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was Kl 'avtr9r9r9r*9r9r9r*9r9r9r9r.9r9r9r9rntr9r9r9rotrqtrrtrqtrir9rqt+trotrntrntr9rqtrirA ..t2l.tttgr.g.t.g.t.t..ttg.tttt with predictions Booming growth, in. tensifying inflation and massive and continuing attacks on the us. dollar No recession around the corner w haveal1amtttinedtomatre InitaBusinetesRevimrtor tttetirsttatnoettttaottttit, JulyttteBankotMoettrw yearoneotthonosteventttg sees the second half " in recent memory. equally momentous. but InitaBusineasRevimrtor tindsitdittieuittoag-ith dollar and: will we to drmr.eet1itreryt.ftty.et JulytheBankofMontreel predictionsthatarocaulon oeeur.'thedoiiarhaatteen 't','e',,tt'tlt"t2'it',iiStf'f, mes the second half " ialustartturttittteamter. -battereddownaokwthatlt “WWW tt equally momentous, but somereaolutiontothtrU.S. is inconceivable that it will 1098'"de W“! I iibWho/a' TV 's'6wr'iiTrcJuuursb'ro_bu ; . ”a” W " me \ HHH’t‘Htfigfimm. cont-cl program will begin this month and nurse respite from the fast rise in prime is widely expected to occur this (all. As for economic growth.» statistics in coming "tooth: will be closely scrutinized to determine wh er the economy is Magma: to a more sustainab e growth atrteemed,ttteU.tkPt-N The present growth rates in North America exceed those which either the Canadian or American economies could reasonably be expected to maintain over an extended period. For the year ending March 31st, the volume of all goods and services produced in the United States rose 7.9 per, cent, the fastest one-year decades. In Canada, both the last quarter of '72 and first quarter of '73 showed real growth at an annual rate of 12 per cent. 1h both economies, the major source orstrength hag sector, which accounts for roughly 60 per cent of all spending. Sales in this sector in Canada, in the first quarter were some 22 per cent higher than a year earlier. The main reason for the strong advance has been an exceptionally high level of auto sales combined with a buoyant demand for household furnishings of all kinds. Last year in Canada, construction started on almost 250,000 new housing units, a 7 per cent increase over the very strong per- formance of 1971. In the first five months of 1973, starts advanced further and were running at a seasonally adjusted average annual rate of 263,000 up 5 per cent over the average of last year. Non-residential con- struction, which until recently has not been very active, has shown a strong advance and the value of building permits for com- mercial and industrial structures in March ran some 60 per cent ahead of March mt. While domestic demand has been exceptionally good, external demand has been even better and Canadian overseas shipments in the first five months of this year were 35 per cent higher than in the same period a year earlier. Exports to Japan were up a startling 83 per cent. Buoyant business con- ditions abroad are partly' responsible for this fast growth. However, the very sharp decline in the value of Sineethef1rstottheyear, ttteGermantmrk andthe Swissfranc havelncreued invtthtebyover80pertmtt " the us. and Canadian the 70.8. and Canadian dollars vis-a-vis the prin- eipaloverseas currencieais The latter has resulted from the high level of housing construction, which has been an important aspect of the business ex- pansion in both Canada and the United States during the past two-and-a-half years. aiiitto,tm--rtien