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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 7, 1974, Lethbridge, Alberta Wednesday, August 7, 1974 THE I.ETHBRIDGE HERALD- Financial experts upset over Nixon staying on LONDON (CP) President vhxon s latest Watergate statement has struck like a thunderbolt in the financial apitals of the world where iopes had been growing that le was about to resign Leading European bankers and financial experts are pri- vately expressing dismay at the prospect of Nixon continu- ing in office Their reasoning is clear and not easily refuted Nixon b presence in the White House argue makes futile lope ot easing the world s problems in the near future There is a general and grow- ng belief in international monetary circles that such vital issues as rocketing nilation unusually-high interest rates and banking ollapses can onh be dealt with successiulh on a global But without a strong lead 'lorn the United still the vvorld s most powerful and dynamic experts relieve there isn t a chance of such a co-operative venture ever getting oft the ground TIME RUNS OUT One top British treasury source in an extraordinarily Irank assessment of the inter national economy, said recently It s stupid for any one to believe the world can just mark time while this Wa tergate fiasco drags on We just haven t got that much time left to start putting the economy right There still seems to be a general feeling in European financial circles however that Nixon may not be forced to resign after a Senate trial and that his ad mission of having held back information about Watergate means he intends simply to change tactics and continue his tight to cling to office their assessment is accurate is really irrelevant But the fact that it is held at all is weakening still further public confidence in traditional financial arrangements and in- stitutions and in the ability of woild leaders to ease the diffi- culties besetting them Nowhere is this more evi- dent than in the international banking community and nowhere is it more directly related to ordinary people from the Saskatchewan wheat farmer and Newfoundland fisherman to the Brussels trader There is a strong consensus that the problems of financial institutions are mainly a result of instability in foreign exchanges rising interest i ales and the declining value of financial assets none of which can be corrected satisfactorily bv any one country acting alone There have already been collapses several European banking institutions most of them on a relatively small bankers are the first to acknowledge the danger ol more to come But they con tend that their immediate concern is centred more on the erosion of public trust and on the uncertamU within the banks themselves This in turn, can have nu- merous serious repercussions The most obvious is that the collapse of any major bank in one country tends to set off similar failures in others as depositors become jittery and rush to withdraw their money On the foreign exchange market any unwillingness by banks to deal freely with other banks would deprive legitimate commercial customers of the ability to finance foreign trade Another possibility if the current uncertainty continues is that institutions will become unwilling to place foreign currency deposits with certain banks which they may fear are slightly unstable This would risk bankrupting the smaller banks distort the flow of international capital and place an excessive burden on the major banks Turbo train on time The first run between Montreal and Ottawa of Canadian National Railway s Turbo-train service arrived on time m Ottawa Tuesday without problems A CN spokesman said the tram arrived two-thirds full Expansion program draws fire MISSOULA Mont (AP, The Hoernor Waldorf Corp IGO-million expansion program planned for this has drawn fire from the U S forest service and severa Missoula doctors as well ar support from a staff business group Dr LeRov Jones a U S forest service official says the compam s present mill continues to damage trees with sulphur dioxide despite new anti pollution equipment Four area physicians have also warned that immission' from the expanded mill could irritate the eves lungs and throats of persons living nearby On the other hand the Minneapolis based corporation has received support from the Montana Chamber of Commerce whlch says the expansion Wwithout environment Sears Back to school... get it together with Pert mix 'n' match fashions No matter how you put them together, Pert co- ordinates add up to great school time looks Little girls will love the bold Grey and Red argyle pattern And for mom the nylon and acrylic blend means easy-care machine wash and dry Sizes 4 to 6x a-Classic-style nylon shirt. 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