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FRIDAY. FEBRUARY 20, 1948 THE DAILY TIMES: GAZETTE PAGE NINE sks Higher Rate of Interest To Curb Unwise Borrowing *-- Easy Money Leads To Over-Expansion Commons Ottawa, Feb. 20 (CP)--i. 1 Is Told M. Macdonnell (PC-Muskoka- Otitario) urged the government in the Commons yesterday to. allow interest rates on money to rise and thus discour- age: 'expansion that would inevitably lead to a depression. "If, we go on allowing the psychology of boom to continue undisturbed, uncontrolled, ® and uncorrected, we will get a bust," | sald Mr. Macdonnell, chief finan- | elal eritic for the Progressive Con- | } servative party, during continued débate on the throne speech. "We have got into the deadly spiral," he said. "There are four well-recognized stages in the deadly k First of all prices go up and labor naturally asks for increased | wages. Profits being good and. de- mand being good, employers are in- ¢lined not to demur to such a re- qiiést, and increases will be given to labor. "A585 per cent of costs consist of "wages or services paid to other people. who are self-employed, then prices go up. There is another turn in the spiral. But owing to the afundant means of payment, and the fact that times are still soar- ing, these goods can be sold and so you have the deadly spiral which % we are in the midst of now." In boom-time the rate of interest should be allowed to rise gradually and maturally. This would discour- ago : 'unwise Soromg for expan- or Mr. Macdonnell sald the govern- ment had wrongly diagnosed the | situation in 1945, The government | had expected a recession, The er- ror. was understandable, but he w. to blame the government fcr g on for three years re- iH to recognize there was a boom instead of a depression. Artificial means were being used | t, keep interest rates down and the supply of money up. The low in- | terpst rates provided "easy money" and encouraged people to borrow | wisely or unwisely. | The tried and tested procedure in Boom times was to allow inter- | est rates to rise. The government | was refusing to allow the rates io} rise. By this refusal it was con- | tributing to a depression. | The government by its credit | policies should not be making it easy | for business to expand. Mr. Macdonnell said it was true higher interest rates caused some distress for certain people. But | What to Do TeNight Sab Recreation Headquarters 100 Gibbs Street Daily 2 to 4 p.m.--Leathercraft (except Mon day) --Woodshop, shellcraft. --Collegiate-age gym anda woodwork |4 to 6 p.m. Cae A hobbles for boys and girls. --Boys 'boxing 7 to p.m.--Adult activities only --Leathercraft. shellcraft, woodshop, plastic, ~--Adult Gym. Classes, Weekly and Special Features FRIDAY_Family Night at C.R.A. Fidelity Bible Class partv. Private Teen-age party, Club lounge Women's Needlework. SATURDAY---Children's activities in the morning. Children's Art Class. TUESDAY--Organization meeting, Osh- awa Fish and Game Protective As- | sociation, Auditorium, WEDNESDAY--Recital by Harry Ada- skin, violinist. OTE -- Outdoor rinks closed. , Rink INADAgETS oft duty. their distress would be much great- er in a depression, He said the peril of inflation was something that could not be disre- garded. He called on the govern- ment to return to "realistic" policies of finance, No Indications Russians Will Call Off. By DEWITT MACKENZIE AP, Foreign Affairs Analyst "State Secretary Marshall says that so far as he knows there's nothing in reports that the Russians have been putting out peace feel- erg in Berlin for a settlement of the "cold war" with the United States. If Marshall doesn't know about them it's a safe bet there haven't heen any, because he would be about the first man informed of any such momentous development. Asa matter of fact it's hard to see what possible basis there could be for Moscow was mak- ing peace oYeratures. Why should Russia want peace? By waging a carefully planned "cold war" of aggression (and some- times not so cold), she has brought virtually all of Eastern Europe and part of Central Europe under Rus- sian domination. At the same time she has extended her influence over Manchuria and a great section of Northern China, and has virtually annexed Northern Korea. Meanwhile in other coun vg not excluding the United Russian agents and native Com | munists nave been giving demon- | Cold War strations of what intensive com- munistic organization can do. So, on paper, the bolshevists would | seem to have done fairly well for | themselves. Why, then, should | they suddenly sue for peace? In answering this question we | must remind ourselves again that the cold war wasn't of spontaneous origin, It is part of bolshevism's | 30-year-old program of world revo- | lution for the establishment of Communism, It is true that in Europe the Communist drive has slowed down. However, this is due to the fact | that Moscow already has taken ov- er all the countries in which it had | armed forces. So they must depend on the us- ual Communist-arm tactics to create situations out of which Rus- | slan regimes may be established. It is to prevent the success of these tactics that the Marshal Plan was devised. But we have a far different pic~ ture in the Orient. Russian fight ing forces are widely scattered in strategic positions which must en- courage Moscow to believe that Russia has a good chance of bring- | ing Manchuria and Northern China | within its orbit of control, with Northern Korea. along