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PAGE 4, WEL)NESDAY, JUNE 9, 1976, WHITBY FREE PRiiss # whitby Voice of the County Town Mi k SERVING OVER 28,000 READERS r 1tiisieicvery Wecdnesday la dPliotograpliy ic. Thc' Frece Press Building c u g sP 'lS e a", - , -tor 121 Brock Street North, Bures, ~~snr-uiaagn~Edto. WhilbyOtro As'istant Eiditor - Blake Purdy Commrunity Editor - Brian Winfer C'on tri bu ting liditor - Jirn Qu ;I Production Manager- Marje Burgess Dispiay Adlvcrtising Manager Robin Lyon ('lassificd Ad Manager--Mrei YOý Circulation Manager- Sharon LyonI Box 206, Whithy. Mailinq Permîit No. 291 Phione 668-6111: Toronto Line 282-1004 Cut out the f rilis Normi Cafik's suggestion tha t builders get back to the basies in house building certa~iiny souinds like a good idea. The Ontario Riding Liberal NIP. Nv'ho vî11soon represent Whitbv %vhien the federalelection botinda-.rv changes take effeet. made the suggestion at a meeting with Whitbx' Council last week. It oniy makes sense that no-frili houses. minus finishied basenients. sodded lawns and pxaved drivevavis, wvould cost Iess than hiouses buit %with those extras wvhich nîanv of us hiave corne to take for granted. Because mediu m a nd ighI density housing are poIiticaly unlacceptiable to present home owners. M'r. Cafik's sugg-Yestiton seemis to be the onix %vax' of building houses %vhich are affordl- able to first-time buyers. A recent statement bv the town's Co-ordinator of Develov- ment Forbes McEwen that only 10O per cent of Whitby residents can afford mortgage for single- family bouses, which are politically acdeptable, adds fuel to the fire in the argument for cutting out the frilis. Anything which miay reduce the cost of housing is worth a try. Con su mer adv oc tr te arees \d'\Iith Trudertu "fThe To the Editor: Canada's I1O chartered banks have more in assels than they have ]n deposits! Accordinig lu the C'anad ian Gazette (Juliy 74) every bank, except Bank ut' Muntreil and(i i lny bv a slii'elîl margîn. bi d inu()re 1in assets than in dcepusits. Canada's targes l'hie Royaltlbas S221,765,626, 000* in assets andi uniy S20,595.956,000 in de- posils. Nu woiider they can spenci SiO(O million on a niew Toron lu iuwer. .....like petty cash. T 1his unhelieveable ac- cLlmdlation (ut' wealtbi shows Ibe immense power of the banks witli a total 0f' S97,839,566,000 in assets. DEPOSITS were S90,783,076,000 as of July 6, 1974 and have grown steadily for the pasi two years. PROFITS in 1975 were up 42X, above thc record 80% of' 1974 ..... in INCREASE of 1 55.6, per cent over thé yecar. 1 97. "" riches t Read the Fine Print Th'e Royal.,('anada's iargest (nfo\V adveri ie the1 12are o011of*uthîe WO;RLI)'S iaî'eesl) suate il) yuîii' batk book, (pote l 1 II 13 AN K R LS l'R ,'l S 11". USUAL RI1GI1I1'l'()O R EQ UIR1 1.11--'l *' LN ',)AYS NOTI'I'L OF WITII1) RA \V A1-OUFA L 1 OR ANY PO)RTIION 0F TuE L ANKOtJN' OF' CRILA)I1T 0F: 'F11 IÏ A A((O U NT...... 15 days to gel Y01-1r-uWn mon01ey back on1 an accoutit that of'teni pays NO INTII'ER EIST or as littIe as 3 cents un the dollar a year o ii a MINIMUM 6 month balance. Shecer rubbery i n' these days ot' highi inflation! Think abouIt il. ..the banks have more nioney in assels than ALL 111E PEiOPLE 1>4 CANADA have in. their baniik accounits..sorne 25 mil- lion accou nts. More than