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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 17, 1974, Lethbridge, Alberta 22-THE LETHBRIDGE HERALD-Wedneeday, Aprl, No relief in sight Mortgage rates to continue upward swing OTTAWA (CP) While house builders and lenders expect mortgage rates to continue climbing, few are betting on a significant drop in housing demand. Guaranty Trust Co. of Canada raised its prime mortgage rate to 11 per cent Tuesday with other lenders expected to follow soon. This comes on the heels of the Bank of Canada raising its discount rate to 8Vi per cent from per cent and some chartered banks boosting their prime lending rates But mortgage lenders said Tuesday they have seen prime mortgage rates rise from about nine per cent a year ago with little impact on demand. They say higher mortgage rates will knock off a few poten- tial borrowers who can barely afford house payments at existing levels. But many people wera apparently determined to buy now as they felt prices were likely to continue rising. One trust company mortgage official said here that one reason mortgage rates will climb is that the mortgage money market expects them to. All interest rates tend to chmb as bank prime lending rates rise but a Central Mortgage and Housing Corp (CMHC) source said the mortgage rate does not necessarily have to go up as quickly. The CMHC official said that as mortgage rates are for long-term loans they are not as volatile as interest rates for short-term loans. Eldon Woolhams, Progressive Conservative MP for Calgary North, said in the Commons Tuesday that he expects rates for first mortgages to jump to 12 per cent, rising to 16 per cent for second mortgages. But Finance Minister John Turner said this is hypothetical He also refused a request by John Gilbert Broadview) to freeze interest rates charged for CMHC hous- ing loans Urban Affairs Minister Ron Basford said in an interview that his department is still analysing the effect of bank lending rate changes on mortgages. The government has repeatedly rejected NDP proposals to set a six-per-cent ceiling on mortgage rates, saying this would push up house prices. People would have more money available to spend with reduced interest payments and would bid up house prices. RELIEF IN SIGHT Whatever the reasoning, mortgage borrowers can expect little relief in interest rates this year. Economic forecasters for the Housing and Urban Development Association of Canada a builders' organization, predicted late last week that mortgage rates would keep rising this year. The HUDAC forecast came before the Bank of Canada dis- count rate increase over the weekend and was based on stiff competition for commercial loans Mortgage rates have already risen past the 10-per-cent mark which dampened demand in 1969-1970, said Mack Parliament, public relations director for the Canadian Real Estate Association, in a telephone interview from Toronto. He said people are ready to pay inflated prices because they now assume inflation is a fact of life. Some young couples were postponing parenthood in hopes that with both husband and wife working they could afford to buy a house. They felt that they could save money in the long term by buying now with reasonably stable monthly pay- ments assured for years. A HUADAC spokesman said some people are also buying houses as an investment, realizing that real estate is increas- ing rapidly in value. This was adding to demand Airport devices won't kill heart patients By JEFF CARRUTHERS Herald Ottawa Bureau OTTAWA For the typical heart patient using a cardiac pacemaker, there is only a one in a billion chance that weapon detectors used at major Canadian airports could cause enough interference with the heart- stimulating and heart-pacing devices to kill the patients, according to a federal health department study. But for perhaps several hun- dred of the country's estimated pacemaker patients, the risk could be significant, perhaps hundreds times higher, that weapons detectors could trigger a life- endangering heart irregularity known as ventricular fibrillation. Under such circumstances, interference from either close contact with one of the hand- held "squealer" detectors or use of one of the larger, walk- through tunnel detectors could cause the implanted cardiac pacemaker to ignore the regu- lar heart beat of the patient and try to superimpose a different heart beat electrically on the heart, causing it to lose its normal rhythm and perhaps start to "fibrillate." "At risk" patients would be well advised to mention to air- port security personnel that their pacemaker units are more susceptible to interference from weapons detector equipment and should ask to see if they can be searched differently, Dr. S. K. Ghosh of the federal health department's hazards control division said yesterday in an interview. In an article published in the Canadian Medical Association Journal, Dr. Davie L. Johnson crc the federal health depart- ment's hazards control division, says the sensitive, unipolar, left-side implant" pacemaker units are, for a variety of reasons, the most sensitive to picking up interference from the al- ternating magnetic field used in weapons detectors at airports to detect metal objects. One reason is that the loop of wire connecting the pacemaker unit, inside the body, to the heart-stimulating electrodes and also to the battery pack, usually outside the body, is quite large, and acts as a sensitive antenna to intense alternating fields out- side the