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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 2, 1970, Lethbridge, Alberta -Monday, November 1, 1970 THE IETHDRIDGE HERALD 19 Banks Play Ball In Restraint bunking operation based in Lon- TOUONTO (CP) Tire prices i The narrowing of bank profit j don. and income? commission re-'margins during recent months j Participating in the new vcn- leased a report licre ronclud- may not be attributable to are thu Hoyal Can- World's Major Banks To Form One Operation MONTREAL (CP) Four of Hie world's major banks today announced plans tor the estab- lishment ot a joint international ing that the seven largest Cana- dian banks have lived up to their commitments under the federal agency's restraint pro- gram. The commission also con- cluded that the banks' prorits did not substantially increase Hie cost of tori-owing money. 'ITie 41-page report drew no conclusions about the level of interest rates and emphasized that the commission "is not ex- pressing either approval or dis- approval of the level of bank profits as such." The commission study of bank profits covered a period of ap- proximately six months prior to July 31. The report notes the commission has been concerned only "with the size of changes in prices, profits and income levels in present economic cir cumstances." INCLUDES PROVINCIAL BANK The seven banks studied b; the commission were the Roya Bank of Canada, Canadian Im penal Bank of Commerce, Bank of Montreal, Toronto Dominion Bank, the Bank of Nova Scotia nnoue Canadienne National? ard the Provincial Bank of Can ada. The study was begun alter i was reported that the banks ha( a 20-per-ccnt increase in profit! for the six months endec April 30 compared with the same period a' year earlier. In formation provided the commis sion by the banks dated fron Feb. 5, when the banks am other businesses agreed to stay within certain guidelines. During the first six months ol the restraint program, the re port said, bank profits were 12 pe cent less than earnings for the previous six months, despite an increase in assets of 3.6 per cent. The commission, after stating the banks had lived up to com- mitments, noted proposed creases in personal instalmenl loan plan rates had not been put into effect. EXTRA EFFORT "In certain respects, such as the abolition of the exchange charge on out-of-town cheques and the reduction of mortgage lending rates, the hanks have gone beyond what was strictly required of them under the agreement Net otter-tax profits of the seven banks totalled 'P168 mil- lion in 1969 and the average yield for shareholders was 11.3 per cent. The commission estimated if half of the 1900 profit had been applied to a reduction in loan rates, the average interest rate would have been reduced to 7.77 per cent from the actual figure of 8.09 per cent. Red Cross Called Great Whilewaslier DUBLIN (API An exiled Greek woman publisher says the International Red Cross is "the great whitewashes of hni- tal government. Helen Vlachos, 58, who closed down her newspapers in Athens and went into exile in 1067. ac- cused the Red Cross of doing nothing about the military- backed government of Greece. She spoke at a meeting here of the Irish branch of Amnesty International. In the Second World War. she said, the Red Cross went to German concentration camps siicb as and Da- chau but never told what was happening there. She said the organizalion was doing the same in Greece today. Mrs. Vlachos. whose retired naval-officer husband remained in Athens and was jailed, praiseri A mnesty International as "the only organization that worked.' She crcdilr.d Anthony Mar- recco, Ireasurer of Amnesty, with saving thousands ol Greeks from torture by his report on tortures that had been carried out in the country. Mrs. Vlaclios said Ihe mililary seizure of power in Greece was "not a revolution, a coup, a putsch or a mutiny." "It was a hijacking operation surprise attack by a small minority group who decided, on their own evaluation, that the country was not going the way they wanted it to go." SURVIVAL KIT SASKATOON Univer- sity of Saskatchewan students' council Iliis year issued a "sur- vival kit" to new students to help Ihcm become acquainted with the campus. It contained a bMh-conlrol handbook, sports schedules and information on registration and the student health centre. licipation in the restraint