Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 6, 1976, Winnipeg, Manitoba 16 Winnipeg free press tuesday january 6, 1976 business finance subsidiary bought economic comment controls showdown looming from railway Union demands Toronto up the Ca Nadian subsidiary of Union Mutual of Portland me., has been purchased by canadians from its . Parent for an undisclosed sum it was announce Dhere. As a result of the Deal in Ion Mutual life Assurance co. Changed its name today to Constellation life Assurance co. Of Canada David f. Us tace chairman and president said in a statement. The acquisition is the Logi Cal next step in the growth of our Canadian company. We have been largely Independent since we began operations to 1971. Becoming Constellation life makes it of or. Eustace said there would be no changes in com Pany policy. All underwriting and insurance operations would remain the same. Haddon Hall men s Wear presents their annual Stock reduction you can save up to 50% until saturday Jan. 17th Only this timely Sale by Haddon Hall will Appeal to the discriminating gentleman of Means As Well As the Thrifty bargain Hunter. All items Are from regular Slock and All Sale prices represent genuine savings. However some quantities Are limited and we urge you to hasten for Best selection. A special rack of suits 50% 0 off ready to Wear suits.20% off made to measure suits. .20% off Leisure suits.20% off sport jackets blazers slacks.20% offi special selection of dress shirts .50% off All other dress shirts.10% off special rack of ties 1 each sport shirts.20% off special rack of sweaters. .20% off special assortment of off overcoats top Coats rain Coats .20% off car Coats i of Curling accessories Bauer shoes Reg. S22.50. Gloves Reg. To Pullover sweaters Reg. Zipper front Siv eaters Reg. Turtlenecks Reg. And and use Chargoy master charge or open a Handy charge account. Open 9 to Mon. Thru sat. And Fri. To 9 . Haddon Hall men s Wear 218 Kennedy Street phone 942-682 free parking at the Pear by Dian Cohen within the next few weeks canadians should know whether or not at least one group is going to mount an organized opposition to the anti inflation Board. On Jan uary 15, the negotiating com Mittee for the railway unions will meet with the general c h a i r m e n of the several dozen associated railway unions to decide what their negotiating strategy is to be. The railway workers con tract with the railways expired last week. Negotiations began two months ago but stalled for two Basic reasons. The first was that both the unions and the companies suspected government intervention when they sat Down to negotiate at the beginning of october. That made them unsure of How to proceed. The second was that after the announcement of the Gen e r a 1 controls program in mid october there were no specific regulations to work with. That made it virtually impossible to proceed. Since the announcement of specific guidelines just be fore Christmas both the rail ways and the unions have been huddling with the anti inflation Board to Settle questions of interpretation and to be sure both sides Are Clear on the ground rules. The mid january meeting of railway Union members is ii Settle whether the Nego lie Tibig committee is to pro negotiating under the guidelines or to reject them altogether. A s things stand today there is no indication which Way the unions will go. When they served notice on the companies regarding a new wage contract they were deliberately vague about specifying How much More Money they wanted. Basically they asked for no More than jus Tice Emmett Hall said was reasonable in the arbitration decision that ended the 1973 strike. This was that Rales of 1 pay should be increased to cover productivity the rising Cost of living and whatever was required to catch up with comparable groups Union spokesmen say that As Early As last summer they were conscious that the spot Light might be on them should the government de cide to introduce controls. What better outfit to make an example of than a group of people All Imper Federal jurisdiction stretched right across the said one Union Man. We Swift agreement expected on world monetary Reform by Bruce Levett Washington up International monetary authorities meeting in Jamaica this week Are Likely to. Reach Swift agreement on world currency reforms that May have some lasting Impact on the Central role of Gold in the currency system. But while the industrialized countries appear to have made All the moves that ensure agreement there May still be rumblings of Discon tent from developing third world countries. These countries Are mainly concerned with gaining an in creased share of International wealth and earnings. Many feel they Are being shunted aside in the major currency decision making by Industrial leaders and demand they be accorded More attention. But officials Here and else w Here conclude that the views of the major Industrial Powers will prevail at the International monetary fund interim committee meeting. The