Shown in flight is the RCAF's latest transport, the Canadian-built four-engine ] | through its paces at a special demonstration held recently at Rockcliffe air station, near Ottawa. The North Star, with a top speed of 333 miles per hour, has a range of more than 3200 miles with full load and when used as a troop carrier can carry 45 fully equipped men. The R.C.A.F.'s Latest Transport : wn North Star, which went --R.C.A.F. Photo Good Attendance Legion Auxiliary Euchre Party | H. M, PIPER Correspondent Ajax, Feb, 17 --- The Ladies' Aux- iliary of the Canadian Legion held its first euchre last Tuesday even- ing with a good attendance. The prize winners were Mrs, W, Bren- nan, ladies 1st; Mrs, F. Cruse, la- dies' 2nd; Mrs. Whyte, ladies' low; C. Rowland, men's 1st; 'A. Rowland, men's 2nd and J. Pettit, men's low. The Ajax Women's Institute held its first social meeting for this Feb, 11, at the home of Mrs, J. Wood, 1 Durham Street. Everyone | enjoyed the card games. The hos- | tesses, Mrs. Wood and Mrs, D. Dev- | lin served a dainty salad lunch. The regular meeting will be held on February 25th, at 2 pm. at the home of Mrs. Grenke, 10 York St. The Child Discussion Group of the Home 'and School Association | met at Mrs. Nicholl's home on Wednesday night of last week. There were nine present. The dis- | cussion was on "What is good dis- ciplipe?" Mr, and Mrs. W. Durston, Queen | Street, visited in Midland last week, | bringing home with them their grandson, Master John Gillett, for | a visit. Mrs, Lucien Gagne and daughter Janet of Queen Street, arrived home from visiting Mrs. Gagne's mother, who has been ill in Otta- wa, Our best congratulations to Mr, and Mrs. R. Brooks of Courtice on the arrival of their baby girl, born | on Tuesday, February 10. Mr. and Mrs. J. Patterson and | children of Toronto visited at the | home of Mr, and Mrs. E. Smythe of Mary Street on Sunday. Miss R. Caldwell, Windsor Aven- | ue, left on Monday for a bus trip to Vancouver, arriving in that city | on Tursday, which was faster travel than by train. Mr. and Mrs. Bennedict and grandchildren of Cobourg were vis itors of Rev. and Mrs. Norton on Monday. | Mr, and Mrs. J. Woods, Durham Street, visited in Peterborough over the week-end. Mr, and Mrs, O. M. GoldMing and | children, Sue, Tommy, Peter and Diane and Mr. and Mrs, T. F. Gold- ring and small daughter, Linda, were Sunday guests of Mr. and | Mrs. Geo. Ralph, Mary Street. Mr, and Mrs. Frank Simons, Mary Street, and Mr. and Mrs. E. Evans of Whitby, motored to El- mira for the week-end. Mrs, T. Adair and Mr. Harry | Dick, Oshawa, were Sunday callers {of Mr, and Mrs. Piper, Ontario Street, T. Kelly an@ family, Oak Street, | have left the village for residence in Toronto. | The World's Day of Prayer was | observed in the Ajax Community | Church on Friday evening, Febru- ary 13th, Mrs. Copeland of Pick- | ering was the guest speaker. Mrs. | Baxter of Pickering sang "The |Lord's Prayer." Different mem- bers of the Ajax congregation had part in the program. The Women's Auxiliary of the Ajax Community Church held their Pawnbrokers In London Will Take Wife, Friend Or Anything Of Value By NORMAN CRIBBENS Canadian Press Staff Writer London, 'Feb. 20.--(CP)--A pawn- broker discussing the high quality of goods submitted for cash nowa- days, said there was nothing to stop a man pawning his wife--pro- viding the wife was willing to be pawned and a pawnbroker was willing to accept "that kind of pledge." Thirteen years ago, he said, an Essex man pawned by agreement his best friend for £2.108 ($10) -- but the pledge was redeemed first thing in the morning, the money paid over and the man released. In accordance with the law, the pawnbroker was bound to maintain the pledge in good-condition; so ke had to feed the man who was pawned and provide him with a bed as well. Nowadays, the pawnbroker oon- tinued, people are pawning bino- culars, cameras, silver cigarette cases, jewelry, valuable portraits and sometimes vacuum cleaners and household utensils. Clothes, which used to be the chief trade of the pawnshops, are so scarce that few people have any to spare. "I can remember the time," he sald, "when there were long queues every Monday morning of people waiting to pawn Sunday suits and boots, Most of 'them redeemed their pledges on pay-day....but more of- ten than not they were back in the line the following Monday." Improved social services, he sald, are responsible fd* a sharp de- crease in the number of poor-class clients. These have been replaced largely by black-coated workers and middle-class families with fixed in- comes who regularly do business with the pawnbroker. 'Whereas 20 years ago, more than 2,000 "uncles" sported the sign of the thrée golden balls in London streets, today there are fewer than 800 pownbrokers in London -- and only 1,500 in the whole of the Bri- tish Isles. But while the volume of goods pawned is down, the value of goods pawned is up. Today "uncle" will lend you £1 ($4) on an article that, before the war, would have been worth no more than 5s ($1.25). The would-be pawnbroker in Britain must first find someone to testify as to his character. He regular meeting in the Sunday School room on Tuesday evening. Much business was discussed, Mes- dames Watchhorn, Ogston, Simpson and Brennan were appointed Ways and Means Committee for the month of March. Plans were dis- cussed for the holding of a St. Patrick's tea at some date during the month. This closed the busi- ness part of the meeting. Mrs. Smalley led in a brief Devotional Period and the meeting adjourned, after which a social time and dain- ly lunch and owp of tea was en- Joyed by all. must buy a licence costing £7.10s. and he is expected to have at léast £5,000 behind him as "cushion" against slack periods. On an average eight out of ev- ery 10 pledges are redeemed. The rest are sold at special auction sales--that is if their value exceeds 10s. Under 10s. Under "10s. they become the property of the pawn- broker, CHAMPION COW London, Ont. Feb, 20--(CP) -- Loneim Texal Happy, eight-year-old Holstein cow owned by R. M. Berry of Wilton Grove, Ont. last night was crowned world milk producing champion, Three years in a row, she produced an average of 30,000 pounds of milk a year on three daily milkings, REWARD IS OFFERED Hamilton, Feb. 20.