Lethbridge Herald, The (Newspaper) - January 26, 1972, Lethbridge, Alberta
WWimfey, 14, THI UTHMIDCf HHAIO 49 Five year struggle not too successful Former Commons Speaker continues battle for national securities commision By PAUL JACKSON Herald Ottawa Binu OTTAWA A former Speak- er of the House of Commons has been battling (or five years to get this country to set up a national securities commission, Marcel Lambert hasn't been too successful. Canadian inves- tors must still deaend for pro- tection In the market on the mlsh-mash of uncoordinated regulations established by the various provincial bodies. However, lack of tuccew In the past doesn't deter the Pro- gressive Conservative MP for Edmonton West. He is itlll op- timistic, for instance, that one day the House of Commons will .debate his private menv er's motion on matter. The motion, by the way, has been gaining cobwebs on the Parlia- mentary order papers for more than a year. Mr. Lambert believes that not only are Canadian investors desperately in need of the type of protection a National Secur Itlet Commission could glv them, but the country's inte national reputation demands national body with the autho ity to deal with unscrupulou market activities. PROMOTER HAVEN Currently, Canada is lookec on as blue-sky, wide-open coun try where any enterprising pro motor can move in with eas Great colonial empires have dwindled in size By MAX WILDE London Observer Service GENEVA When the Uni. ted Nations set up its special committee on decolonization 10 years ago, most of the world's (treat colonial empires still ex- isted in various forms. In that period, the greatest of these empires, that of Bri- tain, has dwindled to a frac- tion of its former size, with most of the major colonies gaming their independence. The Portuguese have retained much and the French and Dutch still retain some of their overseas empire but it is on the remaining British terri- tories that the Committee's spotlight has fallen. Every single remaining Brit- ish overseas territory has been scrutinized by the Committee, often on an annual basis. But. with the single exception of French Somaliland, now known as the Territory of the Afars and Issas, on the east coast of Africa, all French overseas pos- sessions have been completely ignored by the committee. The same strange immunity has been experienced by the two Dutch overseas territories in the Caribbean area. The Por- tuguese, fighting against guer- rillas in their African terri- tories, are frequently criti- cized, however. The remnants of the French colonial empire are not negli- gible: their total area, not in- cluding Martinique and Guad- eloupe, is roughly equal to that of England and Wales, at about square miles, with a to- tal population of some The most important of these are administered as "overseas departments" of Metropolitan France, a fiction also applied to Algeria until General de Gaulle put an end to it. These departments are Mar- tinique, one of the Windward Islands, with a population ol Guadeloupe, together with five smaller Leeward Is- lands (population French Guiana, a square mile area on the north coast of South America (population and La Reunion Island, 420 miles east of Madagascar in the Indian Ocean, with an area of square miles, (pop- ulation about This also administers two lonely Indian Ocean islands, St. Paul (three square miles) and New Amster- dam (27 square miles) as well as the Crozet Islands (200 square miles) and Kerguelen square miles) a whaling station close to the Antarctic Circle, and Adelie Land, a patch of Antarctic continent. North o! Madagascar there is the French Territory of the Co- moro Archipelago, 800 square miles and with a population of about The one French territory which interests the United Nations Committee on Decolonization, the territory of Afars and Issas, comprises 000 square miles and has a pop- ulation of about Its cap- ital, Djibouti, is the Indian ocean terminal of the railway which links Addis Ababa, the capital of Ethiopia, with the outside world. In the Western Pacific, there are two French territories: New Caledonia of square miles and a population of about as well as French Poly- nesia, a group of islands In- cluding Tahiti, of square miles and a population of about The new Hebrides, also in the Western Pacific area, are jointly administered by France and Britain. In the North Atlantic, just off Newfoundland, there are the two islands of St. Pierre and Miquelon, with an area of 93 square miles and a population of about One of the Netherlands over- Jewish exodus JERUSALEM (Reuter) Rabbi Meir Kahane, leader of the militant Jewish Defence League in the United States, called here for the establish- ment of an emergency commit- tee to organize a mass emigra- tion of Jews from North Amer- ica to Israel. Kahane said anti- Semitism was growing in the United States. POLICY SWITCH DETROIT (AP) Detroit Renaissance, a local civic ac- tion group which includes top officials of all four automobile companies, unanimously en- dorsed Monday the principle of increasing state gasoline taxes to provide mass transportation funds. In a departure from tra- ditional auto industry opposition to diverting gas tax revenues to mass transit, support for the resolution came from Ford, General Motors, American Mo- tors and Chrysler Corp. seas territories which the TO committee has not so far inves- tigated, is Dutch Guiana (Sun ram) next to French Guiana This comprises square miles, has a population of 450 000 and is an Important sourc of bauxite. The other is th Netherlands Antilles, a group o islands including Curacao, with an area of 395 square miles and a population of about 000. There are important o refineries on Curacao, whose capital, Willemsbad, was re- cently the scene of consider able industrial unrest. Member States of the Um ted Nations responsible for non- self governing territories are obliged under the Charter (Ar Hcle 73e) "to transmit regular ly to the Secretary Genera for information purposes statistical and other intorma tion of a technical nature re- lating to economic, social, an educational conditions" in