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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Jun 16, 1982
Page
7
Gildo Melonari and his wife Livia, owners of a Vancouver shoe workshop, cut staff after years of importing Italian leather and making designs in Canada. They struggle to sell bold colors as locals favor beige and brown, while production remains low at about 30 pairs daily.
Stelco Inc chairman Peter Gordon warns Canada faces a deep malaise as confidence erodes. He links government policy with worsening markets, currency decline, capital flight, and reduced investment, urging a shift to defining strengths and aggressive natural resource development. He cites Japan and Switzerland as models for economic stability.
The economic climate favors savers and investors while borrowers struggle. Bank of Montreal managers in British Columbia report two groups: seniors and well off individuals living comfortably off investments, and young families barely making ends meet due to inflation and uncertainty. People avoid new consumer loans, delay luxury purchases, and borrow heavily for home renovations.
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