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a She Os Price Not Over 10 Cents. per Copy . Thought For Today --~ s If there's any fool in 4 per- son, it shows-when he's spend- ing money or driving a car. ~N * "Weather Report Not so cool. tonight, Sunday. sunny with inereasing,cloudiness late in the day. » hawa Times Ottewa and nde ogy tae HIGHLIGHTS OTTAWA (CP)--Major rec- le pe ES | Chart Increase -- ommendations in the repor' | * VOL, 93 -- NO. 98 artment? in Cash, "OSHAWA, ONTARIO, SATURDAY, APRIL 25, 1964 Provinces In BANK REPORT - sIn |Greeks Capture Good Position fags Inquiry Finds | Lurk Positions OTTAWA (CP) -- The finan-| " NICOSIA (Réuters) -- Greek- fighting was reported to have) Abolition of statutory six- jcompetition in Canada's whole/|the report was this; cial position of the provinces is|Cypriot forces today mounted a/died down later after efforts by} per-cent interest ceiling on |SYStem of lending and borrow-| "A spirit 'of vigo x ; j ms rocky ritis 7 © 7 a . *. rous, strong and this applies pretty/heavy attack on the rocky/British troops to establish a bank loans. ing--plus more protection and >stl i the fle well to the larger municipalities|mountain range above the|cease-fire. : . restless innovation in ° information for the public--is byt too, says the report of the royal/northern end of the Nicosia-| The UN spokesman said one| Allow mortgage lending by |proposed in a bulky report by nancial system--of devising" commission on banking and fi-|Kyrenia road and ee ee was killed beep || banks. |/the royal commission on bank-| new ways to do things rae nance. seven Turkish-Cypriot fortifica-|fighting in the. village, scene of} nae ' ing and finance. | It indicates that their prob-|tions, a UN spokesman said. '|sporadic heavy firing during} _ All institutions doing bank-| jy, adopted. recommendations ther _ * justifying wht. our axes i macsiae a le ay. ing - business brought 'under|,-" ; ; hye they should never be done lams may be cured by taxes) An official Cyprus govern-|the last two days. federal Rank Abt in'-the report, tabled in the] 3+ Jn oan ordinaril wr rather than more borrowing. (ment statement said -n esti-| Lt.-Col. Percy Blake, com-| federal Bank Act. [Commons Friday, would dis-| 9! all--cah ordinarily best. Both categories of govern-|mated 15 Turkish-Cypriots were|mander~- of the Ist Battalion commercial |mantle some of the financial) ~be achieved in conditions. ment. have had access to ajkilled and one captured, while/R oy al Inniskilling Fusiliers, loan |Structures by which Canadians) "der which the partici-° broader variety of money] one Greek-Cypriot was wounded| was trying to negotiate a cease: jhave lived for years--especially pants are not prevented' sources at rates favorable in|in the fighting. fire. : the statutory six-per-cent inter-| from responding to changed jcomparison with competitive) The Greek - Cypriot advance, Blake was attempting to per- interest jest ceiing on bank loans, un-| opportunities, in which price- |borrowers, it suggests. on the eastern side of the Nic-|suade Turkish - Cypriots gath- changed for 20- years. It would} and other competition is too While provincial debt has in-|osia-Kyrenia road established|ered in the village school, which be abolished. intensive to be comfortable, -- |creased substantially, figures| Greek - Cypriot positions about|WaS under heavy fire, to give This bold new system would| im which there is relative cited by the royal commission) Tyrkish - occupied St. Hilarion/UP their arms, the spokesman force all credit-grantors to re-| €ase of entry for honest |--in its view--"do not suggest} Castle, | said. : : veal interest rates as well as| ™men with ideas and imag- that the debt burden has be-| jt also permitted the Greek-| The Cypriot government said dollar charges on all credit.