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18 THE OSHAWA TIMES, Mendey, November 27, 1967 Devaluation Causes York Trust Control Sold TORONTO (CP) -- Metropoli- tan Trust Co. Friday bought the controlling interest in York Trust and Savings Corp. Ltd. from York Lambton Corp. Ltd. Market Fluctuation oor an Cory 1 By FRITS ROOS Canadian Press Staff Writer The devaluation of the British) omy. dent and acting general mana- eee ; . ger of York Lambton, said Met- jand-see attitude, picking up ov-! Dome Mines surged 8% to ropolitan paid 70 cents a share jersold bargains and hoping for|573% after touching a high of 58 | for 420,000 of York Trust's 800,- |more positive signs in the econ-|when the week was 10 minutes 000 cutsianding shares, a price lo ,000. pound and a resulting boom in! Golds, traditional safeguards /014, and Campbell Red ag York Lambton is a subsidiary gold stocks overshadowed against devaluation, rocketed to|which sold at a high of 28, of British International Finance moderately active trading oninear post-war highs in unu- moved up 4% to 27. Canada's major stock market this week. (Canada) Ltd., the troubled ak ies oe McIntyre, which derives only|company whose ownership Monday's initial boom tapered | 1+ of 'its earnings from gold|passed from' Sinclair Stevens $ sually active trading. The devaluation scared faves: ott but prgeen ee production, jumped 8 to 87 centsjand a Toronto group to Marc tors Monday into an initial rash ports of a rush on gold bu 10N/in a late surge. Giant Yellow-|Bienvenu of Montreal earlier of selling at Toronto which/on European markets. lopped some $2,000,000,000 off -- a the value of stocks within an, GOLD INDEX SURGES hour after opening. \knife gained 75. cents to 8.75,/this year. | Sigma 55 cents to 5.50 and Kerr It holds 50 per cent of the Addison 4% to 1634. Shares in the Bank of Western Toronto's gold index surged Canada, which is being wound By noon, the market began to 18.70 points, (almost 11 per| Western oils hit an all-time up by court order. York Trust recover and the losses werejcent) to 191.34 during the week group record at Toronto. The held 'about 33,000 banks shares, more than offset when the rally after reaching a high of 192.41/index advanced 7.41 to 212.54,\and Mr. Chalmers said these continued through Tuesday, By mid-week, investors had, post-war record was set in July returned to their previous wait-| 1967. American Firms Take Devaluation In Stride By JACK LEFLER NEW YORK (AP)-Devalua tion of the British pound sen shock waves through the Ameri. can business structure this/Francisco and other U.S. finan-| NCO JUMPS week. But there was no panic. These developments came quickly: jon Friday. The 192.48-point breaking through last Septem-|could be transferred to Metro- 'ber's high of 209.08. eet under the terms of | ,canadian Superior Oil was up| Metropolitan Trust said it 4% to 48%, Dome Petroleum 2%| would offer to buy all other to 55%4, Great Plains 2 to 19 and standing shares of York Trust Alminex 75 cents to 6.00. Fle 70 cents a share "'as soon as ry-Rainbow declined 1% to 42'4 alll formalities have been com- and Great Canadian Oil Sands|nlied with." ee iP erica er | Industrials were fractionally) higher as a group, The Toronto} NEWS IN BRIEF lindex edged up .67 to 163.29 but | Continental Illinois Bank and|mainl; thanks to bullish indus- GIVES AWARD Trust Co., Chicago's largest|trial mines and. strong banks.. VANCOUVER (CP) -- Uni- ~|bank, initiated the boost in the | As in Montreal, most other in-|versity of British Columbia has prime rate, and leading banks/dustrial groups weakened. jgiven its highest award, the | 'lin New York, Chicago, San! |Great Trekker, to Dr. Hugh | Keenleyside, co-chairman of cial centres followed. ' | The prime-rate increase|Conbridge 2% to 88. Noranda,jity. The award commemorates resulted mainly from the dis-|Which upped its domestic cop-|the walk that opened the univer- ----Stock and bond prices fell count-rate boost because banks|Per price, also advanced 244 to sity five decades ago. sharply in first trading after the devaluation, then staged a = orous comeback that more than wiped out losses. +The U.S. Federal Reserve |MAY PAY MORE fas % to 13%, Bank of Com. |Liberal Thinkers' conference Board increased its discount rate--the amount of interest on borrowings by member banks-- to 4.5 per cent from four per cent. +----Many banks boosted their prime rate--the interest they charge the biggest and most credit-worthy