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| THE OSHAWA TIMES, Pridey, Merch 6, 1939 REPORT ON PENSION PLANS Further Study Needed Of Pension Proposals OTTAWA (CP)--A joint Sen-lernment and the Bank of Can- only at the "expense of future ate-Commons committee may be|ada to hold the price line. generations." In 10 years, the set up to study the bulky Clark| As for the American 1 pension taxes would have to be report on the United States pen- employer contributory program, increased just to maintain the sion plan, but qualified inform-|it was true that its maximum existing scale of benefits. ants said there will be no legisla-|benefits, now at $127 monthly,| The Canadian scheme is fi- tion at this session to implement|were much higher than the $55-a d by two-per-cent levies on any switch in the existing Cana-|/month Canadian pension. But|personal and corporation tncomes dian pension program. Canadians couldn't provide theland commodity sales, with the In fact, the two-volume docu- U.S. scale because Canadians on|deficit--estimated at $190,000,000 ment by Professor Robert M. the average earned about 30-per-|gor the current year--charged to Clark, emphasizing. that it would|cent less than Americans. the budget. The maximum per- take much time and money to set| "This would be the case even gona] income tax charge is $60 a up a contributory scheme in Can- [if the Causiian people were J pre year. ada, appears to have had some pa ve a substantially d ing influence on the en- higher proportion of their na- (gion euploress Jar TA thusiasm for such a plan in some (tional income go into such pen- income. Employers also TODAY'S TORONTO, MONTREAL STOCKS | TORONTO nove High Low a.m. Ch'ge By The Canadian Press $43 4p 43 + % Toronte Stock Exchange--March $ Ton (Quotations In cents wnless marked §. 10% 3--0dd lot, xd -- Ex-dividend, xr--Ex- 19% rights, xw--Ex-warrants.) E] Industrials Stock Sales High Low 11 Fore Abitibi 500 30% » Gen Pet A Alta Dist 700 320 15 Gr Plains Alta Dist vt 1700 260 HB 0il G Alta Gas 825 Jupiter Alg Cen wt = $22% Ll Pete a Marigold Alumini 2656 Medal Arcan 1200 Midcon Argus 745 340% 40 N Superior Argus 240 pr 50 Nertheal Argus 250 pr z10 Ash Temple 200 3 11:80 Net Stook Sales High Low a.m. Ch'gy C Husky 200 $12% 12% 12% -- % C Husky wts 1000 700 680 680 Cdn WO 200 +8 'Cent Del C Dragon +1 -10 +5 --6 Btoek Sales Prov _Tms pr Que N Gas Roe AV C N Sales High Low 11 a.m. Ch'ge 9100 139 135 mn -2 118000 30 30 -1 18% 18% 18% ) 8 »B Stock Maritime Martin Matach Maybrun McKen Merrill Milliken Min Corp Min-Ore Moneta Nama Cr Nat Expl Nealon New Alger 1215 315 300 465 StL Corp Apr 50 Salada-§ 210 350 Shawin Simpsons z15 $36% Std Strl StI 240 $10% Stcel Can 655 Steinbg A 985 $25 Trans C PL 175 U Steel 740 Walk GW z115 200 Canadian $7% 500 $25 1000 1000 C Mic Mac 500 C. West Pet Cree wis Dev-Pal Dome Pete EBEEL32 3 oy 3 S58 = Webb Knapp 360 360 3000 12500 Ang Nfld C Dom Sug C Dredge C Ingersoll Cons Paper Cra'n D Oilcloth Lambert A Lowney oore MR Dairies NQ Pow 1 pr Reitmans St Maurice Noranda 135 Norlartic 625 Normetal 1100 Norpax 3700 Norsyne 183500 N Rank 2500 T+1L01+ FEF FEE FEF Notth Can APPOINTMENT Robert F. DeWeese, president and general of Grand Union - Carroll's Lim- +44 vice- l ~- Stanwell Osisko Tex Cal Paramaq L C Che: C Collieries C Curt W C Hydro Car CIL Cdn Oil § CPR C Vickers Cockshutt Con Gas Con Gas A Con Gas B Croby vt Dist Seag Dom Stores Dom Tar Eddy Match Fam Play Fleet Mfg Ford A Fndtn G Dev GMC GS Wares Goodyear GN Gas wis Gaur Tr Imp Bank Imp Inv A Imp 'Oil Imp Tob $20% $6 $50 $11% $30 30 $38% 38% $39% 39% $45 45 $17 17 $43% 43% $16 16 $141 14% 150 $19 75 $100% z15 $15% 15% 250 $17% 17% 180 $15 15 340 $13 13 200 $15% 15% 2550 260 250 250 200 55 35 $36% 36% 36% $10 9 9% $4214 42% 42% % 65% 65% 460 460 Jefferson Labatt Lob Co A 110 Lob Co B 100 Lob C o pr 76 Lob C 0 A wt 100 MacMill B xd 55 M Leaf Mill Mass-F Mont Leco Moore Nat Drug N St Car Nia Wire B North Star NO NGas O Jockey O Jock wis Page Hers 225 Pembina 490 Powell R 200 Pow Corp 25 $65 P Pipe Mfg 1225 460 Q N Gas 735 $20% 220 1070 19 100 19% $99 99 160 $41% 41% Shawinigan Sheraton Simpsons Southam 8 gs LEH 2 dees gigs > ¥3ogsety gegsstsdtmans 22 # 360 800 20 =15 1%0 30 50 200 800 1730 135 320% 29% 7 4TH 4TH Oils $388.35 3588 C Homestd Tidal Trans Can Triad Oil Un Oils Wespec W Cdn OG 600 195 WwW Cd OG rts 6709 W Decalta 1450 203 Curb Dalhousie 3500 20 Mines Advocate 300 375 Alba Expl 10 Algom 814% Am Larder E 2 Amal Rare 35 16 Anacon 102 Ansil * Apex Res 2 Arcadia fous Area 124 Atlin-Ruf 19%, Aumacho 1544 Aunor 300 Barnat 170 Barvue 20 B-Duq 27 Belcher 110 Bethim 100 163 Bevcon 17 Bibis X Bicroft Bevcon rt Boymar Bralorne Broul Reef Buffad Camp Chib Camp RL C Dyno C Malart Cdn NW Can E Can Met > t wis ar e Pat ent Pore kirk Chester C:h Jac Ch'b Kay C will Cocy Reco Ccldstrm Coniairum Con Key C Blkeno C Callinan C Denison C den wis C Discovery C en -4 C Haliwell C Marcus Con M and 8 WN C Mogul C Mosher + % C orthind C Regcourt 15% C Sannorm 5H 11 Cop Corp b 59 Craigmt 450 Cusco 500 13% Daering 5 i D'Aragon $17% 29 $21% 236 82 Dome Duvan East Sull Elder Eldrich Falcon Fatima Frobisher Glacier Gld Eagle Gld Man GF Uran Grandroy Granduc Gunnar Gunnar wits Hard Rock H of Lakes Hollinger Jacobus Labrador L Dufault Lake Ling Lorado Lorado wis Lyndhst Lynx Macassa Macfie MacLeod Madsen +8 Maralgo 375 10 14% 28 14 101 " 43% 19% 119 18% 154% 297 168 20 7 107 163 164 13% 780 52 13% 9810 10% 50 69 21% 235 79 7 14% 104% 54 445 13% 36 4" 17% 29 10 14% 28 16 101 a" 4% 19% +1% 3 Parbec Pardee Pater Perron Pick Crow Pioneer Preston Pronto Purdex 5 Que Ascot 63: Qce Chib Que Cop Que Lith Que Man Quemont Radiore Rayrock Rix Athab Rowan Cons Sherritt Stanigh wits Steep R Sullivan Sunburst Sylvanite Teck-H Temag Thom L Tiara Tombill Torbit Trans Res Tribag Ult-Shaw U Asbestos Violam Weedon Willroy Will wis Wiltsey Yale Lead Yk Bear Young HG Yukeno 498 600 Sales to 11 a.m.: 1,367,000 MONTREAL By The Canadian Press Montreal Stock Exchange--March 6 (Quotations in cents unless marked §. »--0dd lot, rights, xd -- Ex-dividend, xw--Ex-warrants.) Industrials Stock Sales Abitibi 675 Algoma 50 Alumin 4734 Alum 1 pr 240 Asbestos Atlas Steel Banque CN Bank Mont Bank NS Bnk NS ris Bnque PC Brn PC rts Bwtr Ppr Brazil BA Oil C Forest Dupuis Fr A Fam: Play Foundation Fr Pete pr Gat 5 pr G. L Paper Home Oil A Inland C pr Int Nickel Int Pete Int Util Intprov P L High $3914 $38% $29 xr--Ex- 11:30 Net Low a.m. Ch'ge 30% 9% -- 38% + Y% 28% -- % + * &° EW Shop Save T Fin A Union Gas Waterman Alscope Atlas Augustus Aull Bateman Beatrice Bellchasse Bonnyvle Burnt Hill Camp Chib C Nerth W Canorama Cart Que Chib Jae Chib A Cl » Mines Gen Pet A Go'd Age Haitian Hellinger Iso U Labrador Mid Chib Montgary 3000 N Formaq 79500 N Pac Coal 1800 NW Amulet 13000 Novsyne 166000 NA Rare M 5600 Ohbalski Opem Exo 4A C A Pitt Gold Portage Que Chib Q Cobalt Que Lith 600 Qin § 7. Quc mont 5 14% 16 Gold 16 14% 14% 249 255 20 20 2 27 70 70 Vanguard 35 25 35 Sales to 11:30 a.m.: industrials 67,400; mines and oils 472,900 Ontario's Tax System Lashed By CCF Leader TORONTO (CP)--CCF Leader MacDonald accused the govern- ment Thursday of babying the big corporations at the expense of the "little man." Mr. MacDonald told the legisla: ture during the budget debate that Ontario should be getting more taxes from the big corpor- ations. 