‘Page B8, August 8, 1979 - North Shore News . This space is reserved for your ad. Call 980-0511 north shore news| ~'Displa y advertising pays. Call 980-0511 But not now TORONTO (UPC) - The federal government suggested nearly three years ago that chartered banks calculate interest on savings accounts on a daily basis. This week, three of the banks complied and_ the others were expected to follow. . The Bank of Montreal, the Royal Bank of Canada and the Bank of Nova Scotia all introduced daily-interest savings accounts with minor variations. — The new accounts will be most useful for people who make several deposits a month. Interest on regular savings accounts now is calculated on the minimum . monthly balance. That means that a deposit made on the second day of the month draws no interest until the following month. Under. the new system, however, such a deposit would draw interest for every full day it sits in the account. Three’ years ago, the federal government:said it would” make daily interest calculation mandatory under _regulations to the Borrowers and Depositors Protection Act. The barks protested, saying the cost of the in- novation would be difficult and expensive, leading to lower savings and higher loan rates. The legislation was never passed, but the - government kept the idea alive, - ‘asking _the earlier this year what progress was being made. The Bank of Montreal was. first off the mark - sort of. The Bank had scheduled a news conference Wed- nesday, then moved the announcement up to - Tuesday when. the Royal Bank beat it to the punch on Monday. The Bank of Nova Scotia nesday. The Toronto-Dominion Bank “is definitely con- sidering daily calculation of interest and is also looking at some alternatives,” a banks. chimed in Wed-. spokesman said Wednesday, while the Canadian Imperial ‘Bank of Commerce has plans “in - the consideration Stages”. The Bank of Nova Scotia is offering annual interest of _ 9.25 percent, which will be — computed daily but added to accounts twice a year - on April 30 and Oct. 31. There will be one free withdrawal or transfer from the account - per month, and a 50-cent service charge on further transactions. - ‘Scotiabank's- service on the new accounts begins Sept.l.00 0 o> The Royal Bank will inaugurate its new accounts Oct. 1. It is offering ap 8.5- Banks protested dail interest 3 years ago percent | interest rate, but will add accumulated in- terest to the accounts each month. There will be a $1 service charge for more than two transactions per month. The Bank of Montreal, whose service began Wednesday, will add. daily- culated interest of 9.25 "cal percent twice a year. Spokesman Bruce Mac- Donald, comparing com- petitors’ offers, said the B of M service included “no tricky-dicky hidden fees of any kind”. _ Maximum on regular savings accounts now is 10 percent. Interest on the new accounts will fluctuate with other rates. interest rates | The new Continental Bank of Canada commenced banking operations last- month with daily interest accounts, but it has -only a few branches across Canada providing full banking services. The Bank of British Columbia and. the Unity Bank of -Canada--which-has since merged with the Provincial Bank of Canada - ‘introduced versions of daily interest accounts earlier. The daily interest calculation is dependent on ~ computer systems... . “You'd go cuckoo trying . to, calculate daily interest by hand,” MacDonald said. Newsprint prices starting to climb i in East ‘TORONTO (UPC) - Abitibi-Price Sales Ltd., the world's largest seller of newsprint, has set off what will likely be a general round of Canadian price increases. “I'd say it’s probable that we'll have higher prices in place generally,” Merrill WITH THEIR LOGO between them, Owner Fidall Meghji shakes hands with store manager Lloyd Osborne at the recent opening of thelr new in- dependent Seaford Building Supplies store on Main Street. (Terry Peters photo) “CAPITAL AVAILABLE’ $30,000 $200 000.000 Any Gonafde Vonture Commercial indus thal Mutt reaitentat Devotlopmants Mais Hotem or Moteta White in confidence 1 ARETZKE 1B7-F 1 Ginamnan Ave Landon-Ontano NBG 16 (9190) 432 21190 mommngs Lynch analyst Greg Liddy said Tuesday. “I believe that’s going to be the natural course.” added Wood Gundy Ltd. analyst Robert Duncan. “In the east, I’m sure it will take hold.” it was boosting Abitibi-Price, which markets newsprint produced by the Abitibi Paper Co. and its subsidiaries, said Monday its U.S. prices effective Nov. 1 by $30 per short ton to $375 (U.S.), or $413 (U.S.) per metric ton. Its domestic IRE SIE RTE 0 6 OAL CER, © nA rR RRO Ar RANA, price also rose by about 9. percent, to $408 (Canadian) per metric ton. Last week, Consolidated Bathurst Inc. set a similar increase for Oct. 1. However, the rest of the industry awaited word from Abitibi, the usual price leader. Abitibi dominates the Ontario-Quebec newsprint industry, with production of two million short tons a year. It serves 25 percent of the Canadian market, about 10 percent of the U.S. market, A total of 598,000 BCRIC Exchange. . On their first day of trading, the stock closed at $6.10 per share. Iwin Towers THE TIME OF YOUR LIFE This building for adults aged 55 years or over is filling rapidly. There are now onty bachelor suites available. Come by soon and see the tenants’ facilities: tearoom, social room, pool room, crafts room, library (1000 books). The tenant committee has organized daily teas, regular bingo games, bridge, cribbage and craft nights, as well as a newsletter, dances, socials and group outings Open tor viewing at 172 E 2nd Street, North Vancouver, Tuesday to Saturday 10 a.m toS5p.m Office phone 988-0611 ~Shares.were tradéd.y esterday... ,on the ‘Vancouver Stock and ships a quartér of its | production overseas. Overseas prices were unaffected, however. They fluctuate according to European competition, mainly from the Scan- dinavian countries. Mac- Millan-Bloedel Ltd., the largest British Columbia producer, is xpected eventually to follow Abitibi's lead. ; Wood Gundy’s Duncan noted that ‘western countries do sometimes lag behind... I would imagine that the west will make a move sometime, if not this fall, then probably next spring.” The opening price and also the high for the day was six and on¢: eighth. " Many observers expected the shares to drop below the six dollar mark, at least during the opening days or wecks of trading. Moore said the biggest factor helping the south is its climate. “The trees grow in the U.S. South four times as fast. as they grow in the Canadian North. They grow it as a crop, just like we grow wheat. “It takes 100 years to replace a forest in Canada. They (the South) can do it in 25.” U.S. manufacturers lower chemical, energy and costs. newsprint also. enjoy labor and transportation BCRIC shares start trading sree oan OFFICE PERSONNEL ; : ,