borrowers--to six per cent from 5.5 per cent. Britain triggered turmoil in world financial markets by cut- ting the value of its pound 14.3 per cent, to $2.40 from $2.80 U.S., in its first devaluation since 1949. At the same time, Britain increased its official lending rate to eight per cent from 6.5 per cent. NEEDS FRESH BLOOD | Britain's aim is to pump new} blood into its fragile economy. The first American counter- move was the Federal Reserve Board's increase in the discount STUDENTS MEMORIZE Inco jumped 6 to 125 and Fal-/B.C, Hydro and Power Autlor- VP will be paying higher interest |52% despite Ottawa's announce- for money they. borrow from the |ment that it will investigate the ) i |rise. reserve board. SACKVILLE, N.B. (CP) -- An | Toronto-Dominion Bank was Atlantic Provinces Student A few big savings-and-loan as- 5Z 3/ ,,};concluded the present educa- sociations across the U.S. raised| Bank 14 to au 12% and Royal tional system tends to make stu- their interest rates on home| pa thle : idents memorize instead of mortgages. Indications were|.,Hudson's Bay Co., which has stressing originality and crea- [that home buyers generally will its head office in evaluation iiltitivity, A relatively standardized be paying higher interest rates|Britain, fell 3% to 19. Massey-|curriculum from coast to coast before long Ferguson continued to slide with) was recommended. A result of the monetary de-|8 drop of 2 to 15% after touch- 5 velopments was that the U.S,/ing a four-year low of 15%. SOLD CATTLE Congress and President Joanson| Canada Cement declined 24, BENALTO, Alta. (CP) -- might get together on a reduc-|to a low of 31, Trans-Canada|About 800 cattle raised by Mr. tion in government spending/Pipe Lines 1%. to 27 and Do-|20d Mrs. J. A. McBride and and the stalled proposal for a|fasco 1% to 1914. their children were sold in a 10-per-cent income-tax sur-| At Montreal, Inco also high-|¥0-ay auction near this town, charge. lighted the industrial gainers|-),™i/es west of Red Deer 'in The House of Representatives|with « 5% point 4 & da one of Western Canada's largest ways and means committee has| soo net sump. Noranda/tamity cattle auctions, The fam- A advanced 24% to 521. i i balked at acting on the tax bill! ily raised purebred Aberdeen kK Massey-Ferguson dropped 2 to! Angus cattle for 40 years. until assured that government] 1514, 'Asbestos Corp. 1% to 21%4| spending will be reduced. jand Hudson Bay Mining 1% tol WIN AWARDS Treasury Secretary Henry 5714. The Montreal industria) WINNIPEG (CP) -- More "ahd told a Lateed ae er index gained 1.36 to 167.83. jthan 140,000 Manitoba students at prompt enactment o| | z won fitness awards this year tax increase would be the single|_ At ne eens i cen te the Centennial Athletic most important action that| Sane Cents to 9.18. Fundy! avards Program. 'The figure * Give a gift that lasts a lifetime .. . give a Book this Christmas. This Christmas, start a dream .. . finish a curiosity; givé hours of pleasant leisure . . . or inspiration. At EATON'S, our shelves hold a huge selection of books, on almost any subject -- from a study of antique furniture to the latest thrillers. So, this Christmas introduce a new world -- with books from EATON'S. 3. Harold Nicholson Diaries and Letters 1939-1945 Vol. Two. Ed- ited by Nigel Nicholson. A per- ceptive, endlessly fascinating be- hind-the-scenes view of war-time London, and the great figures of the day, Illustrated, 8 50 le Ml d. EACH .. a 10,00 EACH 2. Winston S. Churchill Vol. Two -- Young Statesman 1901-1914 essional, penetrating and closely by Randolph S. Churchill. Chure- ergued view of our economical hill is shown as the head of a society and the quality of 8 15 family and as a member of Parle modern life. EACH a ioment rising to cabinet rank. 1, The New Industrial State by John Kenneth Galbraith. A_prof- 4. Mtich Hepburn by Neil Mcken- ty. This biography combines nar- rative with scholarship in the story of Mitchel Frederick Hepburn who in 1934 ushered in an area of high handed, efficient govern- 8 Oh ment in Ontario, EACH .. 3® rate. The board said its action|could be taken to defend the|(pemical list £0 cents to 4.10. represents 61 per cent of the was mainly precautionary and|U.S. dollar. 3.60 and Westery Pacific Prod, {220.000 students enrolled in aimed at protecting the interna-| The commerce department ith 14' conte 40 §.87 The indus.