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The Clarington/Courtice Independent, Bowmanville, Saturday, November 14, 1998 Page 11 Banks Haven't Proven the Need for Mergers Parliamentary Report hv Alex Shepherd ■ While I do not want to belabor bank mergers, last week the National Liberal Caucus Task Force made public their report on the bank's request to merge. Entitled A Balance of Interests, it is the culmination culmination of views I have shared with you. I and fifty-three other MPs signed the report. Obviously, in a group this large, you have a divergence divergence of opinion. But, there was general agreement agreement because MPs reflected reflected the public's views. On the big question of mergers the Task Force said the banks failed to prove their case. They said mergers are not necessary to make banks globally competitive. competitive. The Task Force also said banks didn't need to merge to create larger capital capital bases so they could take more risk. The Task Force also found the banks didn't need concentration of resources to gain access to new technologies. In short the report advised Finance Minister Paul Martin to decline mergers at this time. Canadians don't want to stand in the way of progress and they do want our banks to be world- class financial institutions. But, when you consider the high degree of turbulence turbulence in world financial markets, as well as the potential of problems from the millenium bug, it is prudent to curtail a rush toward massive concentration. concentration. If allowed, the mergers would be one of the highest highest concentrations of financial services in the Western World. The Australian and British governments came to a Unique Exhibit .At Art Gallery The skills of awardwinning awardwinning graphic designer Hugh Michaclson will be displayed in an unique exhibition at the Robert McLaughlin Gallery, December 17 until February 7. The public is invited to meet the artist at a gallery reception on Thursday, December 17, 7 - 9 p.m. Michaclson recently founded Harwood Press in Pickering. His first book for the press is The Island of Demons, a verse play based on a Canadian leg-, end written by the late Canadian writer George Woodcock with images by Canadian painter Ray Caltell. To design and print the special limited book shown in this exhibition exhibition took three and a half years of work for Michaclson, who set the play in Caslon types using ligature, diphthongs and terminal letters. The paper is 130 gram Lana Verge Antique, laid, mould- made in France. The pages are French-folded (printed on one side only) with hand sewn tapes, bound and boxed in black buckram buckram with acid free boards. Hugh Michaclson was first introduced to print design at the Vancouver School of Art in I960. As he says: "I purchased my first press and some type while in school. When 1 graduated, hot metal typesetting typesetting was king and Macintosh computers hadn't been born." In 1962, Michaclson moved to Toronto where he worked as Art Director of The Toronto Star and in the the same capacity at McClelland and Stewart. He has designed books for most Canadian publishers as well as catalogues for The National Gallery of Canada, Gallery Moos, Roberts Gallery and the Robert McLaughlin Gallery. A master of design technology, Michaclson\s first love is still hot metal, rich handmade papers, and letterpress printing, a technique where the letters letters are pressed onto the paper, The book is a masterpiece masterpiece of printing, and we arc proud to show it at the gallery. similar conclusion with their own banks. What's odd is the reaction reaction from the financial services industry. For the amount of money these institutions have to spend on public relations, they don't seem to get their message across. That was evident when Mr. Moorchcad, from the Royal Bank said, "Well the bankers in New York and San Francisco will be rejoicing." You can rest assured bankers in New York etc. aren't too sure where Toronto is, let alone ready to pounce on the bank's business here. Banks just aren't used to being told no. From taking taking over trust companies, to gobbling up brokerage houses and buying insurance insurance companies, banks have had their way with the Canadian economy while hiding behind the Bank Act. Remember the banks saying we had to have NAFTA because they were going to clean up in the U.S7 The reality is they couldn't compete down there and ran home seeking seeking shelter. When appearing before the government in Ottawa, the banks showed up with three-page submissions outlining why they should be allowed to merge. But at the same time they force small business operators to give them stacks of financial financial data for a mere $5,000 loan. Then, the banks say MPs just don't understand them. The banks criticize the Task Force, calling our conclusions silly and childish. They fail to understand the parliamentary system actually works. The views of Canadians are being expressed by MPs. Canadians don't see what benefits bank mergers mergers have for them or for their country. Therefore, to criticize the MPs is to criticize criticize Canadians. If the banks' public relations strategies are any indication, you have to wonder if they can be world class. Perhaps we should have been saying no to them more often. SUPER SPECIAL MEN'S SUITS Value to /yU; Hr *279" U I : : -J JS wm. Canadian-Made LONDON FOG LEATHER & WEATHER-MA JACKETS h /,,). Ii v £ .J U i. \UV. .: Reg. *495' NOW „ )//t l y \ 7 MEN'S PIERRE CARDIN CORDUROY & HEAVY COTTON TWILL PANTS ^values to'60' WlLPfilSi gV ife ine»WWiWS|W»i@r WE CARRY A PULL RANCE OP murnmaimmmm .to tU"iâi.Wrtîi -)'«!' Is ! IllP (r.1 1 j.r RANGE 1 V; Ih yijJ RANGE 2 WSUITS >■ ( . 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