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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 16, 1971, Lethbridge, Alberta FORECAST HIGH TUESDAY 85-90 VOL. LXIV NO. aw The Lcthbridge Herald LETIIBRJDGE, ALBEHTA, MONDAY, AUGUST 16, 1971 PRICE NOT OVER 10 CENTS TWO SECTIONS Ib1 IV.GKS Nixon's move Dartmouth storm Cabinct v-s- wins marks termed disaster for boldness By STK1UJNC GREEN WASHINGTON (API President Nixon's triple- twist in economic policy wins applause for boldness but raises some doubts as to workability. It should protect the U.S. dollar and it could help curb inflation-lint can it simultaneously create jobs fur Hie unemployed? Industry executives and economists agree in gen- eral that Hie country will lower ex- port prices and therefore improved competitiveness in world Ihc president's decision (o slop pay- ing out gold for all the dollars that might be pre- sented to the treasury by foreign governments. Suspension of full convertibility ily, says the dollar's lime-honored link with gold, the U.S. guarantee to convert dollars into gold at an ounce. Dollar will float The dollar therefore will have no fixed value in the world's money markets. It will float-presumably downward, in transactions with strong foreign cur- rencies like the Japanese yen and German mark and reach more realistic rates of exchange. It would in effect be devalued. Treasury Secretary John B. Connally avoids the word, but most bankers and industrialists are ready to welcome it. Americans buying American goods would see no effect. But foreigners bin ing goods priced in U.S. dol- lars would find them cheaper because the dollar would be worth less in llieir money. So American goods would be more competitively priced and U.S. exports in rtue course would expand. At Ihc same time imports would go up in cost; their volume might be reduced. That would help narrow the U.S. payments def- icit. Giving the dollar a more defensible and realistic value would reduce its vulnerability to attack by spec- ulators who increasingly, in recent years, have tried to score big, cheap profits by offering U.S. dollars for German marks or Japanese yen in hope of a dollar an upward revaluation of the other currencies, Surcharge potent Nixon ndrcsdy ha.1; a potent persuader lo induce Japan ar.-l olhcr Jrrenry fruntrios lo move to- ward more realistic exchange rates. He ordered a temporary 10-pcr-ceiil fax surcharge on imports. On Ibe Irome front. Nixon's 90-day freeze of prices, wages and rents may prove more dramatic than effec- tive. But Ihc action says something his administration has never said'clearly before: This time we mean busi- ness. Voluntary controls seldom have worked in the past, and Nixon admits there will be little compulsion. So the freeze may Ire as ineffectual as that which pre- ceded mandatory ceilings during the Korean During the next three months Nixon's new, cabi- net level cost-of-living council will work with leaders of industry and labor "lo set up the proper mecha- nism for achieving price and wage stability after the 90-day freeze is Nixon said. The result might IK n national wage-price review board some think more adaptation of the stabilization machinery imposed on Ihc construc- tion industry last spring. "Working together, we will break the back of in- flation, and we will do it witliout the mandatory wage and price controls that crush economic and personal Nixon said. He was saying in effect that if'workable volun- tary measures are not adopted in 90 days, there can always be the dread alternative-mandatory ceiling en- forced by the kind of "huge price-control bureaucracy" Nixon has rcpcaledly deplored. New Canada WOLFVILLE, N.S. (CP) Former United Slates congressman Brooks Hays says there's a new Canada. The former Arkansas Democrat said in an interview while attending sessions of the Baptist World Federation executive at Acadia University here the flag change is symbolic of the new Canada. "I say thai without disparagement of the old Can- ada, but in appreciation of the fad lhal you do have pride jusl as ir.uch pride as our people The 71-year-old who sal for 16 years in the House of Representatives says a sense of nation- hood has developed in recenl years in Canada thai has impressed Americans, lie says Americans are becom- ing betlcr acquainted with Canadian aspirations and that there's a "great reservoir ol good will" in Can- ada for the United Stales. Day of prayer fails to eombat street dirt LA11U5 (AD due. day of in a desperate bid lo combat dirt in Ihe slrccls of Lagos- brought no sign of improvement Ihis weekend and citizens ol Nigeria's capital arc back where they start- ed. Thr oh.