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home pay buys more, it makes economists nervous. Economists tend to.be nervous people at the best of times but their concerns are valid. There is the general belief that with defiaâ€" &nmwh%:fidnlnmymm «ernments take in less in tazes and that mean higher These deflationary times won‘t last Everything old is new again. Or at least that‘s how it seems. Just yesterday we were worried about inflation. You can now cast that worry aside. The big concern today is deflation. It‘s been 40 years since the "D" word was heard. But, last week, index decreased 0.2 per cent over May 1993. Also, take a look at our interest rates. Interest rates are made up of two components: inflation and real interest. With no inflation ground, that‘s all interest you‘re paying. And that‘s every expenâ€" ive money. Raising deficits now is very costly. The deflation figures are somewhat misleading. It‘s not prices that are going down so much as taxes. And that‘s what‘s causing economists to say that this is not a trend. In May, the Quebec government shuffled sales taxes from eight per cent on goods and four per cent on services to a flat 65 per cent. And that caused a 1.9 per cent consumer price decreage. ‘Then tobacco tax cuts in Quebec, Ontario, New Brunswick, Nova Scotia and Prince Edward Island contributed to the deflation figâ€" ures. In the effort to eliminate smuggling cigarettes, inflation was g‘uninMItwmldhavebmwpueantwiflmw\embwmhx cuts. This spring we‘ve also seen clothing prices drop almost two per cent. This may be due to the arrival of Walâ€"Mart in Canada, which has made pricing very competitive. Other Canadian retailers have been feeling the pressure of US competition for some time. First, there was cross border shopping. Now, with the low Canadian looney, those American stores are coming over the border looking for the Canadian shoppers they haven‘t seen in a while. Soon our landscape will be covered with Walâ€"Mart and Home Depot signs. > Americans do their cross border shopping a little differently than Canadians â€"â€" we buy the goods, they buy the store. Should we worry about deflation? I don‘t think so. It‘s not expected to be here that long. Our US neighbors are experiencing a three per cent inflation rate. As our store shelves empty, new imports will cost more and this will be complicated by currency exchange differences. ( Also, commodity prices have been rising and are expected to affect retail prices soon. * It all depends on how you measure the consumer price index. Statistics Canada calculates its figures from the prices consumers pay for goods and services and the taxes paid on those goods and But the Bank of Canada has a different measurement. It takes energy costs. (That makes perfect sense when you think about it. The Bank doesn‘t pay taxes, doesn‘t have to eat and has so much *hot air that it doesn‘t have energy costs.) The Bank of Canada says inflation has been constant at 2.7 per cent for the last two years. Its goal is to keep inflation between one and three per cent. Enjoy the low prices while you can â€"â€" we should start feeling prices increases in the fall. . !. _ (S10) Basâ€"c6ee > What will it cost to settle your estate? During your . ‘is important to you, then you must implement an estate rctirement it is only Jngical duu-flmnds planning strategy now. Midland Walwyn has prepared a dnmlemnn@vqwuH to accumulate: it is _ special Retirement and Estate Services report that provides mukduimmmlluhmu&du valuable information on the major estate liabilities. If you‘d will happen to your eefate at Many Canadians are not _ like a complimentary copy of "Estimating The Costs of mh&rqufimhndm Settling Your Estate", juit call me, or my assistant Tina taxes and costs that can dramatically erode the value of your _ Gauvin, at our offic¢.in Waterloo and we‘ll be happy to put esiate. If the amount you leave and the manner it is being left _ one in the mail .0 you today. s t 7 a question about investing Chronicle, 75 Ki %’-;; Heo ie your money wisely? Write t Brian Vickers c/o Waserloo Chrunicle, 75 King St. S., . ..npmentiere Pocenir enb ie mt naier d C LC S CE m 222 202 2400400 t n cname gor Ne e wge e oh w en rme t ww e 4 ADâ€"INâ€"THEâ€"HOLES Innovative advertising concept takes aim at upscale golf market Fwy'unu&'va'fimhavebeenmxdfingforan economical, yet effective, way to penetrate the upscale market today‘s golfer represents. However, golfing facilities have been traditionally opposed to blatant commercialâ€" ization of their courses, until advertising concept, developed in St. Louis, MO., which allows businesses to advertise directly on the greens of golf courses via the golf cups. The concept has now arrived in Ontaric, with Waterloo‘s Karl and Pat Keilâ€" hau operating the business in the South Western Ontario andâ€"wife team who have been in sales for the past 14 years, always wanted to get involved in the golf business. When they saw an ad in the Globe and Mail asking for people interâ€" ested in golfing and advertising, plating, wouldn‘t it be nice if we could get in the golf business in some way, shape or form," said Karl, who, with his wife also sells writing and grammar "With the golf business you go hard in the summertime because it‘s a seasonal busiâ€" workshop is a yearâ€"round busiâ€" ness so we‘ll be busy all year The Adâ€"Inâ€"Theâ€"Holes style of advertising is unobtrusive and what makes it attractive to the golf courses is the fact they they Kerl and Pat Keilt reap a 15 per cent commission . mini advertisemer for each hole sold. There‘s no limit on what can be advertised in each golf cup and packages offered to the advertiser range from a seaâ€" sonal package to a corporate/charity package. "We sit down with the advertiser and work up a preliminary ad layout. We present it to our creative/graphics department, who generate a full color ad, which in effect, becomes a micro billboard," Karl said. Seasonal advertisers can pay between $400 to $500 per hole per season, depending on the number of cups purchased. The more cups purchased, the better the rate. With the golf season in full swing, the Keilhaus will be offering what they call some real "seat sales", givâ€" ing businesses and groups a discount for the remainâ€" der of the season. Adâ€"Inâ€"Theâ€"Holes, is a new The Keilhaus, a husbandâ€" "We both have been contemâ€" henmumeywtehmemplfbdlfitm the cup, you may just find a mini billboard at Karl and Pat Keilhau, distributors of Adâ€"inâ€"Theâ€"Holes, hope to have a mini advertisement in every golf cup. WATERLOO CHRONICLE, WEDNESDAY, JUNE 22, 1994 â€" PAGE 13 Although the Keilhaus just started the business last week, they‘ve already been contacted by the 27â€"hole Merryâ€"Hill Golf Course, quite a surprise since they haven‘t really publicized their new business. Merryâ€"Hill Golf Course general manager Brad Peisâ€" ter looks at the Adâ€"Inâ€"Theâ€"Holes idea as a great way to encourage golf course etiquette. "We‘ll have some of the holes with advertisements in them, but we‘ll also have others with rules of golf etiquette, such as replacing divots and staying up with the group ahead. We can always use etiquette and education on a golf course," said Peister. . Box 1000 "We may as well give it a try. The downside of it is very minimal. In the end, we‘ll see what the members thirtk of it." Although the idea is new to golf courses in th« Kitchenerâ€"Waterloo, Cambridge area, it has caught on like wildfire in other parts of the province. "It‘s an eye catcher for sure." said Chronicle pubâ€" lisher Rick Campbell, who first saw the adâ€" used on cups at a tournament earlier this month at | anshawe Golf Club in London. "Sank a 20â€"footer and I remember a ReMax real estate ad as I was picking the ball out of the hole. After that, I started looking in every hole." T* BLUE CHIP THINKING is a trademark of Midland Walwyn Capita. inc siyt Chir TkiwkinG®