The problem of foreign
ownership of Canada’s indus-
try and resources is becoming
more and more acute. The
NDP joins many other Cana-
| dians in deploring this devel-

opment, not however in a
‘spirit of narrow nationalism,

|) but because foreign owner-
ship and control;

e frequently bring about a
pattern of industry and de-
velopment in fields such as
purchasing, research, person-

‘nel, location of processing

plants, exports, and so on —
ot in the interest of the Ca-
/ nadian people;
¥ e@ will make progressively
| tmore difficult the control and
anagement of the Canadian
conomy by the Canadian
eople through their elected
overnments.

The New Democratic Party
therefore holds that the cru-
|| | cial issue before the Canadian
}| people is not the nationality
|) %of the shareholders, but

rather the question who de-
“termines and guides our na-

4 tional development.

BROADWAY
PRINTERS

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since 1911

ois as
SS

115 EAST 8th AVENUE
VANCOUVER 10, B.C.

Telephone 876-2101

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THE WESTERN CANADIAN LUMBER WORKER

From this point of view,
the efforts of the present Lib-
eral government and its Fin-
ance Minister are ill-conceiv-
ed and irrelevant. Assuring
that 25% of stock is in Cana-
dian hands will do nothing to
affect the pattern of Canadian
investment and development;
effective control will lie in
other hands.

It can only serve to assure
that the Canadian moneyed
classes get a larger share of
profits made by foreign-con-
trolled corporations — an un-
derstandable goal for a Lib-
eral government, but of no in-
terest whatever to the Cana-
dian people.

The philosophy of ‘buying
back’ misses the vital point
which is to assure that the
Cartadian economy develops
in the interest of all Cana-
dians through wise use of our
natural resources and well-
considered diversification into
secondary industry, to assure
also that Canadians decide
the nature and scale of their

contribution to world devel-
opment.

This cannot be achieved by
tying up our scarce invest-
ment capital in minority
share-holding in foreign-con-
trolled enterprise, but only
by government action to di-
rect the course of future in-
vestment in Canada.

A New Democratic Party
government will, therefore,
set up a Canada Development
Fund under government con-
trol which will channel Cana-
dian savings—much of which
is today placed outside Can-
ada by insurance and trust
companies — into investment
in public mixed or private
enterprise designed to create
a dynamic and internationally
viable Canadian economy
which will secure full em-
ployment and growing pros-
perity for all Canadians.

A policy of this kind will
decisively reverse the trend
to foreign control by steadily
increasing the relative weight
of the Canadian component of
our economy.

Dca

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