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CANADIAN MANUFACTURERS' ASSOCIATION

CANADIAN MANUFACTURERS' ASSOCIATION
 TORONTO, Oct. 1 /CNW/ - The following letter was sent today by Stephen Van Houten, President, Canadian Manufacturers' Association to Finance Minister Don Mazankowski, Industry, Science and Technology Minister Michael Wilson and Governor John Crow of the Bank of Canada.
 October 1, 1992
 The Honourable Don Mazankowski
 Minister of Finance
 L'Esplanade Laurier
 140 O'Connor Street
 Ottawa, Ontario
 K1A 0G5
 Dear Minister:
 We are extremely dismayed and disappointed by recent increases in interest rates in Canada.
 Manufacturing in Canada is still in a state of severe stress, and is having great difficulty in coping with the worst recession in 60 years. The recent decline in the value of the Canadian dollar on international markets have softened, but not offset the effects of recession on our members. In fact, we see this downward movement in the exchange rate as welcome and long overdue relief from a protracted period of sharp, unnecessary and damaging appreciation in the dollar's value.
 There is no justification for an increase of more than thirty per cent in the cost of borrowing for our members, who are in desperate need for affordable capital for investment in new equipment and technology to strengthen their competitiveness.
 Our members are calling us in large numbers right now to express their extreme concern and anger at actions which can only hurt their efforts to survive and compete. On their behalf, we urge you and the Bank of Canada to reverse this action before further damage is done.
 Yours very truly,
 Stephen Van Houten
 President, Canadian Manufacturers' Association
 c.c.: Hon. Michael Wilson
 Mr. John Crow
 For further information: Greg MacDonald, Director, Public Affairs (416) 798-8000, ext. 225
 -0- 10/01/92


CO: THE CANADIAN MANUFACTURERS' ASSOCIATION ST: -- c0118 -- X038 10/01/92
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Publication:PR Newswire
Date:Oct 1, 1992
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