Lethbridge Herald (Newspaper) - January 8, 1971, Lethbridge, Alberta
22 - THE LETHBRIDGE HERALD - Friday, January 8, 1971 Offer shares in U.S. bank OTTAWA (CP) - A 10-year program to ensure at least 75-per-ccnt Canadian ownership of the Mercantile Bank of Canada by the end of 1980 was announced Thursday by the finance department. The First National City Bank of New York, now owners of the only non-Canadian bank chartered in Canada, will issue new shares in Mercantile for sale to Canadian residents. First, Citibank will deposit 75 per cent of its shares with a Canadian trustee. If by Dec. 31, 1980, sufficient new shares have not been sold to Canadians to transfer three-quarters of the bank's ownership to this country, the trustee will sell off sufficient of the old shares to ensure 75-per-cent Canadian ownership. Mercantile was originally organized by Dutch interests, and was bought in 1963 by the First National City Bank, The government then became alarmed at the bank's ownership by the powerful Rockefeller interests, and proposed Bank Act amendments to confine its growth. AGREE TO DEAL After lengthy Parliamentary committee hearings, a deal was made by which Mercantile would be permitted to grow only in relation to its transfer of ownership to Canadian interests. It was originally intended that 75 per cent of Mercantile's ownership shares would be made available to Canadian investors by the end of 1972. Mercantile said at that time it would offer sales to Canadians when Mercantile was a sufficiently attractive investment to draw buyers. Mitchell Sharp, then finance minister and now external affairs minister, suggested then the government would consider sympathetically any future Mercantile plan for increasing its authorized capital. The plan now approved by Finance Minister Edgar Benson stems from a Mercantile bylaw passed at its annual meeting last month, authorizing an increase in capir.l to $40 million from $V million. The increased capitalization is to take effect in six stages of $5 million each. After the initial $5 million increase, each increment can take effect only after all previous increases have been fully issued to Canadian residents. If the additional $30 million is not all subscribed by Canadian residents by Dec. 31, 1980, the trustee holding three-quarters of Citibank's current interest in Mercantile "will sell as many of the parent bank's shares as necessary to increase resident holdings to 75 per cent," the announcement said. Dissident groups sprout in Russia NEW YORK (AP) - Politically dissident groups are sprouting in the Soviet Union and political trials are multiplying, even though the forces of dissent have no visible chance for success in the near future, Yugoslav author and former politician Milovan Djilas, says in Thursday's New York Times. "But," he adds in a signed article, "today it is essential that they exist, that they can no longer be uprooted, and that those who rule today or who will be rulers in the future will not be able, due to the existence of these forces, to rule with complete peace of mind." Djilas says that it appears that the military is in the ascendance over the Communist party apparatus and its leaders more able than civilian functionaries. Djilas contends that, with the overthrow of Nikita Khrushchev in 1964, the Communist party bureaucracy obtained a certain stability-free of fear from purge-but at the expense of creativity and vision. Since 1964, a relative equality has developed between the party organism and the military apparatus-largely due to the strength related to modern military technology, Djilas says. "But regardless of relations among the ruling groups, the heresies of freedom are spreading; in the S'oviet Union disagreements and political groups are sprouting and political trials are multiplying." Missing woman is found after 11-year police hunt BOULDER, Colo. (AP) - A 67-year-old woman, who went out to empty the garbage 11 years ago and disappeared without a trace, was found in Victoria Wednesday night, alive, well Minor alterations aire planned for courthouse CALGARY (CP) - The Calgary courthouse will undergo minor alterations but no major expansions, Public Works Minister Alberta Ludwig says. Chief Justice J. V. H. Milvain of the Alberta Supreme Court said Tuesday that expansion of tthe courthouse is needed because of heavy caseloads and the expected appointment of another judge. A lack of money is delaying expansion, Mr. Ludwig said, but some larger courtrooms will be divided into two and another court will be made available next month. Compared with other provincial centres, "Calgary has pretty good couil space." and living under an assumed name, Boulder police reported Thursday. Ellenor Marie Hacker had not been heard from since Dec. 2, 1959. Police said she left her house dressed in a bathrobe and took only her toothbrush and a hairbrush, leaving the remainder of her belongings, including $500, In the house. Her slipper was found in an alley behind her hom.e at the time of her disappearance, leading police to suspect foul play. Police traced her to a San Francisco address, and Capt. Ted Kozanecki of the Boulder police flew to San Francisco Wednesday, locating Mrs. Hacker's former landlady. The landlady said Mrs. Hacker, who had been working as a nurse, had moved to British Columbia last April. Kozanecki called her and Mrs. Hacker admitted her true identity, saying she left Boulder of her own free will. She had not contacted her children since her disappearance. Mrs. Hacker had worked as an insurance underwitcr Boulder. in ART DSETRECH DENTURE CIINIC Certified Dental Mechanic Metropolitan Bldg. 328-4095 President ill i TUNIS (Renter) - President ; Habib Bourguiba of Tunisia left here Wednesday aboard a U.S. ! Air Force hospital plane for the United States to receive medical 1 treatment. Bourguiba was taken I ill with hepatitis, inflammation | i of the liver, in May, 1969. 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