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BANKING REPORT Responsibility On Government. FB Soap (CP)--A orgie sys- of responsibility tary. poet between the Bank of Cusien and the government-- with the government able to have the final word in any dis- pute--is proposed by the royal) commission on banking and nance, . It said the central bank must have some measure of auton- 'omy to counter the "historical "tendency" of all governments to inflate the currency. But the central bank "should be a state within a state" the ulimate responsibility monetary policy must lie with the government. The co on's report tabled Friday in the Commons called for legislation to outline in detail the relationship be- tween government and bank. In short, it proposed that "'as a last report' in any funda- mental disagreement between them, the finance minister should be empowered to issue a public directive to the bank. The report referred only in- direetly to the only past in- stance of such a dispute--the | 1961 battle between former bank governor James E. Coyne and the Conservative govern- not and for fi-| vately. "sincerely believes frequent use." > ge an said central hick iklaotadtece is necessary) to ensure public confidence in its dealings in financial' mar-/? kets, to provide forceful advice|*esign on government policy, and to pale it "to warn the nation if any government were government policy makes it impossible for' him to discharge his job as some, Set be es repared in good conscience to It ae the bank's directors must accept final responsibility for management and _ policies! and support the governor '"'if necessary by being prepared to resign with him to defend poli- cies which the board believe« to be right." governor. However, the board should); also advise the finance minister| if it.ever lost confidence in the/¢, THE OSHAWA TIMES, Sotuedey, April 25,1964 15 DANCE 4 tempted to tamper with th currency." But this. independence had meaning only if the bank man- agement had enough good sense to find workable compromises where disagreements were not on central issues 'an enough courage and integrity to stand firm if it truly believes the na- tional interest is being endan- ered. " If the central' bank governor DANCE ed, although' not in the nor- 'course for the details of its ago A government policy directive should be issued only after ex- tensive and conscientious ef- UNITARIAN forts to reach agreement pri- The directive should spell out SPEAKER: government complaints and in- dicate what steps the bank/g should take, and be made pub- lic along with a statement from the bank governor setting out his side of the case. The commission said these procedures "ought to be suffi- ciently uncomfortable to dis- Ban ADDRESS: and his orchestre les only - Dencing 9 'tilt 12 FELLOWSHIP. Sunday, April 26--1 A.M. MR. GEORGE RODGERS Chicken Villa 973 SIMCOE ST. NORTH Wetch for our advertisement end our "Home Delivery" Menu ® Another Home of Col, Seu cep nha pcg NOW OPEN: " souTH SIMCOE . SOUTH 4 'a vee =2- OPENING SOON .: | TO THE MUSIC OF ay WALKER api a OREAAETRA ROYAL CANADIAN LEGION HALL Saturday, April 25th, 9 to 12 ©-$2.00 PER COUPLE « Oshawa & District Old Country Club Presents wh World traveller, noted speaker, superintendent Branson Hospite! ' "The World Explosion" R.A, BUILDING, 100 GIBB ST. You are invited to attend 723- ty 725-1348 DANCING SUNDAY ment. Mr. . Coyne finally resigned after. an unsuccessful govern- ment attempt to fire him by parliamentary legislation. The commission said the Bank of Canada Act provides no means for the government to exercise its ultimate responsibil- ity for monetary policy, and ad- ded: "Memories are too short to leave the situation as it now is." It said the system of dual res- ponsibility should be one "un- der which the bank formulates monetary policy and executes it from day to day but under NI TE club camelot KING ST, EAST ot VARCOE'S RD. 8 P.M.