'A static taxation policy" has not kept pace with the expand- ing economy 'and more and more of our wealth has shifted from personal to corporate wealth. '"As a result, corporate income today is carrying a disproportion- ately small share of the tax bur- den, and the load, through direct and indirect taxes, is falling more and more heavily on the little man--the average taxpayer, the worker, the homeowner or the farmer." VARIED ATTACK Mr. MacDonald blasted the government on all fronts. He criticized its health and insur ance and natural gas handling. He r ded that dical insurance be included in the On- tario Hospital Insurance Act. +10 |the wooden spar trees which ear- |lier revolutionized logging in B.C. D like a giant may-|flation, he maintained. The Transport Group |Rich Find Of Gypsum Defends TORONTO (CP) -- The Water- ront Transportation Unity Com- Tactics (along the St. Lawrence Seaway. : | The committee was comment. deposit of gypsum has been dis- declined slightly to 4.31 per cent, mittee, made up of three interna-|ing on a letter to Claude Jodoin, covered in Blenheim Township by compared with 4.32 last week and ional transport unions, has de- president of the Canadian Labor National Gypsum (Canada) Com- the record high of 4.33, the cen- 'ended the group's organizing Congress, by William J. Smith, (pany. .actics. A statement issued by the com- Brotherhood of Railway, Trans- proximately three miles mitee said the sociation and Seafarers' Interna- ional Union have joined together In a common organizing drive be- tause the '"'mutual assistance provides more effictive and more economical organization." It also provided a thorough and unified program of union activity Miners Seek Affiliation SUDBURY (CP) -- Possible af- [president of the Canadian national transport unions |been forcing workers to join their unions and hinted that his brotherhood had been frozen out of union organizing along the sea- way by the mutual assistance pact. All companies organized by the teamsters and longshoremen "have been properly organized {and certified and the contracts have been properly negotiated |and properly ratified by the em- {ployees of each comnany." liliation of International Union of Mine, Mill and Smelter Workers Ind.) with the Canadian Labor Congress is among a 10-point program to be presented at the annual election meeting of Mine- Mill Local 598 next Tuesday. Don Gillis, reeve of Neelon- Garson Townships, and a num- ber of supporters, are backing the program. They want to bring, about entry of the local into the CLC "without sacrificing honor or autonomy." . Mine-Mill was expelled from the old Canadian Congress of Labor in October, 1949 because of Communist domination Other points in the program in- clude: achievement of greater unity in union ranks, economy in the finances of the union, enljst- ing of unorganized workers and removal of "'petty politics" from the local. Mr. Gillis said he will run against incumbent Mike Solski' for president of the local. | The mineral is in an area ap-| The bank rate is set at one- | y Ta wide, (quarter of one per cent abo International Port and General Workers Union. stretching from two miles south the average yield for Shorter Brotherhood of Teamsters, In- The committee statement said of Princeton to north of Drumbo. 