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them up; "grams have been maintained but ».The pace of advance in Cana- dian business has slowed down, and recent developments. scarcely 'signal: any quick or marked re- "sal of expansion, says the cur- t Monthly Review of The Bank Nova Scotia. " With the growing impact of am- ple world productive capacity and intensified. competition, together with the moderating influence of 'monetary restraint; North Ameri- can demands for industrial. mater- dials and for new plant and equip- ment have not*swelled in the way many people anticipated. Business 'has continued very active in both Canada and the United States, but attention has been. concentrated on the more economic handling of inventories rather than on building capital investment pro- not expahded; and prices of com- modities' in general have been un-} der downward pressure, rather than upward. Along with these real develop- ments, moreover, the talk of ine- vitable inflation which was so prominent last year has now very greatly diminished. In. assessing the economic out- look, the Review notes that owing _' partly to unsettled world conditions U.S. government expenditures are _ scheduled to accelerate in the sec- | ond half of this year. And the Fed- ' eral Reserve authorities have tak- ' en action to expand the volume of ' eredit. U.S. activity, though it has slipped in many industries, may still on balance tend modestly up- wards for the rest of the year, | thus contributing to a similar trend in the Canadian economy. In Canada, moreover, easier con- ditions in the capital market to- gether with the re-enlargement of direct government mortgage lend- , ing should at least halt the decline in housebuilding and should also stimulate spending by provinces ' and muniCipalities, In addition, the recent decisions permitting an im- mediate start on the big project ' for exporting Alberta :gas to Cali- fornia will strengthen business - capital spending, while the some- what lower exchange rate on the Canadian dollar should help to re- _ lieve the pressure of foreign -com- ' petition. Though complete statistics are "not yet available, the Review says _that the total volume of produc- 'tion in Canada during the first 'half of 1960 appears to have been 'roughly three per cent above that in the corresponding period a year ' earlier? Most of the advance to ' this higher level had been achiev- ed, however, before the start of | the year, and the modest gain in activity since then has _ fallen --short of the growth in the work- ing force. Unemployment accord- 'ingly has increased and, ' minimum estimates of 300,000 per-. sons (or 4.7% of the labour force) in June and July, has been close to the postwar summer high re- corded in 1958. The strongest. expansive influ- ence on the Canadian economy 'this year has been the uptrend in European business which, to- . gether. witha notable recuction in trade restrictions there and in sev-| eral Commonwealth countries, has greatly enlarged the overseas flow of many Canadian exports. ~ Meanwhile, however, exports to the United States: have been re- duced since April both by the lev- elling-off in: the U:S. economy and / by the sharp curtailment of ship- _ments of uranium. In addition, the ' indications are that total »capital expenditures during the first half of 1960 dropped to a rate below that in the latter part of 1959. And ' with income tending to level off, ' consumer spending has been dis- regions of the country. Of Ontario} tinctly sluggish. e Review goes on to discuss | omic conditions in the main ' it notes that the trend in industrial ' activity has been slacxened since} 'Jate last- year. By early summer industrial employment was run- ning more than 2% below a year ago and, even with continued ex- pansion in services, total non-agri- ' cultural employment was no more _ than holding its own. ' revival in business capital outlays, | Though there has been a notable at the, Cross Currents in Business" Bank of Nova Scotia Review housebuilding has declined sharply and total. construction employment as. a result has been below.a year earlier. The most vigorous areas of capital expansion have been primary iron' and steel, office buildings and electric. power, in- eluding a- start of construction on Canada's . first full-scale nuclear power station near Kincardine on Lake Huron. In the automobile indus tr y, whose problems. are now 'being: re- viewed by .a -Royal Commission, production was well maintained in the early months of 1960; in part making up for the lag late last year caused by the U.S.' steel strike.. For the period from Octo- ber to July, however, output of cars was 6% lower than in the previous model season. The growth in import competition and the switch to '"'compact". models have adversely affected manufacturers of tires and auto parts. . In mining, the. dominant. factor Thursday; -September=22,°1960 -by Claire Brisson Last week, September. 8th, one hundred and 'sixty one students registered at Saint Mary's Aca- demy.. H}. was..back. to..school for many of- the-students but a large | number -are' Boarders :for;the first time: The nine: classrooms are fill- ed to capacity. The Day: Students number .at least. one hundred and fifty. At nine: o'clock the next morn- 'this year has' been -the stretchout in uranium...deliveries».which by May. had. reduced. production by more: than.30% from a year ago. The Haileybufian ® page' 7 ing, the students grouped at the auditorium to meet the new Chap- lain, Reverend. Father Magnan, the new Superior, Sr. Germaine-de- Marie, and Sister Principal. School- work began at 11 Friday morning. Sunday the students spent a fine evening at the auditorium enjoy- ing "The Lady in White". The new Boarders were formally initiated on. Sunday the 18th. The initiation program is part.of.a cus- tom at the Academy. The same tricks and the same games are used every year to break in all new students. 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