| Manitoba schools and nearly tional value of the dollar by dis-|reported new orders for durable| index ne es col 1 to eight per cent of the total couraging an outflow of dollars |goods declined $700,000,000 in| +69 00 n r jearned gold awards while anoth- to the higher interest offered in|October to $22,500,000,000 wees er 40,000 students received sil- Britain. | The department said a sub-| DENISON RISES ver and bronze awards. Last Monday, the first day of|stantial drop in new orders in| Denison headed the base 5 trading in the U.S. since the de-|the automotive industry, due to| metal winners at Toronto with a PE PAY BOR GR on valuation and interest boosts,|strikes, more than offset an in-| gain of 4 to 8214. Hollinger was igen conn +H, Ont. (CP) pcg market slumped at the|crease in bookings for the aero-|up 2% to 2714 and Pine Point 2 ol ae greatest number of com- opaning as investors sold heav-|space industry. lto 51%. The base metal average|Plaints received in a traffic sur- ily. 'Then, as apprehension sub-| The U.S. Thanksgiving Day| picked up 3.16 to 106.58, bis conducted by a Toronto sided, the market turnedjholiday Thursday and labor| Hollinger rallied 1% 10 27%4 at\COmmercial firm concerned around. On Tuesday it rang up|troubles at two General Motors| Montreal jparking pra it was disclosed one of its biggest gains in re-|plants held U.S. production this) At Vancouver. the western fasta a complaints said cent months. The bond market|week to an estimated 154,500\mines index edged up 63 tol, spall an hour was too much followed much the same pat-|passenger cars, compared with|191 94 Rodstrom jumped "12 to/C" Parking, that the rate should tern 170,749 the previous week. | 7 be five cents with penny park- 148 cents in a 1,200,000-share |ing for short-int Canadians Will Be Abl 325 bling when you eat, laugh or talk? TEETH their Canadian citizenship. ments generally have abided by erval stops. lturnover. Alwin Mines picked! - . s . To Accept British Titles At Montreal, volume in- Then sprinkie a little FAS' up 10 cents to 1.70 and Largo Mines 4 to 64 cents. Both were Now Many Wear By HAROLD MORRISON {given up his Canadian citizen: proace 5.807.000 shares fr your plates. FASTEETH holds dem jship. In Russell Braddon's biog- creased 10 9,307 shares from) tures firmer and more comfortably, LONDON (CP) -- A well-in-| jnewly-listed stocks. Volume in Toronto totalled FALSE TEETH 5,651,000 as losses outpaced ad-) Makes eating easier. It' -- ' raphy of the press baron, Thom-|vances 161 to 102 TsOUr, NO BURine eee formed source' sald horn on son is quoted as saying a title) Vancouver's volume was up to} odor. Dentures th C 7 P alter ; ech | - Dentures that fit are essent anadian government has deci is the best way I can prove to) 7,563,000 shares from 5,248.000| to health. See your dentine POA: 13,775,000 shares compared with ba With Little Worry ed that Canadians who are of: Canadians that I'm a success." jast weal: Get PASTEETH at all drug counters. 13,806,000 last week. Declines outnumbered advances 381. to) , Do your false teeth annoy and em- barrass by slipping, dropping, or wob- doesn't sour. No gummy, gooey, fered British titles will be able| : to accept them and-still retain) Successive Canadian govern- amie 7 ONE OF CANADA'S MOST POPULAR GLASSES { = ze = E| Pasty taste or feel. Helps check plate The informant said this,a 1919 Canadian House of Com-| "slightly different situation' |Mons resolution, that never arises from the fact that Can-|passed through the Senate, that ada has an honors system of its|no further honors-bearing titles own--the Order of Canada--and|should be recommended. An ex- Britain acknowledges that be-|ception was the 1930-35 govern- stowing honors on Canadians|ment of R. B. Bennett who would no longer embarrass the dubbed six of his countrymen Canadian government. knights and then left Canada to The informant also said thatjaccept a viscountcy in ~ 1942. if Lord Thomson, the publisher |Braddon said this "scandal" en- who gave up his Canadian citi-;sured that no subsequent prime zenship to become a_ British|minister ignored the 1919 resolu- peer, returned to reside in Can-|tion. | ada for a minimum period of} The informant acknowledged | one year, he could regain his|that for many years Canadians | citizenship and still retain his|could not obtain British honors title unless they qualified as United y styled Asked for comment on this)Kingdom citizens. Otherwise, a | MMeMasMieEGealacoucnal Jatter point, the 73-year-old|British government could not press baron said