- 11 P.M, |} The Fabulous " "SILVERTONES" Feeturing MR. GORDIE JAY Jones| IS COMING TO THE PLAZA THEATRF SOON 16 TEARS:OF AGE Of OVER aos 1 oe A Flight TODAY! FIRST OSHAWA SHOWINGS! Into High Adventure! "Flight From Ashiya" in Eestmencelor with SUSY PARKER and ~-- KNIGHT | FIRST TIMES ON ANY OSHAWA, SCREEN |] REGULAR PRIC PRICES! which the government must ac- cept full and continuing respon- sibility for the policy being fol- Bond Market Keeps Quiet By THE CANADIAN PRES& The Canadian bond market sat back and watched the spec- ulative mining market's gyra- tiorls this week and finished spa unchanged in quiet tra- + day by The amount of "Tomes money available ropped wi MATINEES $1,000,000 to $111,000,000 while EVENINGS BUY ADVANCE TICKETS Hod FOR ALL EVE, PERFORMANCES the day rate remained un- inged from last week's. clo- , Vi-day bills were quoted at 3.70 " per cent, ahead .02 per cent, while the 182-day bills also gained 02 per cent to 3.85 per cent. Prices of long-term Canada bonds eased fractionally, bond dealers said. The 4% per cent bonds due in 1083 closed at $01 bid and $91.25 asked, unchanged for the last three weeks. The short-term market was also unchanged. The 3% cent issue due Oct. 1, closed at $09.65, unchanged from the previous week's close. Both the corporate and pro- vincial markets were dull with few price changes. Bond' deal- ers said, however, that prices firmed toward the end of the week The muynicipal market was also quiet, but some new Issues BOTH I | 'x, Drive-In Theatre = 401 at Liverpool, Exit 64 ALL COLOR SHOW (1) "The Thrill Of It All' Doris Day & Jomes Gerner (2) "THE BIRDS" Red Taylor & Susen Pleshette Oscar Winner Sidney Poitier (3) "PARIS BLUES" Ba watigy @ Free Electric In-Car Heaters @ STARTS SUNDAY ALL COLOR SHOW "ALL IN A NIGHTS WORK" Dean Martin & Shirley MacLean "TARAS BULBA" Tony Curtis & Yul Brenner i | i \ H | St. Georges Dance | THE NEW KINSMAN HALL MACMILLAN DRIVE, OSHAWA Saturday, Apr. 25, 8 - 12 P.M. Dance to the CAVALIERS RoW pehuneiiey ond Licensed Bor ---- Door Prize Spot Prizes ADMISSION $1.50 PER PERSON HIGH ADVENTURE... BOTH ALL-NEW: . ME THE NO. 1 ATTRACTION OF ALL TIME ropa; AT SPECIAL POPULAR PRICES! WINNER OF FOUR ACADEMY AWARDS TWO SHOWS DAILY » MATINEES 2 P02 EVENINGS 8 P. Bon Office Opens 1 P.M. and 7 P.M. (60 SEATS RESERVED Every Ticket Holder Gearantend A Seat ADULT ENTERTAINMENT ADMISSION Regge sae $1.2 f NO "GET" THIS WEEK 'AS VARIETY NIGHT is being held at O.C.V.I. Next Week "THE CAPRIS" MAY 9th "THE CITATIONS" MAY 23rd... RITCHIE KNIGHT Scott's "SUMMER HOLIDAY" Pa CLIFF RICHARDS @ LAURI PETERS All Color and Cinemascope Show ALSO EXCITING BIG WESTERN HIT BROKEN LAND - JODY McCREA BOX OFFICE OPENS AT 6:30--FIRST SHOW 7:15 @ STILL ONLY 75c FOR ADULTS © @ KIDS UNDER 12 FREE o CHICKEN VILLA 295 SIMCOE ST. SS, COMING SOON . CHICKEN VILLA AT a mm SIMCOE ST. NORTH, OSHAWA NOTE: PHONE 728-9487 - ANOTHER met resistance. Prices how- ever, were mostly unchanged. The Metropolitan Toronto 5% per cent issue maturing in 1983 clesed ahead % at $98.50 bid and $99 asked. NET EARNINGS By THE CANADIAN PRESS United Keno Hill Mines Litd., 6 months ended March 31: 1964, $1,250,000, 50 cents a share; 1963 ee months ended March 31: i964, $538,000, 26 cents a share; 1963, $809,000, 38 cents. Geco Mines Ltd., 3 months ended March 31: 1964, $1,373,000 46 cents; 1963, $1,607,000, 54) cents, Normetal Mining Corp. id, 3 months ended March 31: 1964,/ $414,000. ll cents a share; 1963, | $435,000, 11 cents. Dominion Foundries and Steel! Lid., 3 months ended March 31; | 1964, $5,794,180, $1.51 a share; | 1963, $4,195,924, $1.09. Dominion Vime Léd., year ended a 31: 1963, $i61, 425; 1062, $356. Chancel (1963) Lid., 3 months ended March 31: 1964, $2,373,000, 17 cents a share; 1963, $7,260,000, 16 cents. Northern Electric Co. year ended Dec, $8,549,171; 1962, $8,834,805. DIVIDENDS By THE CANADIAN PRESS Adantic Sugar Refineries Co. Lid. common % cents, class A 30 cents, July 2, record June 10; pfd. $1.25, June 15, record May 18. Dover Industries 'La, com- mon 15 cents, June 1, record May 11; 15 cents, Sept. 1, record Aug. 10; pfd. 15 cents, "July 1, argh June 10; pid. 15 cents, Oct. 1, record Sept. 10, Mines LAd. 35 cents, June 15 record May 15. The Robert Morse Corpora- tion Lid., class A 17% cents plus five cents in arrears, June _ 4, record May 18 = '(64 OLDSMOBILE SUPER 88 CELEBRITY SEDAN WHERE THE ACTION IS} Low-Priced JETSTAR 88 The Populer DYNAMIC 88 ~ , Spirited SUPER 88 Sporty STARFIRE Elegont NINETY-EIGHT And of course the brillient new OLDSMOBILE F-85 TEST DRIVE YOUR CHOICE TODAY! SERVING OSHAWA AND AREA OVER 40 YEARS ONTARIO MOTOR SALES Ltd. 140 BOND WEST 725-6501 % Y ADULT ENTERTAINMENT Dr. te or: How | Learned To Stop Worrying And Love TiedRentil <= Shing ty ta Salis ced \eaete Reon ms TIMES -- 1. oa 5.45-7. 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