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The Oshavon Somes Published by Canadian Newspapers Limited, 86 King St. E.;, Oshawa, Ont. Poge 6 Wednesday, August 23, 1961 Pressure On Currencies International Problem Canadian gold producers (and many others) believe that international pressure on the U.S. dollar and the British pound will finally force an increase in the price of gold, now $35 an ounce, because gold stocks are need- ed to support these currencies. There are other solutions, however, to what is an international monetary problem. Possible solutions will get serious dis- cussion at next month's meeting of the International Monetary Fund, because . there is no doubt that the international monetary system needs an overhaul. It's a highly complex problem, Great- ly oversimplified, it goes like this: Each country needs reserves to tide it over temporary balance of payments deficits -- periods when the value of imports exceeds that of exports. With- put such reserves there would be fre- quent balance of payments crises for short term reasons. Such crises force governments involved into sharply res- trictive economics measures. So, as world trade expands, it must be underpinned by growing monetary reserves, Gold supplies have been in- creasing at less than a third of the rate needed to meet the demand. To fill the gap, most countries have been willing to hold a substantial portion of their monetary reserves in United States dol- lars or British pounds, as sort of an extension of their gold stocks. The trouble is that this depends on willingness of the United States and Britain to allow potential claims against their own gold stocks to rise much fast- er than their gold supplies. They must Honesty The An appeal to a renewed look at ethical business behavior was made by Gordon D. Hulme, president of the Better Business Bureau of Montreal, in his marks at the Bureau's annual meeting. He warned business firms against the temptation of unethical methods, methods which although they may bring short-term gain, do so at very high long-term cost." The answer to this problem is self- regulation. Certainly ,if business organi- zations do not regulate themselves along the lines of accepted ethics, then the public demand grows to the point where the government must step in and enforce the regulation. And every in- stance where government intervenes adds to the cost of government which must be born by all taxpayers. Th ideal situation is one in which there is no government intervention whatever, where business and individu- be willing to permit deterioration of their own reserve positions. Were they "to halt that deterioration by eliminating their own balance of payments deficits, they would deprive the world interna- tional reserves and restrict expansion of trade. The matter is further aggravated by flights of "hot" or speculative money from one country to another in search of higher interest rates or in anticipa- tion of revaluation. The need to protect the dollar and the pound against these runs can lead to internal economic pol- icy troubles -- raising interest rates to hold foreign short term funds for ex- ample, when rates should be cut to com- bat recession. All these are some of what Prof. Robert Triffin, Yale economist, has called "the absurdities associated with the use of national currencies as inter- national reserves." Triffin has suggested internationalizing the foreign exchange part of world monetary reserves by having all coun- tries deposit with the International Monetary Fund whatever of their reserves they do not want to hold in gold. He would have the United States and Britain bar use of their currencies as monetary reserves by other coun- tries. There are other, less radical, plans. One, favored by the United States, is new authorization for the IMF to aug- ment its resources by borrowing from the major industrial powers. It will be discussed next month at the funds's an- nual meeting at Vienna. Best Policy als respond readily and willingly to the accepted ethical principles. Needless to say, society has not yet approached the point where this ideal can be realized. We must continue to strive toward that goal proving to ourselves that honesty is indeed the best policy. Mr. Hulme notes quite rightly that the price of the freedom we want is "really rather low" It is paid for through responsible action, and this does not come as a cost of business. Indeed, responsible action by any. business pays dividends, for it wins the response in goodwill from the public. Ethical prac- tices pay off because the public wants honesty in business. And where business gives heed to the public interest, government can fade from the picture. Enterprise