based on current

values, in order that corporate savings can be maintained at”

realistic rates for the replacement of assets and for the Investment .

in expanded and imporved plant ang equipment." .
The inflationary environment has had a profound impact on

financial markets, raising the costs of external financing, and .

’

making-it very difficult to raise long-term capital for expansion ~

Uthrough.the capital markets, he-said. Only by developing an’).
adequale rate of investment can Canada achieve sulficient™

:,, (hat: period was most: undesirable, with serious: Implications for’ a
_both growth and price perforniance,

productive potential to assure long-term growth and prosperity.

Turning to the role of government, Mr. Wadsworth said that ~..
rather than continually expanding and making ever-increasing °

claims on Canadians, governments should become less visible and

TSS eee

es snarnage messes
ee

soma
agers a
* oe iii

courages business to.expand and employ Canada’s young people,”

he added: -“If taxes are to be kept at reasonable levels go that in-

centives to Work and to better one's position are not destroyed, we
must stop asking governments for more than we really need and

‘can provide for ourselves.”’ .

‘The Commerce Chairman urged that, aver the next few years,

Canadians -.as businessmen, consumers, savers, investors, tax-

payers, wage-earners, and politicians - take a hard look at where

- we are now and carefully consider the typa of future we want over

the next. detade.” “'In this process,.I am convinced-that we-shall

‘face grave dangers if we forget thal. government isa means to an
end and not an end in itself,’ he said, .

"Inflation, Mr.. Wadsworth said, is not just ‘an. international ce

problem with the only “real’’ solution being an international one,

everywhere is essentially home-made and that. domestic: policies
canbe used effectively lo combat it.”

-He noted Canadians are increasingly being told by politicians and —
government agencies that there are “rip-offs” at many levels in’.

the business seclor which tend to push up prices ,. He characterized
this approach as ‘‘essentially unhealthy" because it diverts at-

- tention from the real problem ‘and from: the responsibility of -
gavernment to pursue correct monetary and fiscal policies. “One

might even-reverse the question and ask whether there Is any

possibility of the existence of a ‘government rip-off’, he added.
Despile the fact that the ratio of goverment ravenues to Canada's

total GNP has grown over the last two decades - and now stands at

40 percent - governments have often not been able to-live within -:
.- their means and, on many occasions, have run large deficits, Mr.

Wadsworth observed: - “The financing of such deficits has in the
past led ta inflalionary monetary expansion and atimes siphoned
much needed funds for the financing of private fixed investment
away: from our finanelal markets,” -he said.

directed ‘te ali the major elements of the Canadian economy, in-
cluding governments themselves.”

- He warned that over, the longer. term, only ane criterion’ can:
‘ensure the expansion of capacity. -/a fair return on savings and |’.

investment within a relatively stable economic and’ political

: framework. The Canadian economy. is now in the midst of an in-.

vestment boom following insufficient capital outlays in.the 1967 to
1972 period, With the benefit of hindsight, the lack of investment in

Major contributing factors to the atmosphere of uncertainty that
caused this situation were, the federal: government's stop-go

“that. inflation -

“Inflation; often
definedas ‘the result of living beyond our means over a long period’

“of time’, canbe reduced by ‘responsible government policies dash: off an mene note’

"Thoughts for :

an “AND the same to youl I

“probably should have

~ sent off a’ Merry Christrias

column to all. my readers
about the first of November,
tomake sure it was received ©
hy December 25th.

‘TL know this won't be. But —

it's not your faithful chronic-

-Ter’s faull,.nor the fault of |

your. favourite weekly news- .
paper. The entire. blame

Must-.rest on the.- broad”
shoulders — they have to he.

hroad “— of that modern .

phenomenon. of efficiency,

; Canada Post.