every mari, womnen andi chiîd in the entire country. More [ban $S7 T -HOUSAN1) ,'.'M1 LLION peo pie B3ANK A('(OU.NTS in cui Iing buLsin1ess. ct rrie ni accouit s and aI i thle saivilu ntsaiC n iMs coinl- Il \Vas reCUenti\1 dis- closedi lb ai al l te jnidustry in i t S. a (u\VnIC'dby uix' 41 ut Ilie people. Il look i ike il nuiY nl h le lne l thIe banks eitbier o ii o r cunîrol vir-tuaiiy IVIýlRY- beef 1lîe cusi o t buy iig a H 12w home vailued ai S '5 lb otisa ixi cou Id be cust- în g N'ou a toital ut S 284.000) \V îh interesi ati,.' i anIlî(LIilt ine g t( S208J)). Ca nadia n Ban ks Fi nanc ing oafrit tFoi-e*_ n Ta keovers (Rer () lper uen t ouCt tie turlcîi ntaike ver-s approv- eci b)y the1h. Iorci gi I jîvestiiielit Revie\Vw a' ini Ottalva have beenl l'iIiaced hy IimI1ey Ban k Loans Soar lie neî'a CI in ('anacta andi Sumne cumi pa ni es in by thbe ban ks. the uit .buLsînless bave been bu rrow i ng stag- 111C huîge ancd super- gering an ouils 1iru t he î'îcb I nternat ional Tele- banks--îndirectly puLsh inig phione aniicl Teîegraplh up 1 the cost ut' yourI (I.T.T. - I Oth biggest car boan. Part ot' the comipany ini the U.S.), i'ea5uui the Banik out' namied b y the U.S. Canada made il more Governnment l'or ils clan- expetisive l'or yoiu clestinie po1itiCLII L sb- borrow 'rom the baniks version in C(hile, says eaî'Iy ini Marclh was a "Thlie nmoney l'or' the growing conemn by the takeovers came ci. rcly govertnmenl about soar- t'rom Canadian sources. ing batik lhans. Big Il was t'inanceci withi the borrowing by big business help of our Caniadian rose (o more thlan I 23 BANKERS". billion ini 1975 t'roin Thelic nlulti-bill ion (1o1- $ý2:.4 billion in 1974.'" îar- Sun' Oit conmpatî-ý, the another ' oreign conîpany, anniounnced severai take- overs ini Caniada. l'inlanced b 1 i e rniali v-ge ine ra t ed 1'ucl IRS rom Canadian B3AN K I R IS. The lakeover of' a 1-*1mi be r Com pan y îin 1 1enve t\vo so 1t- dikcomplaies ini Mîssîssauga. a tci 'astnier compxiny iin E-diioniton were al \vhioleiy or pa rt lvy fi naniced b y Caniadian banks. A Rýoyal lBank s;,"ý- man said the batik lans nioney wiiere it can gel a (100d1rate 0ot retuin. "Iln a lot of, takeovers of' Ca n ad ialn com ipalnies by foreign corporationis we Will sîippIly the bridge of' initerim inanin i n- (iLdole. île contiriîied 44 Lntil sonmeonie coines along and telSLIS us ot 10 Icid d.a particular category of* client, WE SI-ALL CONTINUE TO DO BUSINESS WHERE WE SEE OUR BEST INTER- ESTS LIE" I t is obvions thlat the banks do not think that Most"y C'ania ci anis is in retaini- ing .conitrol of our own industry anid jobs. Their actions, ini tis writer's vie\v, are niot unlike the traitor Who selis out bis counitry for a few pieces of gold. Money anid powver seern to be f'ar more)FCimportanittihan the preservat ion of Caniadian takeovers. fo oeg PrimTe Miister Tmu- dleau bit the nail oni the head, Mhen lie said "Thie richest people beef the mosl-thie worsl bitchers aethe banikers". Dean J. Kelly Consumer Advocate P.S. The BankAct cornes up l'or, '-vis-ioniii 1'ý77. The powe'l'uI bank lobby isîs andî their mou thipece, The Cana- diai 'ankors Association, wiII be seeking even more and wicle powcrs l'or thle aîready super-rich banks. Write your M.P. in Ottawa and protest (no postage needcd) or send [bis article [o the Prme .1 I lu --j 0 e Al