can be free, and the taxpayer can have more money in his pocket. Loans Produce Results The experience of the World Bank, in its 15 years of operation, indicates that help furnished on a business basis is a lot better for the recipients than money freely handed out without con- ditions. An example on the profitless side of the ledger is the little Asiatic country of Laos, into which the United States has in a few years poured some $80, 000,000. The money seems to have brought little help to Laos and little if any gratitude to the United States. The World Bank -- to give the con- venient short title to the International Bank for Reconstruction and Develop- ment -- has been going about its busi- ness since June of 1946. Its business is, The Osha Times T. L. WILSON, Publisher and General Manager C. GWYN KINSEY, Editor The Oshawa Times combining The Oshawa Times (established 1871) ond the Whitby Gazette and Chronicle (established 1863), is published daily (Sundays end statutory holidays excepted). Members ot Canadion Daily Newspoper Publishers Association, The Canadian Press, Audit Bureau of Circulation and the Ontario Provinciol Dailies Asso- ciation. The Canadian Press is exclusively entitled to the use for republication of all news despatched in the paper credited to it or to The Associated Press or Reuters, and also the local news published therein. All rights of special despatches are also rese: Offices: Thomson Building, 425 University Avenue, Toronto, Ontario; 640 Cathcart Street, Montreal, P.Q. SUBSCRIPTION RATES Delivered by carriers in Oshawa, Whitby, Ajax, Pickering, Bowmanville, Brooklin, Port Perfy, Prince Albert, Maple Grove, Hampton, Frenchmon's Bay, Liverpool, Taunton, Tyrone, Dunbarton Enniskillen, Orono, Leskard, Brougham, Burketon, Claremont, Columbus, Greenwood, Kinsale, Ruglon Blackstock, Manchester, Pontypool and Newcastle, not over 45¢ per week. By mail (in Province of Ontario) outside carriers' delivery areas 12.00; elsewhere 15.00 per yeor. Circulation for the issue of March 30, 1961 17,363 in brief, to make money from wealthy countries available to poor countries, but the World Bank has been doing it with exactly the same banker's approach as a local bank manager uses in making loans to customers in Ontario. The capital with which. the World Bank does business was subscribed originally by 68 countries, of which Canada is one. The 68 governments have provided a total of $1,650 million, but the Bank has been able to make develop- ment loans totalling nearly $5,000 mil- lion. The difference, which has made it possible for three times as much to be lent as was provided by the members, has been provided by commercial banks, savings banks, insurance com- panies, and other investors, whose sup- port is the best possible proof that the World Bank is on a second basis. Hard- headed investors put their money where it is likely to accomplish something, The loans made have passed the main test; the borrowers have been able to repay them. So far, all payments of interest and principal due from the World Bank's borrowers have been received. An example of the way the money is being used is provided by Peru. This mountainous country on the Pacific coast of South American has a special problem of its own. Along the whole western seaboard, there is almost no rainfall. Clouds coming in off the ocean do not drop their water until they hit the Andes mountains, and on the costal plain there could be no farming without irrigation. The World Bank, in the past 14 years, has made loans of $80 million much of that amount for irrigation projects tied in with the project to draw water from mountain streams for irrigation are hydro-electric projects, to develop power for Peruvian industry. er HIGH MOON E19 Sholaw's Fad Diunmban QUEEN'S PARK Varsity Stadium Lacks Back Rooms By DON O'HEARN TORONTO--There will be no back-rooms. The P.C.'s have picked the spot for their leadership conven- tion. The convention is to be held in a rink--Varsity stadium. And this means there will be changes. FREE LOAD Our provincial leadership con- ventions have traditionally been lively, free-wheeling affairs. Except in the case of the CCF, they have been held at hotels. The main meetings have been held in the convention and ban- quet rooms and delegates have taken over most of the other accommodation. All the candidates usually have had wide-open suites. The dele- gates have had to buy their own food, but they certainly never lacked for free drink. And, more pertinently, much of the real business--the lobby- ing and dickering--has gone on in these upstairs rooms. DIFFERENT STORY Varsity arena will change this atmosphere. There will still be the hotel rooms. And probably