Scrapbook 10

Canada's Dollar May Fall Again

TORONTO (CP)”A financial expert says Canada will have worse money troubles than Britain unless the national emphasis swings from spending to productivity.

J. Allyn Taylor, president and General manager of Canada Trust Co. and Huron and Erie Mortgage Corp., told the Empire Club Thursday that unless there is a change, the country is in for a big dose of austerity and a further devaluation of the dollar.

Mr. Taylor found cause for alarm in the fact that Canadian output per worker increased 1.1 per cent in 1966 while negotiated wage increases were more than eight per cent.

"Unless effective action is taken soon by governments. by business, by labor and by all of us, we will find ourselves in an even worse economic mess than Great Britain has gone through."