A4 - Wednesday, July 28, 1982 - North Shore News

By UNITED PRESS CANADA

CIBC reassures

shareholders

TORONTO - The
Canadian Imperial Bank
of Commerce has issued
a letter to shareholders
seeking to squelch
“irresponsible” rumors
about the bank’s stability
and reassuring them of its

ability to weather the
recession.
“Canada _sihas real

economic problems and it
would be a mistake for
any of us to ignore them,”
CIBC chariman Russell
Harrison said in the letter
released Monday.

“They will be corrected
only if we face them
head-on. But it is equally
important that our focus
be on real problems and
not on imaginary ones fed
by loose talk and
irresponsbile rumor.”

Harrison said the CIBC
had net earnings of $113
million for the first six
months of 1982 and had
retained capital and
reserves of $2.3 billion as
of April 30, an increase of
nine per cent since
October 1982.

Japan reeling
from floods

TOKYO - Officials in
southern Japan struggied
toward slow recovery
from the worst flooding in
a quarter century
Tuesday saying at least
358 people were dead or
missing, another 310 were
injured and 53,000 were
homeless.

Although the _ worst
appeared over, officials
were hard pressed to
restore vital services
throughout the region

Clark claims

and the hard-hit city of
Nagasaki was virtually
paralyzed, reports from
the area said.

A spokesman for the
National Police Agency
in Tokyo put the number
of confirmed deaths at
262, with 96 persons
missing and presumed
dead and 310 injured.
Most of the casualties
were in Nagasaki, on the
west coast of Kyushu
some 570 miles southwest
of Tokyo.

limits ‘criminal’

OTTAWA - Conservative
leader Joe Clark says
plans to force corporate
recipients of federal aid
to limit wage and price
increases to six per cent
verges on the “criminal”.

and has him wormed
about other hidden
conditions

Clark said Monday the
government would be
setting a “dangerous”
precedent if it im.
plemented the plans

“T think we've got a
situation where we arc

putting people in receipt
of any grant, any
payment. any subsidy, tn
an almost untenable
position.” Clark — said
“These people will be
applying for and
receiving grants in
adherence with the law,
but there will be hidden
conditions attached
“Today, us adherence
to the six-and-five rule
Tomorrow it could be
anything clse even
support for the Liberal
party. They've opened a
very dangcrous door ~

india PM
welcomed in U.S.

NEW DELHI. India
Pnme Minister Indira
Gandm few Tuesday to
the United States for her
first visit in 2) years to
hold talks US officials
bcheve could “set o new
tone” in troubled
USN) relations

Indo

Mrs Gaodhi left
aboard a chartered Aiur
India Bocing 7O7 at 1h WO
pm EDT Monday trom
New Decthi Internabonal
Airport: for tne 17 hour

tnp to New York with oa

refucting stop in laondon
She

Indian

and

stn other

officials were

scheduled to. arrive tn
New York and be for
mally welcomed at the
white House with = full
ceremonial honors on the
south

lawn Thursday
before Mes Gsandhi
meets with President
Reagan
Mrs Gandhi will try to
persunde Reagan on two
Mayor isucs that
Indias tong  (rendship
with the Sovect Ulmaon os
ne cause for alarm in
Washington and that tts
coonomy noeds los
supporto workd finance tal

ord cane des

AND THE WINNER IS... Susanna Grann, chosen by North Shore News readers as the Sunshine Girl of the Year.
Presenting Susanna with a gift certificate from the Bay Park Royal is News Feature Photographer Ellsworth Dickson
who will accompany our winner to the Bay next week as she selects her wardrobe. Our first ranner up is Cynthia
Kimberley, second runner up Troy Forster.interestingly,the majority of reader votes in this year's contest were sent
in by women. Take that you male chauvinists (and female chauvinettes)! (Ian Smith photo)

perpetual memb

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