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PAGE 10 â€"â€" WATERLOO CHRONICLE, WEDNESDAY, FEBRUARY 4, 1987 Addressing approximately 175 local businessmen and university students at a business luncheon sponsored by AIESEC WLU, an organization designed to help economics, commerce and computer science students gain managerial and international business experience, Frank Stronach criticized the Canadian education system for not "turning out a product which the economy can absorb."" He admitted that educators, however, were not totally at fault, adding that it is business‘ responsibility to become more involved with education. Stronach admitted at the start of his address that he was hesitant to come to Waterloo because his company has not yet started construction of the north Waterloo development announced more than two years ago. He assured the audience, however, that the project will still go ahead. ‘"That land is meant to hold factories," Stronach said. ‘"*We are not in the land speculating business." ‘"My advice to you is that a degree in business administration is not good enough. It‘s better to get into the factories, to work with your hands and learn to sweat. When you learn to sweat you will develop compassion for (your fellow employees) and learn what business is all about," he said. * ‘"‘We have a 100 factories and I tell the managers ‘keep the university students awayâ€"â€"we don‘t have time to babysit." Stronach took the opportunity to outline the stucture of his Magna corporation, which is based on an economic charter of rights emphasizing employee profit sharing and openness. He stressed that the economic wellbeing of Canada depends on the health of its economy, and our current capitalist, free enterprise system isn‘t working. "(The free enterprise system) is self destroying...the capitalists are an endangered species, because the free enterprise system is constituency driven." We have to create a society whereby people have something at stake, ...otherwise we create a society of renters not owners. Society will become more institutionalized,"" Stronach maintained. METER INITIATED â€" 20,000 Grain Unit $859.00 Value NOW CALENDAR CLOCK 20,000 Grain Unit $804.00 Value NOW LEASE FOR AS LOW aAS 31 622 MONTH . Kitchener & Waterioo SERVICE _ GuUELPH SALES 749â€"7949 746â€"0024 â€" 763â€"3100 SATURDAY SALT SPECIAL 9 a.m.4 p.m. SALT & â€" 658â€"1350 UW student tops chartered accountancy exams Not only is this Faculty of Arts department gearing up for a changeover to a professional School of Accountancy (likely, next month), but several of the Accounting Group‘s recent graduates gave fresh cause for satisfaction by performing extremely well in the annual Canadaâ€"wide chartered accountancy examiâ€" nations. They‘re feeling proud in the University of Waterloo‘s Accounting Group these days. In fact, Betty Ann Burrell, a 23â€"yearâ€"old UW Master of Accounting (M.Acc.) graduate in 1986, finished in first place out of approxiâ€" mately 3,500 individuals who wrote the tough examinations across Canada. Equally as impressive, from UW‘s point of view, Waterloo graduates achieved an asâ€" tounding pass rate â€" 21 out of 23, better than 90 per cent â€" in writing the examinations. The overall pass rate was 54 per cent. These students are only the second group of graduates from a new Master of Accounting program that was recently introduced by the Faculty of Arts. Michael Walker, a Waterloo Honours Mathematics/Accounting graduate also finished in the top seven in Ontario and was on the Canadian top 20 honors list. 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Net income of $94.9 million last year compares with $91.9 million in 1985,; which included a United States dollar exchange rate adjustment of $18 milâ€" lion. Premium income increased 16% to $1.5 billion. Total assets under administration of $11.7 billion at the end of 1986 represents a 33% gain over the previous year‘s figures. Commenting on the year, President and Chief Executive Officer, Jack Masterman said, 1986 was marked by continued progress in all major areas of business, allowing us to pursue vigorously the company‘s goals of expansion and diversification." Payments to policyholders and beneficiaries totalled $1.1 billion, a 24% increase over 1985. Dividends to policyholders, included in the above payments, amounted to $116 million, up 22% compared to one year earlier. i0\ /2â€"72.Roy 46 King St. N., Waterioo â€" _ . 0tA rree NE Serving You for 28 Years e Loveâ€"seat size e Regular Double e Queenâ€"size We must make room. Styles, Fabrics, Colours. Special Purchases. 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