--(CP) -- The Hamilton Automobile Club today announced a standing offer of a maximum of $300 reward for the "arrest and conviction" of any hit and run driver. In announcing the award, President A. G. Gaul said there had been numerous cases of hit and run accidents recently where the driver had never heen apprehended, Great Britain Cuts 224,000 From Forces London, Feb. 20 -- (Reuters) -- Strength of Britain's armed forces will be reduced from 940,000 at the end of next month to 716,000 by March 31, 1949, and the cost of their maintenance correspondingly reduced from £899,000,000 to £692, - New Liberty Libel Case May Bring Law Revision Ottawa, Feb. 20--(CP)--The Justice Department has drafted an' amendment to the criminal code, arising from the New Liberty libel case in Alberta, it was lecrned to- it is expected the amendment will be placed before parliament as one of a number of recommended 600,000, the government an today. Compulsory military service will continue in its present form "for the next few years" but the age of call-up will be gradually raised from 18 years to 18 years and nine months by 1950, to limit the intake of national servicemen to a maxi- mum of 150,000 annually. The government statement emphasized that "it remains the firm intention of the government to maintain the forces which are needed to sup- port its international policy, to ensure the security of the United Kingdom, to maintain its interests throughout the world, and to en- able it to play its full part in the preservation of world peace." Britain's peacetime forces must provide "an adequate nucleus for expansion in war" and for furnish- ing Britain's contribution, when needed, to the United Nations armed forces. Withdrawal of forces from India and Pakistan should be completed by the end of this month. Strength of the British Navy, cut down sharply during the last year, would not be further reduced. U.S. Urged Cut Wheat For Liquor Washington, Feb. 20.--(AP) --A United States Senate banking sub- committee voted 4 to 0 yesterday for rationing grain to whisky mak- ers through Oct. 31. The sub-committee recommended that the liquor industry be allotted not less than 2,500,000 bushels of grain a month. An agricultural department offic- ial sald the industry now is using 6,200,000 bushels a month. Grain controls expired Jan. 81, MOSTLY FARMERS Only about five per cent of Fi- lipinos are employed in industry, much of which is concentrated around Manila, Filipinos are chief- ly farmers. a d ts, but when and in what form is a matter for the cabinet. An official said the government will probably do nothing to pre- judice the case now pendi.g. The department considered the amendment after Jack Kent Cooke, publisher, and Harold Dingman, Ottawa correspondent of New Libe erty magazine, were forced to go te Alberta to stand trial on charges of conspiring to publish a defamatory libel about child welfare conditions there. The Alberta Government could not have them tried in that prov- ince on a straight charge of libel but instead charged conspiracy. The Justice Department amendment would prevent such happenings by adhering to the principle that such accused persons should be tried in the province where the alleged libel was published, in this case Ontario. Mouse Trap Pulls Switch Stratford, Feb. 20.--(CP) -- An alarm clock and a'mouse trap are the essential parts of "Rube Gold- berg" device used by a local store manager to conserve electric pow- er during the present shortage. Reginald Carter wants to light his | runs from store window in the evening but he feels it would be a waste of power to leave lights burning all night. That's where the clock and the mousetrap come in. o A fixture in the store window contains a small fluorescent light bulb run by batteries... A string the light to a mouse trap and from there to an alarm clock. At 10.30 p.m. the alarm rings. as the winder turns, the string trips the mouse trap, pulling the string attached to the light switch, INCOMPARABLY ; WHEN your mood calls for entertainment through listening to your favorite - recorded music, thrill to the amazingly beautiful tonal quality of the exclusive G.E. Electronic. Reproducer, FINE UNOBTAINABLE, previously, at any price, you can now enjoy the fruits of People of many Immguages are reached by the Ontario editor. French, Swedish, Polish, Ukrainian, Jewish people are able to read their own language in their own papers. Through a free. press, Ontario editors : : : and Canadian editors ; . . are making valuable - contributions as moulders of Canada Unlimited. many. years research at a price to suit your purse. 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