People in | that august
institution must be afraid of
getting their hands soiled by -
handling the average weekly
newspaper, full of violence,

. rape, murder and muggings.'-

They probably use a shovel,

Shovel it into a corner until °

some: day,; between coffee <-
“: breaks, ‘they’ are so “bored
. that they resort-to sorting

and sending the weekly
- paper,

When I. was in the.

business, we used lo mail

the paper, on Thursday, and.

people (in Ohio or. Texas: -:

would receive ‘it on Monday.

Nowadays, [count on my -
“weekly paper being ‘a:week

late in arfiving.- Time atter..

' time, I've been tempted to

take up my ,typewriter and:

“Women’s

7 , You are too ) young. oF, too old bee

“toa : weekly: editor who has ..

written-a, particularly pun"
gent editorial, only to pause

in the certainty that by the

atlacked or defended would
be three weeks. old; and as
cold ag a corpse,

- Well, wa mustn't be mean
at : Christmas,

must we? -.

Although I- don’t see why-:

not,

The same miserable -

sods are going to be ‘around ~

on Boxing Day, and the
samé inefficient, insolent in-

stitulions will be back in”

business on Jan. 1.

Since it's too late to wish -

everyone a Merry, Til put
everything in the past tense.
‘T-hope you ‘got’ exactly

_ what-you wanted for Christ- 7

mas, whether it was a-baby
or a .kazoo or a ‘seber |

-hushand.

you didn't, I hope you were
happy with Myrtle or Hazel
or Pearl or Genevieve, ~

pads for serubbing, I hope
: you got them. And if you
wanted a mink wrap, I hope
you didn't,

T- hope you were not.

I hope you gat J Joy. Andif”

If you ‘wanted :a. pair ‘of.
those foam-rubber knee- ~

. pregnant if you didn’t want. |

to be, and’ were - vif you .

“wanted to be..

-T-hope you didn't bust
your. bum” on those new

- down-hill skiis, or busb-your: -.

heart on those new cross- :

country skiis, both of which

te , be: doing. anything with”
_ except feeding the _living-

an a

room fire,. ;
Ifyou are ald and lonely, F

collect — from someone who”
is young and loves you. And
if you ara young and lonely, I
- hope -you’. gol -'a~ long -"
telephone call, collect, from -
someone who, is, old and .
loves you.

Ifyou area farmer, I hape
you slept on Christmas Eve ~
with visions of sugarplums

and reindeer fast in. your.

head. Jeez, a guy can't
make. any “money on beef: |
these days. Might as well -
“get into reindeer.

Tf you ara a schoolteacher, :: Be
‘| hope you remembered at -

Christmas that you too were.
once a fat and ugly duckling, .-
‘riddled with. pimples, shy to
the point of fainting if asked -
a question, lazy as a cut cat,
sort of dirty, really, and yet
a striving,” yearning, . he-

_seeching human bean.
If you. were-a mother at
‘Christmas =~ well, all I can

say is thal I hope you believe
in-a life after death.
And if you were’ a father,

~-well, all I can:say is that I ©

_ hope yoll, loo, believe ina
world inthe . hereafter. :
Preferably: segregated. .

Wf you are’ a business |
tycoon, a ‘union ‘leader, or
anyone..in the upper eche-.
lons. of. education, .I. hope:
your. .ulcer: ruined : your:
Christmas’ dinner. :

If you are an old riaid, ant

the season time I'd received his ‘paper, - hope you received'a warm ci- ye,
. and the time he'd received... telephone eall — about 16.°" have . been lurking : these,
By BILL SMILEY my letter, the hot issue he'd minutes worth,:' and ‘ not many years in the Told of:

your “sick” mother's nighty-

gown, Lhope you décided at: °.

Christmas ‘to unlurk.'; Same.”
for -old- male. spinsters:

. Unlurk, . Boy, ‘that -alimost..

sounds like a dirty word, if.
you practise. “Try Abe
Unlurk!

Whatever” happeried ra

‘Christmas, hang. in’ there. :
We need yau. We hewers of 7"
wood and drawers of water,

ag Canadians! are. ‘known, -

have'to stick ‘Yogethier\ and.
keep on hewing drawers.

