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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 13, 1972, Lethbridge, Alberta 'Yankee, back up a bit' stand The following story was by a veteran Asso- ciated Press reporter who came to Canada, in advance of President Nixon's visit Hits week, to study issues that divide the two coun- tries. By WILLIAM L. RYAN AP Special Correspondent OTTAWA (AP) A lot of pri- vate U.S. money rides on the economy of Canada. That fact of Canadian life will cast a shadow over President Nixon's summit meeting this week with Pierre Elliott Tru- deau. How much of Canada do Ca- n a d i a n s own? Not nearly enough, many of them say. A large and growing body of Canadian opinion holds that far too much of liie economy is owned and controlled by non- residents, mostly U.S. investors. The question is churning up Canada's political waters at a time when Trudeau, like his vis- WOCLCO GALAXY OF GARDEN VALUES Everything you'll be needing now of down-to-earth prices A Woolco Charge Means Convenient Shopping Peat Moss For mulching gardens or top .11 Gardening Gloves Garden Tools Quality tools wjlh For mulching gardens or top r Quality tools wjlh dressing towns. Helps moil- Woolco has o great selection Your choice of fan luro retention odds or- roke, bow roke, ho. spode, Bonle moll.r to soil. 6 cubic cultivator or dandeiion weed. j 27 .o -j 95 17 47 C.M 4 A I 4 cubic fo.M.09 3.97 2.49 Deluxe Rotary Fertilizer Spreader Adjust dials to up read to one side only, or in a 4' to 8' pattern from 4 lo 40 pound] of fertilizer, Ensy (o AC manouvre. EACH CwMwO Sturdy Economy Priced Spreader Spreads 16" wide with hop- per capacity of 25-30 Ibs. All luhular handle ond stand, easy flow adjustment. Tur- paint Q finish. EACH I Popular Low-Priced Wheelbarrow Ideal for the average home- owner, Drawn steel tray halo's. 3 eu. it. 10" tire with oilite bearings, 1" tubular steel handles. Easily 4 rt assembled. EACH I U.O I Giant Roses in Many Colours Finest qualify slock, all ready to Your choice of famous varieties. EACH ,jj f Gladiolus Bulbs Box of 40 mixed bulbs in solid colours. t BOX Deluxe Gas-Powered Rfding Mower Thii beauiy changes grass-culling from a chore to a pleasure! Features 5 Briggs and S1 rat ton engine with recoil slart, 24" blade, handy conlrol for 3" blade height oa1 justment, forward-neu- tfal reverse; Iransmls- sion, padded seat, 13" rear pnematic tires, 10" front semf pneumatic tires. Finished In Red Enamel, EACH Electric lawn Mower by Black anal Decker Clean quiet ope rat Ion I Twin blades cut 18" path. 1 'i h.p, electric mofcr, manuaf height adjustment, compfelely assembled with fold down handle. 50' elec- tric extension cord at no extra charge with your mower purchase. ,79.95 Push Hand Mower for cosy pushing attionl Cull 16" wide wiih sharp rolary blade. Melal T- stylo hondlo in mm. ulc EACH 24.97 19" full cul, fully baf- fled for betror gross' discharge. H.P.'. Briggs SFrartonl! engine wiih vortical jl pull stnrter ond rfiol ironic coniroi. 7-posi- Golden Jef Gas Mower Full 11" cul, fully balded. 3'i H.P. firiggs SlraMon engine wiih dial IhroHle control and vertical pull start. Black engine %hroudr adjusloblo 7" boll bear- 1ion height ad- justers. ,82.97 GrtlSS Catcher Bag for Rocket, Red Turbo and GoMan Jrt. (ACII Open Daily 9 a.m. fc Thursday and Friday 9 a.m. to 9 p.m. itor, faces a federal election soon. Possibly tlie Nixon visit help tlie Canadian prime minister. It can hardly hurt Him, but some political observ- ers get the impression Tru- deau's political magic is wear- ing a little thin. He is under pressure, loo, to say where lie and his govern- ment stand on tlie malter of for- eign ownership of Canada's in- dustry anil resources. Foreign ownersliip is an im- portant issue in the election Trudeau must call by About 81 per cent of foreign ownerslu'p is U.S. ownership. Statistics tell only part of Uie story. The impact of U.S. own- ership on the Canadian person- ality is important. It feeds a longing for economic independ- ence I li at blends with fear of cultural domination from the very weight of the U.S. eco- nomic pressure. This is not a question of "Yankee go There is lit- tle anti-Americanism hero as such. It is more a question ot Yankee, back up a bit." This was once expressed in a recom- mendation by a House of Com- mons committee that all for- eign-owned companies should work toward 5L per cent Cana- dian ownership. Direct U.S. is, investment achieving control of enterprises a book value of billion as of 1967, the latest figure available. About 45 per cent of Canadian manufacturing is controlled in the United States. U.S. interests control 76 per cent of transport- equipment manufacture, 68 per cent of mineral-fuels mining, 66 per cent of machinery manufac- ture and 57 per cent of metals mining. Washington eyes Canadian complaints warily. U.S. policy seeks freedom for U.S. money to invest in foreign industry. As of now, U.S. policy also pushes to reverse a Canadian trade PIERRE TKUDEAU magic fades surplus, a relatively new phe- nomenon. Canadians insist the surplus should be seen against a background of deficits with the United States running more than billion annually just be- fore IOCS. NEED CAPITAL If Canada is to be developed according to hopes and plans for the next decade, new capital will be needed. At the same time. Canada worries about the ever-increasing rate of capital inflow from abroad, most of it from the next-door neighbor. But where else will the money come from? The question can touch off po- litical pyrotechnics. Canadians are awaiting a gov- ernment statement of policy to be based on a report drawn up under Ihe direction of Herb Gray, federal minister of na- tional revenue. Gray's report on "domestic control of Ihe national economic made public late last year, complained that one effect of (lie high level of direct foreign investment was that im- portant decisions affecting a big part of Canadian business "are either taken by senior business executives resident outside Can- ada or within the central frame- work established by those resi- dents oulsidc Canada." Pressure on Trudeau is strong lo lay his government's cards on (be lable. His government promises the policy statement but some suspect that this can mean after the election. The hot-potato element was suggested recently when a group of U.S. business cxeai- lives planned lo comn hern for a Trudcnii briefing nn econornir- relations. The Americans looked on Ihe session as an opportunity lo make suggestions' on invest- ment policy. Briefings of Ihe sort had Iwon held for U.S. busi- nessmen in other countries. But in Canada the political op- position demanded that any such session be open to press and public. The government ab- ruptly decided to cancel the whole thing. Thuriday, April !3, 197J THE IETHBRIDGI HEUAID 13 SWING INT CASUAL T-SHIRT AND JUNIOR JEAN STYLE PANTS (A) This beautiful ihort sleeve T- shirt Is an asset lo your tpring; wardrobe. It's eyefel trimmed with hog loco front. Mandarin neck Tn polyester and rayon bfend with 2 breast pockels. Blue, Mauve or Red Denim in QA S.M.t. EACH (B) Jean style [unior pants in buggy fabric. These sanded eolton pants are ideaf for sportswear. Low rile waist, loop belt trim, zip- per fly front and 2 front patch pockels moke these pants a great buy. This flare feg style Is offered in Moroccan Blue, Leather or Black. Sizes 5 to 15. is thp ideal pornionl for Sporti, You con choose from 4 ravishing colours: Mouve, YfUow, Turq' Dusly pmk. Sizes S.M.L. Q M IACH and FrleJay y a.m. fo 9 p.m. College Shopping Mall 2025 Mayor Magrath Drive ;