these territories. Last autumn the Committee on Decblonizatio condemned the Government o Portugal "for its persistent re- fusal to transmit information under Article and "de- plored" Britain's refusal transmit information on the West Indian territories of And gua, Dominica, Grenada, St Kills Nevis Anguilla, St. Lu- cia and St. Vincent. The British contention is that these islands having become Associate! States, have reached "a ful measure of self government' a view evidently Dot shared b> Jw Special Committee. When it comes to the Terr! lory of Afars and Issas and ;he Comoro Archipelago, under ftench administration, no in formation has been transmitted since 1957. Yet in its resolution concerning tbc transmission o information, the Special Com mitfee does not refer to France at all. The present members of "the special committee on the situa- tion with regard to the Imple- mentation of the Declaration on the Granting of Indepen- dence to Colonial Countries and Peoples" are: Afghanistan, Bul- garia, Ecuador, Ethiopia, Fiji, India, Iran, Iraq, Ivory Coast Madagascar, Mali, Poland, Si- erra Leone, Sweden, Syria, Trinidad and Tobago, Tunisia, the Soviet Union, Tanzania, Australia withdrew in 1969, and Britain and the United States withdrew a year ago. Lake Louise Area Banff National Park Public Hearing March 9 and a.m. to 5 p.m. Ballroom, Holiday Inn, Calgary "The parks are hereby dedicated la thepeeple of Canada for tMr benefit, education and enjoyment. Mid such parks shall be maintained and made use of so as to leave them unimpaired for the enjoyment of future generations." SECTION 4: NATIONAL PARKS ACT A public hearing will held in Calgary March 9 and 10 (also March 11 if necessary) to hear comments on planning proposals for the Lake Louise area of Banff National Park, in particular on the development proposals submitted by Village Lake Louise Ltd. This is one in a series of public hearings being held across Canada to hear the views and recommendations of interested citizens on planning proposals respecting Canada's National Parks. Individuals and organizations are invited to submit written briefs, in either official language, and to indicate if they wish to speak at the hearing. It is not necessary to submit a written brief in order to speak. Everyone is welcome to attend these listen or to participate. Documents describing planning proposals for the Lake Louise area can be obtained for (money order or cheque payable to the Receiver General of Canada) from: Regional Director, Western Region, National indHiaoricParks Branch, 131 Customs Building, llth Avenue and Isl Street Calgary21. Alberta. Written briers >nd requests to ipnk aretobesentto: Public Hearings Office, National ind Historic Farb Branch, Ottawa, Ontario K1AOH4 The Hon. Jean Chretien, P.C., M.P., Minister nf Indian Affairs and Northern Development and operate In the market in i way that would astound people in other countries. Lack of protection for Cana- dian investors Is even evident in bond issues by government and other public bodies. Cana- dians have nowhere near the protection in this area that the U.S. Securities and Exchange Commission gives its citizens. If it wasn't so serioiis Mr. Lam- bert would find it "laughable" that U.S. Investors are so much better looked after than Cana- dians. "Frankly, you will never be able to protect some people against their own greed fnd gullibility, but you should at least try to protect them against outright fraud. And you should see that all possible safeguards, including adequate informa- tion, to make their investments sale, are says Mr. Lambert. Under our present system, the various provincial commis- sions lack the authority to carry out wide-ranging investigations, saya Mr. Lambert. Their staffs sometimes lack the competence or the manpower to do their jobs properly. A national securities commis- sion could establish uniform regulations and standards from coast to coast. It could hire top-notch economists, analysts and investigators, it would ob- viously have the authority to work beyond provincial boun- dariei. Besides asking vigorous ques- tions in Parliament about loop- holes In current seouritieE leg- islation, Mr. Lambert has also talked to some provincial offi- cials. Unfortunately, their ten- dency is to view change witi suspicion. "It's the same old story, of couree. Once you have power, you don't want to give it up." But, revs Mr. Lambert, a Na- tional Securities Commis s i o n wouldn't mean the outright ab- olition of the provincial bodies. They would still have duties to perform. Rather, the provin- cial commissions would assign some authority over to a joint federal.- provincial master commission. He believes the commission should have agen- cies throughout the country. And Hs bead office shouldn't be In Ottawa. Toronto, as a financial centre, might be tba best location. Of course, the government has made certain amendments to the Canada Corporations Act that would seem to make things tougher in the market. Mr. Lambert, however, believe! these changes are only win- dow-dressing. He calls the mova a "hamhanded, inefficient ges- ture." For instance, take insider trading. True, company offici- als are required to report their activities to this area. But don the public ever hear of reports Mr. Lambert bellevei they are just "pigeon-holed." Virtually useless. If we did have a strong na- tional body for surveillance and action, Mr. Lambert believes more Canadians would be will- ing to invest in their country's businesses end industries. And, foreign investors wouldn't look on Canada with sucb a Jaun- diced eye. So, Mr. Lambert believes (be sooner the government calls a conference of provincial author- ities to examine the details and requirements of a Joint Nation- al Securities Commission the better for everyone. m SIMPSONS-SEARS FOR 3 DAYS ONLY below our Spring price! De luxe full powered canister with automatic cord and our best attachment set for ONLY 8998 We've bettered our verr own low catalogue price by fie And pass benefit on to yon! Pins the special futures. 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