pro-jada, Britain's National West' gram, the commission said. j minster Bank Ltd., Germany's Changes in market conditions Westdcutsciie Landcsbank Gi- and other factors "can also rozcntralc and the Chase Man- exert an important influence on lhallan Bank of New York, the short-run trend of bank W. Earle McLaughlin, chair- profits and operating margins.' man and president of the Royal Bank, told a press conference the new venture will comprise a merchant hank, a medium-term bank and what he described as a management service corpora- tion. He said if will likely be a few monlhs before these new opera- j co-operation, tions begin, possibly early in' and financial environment of to- for a number of yell's to be best described as suffering from certain acute needs which can only be met effectively through greatly in- creased forms of international 1971. Mr. McLaughlin said banks from other countries will likely join the venture, bringing the total to six or seven. "The international banking THUBE NEW STEPS The new ventures, in which the Ucyal Bank of Canada will have a more or Jess equal share, mil include: new international mer- chant bank, Orion Bank Ltd., which will counselling, tional undenvrilings, provide manage financial inlerna- organize consortium loans and assist in corporate mergers and acquisi- tions. The authorized and issued capital will he million, about million. medium-term bank, Orion Termbank Ltd., which will also have initial and issued capital of million. Emphasis at Orion Termbank will be on large-scale Euro-ciuTency loans of up to 10 years [or imillina- [lions will he closely linked lo. liomil customers ;nid its opt-ra- nnd with, those of Poet Turns VENICE (AP) 85 American poet Ezra Pound 10- the merchant bank. r i o ii Management Ltd., wliich will be concerned with activities co-ordinaling Ihe activities of day and his lone-lime comnun- 'llio new joint venture medium- ion, Olga Jliidge, and I wo Vejic-'tcrm and merchant hanks and lian friends helped him act as a central planning hi ate in liL home here. The group for studying new aclivi- s c 11 -n v i! I'BHiiii and his lies friends had "anncd an outing to mainland Italy for I lie occasion but cloudy salhc-i- kept them hi town. M.ATUIiE SLOWLY Bamboo seedlings Uka sev- eral years to mature. TABLE RITE RED BRAND CHUCKSTEAK CHOICE Prices effective until closing Saturday, Nov. 7 We reserve the right to limit quantiliei UPTON'S Ch, Noodle Soup Twin Pack TABLE RITE RED BRAND CROSS RIB ROAST CANADA CHOICE Ib. TABLE RITE SHOULDER STEAK TABLE RITE SHOULDER ROAST TABLE RITE PORK CHOPS Yoijng Pork Ib, 53' TOMATO Soup 10-oz. Tins 4... 59" Young Pork Ib. Young Pork Rib or Burl End Ib. 69 HEINZ TOMATO Juice 48-oz. tins Swift's Premium WIENERS Swift'i Breakfast, linki SAUSAGE ,43' SIDE BACON Swift's Prem, Lazy Maple or Applewood Ib. Garlic Sausage Swift's Coil, by the piece ROBIN HOOD ANGEL Cake Mix 15-oz. pkg. Hair Spray IGA Bouquet Firm or Ex. Firm 10-oz. OYC IGA Bouquet, Normal or Dry 32-oz. Success Liquid Wax 27 II. OT. .in 79C IGA DAIRY-SPECIALS NABOB REGULAR AYLMER FANCY COFFEE CREAM CORN A 09 l-lb. bag or PEAS 14 (I. 01. tint Tfor PEAS 14 fl. 01. tint ALYMER BOSTON Cream of Wheat Honeycombs Pineapple Wafers Mix 10-oz. pkg. Posts 9-oz. pkg. Woodland Glazed 39c 49c r53C BROWN BEANS YORK CHOICE STRAWBERRIES TOP VALU HONEY 14 fl. 01. tins 4 5 KRAFT Coffee Charm 10c off, ll-oi. jar P'l0, for TOP VALU CANADA NO. 1 14 fl. 01. tins AYLMER TOMATO .-0, ior cwoer'svienna.ch0'- 59c 1! fl. 07. boHle 4-lb. tub for 05 t11 UPTON'S TOMATO NOODLE Soup Twin Pock Cheese Slices Margarine wes.......3-n Cinnamon ReSSs Chip Dips 39c Pkg 89c 9.J-OZ. pkg. QQ O7l> Krafl, 4Q 5 varieties 8-oz. KRAFT PROCESSED MeGAVIN'S Raisin Bread 4 Fresh IGA FROZEN FOODS French FriesFraier. 55c Fish Sticks 65c Green Beans crr 69c Cheese Pizza I IZZQ Guiseppi, 6 varieties Meat Pies Vork, 3 Varieties......... 8-oz. YELLOW SUGAR S-lb. pice. 69' POST'S Alpha Bits Sugar Crisps 2 for t Guiseppi 10-oz. 10-01. 65c 3for89C TOP VALU PITTED DATES 29' 1-lb. pkg. IGA TABLE FRESH PRODUCE Canada Fey. B.C. Macs, or Spartan Delicious 4-lb. bag TOPS DOG FOOD PRESTONE ANTI-FREEZE 1 Gallon 15-or. TINS GIANT SIZE BREEZE 10e off Apples OmnflfK y Sativma Mandarin Potatoes 20 Cooking Onions Turnips Ib. bag Canada No. 1 3-lb. bag 59' 49 69 39' GRAPEFRUIT TEXAS RUBY RED J Q for Canada No. 1 Ibi. HAT FOLD WHITE or PINK KLEENEX ,00 CANADA NO. 1 39 ;