| imation, and in which dif-. come unmanageable." Cypriots to dominate the Turk-jFriday a "tactical reserve unit New legal. limits would be set| ferent classes of institution. Evidence for the, municipali-|ish-cypyiot emergency airfield| of the security forces moved for all personal cash loans. The| Other on an equitable and: ties is less cleaf, it says, al-|puilt'on* the plains under the|into the village and took up posi- ibanks would be admitted to the| other on an equit@ble and" __|though the relative burden is) south side of the Kyrenia range. | tions to protect their lives and field of mortgage loans, a move| 9Pen basis." . The public will reap the et fit, the commission said. It: and old houses. ' In Competition -- sion on banking and finance: | OTTAWA (CP) -- New, real, The underlying philosophy' of Personal and lending by trust and companies. Full disclosure | of rates on ail credit. New interest - rate limits on personal cash Joans. eo bigs ' oo eee, IT'S A TIMELY TOPIC The whole point of this pic- ture -- and it's a timely one -- is that this is the weekend that sees daylight saving time goint into effect. Tonight Bigger conventional mort- occurs in the fall. Officially, |gates. the clock is advanced in the small hours of Sunday morn- ing. you'll lose an hour's sleep -- if you remember to advance your clock -- and you won't pick it up again until the switch back to standard time National Housing Act inter- est rate freed--not pegged by government, |, Give Borrower Better | Break, Report Urges No NHA loans on -existing houses. Withdrawal of government NHA loans by credit unions, guarantees on loans to to farmers, wt Cicstnctses, others, Expanded fanm credit at market interest rates. that could make it easier and |much less than in the 1920s and) Mortar fire was exchanged|Properties of Greeks from Turk- | perhaps cheaper to buy new not greatly changed from 1945./hetween Greek - Cypriot and\ish attacks." But the report says that since |Tyrkish-Cypriot positions on the a number of municipalities) neaks east of the Kyrenia road, claim they are paying about as| much: interest on debt as they| BATTLE RAGES A full-scale battle raged for red to do, perhaps their ditt : a fime today rt the south jeoast hil} vill of Ayios Theo- ' | | SOLDIER WOUNDED One soldier of the Sherwood Foresters was wounded in the leg when UN troops were fired on in three posts in Nicosia Fri- day} night, a UN spokesman Ss the Moreover, Canadians would| price thave to think of. "banks" in. new way--not just the . - branched chartered bayks, but all ) institutions - tak hort- ork deposits ffom the public, such as trust and loan com- It is a massive report--the first full. study: of Canada's fi- nancial system in $0 years, all packed neatly in readable, non- - their difficulties spring from taxes rather than lack of credit facilities. » 7 OTTAWA (CP)--A major ex- 'ove Its proposal to extend... f s to ft ME s vof@undily-low im! "only erest ceilings, it said, dhoros. It starjed at dawn, but aid. cick the troops returned the fire on two occasions, they held their fire in the incident veo! qumer ing, to control in-jother personal cash lenders is|results in the discouragement ot terest charges and tell the con-jlinked to-the commission's key|credit flows and drives these! the rate he's paying isjrecommendation -- removal of|borrowers to unregulated and urged by the royal commission|the six-per-cent interest ceiling | often extremely high-cost lend- on banking and finance. on bank loans. jers."" Stiff penalties for excessive} It said the banks are already|, The commission said it was charges and failure to disclosejin the personal loan field "be-/not prepared to recommend in which the British soldier was hit... « In two other incidents, the spokesman said British troops fired five shots in self-defence. Meanwhile, the UN peace B-B Probers Get Rough Reception effective interest rates are pro-jcause the authorities have ac-|that interest controls be applied posed in the commission's re-|cepted what some might argue|to the big field of sales finance port tabled Friday in the Com- mons. alts recommendations competition and giving the bor- ower a better break in the huge field of consumer credit, arejsult had been improved facili-|conditional sales contracts. But aimed generally at opening up| is a breach of the spirit of the|credit--the purchase of consu- six-per-cent. law." But the re-|mer goods such as cars through ties and a lower average cost|there are 'strong arguments" to borrowers. 'for such a move | EDMONTON (CP) -- A hail-| storm of criticism battered the) royal commission -on bilingual-| ism and biculturalism here Fri-| with the westerner on th street. The commission was accused) force was expected to acquire "Mr. Dunton, where in the|more international strength to- British North America Act does|day with -the arrival of the it say that. Canada is a bicul-|main body-of Finnish troops, an tural and bilingual country? It) Austrian .medical unit and iday night in its first contact/seems tous that' this commis-|new Irish military adviser to sion exists only to spread the|Lt.