TE og etree

a

Demand for bank credit
from major sectors of the
British Columbia economy
shows continuing strength, a

local banking . spokesman
says. .

‘*Several key bank lending
categories in the province are
up more than 20 per cent,
exceeding the national in-

‘creases,’ R.J. Kavanagh,

chairman of the British
Columbia committee of the
Canadian Bankers’ Associa-
tion says. :

These include loans to
farmers, up 31 per cent to
$213 million outstanding,

loans to businessmen with a

23-per-cent increase to $3.47

billion and personal loans

which rose 26 per cent to
$2.52 billion.

The figures are the latest

available from the Bank of

nase 42, February 9, 1977 - North Shore News

R. J. Kavanagh

Canada, covering the 12
months ended June 30, 1976,
according to Mr. Kavanagh,
general manager, British
Columbia region, The Bank
of Nova Scotia.

“It’s interesting to note
that the “average personal
loan today is for about
.$2,500,"" Mr. Kavanagh
says.

- These ioans are used for a
wide variety of purposes
such as the purchase of cars
and household furnishings.
They do fot inchide mort-
gage loans.

Mr. Kavanagh says the
average loan size during the
past five years has risen in.
line with the inflation rate
but the increase has been
less than the gain in average
weekly earnings. -

“The use of credit by
consumers in B.C. helps. to
stimulate the provincial ec-
onomy and, ultimately, em-
ployment and incomes are
affected.”’

meet the needs of the larger
shopping centre in the next
two or three years, let alone
the much larger population
density involved in subse-
quent development phases
for the Indian Lands involv-
ing apartment buildings and
business blocks.

‘‘Neither do they seem to
recognize the ever-increas-
ing traffic pressure at this
key intersection. at~- our

municipality’s doorstep due

to normal population growth
of the next few years.

“‘Indeed, our groups ate
wondering whether the con-
sequence of the present
inadequate traffic plans will
be a furious public demand

for other costly traffic solu-

tions; the only one then

possible being a major.
interconnection — to the.

Ambleside district which
would disastrously affect the
park and Ambleside. In
addition. the cost to the
taxpayers of such an imposed
solution would be great.

‘“‘These are but a few of
the serious reservations we
have about the present plans
for the intersection. We are
particularly concerned that
Council continue to consult
with the ratepayers groups
and the public generally
before coming to binding
decisions. concerning — the
traffic flow at. Park Royal
South.

‘*We urge you at this time
to consider these points:

1. Our strong recommen-

dation is that Taylor Way.

south of Marine Drive be
closed. However, we suggest

that it would be equitable to.

delay such action for a
reasonable period of time to
allow the developer to
complete his own traffic
studies to identify internal
routes and to. co- -ordinate
with relevant authorities.

2. In the light of the above,

no changes should. be made
to the Taylor Way and
Marine Drive intersection
until the traffic network

study, planned by West =

Vancouver, is completed.
West Vancouver would of

course reserve the right to
form further and or new
traffic and road patterns and
plans -after receipt of the
network study.

3. With the road geometry

that has previously been

recommended it appears the
new Capilano: bridge should
be a minimum of four lanes
to handle the resulting traffic
from the recommended
changes including closing of
Taylor Way south.

“We cannot overstate our
concern about the conse-

quences of the developers’
present proposals for which |

the public will hold us all

responsible in the final
analysis. Despite assertions

that’ the municipality — will
retain control over traffic

arrangements if they prove

unsatisfactory, we suggest

that common sense indicates:

that such arrangements are

largely irreversible: A. dev-_

eloper who has spent large
sums to meet the Council’s

traffic stipulations can prob-
ably refuse to amend, them
later on the grounds they are
capricious.’

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