most of them at the Royal York--where the strike should be settled by convention time. But the real 'back-room" at- tend to INSIDE YOU Tail Bones Tell Tale Of Trouble By BURTON H. FERN, MD You're neither dog nor cow, but your guppy-sized tail bone can cause a whale of a prob- lem! You may slip and hit your tail bone -- or coccyx -- against the edge of a step or curbstone. Dropping kerplunk onto a hard chair whacks the coccyx with a wooden mallet. A few hours of slouching on a wooden bench can trigger tail bone trouble. The coccyx can break or slip out of joint. You may tear the tough ligament linking the tail bone and spine higher up. Your Coccyx feels bone-break- ing pain. Twinges may shoot across the buttocks and down the leg. Toileting often forces the sad tail bone out of place and brings on new agonies. TESTS AND X-RAYS Your doctor will test the coc- cyx to see whether it's tender, rough, extra-loose or bent at an odd angle. X-ray pictures may not pick out the few fractured tail bones, but they do show where the coccyx is out of joint. After the tail bone's back in place, the doctor will strap your lower back and upper buttocks. Or he'll suggest a corset or belt to keep the coccyx from mov- ing. He may tape a felt doughnut around the coccyx to protect it and prescribe special detergent smpsules to soften intestinal con- tents and ease toileting. Hot baths and soothing mas- sage help relieve the pain. Stay away from hard chairs and extra-soft cushions that spread the buttocks and put pressure on the coccyx. HOW TO SIT With an inflatable pillow, your coccyx can be floating on air. Or maybe you'd prefer an air- filled doughnut that takes your weight off the unhappy tail bone. Easy chairs become comfortable if you pull the cushion forward and sit with the coccyx in back of it. Don't expect a lightning cure. Doctors wait a year before sac- rificing aching tail bones to sur- gery. Eventually the pain fades -- leaving you happier than a tail- wagging puppy! BY-GONE DAYS 25 YEARS AGO Ritson School was awarded the F. L. Mason trophy for the best kept school grounds in the city. A Chamber of Commerce com- mittee expressed the view that the new highway to the east should run along Bond St., but no decision had been announc- ed by the government. - Marshall Vaillancourt, well- known local harmonica player and winner of many awards, was given an auditiori in an effort to secure a place on Major Bowes' Amateur Hour. Crown Attorney G. D. Conant, KC., offered a trophy for an- nual competition between the dinghy sailors of the Whitby and Oshawa Yacht Clubs. Some 4000 citizens gathered at Lakeview Park to take part in the regular weekly program of Community singing held in front of the Jubilee Pavilion A heated dispute arose be- tween the city council and the Fair Board over a charged $600 licence fee-for a circus. T he Keystone Transports steamer "Keywest" from Mon- treal unloaded 1800 tons of coke at the Oshawa harbor. A new portable sprinkler sys- tem was installed at the Oshawa golf greens. G. M. Thompson was chosen president of the Sons of Ulster Flute Band Association at the annual meeting. Motor boat races and land sports attracted nearly 2000 people to the first annual regatta of the Lakeside Beach Associa- tion held on Lake Scugog. A large variety of fine blooms featured the joint flower show held by the Oshawa Horticul- tural Society and the Oshawa Gladiolus and Dahlia Society in the Genosha Hotel. The offi- cers in charge of the show were: J. L. Gorman, president; R. Trimm, vice-president and L. Peck, secretary, of the Glad- iolus Society, and W. R. Alchin, president and Mrs. W. Brooks, secretary of the Horticultural Society. mosphere will be missing. MORE HOOPLA Varsity arena is a rink--seat- ing about 3,000, and much like the town rink in any large town. It undoubtedly will be dolled up with bunting and pictures and it will easily handle the crowd. There also will be room for candidates' booths, and a few "committee - rooms" in the dressing rooms, etc. The convention itself as a re- sult should be full of more U.S.