-Gen. Prem Gyani, the UN'nient regulation. French language everywhere."/force commander. Mr. Dunton replied with some} unions a where some $4,640,000,000 was owing at th end of -1962. The commission said existing interest-rate controls on per- sonal cash loans, now limited to loans up to $1,500, should apply up to at least $5,000. The regulations should apply to all PANIC STATIONS a _Mouse Cavorts > bluntly of being an instrument|heat that commission members| to spread the French language} were looking for ways to} by compulsion in overwhelm-/strengthen national unity. They| ingly English - speaking areas|were not crusaders and their} and to undermine the rights of)mission was not to force Cana-| Canadians -belonging to "thtrd"|dians to become bilingual. ethnic groups. Alan Lee f Both charges were denied|tack. "If my sons aspire to/ took a different|contingent of eight officers and 127 men arrived in Cyprus by Canadian Troops Arrive In Cyprus NICOSIA (CP)--A Canadian Fewer sales of Canada sav- ings bonds at less attractive rates. End of ali agreements on lending and borrowing charges. Action to concentra- tions in financial community. stop Tighter supervision of credit and better liquidity. | More pension fund invest- Federal securities legisla- tion, Stiffer laws against stock | frauds, , | End to primany distribution of shares on stock exchanges, Wider stock investment power for life insurance | panies and credit unions. 'BANKS' STILL. BANKS technical terms between - twa leatherette covers that The commission proposed that these, too, become banks--with the same banking powers, the same restrictions, the same fed- ral supervision and inspection. But only the banks,- as now encom- pass 566 pages and about 350,000 words. It is the equivalent of two novels, Demand for it was reported high -- even at $10 a copy. Queues formed outside govern- known, could continue to use ment. bookstores in Ottawa Fri- jinto violence in this southeast- jern Pennsylvania city Friday night, resulting in injury to at that title without qualification.|day night when it went on sale. The others would have to addjThe Queen's Printer had ad- something to: their titles to in-/vance orders for 1,000 copies in dicate their own special beaiaaiad ir it nearly as many in 'ontreal. EFFECT WIDESPREAD This is.the report that will underpin Parliament's onee-a- decade overhaul of the Ba |Act and other federal financi jlegislation. It will' have a pro- jfound effect on the current |spate of applications for new ibank charterg. The commission was heade@ by Ontario Chief Justice Dana Many Injured In Rights Riot CHESTER, Pa. (AP) -- Civil rights demonstrations flared emphatically by Commission high positions in the federal|plane Friday from Trenton, Co-chairman Davidson Dynton|civil service, will it be imper-|Ont., to form part of the brig- of Ottawa, who attended the all-/ative for them to be fluently Aash lenders -- not just small loan companies and licensed - money-lenders. In Posh Store : COMPRRES. jleast 10 persons and the arrest at. least 28 persons. More financial disclosure by | Porter. It was appointed in late 1961 by the former Conservative LONDON (AP)--One of the world's fanciest grocery stores--so chic the clerks wear striped pants and morn- ing coats--admitted Friday it has a mouse. Not only a mouse, but a reckless one that puts on a nightly act amid the grocer- ies in a show window looking | on famed Piccadilly. It also outlined proposed new interest-rate ceiling "on personal) eash loans which would boost} the 'rate on loans between $1,000" and $1,500 but reduce it- on loans ,over $1,500. It proposed no change in phe es. present maximum interest rate} ,on debts up to. $300--two per cent a month--or on amounts! --owed between $300 and $1,000 now one per cent a month. But it said. the rate of one- half per cent monthly on debts} in the $1,000-$1,500 range simply prevents most companies from} lending that amount. The rate on whregulated Joans over $1,500) was around 1!4 per cent. } The commission proposed a) flat monthly charge of one per} cent on all personal loans from $300 to $5,000 Leisure Study Sought By CLC MONTREAL (CP)--The Ca- nadian Labor Congress has asked the federal government "to spend $5,000,000 on a study of what happens when automa- tion replaces workers. The final session of the an-| nual CLC "We're at panic stations," Said Charles Butler, a direc- tor of Fortnum and Mason's. "This is a very elusive mouse."' a The store has the royal coat | arms above its doorway because it is by appointment grocer to the Queen. For the last few nights the mouse has cavorted among the high-priced victuals in full | fruits | our rarer delicacies." view of theatre-goers and oth- ers who throng Piccadilly night and day Spectators call the mouse Sir Michael, for some unex- plained reason. Mrs. Jean Anderson, one of the mouse watchers, said. 