-i nf Uispis, Iho city's traditional Yoniba had rondrmnivl the "deplorable sanita- tion" of (he oiipilal ami cnlled on Ihn people to pray lo their ancestors fur relief. Obn Adeyinka Yoekan II said Ihe dirty streets and sewers arc a breeding ground of cholera, malaria and other diseases. Ho cnsligalcd Lagos city council offi- cials for "wasteful spending on laic night parlies" and charged Ihc council "displayed gross inefficiency and laxily in ils duties lo public." Bui filler Ihc cluy of prayer Ihe slrccls slill looked Ihr same, and .-i.s Ihc nhii described Ilicni "refuse H'crj-Hlicrc ;ind rtrauw clogged all rbmid." HALIFAX (CP) Southern and eastern Nova Scotia counted damage in the millions today as rain dropped by Hurri- cane Belli washed oul highways, flooded hundreds of homes and businesses and inundaled farm- land. Mayor Rolan Thornhill of neighboring D a r I m o u I h de- scribed flooding in his city of as a "disaster." He called on Ihe federal and provincial governments for financial aid. At least 500 homes were flooded in Dartmouth, sections of many streets were awash or ciil and the mayor expressed fear that a dam in the cily would break under Hie pressure of rising walcr, flooding Ihe dowiilown area. Hurricane Belli, wilh winds up lo RO miles an hour, moved northeast along the province's east coast. She did not bring high winds lo land areas, but drenched the Halifax area wilh almosl nine inches of rain in the 24 hours to 3 a.m. today. Main highways in several sec- lions ol Ihe province were cut, disrupting road travel to north- em and eastern Nova Scolia. The Trans-Canada between New Glasgow and Anligonish and Route 7 between Sherbrooke and Anligonish were shul down. Traffic on Roule 102 belween Halifax and most- heavily travelled highway in the blocked at En- fiek north of the Halifax air- port, bill motorists could reach Truro by taking a detour. Earliei reports that a bridge al Enfield was ripped out by floodwalers were incorrect, highways department officials said. They said no major bridges in the province have been washed out. of here. Gusls of 65 miles an hour were forecast for Cape Breton later in the day as (he storm moved east Rain and wind 'ssiir1, for Ihc is- land. Mayor Thornhill said damage in Dartmouth alone would run into Ihe hundreds of thousands of dollars. A highways-depart- ment spokesman said Ihere were numerous washouls on provincial highways, wilh dam- age still be assessed. The highways deparlmenl ap- pealed to motorists to slay off provincial highways. City works department crews in Dartmouth reported more lhan 400 calls from residents re- porting Hooded homes. The Hal- ifax works department received 450 calls. In one area pressure from flood waters in storm sew- ers lifled manhole covers out of position, Ottawa won't take retaliatory measures jail workers to formulate strike plans CALGARY (CD Officers from Albena Correctional In- stitutes will meet in Edmonton Saturday to formulate plans for a strike Aug. 25 if their wage dispute isn't settled with the provincial government. Jake Austin. Calgary repre- sentative of the Alberta Civil Service Employees' Associa- tion, said the main demand is for collective bargaining righls. Officers have also demanded an extra wage increase of 4.7 per cent in above new two-year salary increases im- posed by a mediation board in May. Institutes affected by a strike would be Calgary, Fort S a s k a t c h ewan, Letlibridge, Bowden, N o r d e g g, Belmont and Peace River. "Whilefish skier killed in fall GLACIER NATIONAL PARK, Mont. (AP) A White- fish, Mont., man was killed .Sunday while summer skiing in Glacier National park. Authorities said Ron Wat- thews. 32, died from a fall inlo a 40-foot deep crevasse on Sperry Glacier. Matthews, a ski instructor, was practising on the park's largest glacier when he fell, rangers said. Seen ond heard About town 11 USTRATKD llpnry floorer Mryrr ly iinlonding his station wa- gon so he could fit. a largo dresser he was home lo Taber .Hill Me- Call saying ho Ihough the smoke from a range fire near Slnnrioff was n "long-dis- Inncn" smoke signal .Har- old Mao saying he was going lo slarl. n .IrnnilVr O'Neill dm Huh nflcr peeing her in n mom. OTTAWA (CP) External Affair' Minister Mitchell Sharp, acting prime minister, called a cabinet meeting today to dis- cuss the effects on Canada of President Nixon's new economic policies. An informant said there ap- parently was no thought of Can- ada taking retaliatory action against the measures, which will hit