- style "hoopla." But it will be a strange place for old-timers BENEFITS TOO The change, of course, have its advantages. It should mean better attend- ance at the sessions--particu-~ larly the dull business meetings. Once they get there delegates won't have anywhere else to go. The added hoopla will mean more of a carnival atmosphere --with its added excitement. But still those back-rooms will be missed. People always have run them down. But they had had a lot to do in our political develop ment, will OTTAWA REPORT Colony On Moon Costly Venture By PATRICK NICHOLSON OTTAWA--Now that Russia's Major Stepanovich Titov has orbited the earth for a distance comparable to the journey to the Moon and back, it is no longer sheer fantasy to talk of putting a man on the Moon. In the U.S., the General Electric Company has worked out a detailed proj- ect for establishing a 10-man colony on the Moon; this, they assert, could be achieved in 1968 if a start were to be made on preparations immediately. All that is needed is a mere $7.9 billion dollars, or as much as Finance Minister Fleming col lects in taxes in approximately 16 months. Meanwhile Major Titov's flight has been made on two impor- tant anniversaries, It is just one year since U.S.A. launched the REPORT FROM U.K. gigantic balloon satellite, Echo 1, the 100-foot sparkler which we thrilled to see traversing our evening sky last August, It has now travelled 135 million miles as it circles the earth once every two hours, and may well total half -a billion miles before re- entering the earth's atmosphere and being burned up. And it is exactly seven years since our government closed down the ex- perimental station at Shirley Bay, near Ottawa, which for one year had been, recording and plotting the flights over Ot- tawa of satellites which were not of terrestrial origin. FLYING SAUCERS In those not-so-faraway days, it was fashionable to scoff at reports of cigar-shaped objects sighted by airline pilots. The smug complacency of the hu- More Competition Warning By Bank By M. McINTYRE HOOD Special London (Eng.) Correspondent For The Oshawa Times LONDON -- "If the present levels of prosperity and em- ployment are to be maintained in the United Kingdom, they will have to be earned in an increas- ingly competitive world. This bald statement is the keynote of the annual report just issued by the Bank of England. The Unit- ed Kingdom, says the report, cannot afford to drop behind its competitors in improving ef- ficiency and keeping down costs, or to devote to domestic con- sumption too high a proportion of its total resources. While this report was undoubt- edly prepared before Chancellor of the Exchequer made his statement on the country's economic position in the House of Commons, it does provide him with substantial backing from a highly important source, GIVES WARNING The Bank, in its report, gives warning that the introduction of a new phase in international fi- nance, that of close co-opera- tion by the European Central Banks in the exchange markets does not in any way change the economic facts of life. It would be disastrous, it says to allow any such schemes to obscure them. "The new arrangements," the report says, "plus the facilities offered by the International Monetary Fund, have put the major currencies in a far stronger position to withstand the pressure of short-term money movements, but do not in any way change basic situa- tions." "They can help to maintain stability and confidence, and thus give time for long-term policies to have effect. But it is essential that this time should be put to good use, and that no effort should be spared to cor- rect any underlying weakness in the balance of payments." AGREES WITH LLOYD The Bank of England is in complete agreement with Sel- wyn Lloyd in its emphasis on the importance of increasing ex- ports from the United Kingdom in order to put the country's long-term economy on a sound basis. It says: "The unward trend in United Kingdom exports over the past few years appears to have been lower than that of United King- dom imports. Government net expenditure overseas on both current and capital account has been rising steeply. The large surplus on other current invis- ible transactions, formerly an established feature of the Unit- ed Kingdom balance of pay- ments, has been much reduced. "The need for faster growth of United Kingdom exports is clear. Last year's performance was disappointing in relation to the growth of world markets and to the greater expansion of exports achieved by most other West European countries." man race knows no bounds, and this complacency boggled at the concept that other planets in the immense and ed universe might be peopled by sentient beings who are more advanced than ourselves But today the not - so - mythical Majors who have made flights in flyin saucers of Russian and U.S. origin have compelled those smart-Alec scoffers to eat crow, Canada's leading authority on U.F.O.s (unidentified flying ob- jects), as the less flippant ob- servers call "flying saucers," is a multi-degreed scientist trained at the University of British Co- lumbia, W. B. Smith. He has long employed his talents as a scientist on the staff of the de- partment of transport in Ot- tawa; he has long been a voice erving in the wilderness to as- sure the sceptics that beings from other planets, much