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Page 10 THE HERALD Wednesday Novembers 1989 Supporting GST isnt crazy chamber Law suit aimed at ByDOUGPENRICE Herald Special Last week In the paper a copy a letter the Chamber sent to MP Garth Turner was published This letter was written by thi issues chairman and supported tlw concept of the Goods and Service Tax Since last week I have beer asked by certain business people we had gone crazy I assure you wt have not Chamber Made The press is full of news of GST Not a day goes b that it not make front page news n the dail papers What is lost in all the rhetoric is the most basic fact thai the present Manufacturer Sale Tax is seriously flawed and in impedes the growth of our manufacturing sector The i a hidden tax that is levied at the manufacturing level the per cent is added on to the bottom the invoice The need to this tax stems in part from Canada s posi on removing tariffs and duties n imported goods not just from the United States but from trading partners throughout the world If we don t change the MST goods entering the country will have a competitive advantage when the import dut is removed For example our large retailers buy goods from all oyer the world In fact many have buying offices in other countries The goods they port enter the country and the duties are paid If the duty eliminated and the product costs the same the Canadian hirer would be at a disadvantage when the MST is added on This was main reason that the Chamber supported the con of the GST not the fact that we like new taxes In conjunction with this tax reform we asked that the federal government review its spending on all programs It is obvious from the Auditor Genera report that government spending in man cases is wasteful and this attitude starts right at the top The recent overseas trip Prime Minister is a good case in point Our PM travelled with an en tourage of over people Thev flew to South America two cars that could not be used because there was unleaded gas The party bought cellular phones in Singapore that could not be used and I am sure the list goes on and on It is these examples of fiscal ir that could doom tax reform the federal govern As consumers we look for good value in the goods and vices that should we ex any less for our tax dollars The Halton Hills Chamber of Commerce is dedicated to serving both business and the community information on any chamber program call 877 Diane Maley Bui nets Not much is being slid about it but a New York investor is suing Robert and his company for damages suffered the stock market The investor is using Mr and several his senior officers of making f and misleading statements about the s business affairs and of failing to disclose adverse in formation about its- financial Corp has refused to comment No dollar is specified in the suit so it has not attracted such publicity But it must be sending chills down tht spine of Canadian companies thai trade their stock in S market From a Canadian point of view this is no ordinary lawsuit It is a class action suit something that is not done in Canada because our laws are different In action suit one shareholder can sue on behalf a whole class shareholders who will share equally in the benefits if the court finds on their behalf MONf- The suit in question seeks to cover shareholders who bought Corp common shares between April 1 and Sepl 19 when riding resumed after a sixday hall announced it was in trouble and was Irving to work out an arrangement with the Reichmann and Olympia and York When investors finally realized just how much rouble Campeau was in the price plunged In who bought before the stock was hailed saw their invest men halved in less than wo weeks Whether he suit has ment us not for us to sa What is important ij what it means for Canadian com panics and investors For com panies it points out the need for prompt disclosure of material fads fur investors it raises tht hope that disclosure will improve US securities laws require more disclosure than do Canadian laws a fact that has made some anadian corporations and institutions reluctant list their shares for trading on the New York Stock Exchange But the question goes beyond simply meeting legal disclosure re which Campeau Corp well have done Companies should bend over backward to keep their shareholders informed about hov they are doing summer at Campeau s an meeting Mr painted a bright picture of the com prospects No one doubts that he believed all was well But his fortunes changed suddenly By Corp mid September Campeau was virtually insolvent OFFICE MAGIC St Georgetown 877 Co CHARTERED ACCOUNTANT Main Street South Georgetown Ontario S I 0109 FREE GOLFERS POCKET DATE BOOK Includes golf facts and figures 1990 tour dates and a full year calendar As sponsor of the Liberty Mutual Legends of Golf Tournament we d like to add to your personal golfing enjoyment with our pocket date book Just fill out this coupon and return it today Please send Liberty Mutual a 1990 Calendar to Name 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