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Liberal MP discusses bank act changes as Grits gather for their annual meeting Herald Special Two major proposals deal ing with the banking system of Canada are being studied MP Bob Kaplan chairman of the of Commons standing committee on finance trade and economic affairs Mid the BramptonGeorgetown Feder al Liberal Association annual meeting In Brampton Monday Kaplan Liberal MP for York Centre laid that the first proposal would allow private groups easier access to form a bank In Canada He said that If the motion adopted a group could apply the government be approved by the cabinet after an extensive study and then start a bank The current method ho said Is a lot more difficult and timeconsuming and very few banks are allow ed The banks would constantly be under heavy scrutiny by the government make sure they are solidly based and safe for the consumer No bank has ever failed in Canada 1923 he said and he wouldnt want to see it happen now Existing banks are very powerful and they dont give the consumer much chance to said Kaplan The consumer begin to feel like NEW BANKS New banks would create more competition and allow the public more choice he said Kaplan said he already has four applications from groups which would like to start their own banks The second proposal under discussion is whether or not to allow foreigncontrolled banks i to enter Canada It has been proposed that we open our boors to foreign banks and allow them to operate in Canada Kaplan said If we did we would impose heavy restrictions on them We would only allow them to open five branches each to have a capital of million and they would be allowed a total presence in our economy of no more than 15 per cent of the total banking business Kaplan said there has been a lot of objection to the new proposal It has been argued that we already have too much of our economy controlled by foreign groups that we have to place tighter controls on them he said But I dont think that is very logical that Just because other foreign groups are creat ine concern tell the banking Industry to forget it There la also concern that the foreign companies in Can will switch to the foreign banks he said There is evidence to make me believe that they will stay with Cana dian banks He said that the Canadian banking system is one of the strongest in the world and if foreign banks are allowed in then Canadians will be able to see how good their banks really arc I think that we can also count on Canadians to stay with the Canadian banks he said and the competition will only help to make them better deals I think that they will help Canadians and they will also help to internationalize oanklng system On topic of the Canadian economy Kaplan said that the people of Canada are being unduly ECONOMY CHANGING conceded that the econo my is changing and that people are either losing their jobs or looking for new ones but that con be argued with the fact that there are more people working in Canada than ever The trouble Is the unemployment statistics he said i The statistics arc complied by people being asked if they arc looking for work If they answer yes they are consider ed unemployed If we look Into this we can see why so many people arc unemployed because a lot of housewives who haven work d for years are deciding they want to get a Job to have second income for the family and a lot of teenagers arc looking for work instead of continuing their education said Kaplan Its not the economy to worry about it Just looks bad now because we have a greater demand for In fact if we look bock to 1962 the dollar dropped to 92 cents American and stayed below the American dollar until 1971 Is Canada experienced Its greatest grow th rate ever during that period Now we have the chance to grow even more all we have to do is practise a little restraint and moderation I wouldnt even call it a sacrifice Even It it is is it loo much to ask Canadians to be willing to cash In on this opportunity 1 think thlsll be the theme of Ihe next election he said Kaplan predicted that the election writs will be issued in about ten weeks Vandalism is a problem as police kept busy Vandalism continues to be a problem In Hills area as elsewhere this week Vandals kicked out several sections of wall baseboard in the Acton Laundromat some time between and 10 pm on January The dam age Is estimated at Vandals also kicked In twelve sheets of wall board at a construction site on Boulevard The damage was reported by Glen Devon Ent erprises of A mailbox was pulled from its mount some lime between and p m January The mailbox was located on Georgetown Georgetown Hydro reports that a number or street lamps have been broken in the area of Beaver and Alexander Streets in Glen Williams in the last week wllh damage estimated at The damoge Is have been Inflicted wllh pellet guns A three quarterlength sheepskin coat was stolen from an apartment on McNabb Street in Georgetown over the weekend There was no sign of forced entry to apartment department store in Georgetown Market piata reported the theft of a AM FM portable track tape player two cassette tape re corders and a cassette car from the store A stereo with speakers and black and white television and about thirty mens magazines were stolen from a home on 5 east of ihe line some time bclwccn January Value of missing prop erty was estimated at A Chain Saw valued at was stolen from a barn near some time on January ACTON BAKERY AND DELICATESSEN 38 Mill St Acton 1 Mill St Acton ST DINNER 180 I SWISS CHEESE FRENCH STICKS 3 47 RYE BREAD dark Eght double