HomeMy WebLinkAboutThe Lucknow Sentinel, 1981-02-18, Page 5Lucknow Sentinel, Wednesds ', Febru wy 18, .1981--Pege S .
!ht!.reIs Pa
Paul Revere, where are you now that
the Yankees need you?
It was Revere,wasn't it, who rode
through the streets yelling: The British
are coming!
It seems that the Brits, along with the
Canadians, the Dutch, the West Germans
and even the French, are buying_ up
America and it has the big boys on Wall
Street worried. Foreigners now own
great big chunks. of enterprises in the
New Hess Hay that are as Amurrican as
apple pie: Howard Johnson, American
Motors, Saks Fifth Avenue, Baskin-
Robbins Ice Cream, Alta Seltzer,
Chesterfield Cigarettes, Bantam . Books
and even Shell Oil.
It has become quite an invasion and
Americans are concerned. Laws have
been enacted at the federal and state
levels, to monitor, control and screen
foreign investment.
recent .. Congressional report has
ed a warning about the OPEC nations
w h have surpluses of almost
unimaginable magnitude. In 1977 OPEC
had $53 billion in surplus. monies.
With such amounts of money, those na
tions could buy all the listed stocks on the
New York exchange within three years,
Legislation to provide closer monitor-
ingof foreign investments in the U.S. will
you need him?
surely come if Raygun Reagun runs true
to'form: Amurrica for Arn rricans!
The whole picture is fun for Canadians
to watch:: We have been treated as: an
economic subsidiary for hundred years
by the Americans: They could bring this
country to its knees by, withdrawing their
capital.
The shoe could easily be slipping onto
the other foot; the, Yanks may soon be
subservient to capital froma dozen other
nations ' around _ the world including,
believe it or not, Canada.
But waita minute. US, residents wor-
ried about foreigners buying up America
may more readily understand Canadian
fearsif the trend continues.
Unfortunately, it isn't just the Yanks
t•tle•t nb. 'ppm, •• tiff by Sob LOIN• tabu Ad !town• Om b)t lC 1 4,
that Canada has to worry about these
days, especially when it comes to buying
farmland.. A study by University of
Manitoba agricultural economist Daryl
Kraft shows that 1.8 million acres of
arable. Manitoba farmland are now own-
ed by people or corporation$' who neither
live on it norfarm it themselves.
Farmers in many parts of British Col-
umbia, Ontario, Saskatchewan : and
Prince Edward Island'` have voiced the
same fears. In Huron. County in Ontario,
rumor has it that "dozens" of farms have
been -purchased by foreign dollars: The
federation of agriculture has been dog-
gedly working to get some action from,
the province to prevent more takeovers.
government controls have been
haphazard and. , to some degree, ineffec-
tive across the nation. Foreign owner
ship is supposed to be limited, in some.
provinces, to no more than 20 .acres, But
foreigners simply set up Canadian coin -
panes with Canadian directors.
Much of the money, it is believed,
comes from European buyers who have
"black dollars" —', undeclared income
that they wish to invest outside their own
countries, similar to the laundered
money from the underworld. '
I share the concern expressed by.
farmers. No student of history can forget
the abuses chronicled down the ages that.
have come about ,through absentee
ownership. No profession is more prone
to such abuses than agriculture. It takes
dedication by born fanners to keep track
of land and stock.
But With the value of farmland increas-
ing by as much as 15 percent a year, who
can blame the boys with black bucks to
be laundered from investing in Canadian
land?
As Larry. Krotz, writing in the Globe
and Mail said: "Investors are discover-
ing that oil is not the only black gold."
Isn't it' poetic justice to have the
Americans looking over their shoulders,
for change, just as we have been doing
in Canada for 100 years? 0
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