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# -- VOL 13, NO. 37 a ------------------------------------------------------------------------ MR, E. PERSS Ww % BOX 375 TERRACE B/Y BANK RATE REDUCED At a meeting of the Board of Directors of the Bank of Canada in Quebec City, the recent evolution of monetary policy was reviewed within the context of the objectives of public policy and the developing ecoh omic and financial conditions outside and in- side Canada. Following is the summary of this re- view. For an extended period of time, the major objec- tive of public policy in Canada has been to put a stop to the erosion of the purchasing power of money resulting from the increase of almost 20 per cent in the Consumer Price Index over the past five years. This preoccupation with inflation reflects a recog= 'nition of the inequities and hardships which in- flation imposes on those members of the community least able to protect themselves, and a conviction, based on experience, that monetary stability is a prerequisite for sustained economic progress. When fiscal and monetary policies were tightened in the latter part of 1968, the objective was to reduce the growth of money deman in the economy, which was running at a rate in excess of 10 per cent per annum. The normal potential for growth has been calculated at about 5 = 51/2 per cent per year. Over the past year the growth of total spending has been reduced to about 71/2 per cént per year. ; The impact of the recent reduction of excess de- mand on the rise of prices and costs has caused a temporary reduction in the rate of real growth of the economy and an increase in the number of people without work. An attempt has been made to supple- ment the traditional instruments of economic policy with a programme of voluntary restraint. The efforts of the federal authorities to bring in- flation under control have gradually been rewarded with some success, ontinued on page 4 SERVING THE DISTRICT SEPTEMBER 10, 1970 DURIEZ TROPHY WON BY TERESA RAMSAY The highlight of the Swimming Presentations Night held in the Curling Lounge of the Recreation Centre on Friday, September 4th, was the presentation of the Duriez Trophy. : The Duriez trophy is awarded fo the swimmer who has contributed most to the swimming programme under the following categories: 1. Overall swimming ability 2. Awards attained in the current year 3. Performance in swim meets : 4. Volunteer assistance with programme 5. General behavior at the pool 6. Improvement during the year 7. Attendance at classes The winner of this year's trophy was Teresa Ramsay The Duriez trophy is presented annually to give local swimmers an incentive to do their best possible during the swimming programme . In addition to having her name on the annual trophy on display at the Recreation Centre, Teresa will also take home an individual trophy.