91-day government treasury bills jernational Longshoremen's As-/Mr. Smith implied certain inter- Princeton is on Highway 2, about which was 4.06 this week, com- had|12 miles east of here. OTTAWA (CP) -- The Bank of| WOODSTOCK (CP) -- A rich of Canada interest rate this | |tral bank reported Company solicitor A. H. Boddy of Brantford said Thursday night that a $6,000,000 plant erected, probably about miles north of Princeton. National Gypsum (Canada) is a subsidiary of National sum, second largest company of its kind in the world, with head The banks are those in New will i two Gyp- offices in Buffalo, NY. Mr. Boddy said the company and had options on an additional res of choice 1,000 acres. Most of the land is 'farmland in Blenheim Township situated in the tobacco area had leased 8,000 acres OWL 10¢ Suggested price Almost every man enjoys WHITE At Washington, three per cent by |reserve banks, {This is an of one per cent. pared with 4.07 last week. the Federal be Reserve System has approved an | increase in the discount rate to four federal effective today. increase of one-half York, Philadelphia, Chicago and Interest Rate [i ' Down Slightly There are eight other banks in|up 10 cents at 72, Can-Erin was Reserve System. (the loser, down 8 at 95. |Rate increases normally spread |the Federal throughout the system. ited, has announced the ap- pointment of Peter M. Whelan to the position of district sales manager of the Toronto area. Mr. Whelan was formerly dis- trict sales manager of the Hamilton - Niagara area. While a manager of the company's store in Burlington, Ontario, he won a $2500 scholarship to attend Michigan State Univer- sity for a year's study of food | distribution. Metal Shat Spells Doom For High Rig VANCOUVER (CP) -- A beast of a machine, snout pointing sky- ward like a three-stage rocket, has virtually spelled the doom of the high riggers in British Co- lumbia's forests. It is a portable spar tree, an 85-foot metal shaft fast replacing | A spar tree, pole, is used as the centre of logging operations, Cables are attached to the spar tree from every direction and, hitched to a donkey engine, are used to pull in logs cut elsewhere in the neigh- «|borhood of the operation. At one time, the sturdiest tree in the lot was chosen as spar tree because of the strain it had to take. - Portable spar trees first appeared in the west about 18 years ago, but really began to take hold in B.C. two years ago. DYING ART "There are few outfits now which use the old method," said a delegate to the 16th annual B.C. Truck Loggers convention here. "And high rigging is a rapidly dying art." The high-riggers--agiie kings of the logging camps who topped the giant spar trees and rigged them with a web of cables are through. "Improved spar trees and the hold down costs have | spar trees, the delegate said. "Big operators can't afford not to have them now." A typical portable spar tree was on display during the con- vention. Made in Nanaimo, on Vancouver Island, it cost about 1$25,000 and was accompanied by a donkey engine. 'Base Metals Lead Market TORONTO (CP) -- A closing surge hoosted industrials to a new index high on the stock mar- ket Thursday. Base metals were the leaders, rising 1.75 to a 1958-59 index peak of 180.30, backed by a strong copper group. Industrials over- came early losses and gained .87 for a all-time high of 537.14. But western oils were down 1.15 to 137.63 on index. Final volume was §5,396.000 shares, slightly higher than Wed- nesday"s 5,142,000. It was the heaviest day since Feb. 2 when 5,841,000 shares traded In specu- lative mines, Quebec Ascot led Steels, papers foods and pipe- lines led industrials. federal quarters, informants said. The heavy expense involved would be a factor in government consideration. A possible move would be to set up a joint Com- mons-Senate study of the report, similar to a committee which sat in 1950, with the request that it make some suggestions for gov- ernment action. STUDY NECESSARY Health Minister Monteith, after tabling the 861-page document in the Commons Thursday, said he would have to look it over before announcing policy. He would con- sider the question of referring it to a committee for study. Prof. Clark is a University of British Columbia economist chosen