\ Display y .. advertising ays. — Call 980-0571. OTTAWA (UPC) - The _uncomfortable.resemblan Conference Board in Canada “Monday predicted “history would repeat itself next year, with Canada experiencing an economic slowdown nearly as. severe as the recession. . Forecast, the Conference Board said the manufac- 1975 ‘ interruptions of supply were In its Quarterly Provincial to those now evident,” the Boardsaid. - During . that period, western economies were faced with an abrupt jump in the world price of oil, and felt most severely in the United States, turing “sector would suffer - the earliest and greatest impact from the impending slowdown. “Conditions in 1974, which set the stage for the 1975 pause, bear a strikingly Page BS, August 19, 1979~Sunday News’ This space 7 IS reserved — “tor y' ou r a a « Call 980-0511, | own coming, say economists: . are ory, it would appear is-about to repeat_himself, ‘The board sa ia manufacturing growth would although the repercussions for Canada will not be as severe as those in 1975, nor - will the various provinces or industries share the burden of the slowdown i in the same’ fashion.” slow to four percent from 7.8 percent by the end of this. year, “deteriorating to a two percent decline in 1980”. Industries such as pulp and paper, steel and textiles, - currently operating at near would be which Meanwhile, the board full capacity, plunged i into a recession. _ forecasted that Real unable to post any major Consumer demand for Domestic Product, which — expansion, the report said automobiles and housing grew to four percent in 1978, dropped drastically during that period and affected Canadian industries sup- plying those U.S. manufacturers. MAINSTREAM CANADA ‘Canadian bankers ‘see By W. ROGER WORTH Like Saul on the road to Damascus, Canada’s bankers . have suddenly. seen the light, producing what must be considered a near miracle, if not the real thing. For years, banker ‘after senior Canadian banker has arrived in Ottawa ready to explain to government committees and agencies why it was impossible, reall impossible, to pay savings account interest on a dail basis. Canada’s credit union and American banks had ‘been doing just that, but the bankers swore it was im- possible to follow suit. Briefs from the prestigious and powerful Canadian Bankers Association which represents the tightly- knit banking community — 7 és ee . . We * CARACAS, Venezuala (UPI) - The Organization of Petroleum Exporting Countries (OPEC) will be forced to boost oil prices if the value of the U.S. dollar continues to fall, the organization's secretary . general, Renee Ortiz, said Wednesday. The OPEC official arrived in this South American capital Tuesday night for two-days of talks with Venezuclan authorities regarding the next oil ministers’ conference. OPEC's second bi-annual Ministerial conference — is scheduled to be held in Caracas next December. Venezuela is a founding and active member of the 13- nadon oil cartel. brief reporters, In a with cohversation Orviz said will slow to only 3.3 percent | growth this year and to 1.5 percent in 1980, with the manufacturing sector. ‘ leading the slowdown. “Other manufacturing industries, particularly the motor vehicles and parts - sector, have begun and would continue to curtail L “activity” in response to softening U.S. demand. “In summary, there is little room for upward movement | in manufacturing, but considerable risk of decline,” the Conference Board said, -By province, growth in Newfoundland was expected __ to decline to 2 percent next year, while Prince Edward Island’s growth would reach t 4 percent. Nova Scotia's real growth was forecast at 1.1 percent and New Brun- swick's growth was expected - | claimed updating their accounting systems to facilitate the change would simply be too costly and- complicated. - te A month ago, though, Bank of Montreal changed its tune, offering the im- possible by paying daily interest to customers rather than on a minimum monthly balance. ° Other banks quickly hopped onj the bandwagon. Suddenly, at the stroke of a pen, all the expensive briefs and backup material: outlining the banks’ position were relegated to the nearest waste basket. It isn't the first time the banks have been caught changing horses in mid- stream. For years, bankers argued Strongly that interest rates on term loans (most con- wants more ._ that.a new oil price increase will be necessary if the U.S. dollar cgntinues to show cakness compared = with Other world currencies. OPEC already has ex- ressed concern regarding sumer loans) had to be similar for all banks because the cost of money was. the same. Then, little more than two gives consumers a fairer break. Now the banks should take a closer look at their relationships with business _ “percent. to fall to just more than 2 Quebec was predicted | to register the country’s second lowest growth rate. at .8 percent in 1980, due mainly to a decline in construction. - Overall growth in Ontario. was. forecast to drop to .7, due to a general-drop in_ manufacturing. _~ Manitoba was expected to. register growth of two percent next year, « Saskatchewan. 2.4 percent, Alberta 4.6 percent and British: Columbia 2.6 per- cent. ~ complained for’ years that they have been treated shabbily. If Canada’s bankers can produce two miracles in a he lig - ‘oné more now that the conversion to real com- petition seems to have taken place. - Roger Worth is Director, Public Affairs, Canadian years ago, ‘after the trust customers, particularly the couple of years, they should” Federation of Independent companies invaded the smaller firms -that have be able to churn out at least Business. banks’ territory with lower _— term rates, the bankers— produced another minor miracle. After more than 10 years of standard term-loan ‘rates, the banks started to compete for the business, even to the point of offering prizes and other in- ducements. What's important to note is that in both instances the bankers were able to achieve overnight what they had previously claimed im- possible. Canadians can now shop from bank to bank for lower lending. rates, and = daily. interest On savings accounts the weakness of the dollar and “if this trend continues, the organization will be forced to make new upward price adjustments,” said Ortiz. MILL-HAWK SECRETARIAL SERVICES has now opened an offi 123 E. 13th Specializing In small businesses: ° Typing *Pay Roll © Shorthand — If required ¢ Bookkeeping — Trial Balance FOR PROFESSIONAL SECRETARIAL SERVICES CALL BARB OR, GLORIA AT 988-7130 U.S. If you'rg mortga a on occupied home, a choice! « Hours Tuesday to Thursday Friday Saturday Wednesday evening An open mortgage gives you the freedom to make extra payments at anytime or to pay \ off the total amount early — with no penalty. 10am tos pm Oam WHEN IT COMES TO “MORTGAGES... EDELWEISS GIVES YOU A CHOICE! V4% “rates subject ta change without notice looking for a first an owner- now you have talk to us. 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