The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

ORONO WEEKLY TIMES, THURSDAY, JANUARY 26ti, 196~7 &lex IrarrutherSý, _M.P.P., »uirham The recent collapse of Pruden-e '.ia1 Finance ndthe resulting j .oncern on the part of the invest- ing public and the Government wilI no doubt receive consider- aeble attention in the Ontario Leg- isauewhen it resumes on Jan-l uary 25th.1 Pruxdential Finance was lueur- ponratedP iu 1928, and tip to 1962, ýoperated as a small consumner fi-e ance comparýy, with) no financialx 1 difficultîes. In. 1961, Pruidential was acquir- teýd by J. B. _Brian, wvho hI. 19621 beanto solicit funds Lyrm thieâ public on, 360 day short tormf noethus circumventinig The On- itario Securites Act whîch, re- quired that a Prsetsof a COmpanIY's finlancial position be 'iled for, notes of 365 d!aysý or over. The Governiment, to en;-surE, that Investors would be inorida miended the Act at the next Ses- sin, thuýs re-quiiring Prudential to, file a Prospectus and dJeliverc it to 4tS purchasers of notes. The Pros- p'ectuls disclosed that th oe issuî.ed by Prudential were unise-. Unider Brien, Prudential b came a holdinglx comýypanly, acquir- igseveral subsidiaries, inceludilngý North Amierican Assurance, Tri- aýngle Equîiment and oth-ers. Fo - Iowing- this action, Prudentiial in: I curred financli loases both ihýj 1L962 and 1963. The Ontario Securities CommýI. ahoin at this time broutght to th.e attentionl Of the investors thepo .>ential confusion, in the ujse of the worjd, Pruidential. The Prudential Insurance Comn-,ïiy of America atarted action aginsL Prud(ential FýinIance, and, the Governmnent re- quired the Comnpany to dleserib e -his litigation la its; next rpc- tus. The Securities% Commissio fuiri Jher required the Compjaijýy to is-' ýue Jlon-term nlotes Only to the pxesent holders of short-termT noles Wh centhe authIority' for the sale of long-termi notes to thie -enerai, pub- Ïic expI)ired in July, 16,teCm oission did ncit renew it, - The Governmnent -investigated(, The action of Prudentiil whený it began the takeover of the O'Briený Gold -Mines in 1965. As this pirov- ed to be a contest betwecn two, 'orpor7ations, it did( notwarn goverinment iterference, but a comiplete Governmnent staternent was issued on the transaction at -thiat time. Early in 1966, adiioa nfor- mation demanded by 'the Coin- misio .dsclosedI the possÏbility ~fevenltual insolvency, bunt there wa's no indication of any inlability to met urrntIiMiitieS nlor ac-: tive~~~ bakuty. fsîe the com- pany's assrace inl March, 1966: that it oudSolve its difficulties, invstrs enedPrudýentiaI the Who alyd heîtecmayS securities. it ls made! thie G ernment oQebcareof the situiation, because oveur 60%_ of the notes wcre sold inthtPo- tince. The Quebec Governmnent took smaraction. Upto this timie, there liad bfýeen no) evidence to inýdicate anyv breacli of The Secuirities A(2, Thec ýCriminal Code, or The Banl<rupt,)- cy Act. The Company hiad tf f ii- ed ail its commitments to its in- vestors, and made full disclosurie. Then on November lst, I16a aceries of everfts 'began: 1, The .Comipany dlefaulted f orý the first"timie to its note holders; 2. The Trustees for the n3otIe holders contactedl the OntairloSe curities Commission; 3. The Commission demandedf a Severali teps have already been taken by the Ontarï(o Qov- ernment te provide further secur- ity througb amendmnents to The Corporation Aët and the Ontario gecijrities Act. These amendments passe-d at the last Se2ssion of Leg,-ý lisiature, together witi their reg- ulatiois could inake Ontaric leg-1 isiation the bcst on the c4ntlnent4 lard. furtbe~r atudy is continuing. 'No aniaunt ofl tegisiation, how- ever, ca prlotect the iniveStlng public entirely. The problem pos- 1.Should a Govermunent be authi-zed te prohibit a Company Prani~~~~~~' rn-n n n tn ,nnt harraws *in v mp.rICAUÂvJ3 J- Report From Queen's Park Doctor ln The Nose On the final page of last week's note of sanîty. And then lu tn he- Statesnian, the Bewmanyille last act we have anotjxer ntuse, Drama Workshop advertised Mary Kerr. This sounds harniles skèýteh of the true-blue noble imnu enougli, but wait until you stect; "Dootor in the beuse" witli a I s-he gets them into thetghe- himself. Don't idt that pictpre spot of al:. keep you away fr&m the play next week. The doctor had Iits picttu-e Wynne Wonnacott kýdreUg Lakern fo r the ad just last week, 1 the play. Her first appe.