three main elements of this agreement would include new if rules governing flexible currency Exchange rates an end to the use of an official Price for Gold in inter National transactions and and ditional1 contributions to pro Duce a 32.5-per-cent increase in if assets to billion. Missing from the meeting will be John Turner former Canadian finance minister who stepped Down when he resigned his Cabinet Post. As chairman of the commit tee from its inception Turner was one of the chief architects of the proposed Mone tary Reform. His place at Jamaica will be taken by Don Ald Macdonald his Cabinet successor who has stated he is not available Toi serve As chairman at this time. The if monetary talks will be followed by discus Sions of Aid to developing be undertaken by the joint ministerial com Mittee of the if and the world Bank. These discussions will be the first in depth exploration of directing More help to less developed countries since the United nations debate on the Issue last september. New forecasts Likely will show that the total current account deficits of the devel Oping countries May ease to billion this year from billion last year. The estimated drop May result from reduced spending on Oil imports and larger exports. Experts see the proposed monetary reforms As evolutionary but a far cry from a total solution May be the beginning of the however some predict this end for Gold As the Centre of the monetary system. Technically the special drawing rights a form of paper will become the new Standard of Central Bank value. Few however feel that the . Dollar will lose its place least not right the key monetary unit in International Trade. Knew right from the begin n i n g that everything we asked for must be Desensi while negotiations have been going on since october they have been on Small but obviously important fringe benefits like who pays for new metric tools and in t a plug in car Heater an absolute necessity for railway workers in areas where it s minus 30 in Winter. The big question now is whether the associated rail Way unions will decide to work under the guidelines or not. The Canadian labour Congress position seems to be that to respond to the guidelines is to admit their legitimacy and that this is not an appropriate stance for a self respecting Union. The railway unions however Are aware of just How deeply in trouble their employers Are railways in can Ada have not been making Money and recently a former minister of transport said passenger service should be phased out entirely. The unions have not in the past made unreasonable demands on their employers. This does not mean of course that their initial stance May not appear to be unreason Able. Basically however it is nothing More than an open ing position from which they Are prepared to move. How this will work under controls is unclear. Copyright 1976 ecco features chief financial officer role becoming More important by Nancy l. Boss the Washington Post Washington economic difficulties brought on by he recession plus growing Competition for scarce Capi Al have served to increase he relative importance of he chief financial officer co in business. As a re ult the position of co will Lecome More and More a stepping Stone to the top Cor orate spot. These trends Are brought iut in a recently published truly of the chief financial officers of 64 per cent of the United states. 500 largest industrials and 50 leading re ailing transportation life insurance Utility and Finan Ial companies. The study Vas made by Heidrick and i niggles inc., a manage ment consulting and exec Ive selection firm. This is the third such study i a decade. During that me the co has become better educated More Mobile ind higher on the corporate adder than previously. He in possible she the report does not discriminate is now More Likely to be in olved in planning and asset management than balancing he company s books As in he past. Statistically speaking h. S. Attributed the follow my characteristics to a typical chief financial officer 50 old born in the mid Vest often Harvard business school nearly 15 years with his company including less Han five As co control National Trust guaranteed investment certificates Are a Safe secure Way of bringing you High interest on a . They re available in amounts of and Over from one to five year terms. A five year certificate will earn you a guaranteed 10% annually. Ask about guaranteed investment certificates at National Trust. The Money managers. Just who you need these Days. National Trust since 1898 of Camm Cowo wion. 250 Portage Avenue and Polo Park shopping Centre and Treasury experience dominant in his background and very Likely a director of another company. The medi an income for a co was found to be forty per cent earn More than but in the largest companies three quarters top a year and one third receive or More annually in salary and Bonus though the study did not ask the co s compensation relative to other corporate officers. H. S. Vice presi Dent