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

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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.”

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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

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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

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