. Every time there comes a;
crack “about:. hewers - and.

drawers, I burst into 3. ba ‘

and. cry. . ’ Bursting’ into” ‘Be
hue is fairly. simple... 1” tani”

turn, purple ‘on. very: jttle”
‘ pravocalion,. as my. fimily’

will tell.
Almost ‘anybody ' can “hel

or hue: But.the drawers aye: ne

the problem.: Nobody wears: .

ain'Lnone.: This isa problem*:,

- that Canadians are going'to' -

have to give a. good: deal of: -
thought to in’ the “coming:

year,

Well,’ ‘those are? hy

_ season's: greetings to Awl:

and Suadry-(my legal repre".

sentatives), as well dy ta an

you faithful readers. ' :
‘And lang may your lun’

"reek, on New, Year's Eva.
- ‘The * Armyle Syndicate Lo.

satel catatitatahlat

‘energies toward women.

Lauk In a more of his
We

“qaine to you and your staff
for the opportunity to teil our
story ‘ihrough. your. valuable

equality ‘of opportunity. " Their

i
t

oan

. drawers any, more. How chin; He
you ery: them; when there.

proposals would be discussed. at’
-4 national, ‘conference, ‘next :

doing thi
allow individuals more ream to grow | and to develop on their own - economic. -. policies. - and...) the... drawn * ; o rahe nom Process of doing this news.colummns. November. with participation, of
inilialive.. °°: _ +’ Gutdecisions on tax reform, accordirig to Mr. Wadsworth, whey n ee d Ss : ; May ‘I .also, through. your “senior decision-makers,”
“The basic challenge facing Canadian gociely id to create and lo- “We do not want government-made auncerlainly,- for we have woe ; Sincerely, pages, say-a thank-you to our — When adisease pases a lhreat
nourish an environment in which the individual feels he is capable v enough uncertainty as: rit is,” he ald. ae Dear Sisters: Heather Cembrowsky. many supporters in B.C., who’ to’ public’ health, our govern-
me wore _ Women of the Peace learn of our work through your ment. does not caill, in, the: |
On June 24, we received a oo pages, and. who are making it “uninvolved”. to diagnose, and.
‘letter from Vancouver Status of .possible for. us to extend our, preseribe,.'they consult “those
Women informing us: thal Gary “Services and to. ‘bring ; about. who. have. studied the, disease,

Christmas
‘Seal Se

Over. 5,000, 0009 Canadian;
homes received Christmas
Seals-at the beginning of ‘this

. holiday season, 640,000 of those _
in British. Columbia. Con
tributions “from: the’ province
total $432,889, with $1,723 af thal’

Lauk, ‘and. the: Department, of
74.24 Andustrtal Development; ‘Trade:
» -gand.Commerce, was instituting -..
“a study on, the Eeonomic
Development of the North, The
- << Jetter indicated that-this study
“was ignorning the special needs
f women in the northern labour
ace. a
a In-reply, we sent a, letter at
protest to Bill King, Minister of-'

/--allenta-with:arthrltr fa! esl
This year. our-campaign: for. uy Se :
‘funds has been the most-suc-"  'sex.- .
cessful ever... Our travelling endemic and viculent, “It was -
consultation services,,which clearly diagnosed by the Royal":
provide’ for. a C.A.R.S. Commission on. the Slatus,, of |
rheumatologist to vist key areas... Women Report and.an ~explielt
of B.C,,. our ‘aceupational : -prescriplion was. given in well,”
‘therapy and physiotherapy’ considered | recommendations.”
_ services, are all expanding, as. which havenot been agled upo
“British Columbians ‘become : ‘Canada’s course af’ Ih

I wonder’ what they'd think of me
if only they ‘knew
T'm nat what I wold seem la be.