Donald Williams said. It is quite obvious the co has a much Lugher profit than in the past and now outranks executives like the marketing director. Also More than one third of the co s reporting twice the proportion of five years ago now Bear titles such As senior or executive vice president. The median age has dropped in 10 years from 43 to 50. The number of insurance and transportation companies entered in the mid West accounts for the Statis tical frequency of midwestern cos even if 36 per cent of them did go East to Harvard to get their mba degrees. As a general Rule cos get the Best Deal from big Industrial employers Stock options company cars and club memberships financial con Selling. Mobility also is High est in with switching More easily and frequently from one firm to another. Insurance companies and utilities on the other hand have been less susceptible to most trends. Their cos tend to stay with their companies longer and get paid less. More than one third of cos Are certified pub c accountants but Only 10 per cent of insurance cos Are Pas. Insurance and Utility company executives however Are actively following one trend outside directorships. In the future the study concludes the chief financial officer will not Only be required to forecast t r e n o s Well but have a knowledge of International monetary control and be Able to present the Corpora Tion s strengths and needs in a convincing Way to investors the government and the. Public. And once the co was concerned with mergers and acquisitions he May find his skills in the future Are focused in the opposite direction curtailing corporate expansion divest ing the company of unprofitable ventures. Plan Falls Short of target Paris a France s economic development plan for 1971-1975 failed to achieve its targets with the Gross National averaging 3.6 per cent a year in Stead of says the Paris chamber of Commerce and Industry. _.-. After a Good growth in the Industrial sector dropped to 2.80 per cent in 1s74 from 5.9 per cent a year earlier and the rate for Agri culture decreased to .8 per cent from six per cent the chamber says. Consumer prices Rose an average 8.6 per cent annually instead of 3.6 per cent As planned and hourly wages Rose 14.9 per cent instead of seven per cent. . Govt. Treading Tightrope Toronto up the Bank of Nova Scotia says the British government will be on an economic Tightrope this year hoping unemployment remains within tolerable Bounds and inflation cools Down. However the Bank in its latest monthly review says the government has limited room to manoeuvre. First any premature new inflation is Likely to rekindle inflation and increase the bal Ance of payments deficit. In addition the financing requirement of the Public Defi at about 23 per cent of the Gross Domestic product this fiscal threatens to compound the task of Money management and jeopardize a private see Tor recovery the . It notes the government has planned for substantial cuts in Public spending in the next fiscal year to avoid such a situation. The longer term economic prospects Are bet Ter. In part this is because of the Long awaited fruits of North. Sea Oil development but beyond this there is at least some room for Hope that the country May at Long last be adjusting adequately to the political and economic realities of today s world. With a More manageable Structure o f International commitments and of trading connections and with a More sober approach to economic policies in general the . Economy could in time move to a much sounder found Moore corporation limited David w. Ban Richard w. Hamilton Moore corporation limited announces that David w. Barr formerly president has been elected chairman of the Board and Richard w. Hamilton formerly executive vice presi Dent has been elected president. W. Herman Browne formerly chairman of the Board will continue his relationship with the corporation As an honorary director. North guard offers year negotiable promissory notes acceptance in so corporation limited head Ohio 298 Garry Street Winnipeg Man. Phone 947-1651 branches Brandon Calgary Vancouver Sale Singh and bring the family for just More effective to March 31, 1976 Toronto West London South Edmonton Thunder Bay Peterborough single _ and bring the family for just More effective to March 31, 1976. Vancouver Harbour Side Vancouver Broadway Extell during carnival. I eb.i-15 every regular room at inn at just Low t s Holiday inn s unique room Sale for us. An Opportunity to Welcome More people during this slow season for you a tremendous Money saving Opportunity. Just one Tow Price Tor every regular room. And just s3 00 More Lor the whole family providing they Don t need any extra and remember All our double rooms have twin full sized you get the same great facilities and top notch service but you save Money too make your travel plans today for Houdes mentation service Call your Holiday inn or Holiday inn reservation office. Commonwealth shift of Canada limited the most accommodating people in the ;