'We saw him come from be- hind the hydrangeas, skirt the and play among grapes." Said mouse watcher A. G. Albright: "He's a great performer, is Sir Michael. He puts on a good act." The store spokesman said: "We have decided to change we've decided, has' a_ con- noisseur's palate. We're go- ing to tempt him with one of s OTTAWA (CP). -- Sweeping\erators are able to 'extract changes to bring banks and usurious terms from 'some bor- now convention decided|other lenders into the mortgage) rowers."' Friday that the study should be|market and to switch the Na-| This would allow insurance a top-priority job for the Econo-|tional Housing Act interest rate*/firms, trust a now pegged, to a floating rate panies to issue mortgages up to are proposed by the royal com-|75 "per cent fi-| value, 2-3-per-cent Its report said banks should|75-per-cent ceiling is mic Council of Canada The CIC said a "colossal) adjustment" must be made to the new society of the future-- the day when the era of auto-| mated idleness engulfs the work|be free to make conventional| force. \first--and second -- mortgage) The study proposed by the 1,100,000 - member CIC was aimed at finding out when this era of leisure is expected, what mission and nance. on banking present legal restriction NHA loans only. , A parallel proposal--to lift the and' loan instead of the present 66 limit. The All banking institutions should loans, breaking free from their|be free to take second mort- to! gages, it said, ay WOULD HINDER USERS © "Such: arrangements. will, we the |der attack at an evening public|berta, bilingualism in the civil|The only casualties \day discussions with five of his| bilingual? If it is; all Canadians|by the United Nations here. jguard their cultural heritages | guages, but not French said be |were aired at the morning and|lingualism should only be re-| | our hunt tactics. This mouse, '| | | | Broadened Mortg MarketIs Suggested | \this would mean an NHA maxi-| @board. | | | jably would settle around one-|bound from Winnipe nine colleagues. Many proposals designed to help French - Canadians and other ethnic minorities safe- afternoon round - table discus- sions. The same proposals came un-} meeting, attended by 200 per-| sons. | IS - ROUGHEST It was the commission's| roughest reception in eight such| meet-the-people informal meet- ings across Canada. | A man in a front row, who de-| clined to identify himself, as) did many other speakers at the evening session, started >the 'lively dehate' this way: age | | With long-term bond rates| just above 5% per cent,| com-|™um of 6% per cent, Bit the commission said mar- of a property's|ket forces would be expected to}and that it moved upgrade, keep NHA'rates below this ceil- same/ing. proposed . . for Quebec's two savings banks. Thy Fate on government-in- sured NHA mortgages prob- half to three-quarters per cent below that on conventional non- NHA mortgages, - it means for mankind and how|six-per-cem interest ceiling onjhope, inhibit the growth of sec-| A floating NHA rate, compet- society can adjust itself to cope to do which they left in 1959 when NHA mortgage rates went over|r Six per cent, Credit unions CITY EMERGENCY PHONE NUMBERS POLIGE 72551133 FIRE DEPT. 725-6574 HOSPITAL 723-2211 nee érs under NHA, the commission said Another proposal is designed 2 reduce the need of home-|i to } | bank loans--would allow banks|ond with workers who have no work'to fe-enter the mortgage market|make excessive charges. . . Turning to the NHA intérest rate, now pegged by the govern- The maximum NHA automatically at % per cent above rate. on|sity home-owner loans should be set/lending Ithe 1957-62 period. - mortgage lenders whichiitive with other rates available vito lenders, "wou avoid the | ¢ | ment at 6%4 per cent, the com-| sages j and . Quebec's| mission said this leads to "*sub-}ized the market since the mid- caisses populaires should be|stantial limitations in the supply 1950s." given