When theré's siiow on the trées
the. everlasting memories tet a

of the serubby Jackpine... -
vanish in the snowfall...
white crystal snowflakes wo
falling...
_ ever 50 ‘tentatively.

making... :
50 softly, white branch covers,
ever bright... :
* dazzling...
- in the winter's. “sunny daylights and moonlit Valente
Giving ‘Jackpine Flals... oe .
-a-dazzling romantic atmosphere:.:
- nature lovers gaze amazed,;,.
“~at the once scrubby Jackpine.. ~-.

They think I’m soft ‘and kind and i swee
Ike honey-on the comb. |...
ora sweetly sugared cotton candy. trea

But deep inside and in the. iigit :
I've found. that-my soul...
Will not give up and die without: a tight

: My inner will! Is atng there i wat

The answers wert both ‘sym--
' pathetic’ to women's needs and

Labour, and one to Mr. coming from ‘Terrace... © This .

figure: “represents ; ./ap
proximately 85 percent: of the
Terrace target of $2,000.
Christmas Seat Campaign Co
ordinator;-Ed © McLachlan,
reports. a slight. increase in
contributions over: this “same
period. last. year, and ‘it: Is
hopeful: the. British .Columbla
target. of $500,000 will be met in
order, to ‘allow. the British
‘Columbia, ‘ Tuberculosis: .

Gary Lauk stressed his interest
“in-the-apecific impact-of any
development; schemes and-his
“desire ‘for lots of- regional -
- dialogue, To this end, he invited
“usand any interested parties to
“submit our recommendations to
his - regional” representatives.
He also turned our letter over -
-\to Jame Rae, IPA Studies Co- ; -
ordinator, who wrole lo inform

“Yours ninceraly, .
(Miss). Roberta, McLeod
- Executive: Director .

.” Christrrias Seal Society to meet -

: more aware of our specialized ‘ternational Women's Year. i
‘facilities’ for’ treating: the ar-.- clear, “Its lime-for, direst.a
thritls patient... The media ‘has -
played a major, role in making “Secretariat- to: ignore this’
--this all ha fe

ppen. ©: at
-With our sincere appreciation

ge ‘our best wishes for a. happy -
and successful: ‘New Year. :

.,tion, not: stalk, 3 For! the IWY =:

responsibility: In) favoue.. of: ,
discussions. with the uninvolved:
isto -make.a travesty ~of-Ine.'.-
ternational Women’s Near, au
a: mockery of : the! right
Canadian: women, ! ate
We will not participate ‘in thi
‘pollow exercise.-

‘us that public meetings were“to :-

. beheld and that he would send medical-research and con:

‘struction assistance :- com:

. coe eS
Wondering how God can make our surroundings: aes > for Aa or Victor

so awfully..,.wonderfully.. incessantly...

The

ravishingly romantic... - an ~ Ao the iinet erat rltmenta for the upeoming me “Women’s ‘Action ‘Group '
and yet...the lovers shadows... oes Frm ae ; Sixty. and: seventy years 20,” -roveived it, He algo instructed year. es , re | "al Norrie Preston ere
di - : I I ils learned thi * _teThe raciniea derived from. the .
Geiss Trew TREE a] SEAS Sets gas cetamteracrnts UNinvolved IPRA wan im
. an rhe "E* >.> oub Coo rinueh -stralny , a : ‘against respirala :
the lover pushes these thoughts widen and wonders on. THE GOOD OLD.DAR: Living onan isolated arma, we “Research in this region, toget In AE e nat “just tuberculosis, ‘Masiarn Canadian ‘Women’s Bs, :

hiding - in the beauty...
of Jackpine Flats... .

touch with us next time he was

“here, ‘but’ we have. not heard

rom him either.: “2/2. - :
"ALL correspondence 80 far has ;

~ were often houscbound fordays. ; ;
- after a heavy storm, Mother be:
* \pameé teacher. She'cut letters fram

Rolled Oats‘ bores and I learned ~::-

‘as was the purpose in the past. .
» Severalresearch projects are
currently underway. in British

Do, : = .. From Ethel Hart E sill, Ben- Vancouver "B. Avenue,
pa vonla, Michigans. This.difficulty of 1 a

children learning to read-and fig-

: . the” alphabet by putting together. - ‘Columbia; and: more “are | + Dear Carol, rere
msedovcsann gga ming Silatoutyca neat arcane: ome yte ae “Baye, mee OF Mey he Mem ce
conte “4 ‘ nil , dl ren's: 90Ks; next, magazines. non-Comrmilte ~ t : -
-ods and all the mileage, voted for. and newspapers, Basle arithmetic hear futur “Dear Sisters!