he always|make a recommendation to the ALL GLASSES maintained that he would go/Queen on behalf of such per- SINGLE VISION BIFOCALS back. to Canada 'eventually' |sons. "when he decided to retire and! Now that Canada had an hon-| COMPLETE WITH FRAME, LENSES AND CASE he presumed his citizenship ors system of its own, the in- G5 STYLES, SHAPES AND COLORS TO CHOOSE FROM vould naturally follow A vise Thomson's barony is a heredi- formant said, the British gov- @ FIRST QUALITY LENSES @ FINEST NATIONAL BRAND FRAMES @ BROKEN FRAMES REPAIRED OR REPLACED WHILE YOU WAIT tary title and automatically will |ernment no longer would have pass to his son, Kenneth, who|' feel it is doing something ' now resides here while retaining Which is against Canadian pol- @ WE FILL ALL PSI, OCULISTS AND OPTOMETRISTS PRESCRIPTIONS AT THE SAME LOW PRICES. @ BIFOCALS, IF REQUIRED ,, . KRYPTOK, ULTEX OR FLATTOP J his Canadian citizenship ICY NEEDS RECOMMENDATION "You can get a title if your | NEED FUEL OIL? prime minister recommends it} CALL to the Queen," Thomson said. | PERRY "In my case, Pearson wouldn't do it." 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The Gabricl Hounds by Mary Stewart, A tense, gripping story that is centred in Damascus and Beirut. A recommended gift for women, EACH .. 4.65 PHONE 725-7373 MARJORIE ALLEN Edmonton OH Jubii Home Of Oshawa, ville, Aja» neighboring ario and Du VOL. 26--NO. 276 | Rober Heads WASHINGTON (AP) -- De. fence Secretary Robert Mc. Namara, for nearly seven years manager of the world's biggest military establishment, is re. signing to become president of the World Bank. McNamara's formal selection as $40,000-a-year president of the international lending institu- tion will come Wednesday when the bank's 20 directors meet at its Washington headquarters. He will succeed another American, George D. Woods. McNamara, 51, was secretly nominated for the bank presiden- cy last week. The nomination was made by the United States, which traditionally plays the nominating role because it is the largest single financial con- tributor to the bank. Woods' term expires at the end of this year. DENIES WANTS POST McNamara's impending de- Parture immediately raised speculation that he would be re- placed in the defence post by one of Johnson's closest political allies, Texas Governor John B. Connally, a former navy secre- tary. Connally, who recently an- nounced he would not seek re-e- lection as governor, said Mon- day there is no truth in such ru- mors. There have been recurrent re- ports in recent months that McNamara was anxious to leave his cabinet post, which often has demanded working days of 12 and 18 hours, some- times seven days a week. A former president of the Ford Motor Co., McNamara has been defence chief since the in- auguration of President John F. Kennedy in January 1961. No other man has held the post that long. ; When Johnson became presi- dent four years ago, McNamara and State Secretary Dean Rusk became key presidential advis- ers managing the enlarged war in Vietnam. With Vietnam now a major item of public controversy and with a presidential election bare- ly 11 months away, it was be- lieved Johnson would have pre- ferred to keep this top war lead-) ership team intact. But he did give his personal approval | to McNamara's nomination for the presidency of the bank, known formally as The Interna- tional Bank for Reconstruction and Development. Automation | In UAW-GM DETROIT (AP)--The United Auto Workers union, with new Ford and Chrysler contracts wrapped up, moved on to Gen- Seat Uintova- diligent of the U.S. auto-makers--Monday with indi- cations that automation and uses of computers would be ajor problems. muAW officials distributed a release in which they accused GM of trying to remove some auto jobs from UAW category by putting them into computer- ized fields with white-collar, non-union workers. ; Setting the battle line for some anticipated hard-nosed bargaining, the UAW told GM: "The union never has com- plained of automation. In fact, it has staunchly defended auto- mation, often in spite-of mem- bership disbelief that automa- tion is good for the economy and the total community. "The union cannot continue to defend it if it is coupled with continuous displacement and erosion of the union with the new method arbitrarily as- igned to salary." By 2 G. Seaton, GM _ vice- president-labor relations, had told reporters earlier Monday as he emerged from a prelimi- ee ee aa ke a oe