Canadian exports of manufactured goods and push the Canadian dollar liigher in international exchange markets. Mr Sharp returned from a vacation and became acting prime minister on the departure last Friday of Prime Minister Trudcau for a European holi- day. Willkrn Rogers, U.S. secre- tary of state telephoned Mr. Sharp wilh background informa- tion Sunday night after Presi- dent Nixon's announcements. Mr. Rogers said it was not pos- sible lo consult Canada and the United Slates' other trading partners in advance. Mr. Sharp declined comment for reporters on the U.S. mea- sures until after the cabinet meeting. UNI.1KI-; CANADA However, a spokesman said the U.S. moves were taken in a far different economic situation than that which prompted Can- ada lo unpeg ils dollar from international exchange rules in June, 1970. Al that lime, Hie Canadian dollar was under up- ward pressure and the govern- ment here could no longer hold it I ack, whereas Ihe U.S. dollar has been sinking The U.S., in effect, also un- pegged its dollar by Mr. Nixon's declaration that the United Stales will, for Ihe present, no longer buy and sell gold at a fixel price of S35 an ounce. Canada's international bal- ancc-of-paymenls position has been strong, while the U.S, bal- American dollar TOURISTS WORRIED Amercian tourists gather Mon- day at a Swiss bank in Zurich as they considered what may happen to the value of the dollar abroad in wake of President Nixon's economic speech Sunday. In Paris real panic developed as people allempled to unload iheir U.S. dollars. Trans-Canada closing averted CALGARY (CP) The pos- sibility lhal Ihe Trans-Canada Highway through Yoho Nation- al Park in British Columbia would be closed because of a forest fire was averted Sunday when firefighters brought the blaze under control. A spokesman for the national parks branch said high winds !hat hampered firefighters in the mountain parks earlier Sun- day had eased and given the men lime lo get ahead of the blazes. He said there now was "no of Ihe highway being closed. JUMPS HIGHWAY Eight bulldozers, two helicojv ters and 200 men were battling Ihe fire on Mount Hurd in Yoho Park which had been jumping the highway at one point Another fire burning near the west gate of Yoho Park was brought under control Sunday in addition to three fires burning in Jasper National Park. However, three fires in Gla- cier National Park still were out of control and. fhe rniin said, two fires in Rcvc'- stoke National Park h.--t merged and were also out of control. There were nine fires burn- ing in seven national parks Sunday. And one new- fire was burn- ing over 1.000 acres in Wood Buffalo National Park on the Alberta Northwest Territories boundary. There were 14 fires in the park, 12 of them out of con trol. Bow Island man drowns in river BOW ISLAND Joseph James Clark, 21, of Bow Island drowned Sunday morning whUo swimming in (lie South Sas- katchewan River at a point about 20 miles west of Medi- cine Hat. The drowning is believed to have been accidental and a de- cision on an inquest has not yd been reached by Medicine Hat Coroner Dr. R. E. Copp of Medicine Hal. Bow Island is 65 miles east of Lethbridge. Bv THE CANADIAN PRESS The United States dollar came under fierce pressure abroad today and major European money exchanges closed await- ing clarification of President Nixon's action lo defend the dol- lar. Exporters from Europe lo the Orient expressed concern about the effect of the 10-per-cent sur- charge on dutiable goods not subject lo import quotas. Meanwhile Ilia Canadian cur- rency market remained open. The closing of money mar kels, following Nixon's decision lo suspend settlement of inter- national transactions in gold, left many U.S. tourists abroad hard-pressed to buy foreign ex- change. They felt Ihe devaluing effect of Lhe financial measures when they had to pay premiums at commercial outlets. In Japan, which will certainly feel the impact of the measures, the Cenlral Bank supported Ihe U.S. dollar at ils official rate of 357.37 yen and the foreign ex- change was still open. SUPPORT U.S. DOLLAR Dealers al commercial banks estimated the Bank of Japan absorbed more than million in supporting the U.S. dollar. Brit r'.n, West Germany, Switzerland, Sweden, Norway, Italy and Soulh Africa among others, closed Iheir foreign ex- change and gold m a r k e I s. France. Belgium and Luxem- bourg had ;i bank holiday for the Roman Catholic Feast of (he Assumption. In Frankfurt, shares of com- panies likely to be affected by the surcharge dropped sharply, including such automobile-mak- ers as