Capeeific-vareas” of . discussion

“Hated and no details of what the-:
study. ‘encompassed. “Weare -
currently writing for ‘more. ’.
information ‘and’ strongly '.
recominend that all “northern *

women's groups and concerned

ee _ Movement, have been asked: lo:
ao - oo) gonsult “with the Internallorial
“Women’s Year Secretarial on‘:

_ 1.) : how.-they:Talght best’ approach
3. those “not: invelved. in the”
changing ‘role of women, ia:
sorder that they (the uninvolved)
might - propose ‘workable
‘Solutions ta’ problems which
“hinder ' women from’ ‘achieving

‘ta! W
‘better’: education: 9 what. is. th was tex me

“problem? _by the: same pro;

During the conference of
- International Women's 7 Year,
Oct, 19 and'20 held in Ottawa:
~ we held [spontancoug sessions of =:
women’s centre represen::
-tatives,” There: was: represen-!
tation of one. or wa from: each we
‘province. yi
’ ‘The purpose of these sessions to

were Vie xeéults, How proud both

’ Mother and T-were af aur achieve-.
ments, When it came time to en-
ter school] had a big:head start. ;

. “It can ‘bedone. today, I. know :
Se because my niece is following the individuals, compile lint, of

ideas lo send ta the Minister, as '
fan path* with er her four year old. 500 8B pos abe, ‘to, “ail aM MM

May 1, through. your ietters
“to the. Editor, express the. si

* Uniting as a-Federation :woutd
. give-us..a stronger represen: /
"tation to. equalize and. secure *

ae = fading for‘all centres.” ‘
the © Four Way ‘We chose Celia Griffiths, Hox:
‘Test’. .

635-6357 ©

A ‘weekly publighed hy Sterling Publications Lid.

Published every Wednesday at 3212 ‘Kalo 81,

- 6072, St, Jéhn, Newfoundland, ta®

ybe your, ‘co-ordinator. « oy Jany! ;

~ “Taylor, Ottawa, lato investigate
- funding of’ a. Federation: c

“elie the things we think,

GWCNA Terrace, B,C, Amember of Varified circulation. ‘struction. Meeting : “for .
- Authorised as second class mail, Registration = ; say or do. ‘ -Tepresentatives of all worken’ so
number. 1201« - return... gentres;--’

Postage paid | in cash,
postage guaranteed, cae

Tam asking 1a hear from: exch:

it it the TRUTH? group in B.C, that is a, women’s".

 AUNLISHER” EDITOR - ADVERTISHIG , 1eWEAIRtoane 2 nee ait answering reerral
" . oa service and:programming. for
GORDON w, HAMILTON PAT O'DONAGHY ‘BOYD vat tana MGR: ' concerned? “ - “women! af the:community ~in;
; See order for us to gel itsting of [yu
cot os, CIRCULATION © “Wil It build GooD :
med : t { WT D :
DONNA, zona WILL: and BETTER address” to Prinée ‘George
ae " s. HOTE OF COPY Se -) FRIENDSHIPS? “Thnak you 3
The Heraldratains full, complete and sole copyright In any advertiverent producad and or ae > WHat be
‘editorial or phctographic content published In the Herald. Reproduction ‘is nol permitted ‘ BENEFICIAL. : Sincerely :
“tL without the written, permission, of the. Faublahes ee Bg “14%, Nord Harmider:
1 AMOR ns omer a a —— yoo) all concerned? ” Coardinalor «:

jn tin wan os

et a ee A