smarter than us, are watching us. Seven years ago I wrote in this column: "The best math- ematical and scientific brains available in Ottawa have cal- culated the likelihood of flying saucers being real. The proba- bilities are 91 per cent that the reported sightings are valid and not hallucinations; 60 per cent that the flying saucers are alien, coming from another astral body like our earth, or perhaps from another dimension which we do not understand; and 75 per cent that they are flown by pilots with bodies recognizably like our own although their brains are smarter and their emotions harder than ours." UP-TO-DATE ADVICE Today Mr. Smith, who has long considered those probabili- ties to be an under-estimate, finds laymen less sceptical. He has made some 50 speeches to service clubs and similar audi ences in the past year, with the intriguing title "We are not alone." Today it is known, he asserts, that U.F.O.s are real, and that they are not of terrestrial ori- gin. They range in size from un- manned satellites of from 4 inches to two feet in diameter, up to huge super-zeppelins, as big as the liner Queen Mary, carrying a big crew and passen- gers. In between are the circu- lar tapered discs, or "flying saucers" from 35 to 150 feet in diameter, and carrying a few beings, very like us, clad in a loose cover-all garment. These land on our earth, always near a swamp or enclosed lake or slough with no outlet; they col- lect a sample of the water, per- haps three or four gallons, and are gone in a matter of 20 minutes. Their object is to measure radioactivity. With the widespread interest in man-made satellites, more of us watch the skies, and with more knowledge, than ever be- fore. This is why the sightings of "real" U.F.O.s is now in- creasing. STORY IN SIGNS LONDON (CP)~Includ®§ in a list of plays due to open in - don are, in sequence, Lady Chat- terley, Guilty Party, The Lord Chamberlain Regrets, and "Tis a Pity She's a Whore. Cuba Grows New Form Ot Snobbery HAVANA (Reuters)--The Cu- ban revolution's campaign to oust the former privileged bour- geoisie runs some risk of pro- ducing a new privileged class. New forms of snobbery are springing up among the "hum- ble" and the "poor" to whom the revolution has lent new sta- tus. Thousands of young *'campe- sinas" -- girl peasants -- have been brought to Havana from the country to live, at the gov- ernment's expense, in elegant houses abandoned by wealthy families who have exiled them- selves to Florida. The girls are supposed to be studying sewing and dressmak- ing. But since the scheme has not yet got under way, they spend much of their time watch- ing the world go by from lux- urious terraces and singing rev- olutionary songs. That a streak of revenge is involved in this billeting of pea- sant children in the houses of the rich is not denied by Cu- ban officials. They point, how- ever, to the past when, they say, the bourgeoisie "exploited the humble to maintain their own high standards of living." The former elegant clubs, "now in the hands of the peo- ple," are also developing an ex- clusivity of their own. It is as impossible to enter some of these now without holding the membership card of a particu- lar trade union as it was in the old days to enter them without having a big income and a high social status. The Havana yacht club has become a "workers' social cen- tre," but its new members, young workers and poor Ne- groes, are said to prefer to re- mark casually that they are go- ing to the yacht club. It has been one of the loudest boasts of the revolution that it has opened up the beaches to the people, who, it is said, "were formerly barred access by the rich." Today, a little of the exclus- ivity has returned. Sections of beach are closed again to the public and reserved for student '"'campesinas," or for "brigadis- tas" training to be voluntary teachers and abolish illiteracy. CEILING TILE FLOOR TILE ROOFING SIDING INSULATION TILEBOARD PLYWOOD PEGBOARD HARDWARE MILLWORK SHINGLES NOT FUSSY NORTH BAY, Ont. (CP)--A golden Labrador retriever here doesn't limit his pursuit to ducks. Among such prizes as snakes and frogs, the four- legged hunter has trapped and caught a two-pound pike. t on LUMBER and BUILDING MATERIALS ODDS ano ENDS SALE More's a real opportunity fo stock up on lember and building materials needed orownd the home at low, low prices. Limited quantities available on most items so come early for the best selection. SPECIAL Interior Doors, standard sizes, with hardware, As little as EACH 3.8 SPECIAL Bargains on Interior House Trim. of Door Casing, Sets of Door Stop, perset .....oc000000n0n SPECIAL Screen Doors, standard sizes. 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