Volkswagen. The Swiss cabinet was fold the surcharge would affect about 90 per cent of all Swiss exports to Ihe United States, which totalled million last year. Japanese officials in Tokyo said (he import taxes would se- riously affect Irade with the United Stales, which totalled ?455 million last year. A mem- ber of Lhe Japan External Trade Association said the tax was "one step short of a total sus- pension of imports on the part of the United S'tates." Japan- ese exports to the United Staes were billion in 1969 com- pared win S3.5 billion in im- ports. Market rockets ahead NEW YORK (AP) The stock mafket reacted to Presi- dent Nixon's new economic poli- cies with a roar today and shot to a spectacular gain. The noon Dow Jones average of 30 industrial slocks soared 24.31 points to 880.33 as trading proceeded at a record pace. Piled up orders delayed the opening of General Motors and many other blue chip stocks. Volume on the New York Stock Exchange hit a two-hour record of R6 million shares at noon. The old mark was 12.25 million shares traded through noon on April 30, 1969. The price advance spread through almost the entire list wilh only a handful of issues showing losses. A big board official said bro- kers greeted the bell opening trading with a loud roar. "It was just the most wonder- ful thing that ever happened, a master stroke, really said Bradbury K. Thurlow, ana- lyst for the brokerage firm of Hoppin, Watson and Co. Among other blue clu'p issues delayed in opening were Chrys- ler. Ford, U.S. Slecl and Du Ponl. Price gains ranged lo several dollars a share. ance has been weak. At mid- year, Canada had an unusual S220 million sui-plus from ex- ports after paying for all ils im- ports. All available ministers, in- cluding Trade Minister Joan- Luc Pcpin. conferred with then- senior officials on Ihe implica- tions of Ihe Washington an- nouncements. An official said the atmosphere was one of seri- ous concern, hut not of panic or alarm. There was nothing to support any suggestion thai Canada might retaliate against the U.S. by imrosing higher duties on imports, the official added. An- olher source indicated Ihe Cana- dian government is anxious that the situ3tion not develop into re- criminations and a war of con- trols between countries. DAMAGE TRADE AT HRST One reaction among of- ficials was Lhal (ho American moves would certainly push the Canadian dollar higher in inter- national markets, damaging Ca- nadian exports, an informant Edd. However, this may only be a passing phase, and ultimately Canadian trade may improve, he said For consumer purchas- ers of imported goods, prices of American products could de- cline while overseas goods may become more expensive. President N i x o n 's Sunday night announcement caught the capital by surprise, with both Prime Minister Trudeau and Fi- nance Minister E. J. Benson away on overseas vacations, Fi- nance, trade, and other depart- ment officials were meeting early today trying to asses Ihe implications of Mr. Nixon's an- Thc 10-per-cent surcharge on American import duties is re- garded as the most damaging one to the Canadian economy, affecting sales of most Cana- dian manufactured goods lo the United S'lales. Most raw materi- als, however, are expected lo be lillle affecled by Lhe surtax alone. In Ihe six months, January to June this year. Canadian ex- porls of automobiles, chassis, trucks, engines and parts principally to the United States totalled billion. Presi- dent Nixon exempted trade under the Canada-U S'. automo- bile free trade agreement from bis new economic measures. Fire line thrown up in Montana BROADUS, Mont. (AP) Firefighters threw up a fire line around a fire near Broadus late Sunday but feared an impending wind would cause the blaze lo bal- loon again. The fire, about 40 miles soulh of Broadus and extending into Wyoming, was being fought by 900 men. It was ignited Friday night by lightning. Meanwhile, 11 other range fires broke out in the Miles Cily dislricl and three in Ihe Lewislon district Authorities said they were caused by light- ning. Another 80 men were sched- uled lo he brought in today from Boise, Idaho, to help fight the flames. Popsicle dies REDLANDS, Calif. (AP) Fred L. Ryon, ao, Ihe creamery executive who in the 1920s pal- enferl the Popsicle, and formed the Popsicle Corp. in Oakland, Calif., died Salurday after a brief illness. STANDOFF FIRE SCENE The rxlnnl of Ihe gross and qrnin fire Sunday 11 milrs northrn'.t of Stnivlofl may hn teen In ocrial photograph obovt, resulted from tlio bnckfire of n Iruclc In a wheat field. Fciflc 9.) (See story ;