Role of development bank is changed Recently the PT received an article from a Vancouver research expert, Jay Alexander, entitled ‘I ndustrial Development Bank Prostitutes Original Purpose.” Because we think our readers will find this article interesting we are publishing it below. By JAY ALEXANDER Like a cartonof milk which sits too long in the sun the aims and original purposes of the Indus- trial Development Bank are going sour, The IDB was originally set up to aid small businessmen who could not secure financing anywhere else, but long ago the IDB officers dropped any pre- tense of acting solely—or even mostly—to help struggling young individuals trying to set up their own little businesses. Today the Industrial Develop- ment Bank is much more in- terested in loaning money—tax payers money — to awide variety of already successful industrial companies. Although one of the avowed purposes of the IDB was NOT to lend money to either those that already had sufficient capital or those that could get it elsewhere, the fact is that just a few months ago the IDB lent a substantial amount of money to a Toronto-based company which was headed by no less than a full-fledged millionaire. Talk about justice! When the average worker cannot get so much as anod from many govern- ment agencies when he tries to get assistance yet the IDB—set up solely to help the little guy— is making loans in the hundreds of thousands of dollars to people who have already parlayed other people’s money into fat bank rolls for themselves. * * * Not only that, but the IDB— again, with taxpayers’ money— is lending money to a wide variety of undesirable and unneeded credit risks, Businessmen who have already acquired comfort- able nest eggs but who want to *‘keep their hands in’’, approach the IDB with wild eyed schemes and all too often the IDB smiles, reaches into its pocket, and comes across with a loan of $50,000 of a $100,000. What hap- pens if the borrower folds up? Well, the people of Canada have just given another businessman a $50,000 course in ‘‘How to have fun on other peoples’ money’’. Businessmen who secure a loan from the Industrial Development Bank can also deduct interest -they pay on their Federal Income Taxes. Heads, they win, tails we lose. At a time when both seasonal and *‘automation’’ unemployment is becoming dangerously high tax payers’ funds could be used much better than as poker chips to give sustenance to busi- Enjoy Good, Home-Cooked} Meals at Jennie’s Cafe 335 Main St. @ Modern equipment @ Dining room service ROOFING |! & SHEET METAL ¢ Reasonable Gutters and Downpipes Duroid, Tar and Gravel NICK-BITZ ie RR SFR Oe RE RO BR 7-6722 i nessmen who probably either don't need the funds anyway— they’ve made their pile already— or who are such poor credit risks that our money shouldn’t be gam- bled, Maybe this is just a tempest in a teapot you say. Hardly! Right now the Industrial Development Bank is making loans to business- men at the rate of $150 annually for every man, woman, and child “in Canada, That’s much more—much, much more—than ~ the government is spending on ways to reduce the impact of automation or on helping those workers who have become un- employed. In any country such as Canada which does need secondary in- dustries to provide employment it is quite a legitimate function of government to offer supplemen- tary financing to well conceived businesses which just couldn’t get going any other way. Nobody minds a helping hand being ex- tended to a small guy who needs a couple of thousands of dollars so he can hire a couple of men. But when the government starts to loan literally thousands of dol- lars to capitalists who are al- ready wealthy the time has come to call a halt. * * * The Industrial Development Bank is not one to hide its light under a bushel, for in the last year or so the IDB has started advertising in major business magazines and newspapers like the Financial Post and Industrial Canada (issued by the Canadian Manufacturers Association) and it also sends out a wide variety of booklets, brochures, and in- formation memos—all lavishly printed at taxpayers expense—to any businessman who so much as looks in the direction of the nearest IDB office. And speaking of offices, there are now about a score of them, and they seem to multiply faster than over- sexed rabbits, What can be done to get the IDB on the track? Like many government activities set up to help out the ‘‘poor’’ businessman, the original aim have been almost. completely by-passed. The IDB situation certainly warrants a Royal Commission investigation. And at the same time workers should be given the opportunity to find out just why there are hundreds of millions of dollars available annually to _ busi- nessmen while. at the same time they cannot secure a pittance in their fight against automation unemployment. The IDB is certainly worthy of the attention of labor leaders and in fact, all those who feel that Canada’s businessmen are al- ready pampered too much. Warning on NATO Poland’s delegate to the Ge- neva Disarmament Conference last week charged that West Ger- many is trying to obtain nuclear weapons and warned the West that by proceeding with the NATO nuclear-force plan it would prej- udice the reduction of interna- tional tension. PRIOR GARAGE & SERVICE 219 Prior St. MU 3-2926 COMPLETE AUTO SERVICE & REPAIRS Salazar forced to free veteran labor leader A veteran Portuguese trade unionist who has spent longer in jail than any other of dic- tator Salazar’s political prison- ers has just been released. He is Manuel Rodrigues da Silva, who spent nine years in a con- centration camp from 1936 to 1945 and had been in jail—on an eight year sentence—since his re-arrest in 1950. Earl Bertrand Russell immed- iately stated he was immensely pleased to learn of da Silva’s release—‘‘it is a lesson to those who plead futility when they fail to raise their voices against cruel injustice.’’ He said the news should en- courage the maintenance of pres- sure on the Salazar regime in the ‘‘realistic hope that this would bring nearer the day of complete amnesty for political dissidents in Portugal.’ 7 a 45 OBITUARY NICKOLAS COLEY Resident in Canada since 1906, Nickolas Coley, formerly Koli- baba, of Hedley, B.C. passed away on February 2 at the age of 74. A member of the Association of United Ukrainian-Canadians and a long-time member of Mine- Mill in B.C., Mr. Coley had worked many years inmost of the province’s hard rock mines and in the Yukon Territory. While his death came suddenly, resulting from a heart attack, the deceased suffered many years from silicosis. Drive launched fo save © Valley recreation areas VANCOUVER BURNABY A campaign to block turning over of one of the Lower Main- land’s most valuable recreational areas for industrial use has been launched by a widely representa- tive ‘Save the Beaches Associa- tion’? which held its first meet- ing last week at Ocean Park. The map above shows the Boundary Bay area which has 25 miles of the best beaches in B.C. Real estate interests are seeking to promote the area (shown with a star) for industrial _use. This proposal has aroused ‘Mine Mills appeal denied The Supreme Court of Canada has denied an application by Mine Mill ‘to. have the United Steel- workers of America decertified as bargaining agent for INCO workers at Sudbury. Mine Mill’s appeal was to have been based on irregularities in voting and other procedure prior to Steel winning certification at Sudbury. The Ass'n of United Ukrainian Canadians presents Shevchenko Festival Concert Celebrating 150th Anniversary of the Birth of the Great Ukrainian Bard Sie Sa INTERNATIONAL BOUNDARY protests throughout the Lowe: Mainland. Many beaches now located be- | tween the Peace Arch on the border and Point Roberts serve | the Lower Mainland area show? e on the above map. d A spokesman for the Asso- | ciation said a plan will be drawh | up outlining a proposal for de- veloping the entire area from the Peace Arch around to Point | Roberts for recreational pur- poses. | A mass petition campaign i now underway opposing the us of the land for industrial purpose and urging that the area be S' aside for recreational purpose: The petition states that ‘‘fu- | ture population growth within the Lower Mainland area will make | necessary the provision of great ly expanded recreational facili ties.” | It charges that the proposal t0 lease land, much of which {5 | Crown property, for industrial — purposes ‘‘would be short-sight- — ed and not in the best interests — of the resident of B.C.”’ y Queen Elizabeth Theatre Sunday, March 8th, 8 p.m. @SONGS @ MUSIC © COLORFUL DANCES @ COMENTARY IN ENGLISH © Guest Speaker from USSR EMBASSY @ Handicraft Display and Sale of Ukrainian Home-Baking in Foyer ADMISSION — Reserved Seats: $1.00, $1.50, $2.00 © Available at AUUC Hall, 808 E. Pender, MU 4-9720 or Peoples Co-op Book Store, MU 5-5836 DOORS OPEN 7 P.M. — EVERYONE WELCOME a lassified Ad isi Classified Advertising ——— a COMING EVENTS COPY — DEADLINE FOR ALL FOR SALE = FEB. 15— HOOTENANNY. Come & have a ball. Bring your frustrations. We'll get rid of them! Tote your banjos and dust off that guitar - (paper supplied for the combs). Ev- eryone, including poets wel- come. $1.00 includes supper. SAT. FEB. 15 at 9 p.m. - ED- monds coffeehouse-6126 Ewart St. (South on Gilley off Kingsway) South Burnaby. FEB. 16 — PUBLIC MEETING. Come and hear MYRTLE BERGREN speak on her recent trip to CUBA, Slides will be shown and films on Hurricane ‘Flora’ and Agriculture in Cuba Today. SUNDAY FEB. 16th at 8 p.m. BUENA VISTA HALL. Stevens St. in WHITE ROCK. Everyone welcome. FEB. 22 — SMORGASBORD DIN- NER & DANCE will be held SAT. FEB. 22nd at 6:30 p.m. AUUC HALL, 805 E, Pender St. Cabbage Rolls, Turkey, Ham, Chicken, Spaghetti and Meat Balls etc. Admission $1.50. Proceeds to Ukr. Ca- nadian Press. Everyone wel- come. ADVERTISING. All copy must be in the offices of the PACI- FIC TRIBUNE no later than 12 Noon on MONDAY. 3 TRANSFER — 1424 Commer- cial Dr. Call Nick-AL 3-0727, IS YOUR CAR, HOUSE or BUS- INESS INSURANCE DUE? Call Ben Swankey to get the best possible policy for your money. 433-8323. SASAMAT SHOES & REPAIRS 4463 West 10th Ave, Phone CA 4-1017 WEST END RADIO—Specializing in TV Repairs, Latest preci- sion equipment used, (Former-. ly OK Radio Service), Now at 1721 Robson St. MU 3-2618, ee REGENT TAILORS LTD. — Cus- tom Tailors Wear. 324 W. Hastings St. MU 1-8456 or 4441 E. Hastings - CY 8-2030. See Henry Rankin for personal service, and Ready-to- . FOR SALE — McCLARY 8 CY) ft. FRIDGE in excellent con tion — $70, Phone WA 2-5 or MU 5-5288. FOR SALE — GIRL’S FULL sI BICYCLE in good condition ~ $20. Phone TR 2-2767 or 5-5288. HALLS FOR RENT. ‘CLINTON HALL, 2605 * Pender. Available for ba quets, meetings, weddings, € Phone AL 3-9964. RUSSIAN PEOPLES’ HOME ~ Available for meetings, D' quets and weddings at reas able rates. 600 Campbell A MU 4-9939, PENDER Auditorium (Marine Workers) 339 West Pender | Phone MU 1-9481 Large and Small Halls for Rentals Bi Phage Pag ee i ee ea ie GS ee i ie tie es Bie eg Oa GS, Pn a ee ape