body. In tests in the laboratory and at international airports at Toronto, Montreal and Vancouver last year, the health department scientists found that about 10 per cent of the exposures to walk-through detectors, involving the unipolar, left-side sensing pacemaker, resulted in direct interference and the pacemaker switching to "interference mode." In "interference the pacemaker stops sensing the patient's heart beat and starts imposing its own heart beat, via electrical stimulation to the heart muscle, irrespective of the natural heart beat. Under normal circumstances, this "competitive pacing" in- duced for a few seconds during passage through a weapons detector, or during brief and close contact with hand-held detectors might result in a brief speed-up in heart Dumping duties ordered Tall cargo This truck didn't actually stop as it approached an overpass in Durham, N.C., but it slowed to a crawl and the passengers, who must be used to it, obediently ducked their heads. WASHINGTON (CP) Treasury Secretary George Shultz has reluctantly ordered dumping duties imposed on Canadian lead imports but criticized the United States Tariff Commission for forcing him into it. The duties, which apply also to primary lead metal from Australia, are effective today and apply only to lead sold in the U.S. at a price lower than that charged in the domestic Canadian or Australian mar- kets. "The result of the Tariff Commission's Shultz said in a press statement, "will be to provoke an increase in U.S lead prices while doing nothing to alleviate the current shortage of a product which is basic to our economy Acting as chairman of the U.S. Cost of Living Council, Shultz had written March 27 to the Tariff Commission asking it to review, reconsider and reverse a commission finding that lead imports were hurting domestic U.S. producers. The commission rejected Shultz's request six days later. Shultz says he has been ad- vised he now has no option but to go ahead and assess dumping duties. The Canadian producers cited for dumping are Noranda Mines Ltd. of Toronto and Cominco Ltd. of Vancouver Canadian producers sent ap- proximately million worth of.primary lead metal into the U S. during a recent one-year period. Australian exports in the same period totalled about million. The lead is used mainly in the manufacture of automotive batteries, oil- based paint and gasoline. FOLLOWED RULINGS The treasury department had already ruled that the imports were being dumped. The Tariff Commission then ruled that the imports were hurting, or were likely to hurt, U.S. producers, opening the way for anti-dumping duties. Noranda appealed directly to Shultz, who wrote a public letter to the Tariff Commission saying it should have considered the effect of its decision on U.S. anti- inflationary policies and the supply situation here. The commission tersely rejected his request for a reversal. Treasury sources said Tues- day that lead imports from the two countries are likely to be under careful the threat of extra several years. Shultz has the authority to revoke his department's finding of dumping, but only after an unspecified period has passed in which no cases of dumping have been discovered. Although he could theo- retically revoke the duty any time, the sources said, an early revocation would tend to throw the anti-dumping procedure into disrepute. The lead exporters in Canada now have several options. Home Recipe Plan Takes Off Ugly Fat It's simple how one may lose pounds of unsightly fat right in your own home. Use this home recipe dietary plan. It's easy, no trouble at all and costs little. Just, go to >our drug store and ask for Naran Reducing Plan Pour liquid into a pint bottle and add enough grapefruit juice to fill the bottle Take two tablespoonsful twice a day as needed and follow the Naran Reducing Plan If your first purchase does not show you a simple easy way to IOSP I bulky fat and help regain slender more graceful curves; if reducible pounds and inches of excess fat don't disappear from neck, chin, arms, hips, abdomen, calves and ankles just return the empty car- ton for your money back Follow this easy way endorsed by many who have tried this plan to help bring back alluring curves and graceful slenderness Note how quickly bloat disappears, how much better you feel More alive, youthful appearing and active Eaton's custom covering sale starts this Monday! B. French Provincial chair A. Italian Provincial chair Here's your chance to have a sofa, suite or chair custom-covered in the fabric YOU choose during our annual sale! Each or suite (prices include fabric) Come pick a sofa, a chair, a suite in white cotton at Eaton's and have it custom-covered during our great annual sale. Traditional, French, Italian, Contemporary, Colonial styles in sofas, love seats, chairs. Fabrics include tweeds, damask, matelasses, velvets, linens in all kinds of new colors. At prices you'll really like, during this Eaton event. Buy on your Eaton Account, credit terms available. FEATURE: THREE-SEATER SOFA. Loose pillow back 439 oo C. French Provincial chtlr D. High back twivalrocker E. Cushion iwivel rocker F. Qentleman'l G. Traditional style sofa......... H. Traditional ttyle sofa......... Net known: High back swivel rocker Loose-pillow back chair EATON'S J. Button tutted High back swivel rocker Traditional style sofa Diamond tufted sofa Loose-pillow loveteat Shop Eaton's Thursday and Friday to 9. Buy Line 328-8811. Use your Eaton account. credit terms available. Furniture, Second Floor ;