A Look Into the Financial Crystal Ball
Publication:
The Empire Club of Canada Addresses (Toronto, Canada), 6 Apr 1967, p. 322-336


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A Look Into the Financial Crystal Ball


The hazardous pastime of prophecy. Some of the things the speaker sees in his crystal ball while disclaiming any special gifts of prophecy. First, some political prophecies. Predictions for Canada. Taking into account the overwhelming command of our legislators over a lion's share of national income for predictions about Canada's economic future. What that means in terms of different levels of government and the monies that they get. Living in a state of grand illusion and why. The findings of the Commission on Taxation; the Carter Report now before us. The need for careful study of the Carter recommendations. The ultimate fate of the report as a test of the extent to which statesmanship rises above partisan politics and citizenship above selfish interests. The kind of society that Canada has created. The rising voice against the soaring cost of government. Some remarks from the Economic Council of Canada in its Annual Report, and from Dr. Rasminsky, the Governor of the Bank of Canada. The need to become more productive. Learning from Great Britain's economic mess. Some unhappy events in the financial community in the past couple of years which have demonstrated not only the lack or laxity of controlling legislation in some areas, but grave defects in the fabric of business morality. Changes to the Ontario Corporations Act. The revision of the Bank Act. The future of deposit-taking institutions in Canada. Trust companies and banks coming into direct competition in all phases of activity. Possible amalgamations because of the importance unit size would assume.