Winnipeg Free Press

Winnipeg Free Press (Newspaper) - July 6, 1966, Winnipeg, Manitoba 12 Winnipeg Frie priss we misday. July 6. 1966 highlights of Sharp speech Ottawa of finance minister Sharp s state ment in the commons tuesday night on Bank act amendments six per cent ceiling on inter est rates of Bank Loans to be raised now and removed when credit conditions become easier. Details to be disclosed when Boffl introduced in commons. Banks to be required to Dis close inner reserves created from taxable incomes. Prohibition of agreements among Banks on interest kites on both Loans and deposits with mergers continuing to require government approval. To curb interlocking Bank directorates a director of one Jamaica via air Canada Bank to be prohibited from be ing director of another. Not More than one fifth of directors of any single Cana Dian corporation to be allowed to sit As directors on any one Bank. After interest Selling lifted no director of near Bank such As a Trust or loan company accepting deposits from the pub Lic to be allowed to be a Bank director july 1970, Banks to be prohibited from holding More than 10 per cent of voting Stock of any Canadian corporation including near Janks. Deposits to be set zip to strengthen competitive position of and to promote creation of new Banks by strengthening them in Early stages of development. Banks to be allowed to make mortgage Loans in expectation that increased Competition will help Small borrowers. Or. Sharp to Call Federal provincial conference on con Sumer credit and credit Grant ing institutions. Says or. J. Julius of St. James Man. Flow be the Winner in our contest Golden Orange Juji tilt Mil fault in lettered Wiiki the product Crown corporation to insure flexible and reduced Cash re serve requirements to be established to help Banks compete with other institutions for Loans and deposits. Parliamentary approvals continued requirement to set up new Banks. Big Rhain hits . Policy some kinds of government funds permitted to buy Bank shares on non voting basis subject to a 10 per cent limit for funds of any one government. It a to x of. Storm brews Over Bank act by Ken Clark Ottawa car the Commonwealth Caribbean Canada conference opens today minus Pae Premier but Phis one ring ing political speech by Forbes Burnham Premier of newly in dependent Guyana. Or. Burnhans delivered a pre tuesday night against British policy in the Caribbean to a Small gathering of the capital s guyanese Community. He added a Call for Caribbean Unity to prevent the possibility of the area becom Jing a . Or Canadian Satel Lite. George a Price Premier of British Honduras decided to stay Home because of political unrest arising from a Long standing dispute Over Guate Malan territorial claims on the Honduras. The country will be represented by a delegation. The other 12 chief ministers from Commonwealth Caribbean countries have arrived for the conference Fiirst of its kind. The announced aim is to strengthen the ties that bind Canada and the developing English speaking countries of the Caribbean. Continued expected to be introduced in the commons today or. Sharp was asked whether he dad the solid support of his col leagues for his proposals. I have no doubt in my mind about he replied. Announcing the plan in the commons or. Sharp said he expects this and other moves in his draft revision of the Bank act will Lead to healthier com petition Between the Banks and so called near Bank Trust and loan companies. The government s proposals Are aimed at higher interest rates on Bank deposits More station on Bank ownership of Bank Money for " mortgages Lim near Bank and other corporation shares and f e w or directors serving simultaneously on the boards of Banks , and other companies. Contains formula the Bill contains a formula by which the present loan interest ceiling will be raised by perhaps one percentage Point or More above the yield on Short term no decision Ottawa min ister Helyer said in the com Mons tuesday no final decision has been made yet on the future of the joint air training base at Rivers Man., or other defence bases in the area. He was asked about reports that construction and other con tracts at Rivers have been can celled and that the base is to be closed. Or. Helyer said the reports Are just the government is considering the future of Rivers and other bases in the area and no decision has been made on any of Island is dwarfed Rhode Island smallest state of the ., has an area of but Square Miles. Canada is anxious to promote More Trade and to push for the development of the Caribbean countries As a unified trading partner. In addition to his criticism or. Buraham made a strong1 plea for development ;