B6 - Weduesday, May 26, 1982 - North Shore News Massey-Ferguson now recovering from losses TORONTO (UPC) - Massey- Ferguson Ltd. continues to recover from hard times despite a worldwide recession and weak markets for agricultural machinery, chairman Victor A. Rice told shareholders at the company’s annual meeting last week. He said Massey remained the world’s largest tractor producer and second-largest combine harvester producer and “there are promising signs on the horizon” that an economic recovery is in the making. “In the meantime. we continue to tailor our cost structure to today s depressed levels of sales and are shaping our operations to be profitable under those conditions,” he said. ALL WASHED up are these Argyle High oie Park in the interior. (Smart Davis photo) Nomore ‘boyscouting’ TORONTO (UPC) - Canadians will no longer be “the boy scouts of the world” in their dispute with Japan over automotive imports, Justice Minister Jean Chretien told the Automotive Parts Manufacturers’ Association of Canada. However, Chretien said last week Canada cannot become an interventionist, protectionist country because it is the “biggest trader in the world per capita” and cannot afford to fight its trading partners. “We have decided to be a bit tougher because we have lo protect’ our interests,” Chretien told about 350 association members. “We don't have to be the boy scouts of the world.” DIESELS PHONE 929-1410 : 115 CHARLES ST. : NORTH VANCOUVER : After the meeting Chretien said he was not proposing import quotos, but tougher negotiations. He said Japan buys more from Canada than it sells. but most of Canada's exports to Japan are natural resources. There are problems selling finished goods produced in Canada to Japan, he said. Chretien also predicted some relief for the automotive industry from high interest rates. “When you look at the real rate of return on money in the United States you see that inflation is about six per cent and interest is about ten per cent higher,” he said. “It is usually about two or three per cent higher Pnme interest rates in VIKING AUTOMOTIVE... SPECIALIZING IN PEUGEOT SAAB VOLVO JENSEN “*14 years professional experience’’ “ALL WORK GUARANTEED’’ LL vege sgtes School girls. Weather didn’t oblige Saturday car washing crew of Judy Calvert, Lyndell Kurdziel, Arlene Adolf and Karen Morin, who are trying to raise money for school trip to Cathedral Canada are currently at 17 per cent, and inflation was last calculated by Statistics Canada at 11.6 per cent. In the U.S. the inflation rate was reported in April at three per cent and prime interest rates are at 16.5 per cent. “What is killing the (automotive) industry now is high interest, but it would be very naive to say you can reduce them and just pnnt more money.” Chretien expressed op position to imposing ex- change controls in an at- tempt to lower interest rates and maintain the value of the dollar. He said controls might scare away foreign investment necded by Canada sogunl vinina eeoeee * bial ACCURATE SALES AND SERVICE LTD. Complete Automotive Repair, Sales & Service. MECHANICAL® BODY *FRAME*PAINT We do all mechanical repairs to all makes of Cars, fast and efficient, to your satisfaction. lf your car needs a City Test Certificate, we can guarantee, exactly, that you will qualify with our experience and complete shop facilities. For your convenience, we will pick up and deliver your car to you. You will not regret doing business with us. 987-4718 306A Kennard Ave., North Vancouver intersection of 3rd St. & Kennard Ave. Maybe it's time you jumped into something CET Das ii MUFFLER SALE! 4 The Performing Pants. Roghtnow at Budget Brake & Mutfler we re Maw atone Peace Muffler oale on a Cadon tor and envi tffer that tits most Domest « ¢ abs AO De pe ndiog On youre Modelo ae thas Meas saves for you ofiup to Oe. iy cae Paget your mouttler i istaned f before Te eo Of the Sale hop 1 ier Thratticne: eet pec hk op yout tudget Brake Olsc & Mistfterr caer Mek CQoodfor JO Says .\ Brakes LIFETIME GUARANTEE =| ——-) Budget Brake & Muffler It's mainly because of the Brakes! It's mainly because of the Mufflers ! 1315 Cotton Drive, NV. [-3eepeuy - i. Tiow across from Park & Tilford iti 980-8517/'S EAT ORY ® (aR re Oe LUCY Bat ee ¥ woe —en