-anace- ors to decide w)ien alid how they' should in'vest their money? 1 3. Without throttllflg sPevulat-I ive investment, can tegisiatiorl e enacted to assure investors that they wl neyer lose mioney? 4. The investor lias tliè right teý receive a Prospectus making al materïal facts available. bas he net also an obligation to study it? 5., Bankruptcies occur because of fraud, poor business judge- ment, changing business or ecen- omie conditions. Can goverunient legisiate te prevent these occur- ring? .6. Decisiona are made by mani- agemnent every day of the week. Is the Governmnent justified in placuýýg a 24-hour-ada guard over the assets of every compan i the Province? wiun the B.., .was ni "Te blungerers." Then she, played "Beer" in "Geofge and Magre Seaise starred in "Thbe Sa--t box" and "The Curions S4,vageY1 bIer moat recent role was that o!f Miss Meacham ilu "SepairateTrab- les". She had directed two ocne- act plays, "The Invisible Worm" and. "A Resounding . Tirnkle"ý'> which won the best play awa-id Wn the 196R4 Peteirhnroue-, ,sh eti.al cause înula'certain period it su > hheonly remedy available fo pi a orteRaOray, ahemitua ls tered !osses; tefnre arl rn.Testa laesee this week's box ad teProvincial GoVernmnent, be- tions thiat these six mnanage to getfor further particulars about cause The Criinal ëodle and1 into àre beyondI yoir iaia "Doctor in thre Ibuse". To tos 2, Prudential Finance offered Panking are undfer Fora juris- tion. Then, of course, there la the wvho wonder whether or not the interest rates twice ashigh a dc ionlto ula<e certain that simlarwel-esablshe buines-a Cmpay des oV ~i~anypew Iatron, Marjorîe Couch, and the play is aduit èntertainment, the es. -Should Government attempt tw ýecuriies, without mllkingý a fuil chief surgeon, 'John Amnesbury,wrkopsgstthybro a take a-way the freedom of Invest- disclosure of its finanelal position. Iboth trying ln vain, to injeet acowfmtemadra t FEAnTURE!-ýSave 30( oit Luncheon -Ment, 12-0z. BUR SIPORK 2 for S P'ineapplAe Gapfrit4-oz. ýi iL 'L.3 for SI, Saive Lb:Vaor Vegetable ' TANTSUS Save 32!-Ch'oice Quality 15-oz. tir 7i forS 25~ lu 28-oz, tinâ 4 for $1 FEAT~lJ-RegIar$1.83 Value!I I ATUE' - ane, lily surIlErsL ASSOLITED cello packages 3 r~as~ 89 B~? ru; :-s:ve 18e!- Economy 400's ~ ~7X Ti~s~es 3 pkgs~ 89~ VALUE CHECK'D MEATS "Sýpecially Selected"-Value Check'd Teýnder n- "Pieniie Style" (SholderCnt)3 hte 6 Mb. nvg., PORK ROAST IL WllTrhmed- -- AInays Tender Boston Style PORK BUTT (For Roosting> Tender V ouar,, -- Extra Lean BUTT PORK CHOPS Brn"Fanions weet PickleS Cryovae Ilalvez COTTAGE ROLLS "Brn"Mild Cored We11 Streaked IDLESS BACON Vac Pack BEST BUY! -Sve 19c! - liriINZ CO)NDENSED 10-Oz. Tis TOleMATO eSOlUP 8. $01 20e OFF 1INSTANT COFF ý7L6-0z, jar MecOF IUI A 322 z. Size JE ,T 1;U1Y! -Save10e -V TAWElII ;V ITI PCTN)-t-WAGSTAFî,FE or -lO.jars AYi"L ME R J SAl$ 1 BU Y-O0F-THME-WNEE K Iour Own Supremle PEANUT BUTTER !,iant 48.-Oz. Frteeèr Jar 91.17 Value BE5ST BUY !-Save 4c I- LANCIA MACARONI Ge '2-lb. Cello BEIAVO 0PLAIN SAUCE i-z.tins 31 SPA,ýGHETTI 43C FEATUÊE !-Sav 9 ISaeoBrand SoliS White Meai 7-oz. Tis TUNA FISH 2 for 89c Save 27e --saico Mandarin 10-02. Tipa Oriâange Siices 4 for $1 $1 CRACKERS 3 pkgs. $1 Sae 0e!-ed& Wbîte Pkgs. JeIIy Polwders 10 for $',1 M-iE A T pIýES 4 5or15c FANCY PEAS 2-lb. bagq 57e BKELiRY S PEIA LS BEST BUY!- Save 20ce! AUNT MARY'S SLICED BEAD 2O.Loaves $1r, REG. 49e VALUE! SUPREME BRAND APPLE PIE 24-0z. Size39 Weston or Sunbeam GOGLDEN POUND CAKE ReI 49c 45c. 45" lb. 55c lb. ý65c IL 65c lb. .79c 1lb. Tray 59c lb. 55c Paim Garden-No. 1 TOMMTES Purpie Top W,ýaxed - No, i TURNIPS CELERY - Big Salvings i Iealth Beautly Aids - pEEG. q9e! BRYLCREEM A...... .. l», argýe tube73Cs rEEG. S1.19! MlACLEAN'S TOOTHPAE .amltue$1O SILVIKRIN SHAMPOO .....,reg. size 73c ISUNSHINE FRESHI FRUIT & VEGETAIBLESt CALIFORNIA - NO). l - R ED EMPEROR GRAPES1 2 Ibsý 39e 19~ lb. 8< large stalks 23e Cý«»MjW ME'« Red end White, O-n but in the play he reminiaes a- bout the times during his student days when lie was very definitely off-duty. There are three student dc to>rs, played by Lloyd Johnston, David McKinley, and Ken Dennis. Their cook, seamstress, di-sciplin- arian e. is played by Ingeborg Rietmnuller. Tliere is aise a hos- "Bournsa" MliS Saso -tl Caipflre Brand ISAUS.AGE (Sm-alI Uînk) 'Burns," MilS Sas Vtl-,VePc