by Prime Minister Diefen- baker a year ago to look over the American system with a view to its adoption in Canada. His report suggested that per- haps the biggest issue in the de- cade ahead is the question of holding the line on prices so that the value of the existing pension may be retained Full employment and price| stability are possible without in-| prime responsibility for controll- ing price boosts was on federal |¢ shoulders, but the full support of labor and management was es- sential. There had to be greater restraint in demands by both [these latter bodies as well as | more vigorous action by the gov- Farm Tractors For Yugoslavs LONDON (CP) -- A Canadian farm machinery company has won a contract to supply £3,700,- 000 ($9,101,000) worth of tractors, agriculture machinery and spare parts to Yugoslavia, it was an- nounced Thursday. The contract goes to Massey- Ferguson Ltd. and fits British subsidiary, F. Perkins, Ltd It calls for 5,000 tractors powered by Perkins engines. Massey - Ferguson took over "|control of the British diesel-en- gine firm in January. U.S. What's more, it would take per- haps at least two years to switch Canada's present scheme into a contributory one and Canadian benefits would "build up rather slowly." While maximum American benefits were much higher than Canadi the Canadian pensi compared favorably with ayer- age American benefits in 1958. Since then there has been a seven-per-cent boost in American payments. ORDERED YEAR AGO . Mr. Diefenbaker, in orderin; investigation of the American system in the hope that some- thing like it might be used in Canada, told the Commons a year ago he was impressed with the U.S. plan because it provided higher benefits at only slightly higher costs, at lower retirement ages and with no cost to the fed- eral treasury. The Canadian pro- gram was running into heavy debt. sions than will the people of the "5S contribute 2% per cent with the self - employed putting up 3%. These rates are scheduled to be raised in 1969 to 4% per cent each on employees and employers and 6% per cent on the self-em- ployed. Retired U.S. workers can get benefits at the age of 65 for men and 62 for women. Women retir- ing at 62 get only 80 per .cent of |full benefits. In addition to the pension, the U.S. scheme pro- vides benefits for dependents and survivors. The Canadian $55-a-month pen- sion goes to everyone, providing they meet residence and other qualifications, at the age of 70. The needy between the ages of 65 and 69 also can get the $55 providing they can pass a finan- cial means test, with the cost of the payments split between fed- eral and provincial governments. Prof. Clark suggested the 10- year resid rule be abolished for the needy. A contributory pensions pro- gram, if implemented, would best be administered by the federal But Prof. Clark suggested the U.S. program was paying its way government. { JUTTA' BEAUTY SALON RA 5-4321 pecial March March The Canadian firm is in the process of ending a five - year working agreement with the Standard Motor Co. under which Standard manufactured Massey- Ferguson tractors for the British Including Styling and Setting | market. Massey-Ferguson has of- fered to purchase the Standard tractor - manufacturing plant at Coventry. An announcement con- cerning the poposal is expected next month. Price to be paid by the Cana-| dian firm for the plant is be- RA 5-4321 eo ABove lieved to be about £18,000,000 ($35,490,000). . Mon. Tues. Wed. 2nd 9th 10th 11th Cold Wave JUTTA'S BEAUTY SALON feature 3rd 4th 6.95 13 SIMCOE §. KRESGE'S © Welcome to EVANGELISTIC CRUSADE at CALVARY BAPTIST CHURCH TO-NIGHT 8 P.M. Hear REV. Del0SS SOOTY wusinSton, D.C. 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