status as approved lend-| of private mortgage funds."' sudden gyrations' in the avail-| ability of private NH/ mort:| which have character-| It would also avoid the neces- for massive government through the Central buyers to turn to second mort¥rates on long-term federal g0ve 600,000,000 into, new housing in!' gages where "unscrupulous op-fernment bonds. |been a compound jade headquarters 'to be set up living outside Quebec will be at} They were immediately quar- a severe disadvantage." jtered at Camp Troodos, two A Ukrainian-born federal civil)miles west of the capital. servant who speaks several lan-| Meanwhile B company. of the Royal 22nd Regiment was rushed into Trahonas in the) corporations. Full disclosure 'of mutual | funds' investment policies. | Government power to issue directives to Bank of Canada. quired-in posts where a knowl-/northern outskirts of Nicosia to police j an demonstrators blocking a street|into early 1963, collected about in the Negro section of the ciy.|3,000,000 words The violence erupted when| government, held hearings attempted to disperse|across Canada during 1962 of evidence, Rocks, bricks and bottles/hired a 25-man research team, lwere 'hurled at policemen and|The project cost about $750,000, windows were smashed in po-| Their report was unanimous lice cars. --not a sign of dissent. edge of both English and/break up a'gun battle between French is important, In. Al-}Greek- and Turkish - Cypriots. reported service was a waste of time, | were one man slightly wounded : on each side. Train' Crew Hurt In Rail Collision FOLEYET, Ont. (CP) -- Ajthe freight, had severe burns to CNR diesel engine which rail-|his hands and is also in Tim- way officials say may have| mins hospital. In hospital at stolen, collided with aj|Hearst, Ont., is W. T. Carney freight train near here Friday, of Blizzard Valley, Ont., with night injuring three persons,|relatively minor injuries. one seriously, | The accident occurred about R. A. Walker, operations|three miles from the Foleyet manager for the CNR's North-| yard on the main ONR line. Mr. ern Ontario division, said the) Walker said passenger traffie engine, sitting in the yard at/has now been re-routed over Foleyet, left the yard going] CPR and Algoma Cent 'acks ral west either unattended or with|and. freight traffic over ftracks some unauthorized person|of the Ontario Northlafq rail- _ | Way. But he added that it moved) The line was expected to be out of the yard at a speed "un-| cleared about noon Sunday. usual fof an unmanned engine') ---------- Lloyd Awaits real. It consisted of four diesel Final Results de-/ REGINA (CP)--The political 40'stripe of Saskatchewan's 'next de-! government will remain uncer- railed. tain until May 13 and conceiv- Most seriously injured Wwas/ably could hang in the balance munther Manthei of Horne-/for weeks after that, payne, Ont., firemen on thé) Until the uncertainty ends, freight, who was taken to hos-\the CCF government intends to! pital in Timmins. A hospital!stay in power "in the interests spokesman said today he has/of continuity of government," had his right leg amputated be-|Premier Woodrow Lloyd says. low 'the knee. He also suffered) On the basis of election jight fracture of -hisiretirns in Wednesday's provin- severe shoulder|cial election, the Liberal party CY Foleyet is about east of Timmins. Mr. Walker said the diesel collided with freight train 304, ¥ to Mont- 60 miles| of which were damaged and which were all and 24 «of units, railed cars, left les, lower a margin of|Mortgage and Housing Corpor-|disiocation, burns to. his face! won 33 seats in the 59-seat leg- average/ation, which funnelled some $1,-! and: head injuries .|islature, the Progressive GCF 25 and the C,H, Woods, also of Horne Conservative party} |payne, front-end brakeman onjone. : QUINTS SEVEN MONTHS OLD Mary Magdalene, twins. They are difficult The famed Fischer quintup- lets, now seven months Old, are shown,at their home in Aberdeefi, '§.D. Their' mother, Mrs. Andfew Fischer, says the family doctor, James N. ° Rerbos, believes that three of the quints, Mary Catherine, Margaret are and Mary * identical to tell apart. The other > two, Jimmy and Mary Ann, have different appearances and are believed to havg, developed from - individual Ases. Jimmy. is shown in the centre. No identifications of the, gitls were given. with. the photo. f sa (Copyright, 1964, The Curtis Publishing Co., via "AP Wiree photo).