Lethbridge Herald, The (Newspaper) - August 16, 1973, Lethbridge, Alberta
Auguir mi HERALD 9 Attack on dollar Scary times for U.S. economy By EDWIN L. DALE JR. New York Times Service WASHINGTON-Large Unit- id States corporations were not ihe main culprits in the massive ittack on the dollar in the world's cuirency markets in the 'iret three months of this .he treasury has concluded on he basis of new figures. Some transactions of the big multi-nation 41 corpwat ions rere apparently based on fear expectation of a devaluation the according to the xeasury but these small by comparison with movements of funds from other sources. The new assessment of the large outflows of dollars from the United amounting to about more than inflows in the first has come in an unpublished letter from Jack L. deputy undersecretary of the treasury for monetary to Sen. Harry F. Democrat-In- dependent of chair- man of a senate finance sub- committee that recently Inquir- ed into the problem. The attack on the dollar by Americans and foreigners in- Indians refuse to meet Chretien pnt. The hereditary chiefs of the Six Nations Confederacy Council have refussd to meet with Jean federal minister of In- dian and instead will seek a meeting with Prime Min- ister Trudeau. Mrs. Garnet secre- tary of the read a council resolution Tuesday ask- ing for the meeting with the prime minister as soon as pos- sible to resolve the problem of its legally taking over the gov- INSURANCE O LIABILITY BONDS O AUTO 6 FIRE ROSSSTER AGENCIES LTD. ESTABLISHED 1911 Lower Floor 517 4lh Avo. S. Phone 327-1541 eminent of the Six Nations community near here. The confederacy was recog- nized as the legal governing body of the acres of In- dian land hi an Ontario Su- preme Court judgment July 11. Mr. Justice John Osier ruled that the not the elected band council established in 1924 by the federal government should govern. Mr. Justice Osier also ruled that the Six Nations was not a that the federal gov- ernment has no jurisdiction there and that the Indian Act should be declared in operative. The chiefs do not want to meet with Mr. Chretien because he administers what they be- lieve is the illegal Indian Act. just how and when the meeting with Mr. Trudeau will be arranged has not been de- cided. Members of the 13-man elected band council and its ad- ministrative staff still carry on the day-to-day business of the Six Nations. THE FINEST RETIREMENT AND RECREATIONAL COMMUNITY Blind Boy. B Halfway bttwttn Calgary Vanctuvtr tn Tram-Canado Please mail a frti Namt Phonf volved selling of dollars for the purchase of foreign Currencies. The anticipated de- which the mass setting helped to bring occurred Feb. 12. Bennett All probability some direct investment and other corporate outflows in the first quarter were caused or accelerated by the widespread expecta- tion of exchange rate changes at times during the quarter. Ne- the excess of all these outflows during that per- iod over the same period in the previous year of billion sug- gests that the United States corporate reaction to the ex- pected exchange rate changes was not the major component of the IDENTIFIES SOURCES Bennett identified three sources of dollar outflow that far exceeded the outflow attri- butable to corporations. The first two involved banks- United States banks and the agencies and branches of for- eign banks in the United each of which accounted for about billion. Although there are federal re- serve board guidelines on bank lending to which have recently been applied to the foriegn branches and agen- these cannot stop large outflows at a time of currency turmoil. Foreign funds deposited in the United States can be with- drawn at any for exam- and banks may have to meet sudden massive calls on outstanding lines of credit that push their foreign lending tem- jorarily over their guideline ceilings. The third source of outflow was the vast array of indivi- dual transactions that are not recorded in the official statis- tics. Known as and om- amounted to billion in tlhe first quart- er. If a wealthy or not-so- wealthy American decides to ransfer his money Swiss the transaction eventually shows up in the bal- ance of payments figures under ie heading of and om- because the specific jansaction has not been re- ported but total foreign hold- ings of dollars have risen. Tourist Traffic Up HALIFAX Nova Scotia's tourist traffic between June 1 and July 22 is up four per cent over the came period last a government spokes- man said. Figures released by the tourist department showed out-of-province vehicles entered Nova Scotia during this an increase of over the same period in 1972. BACK IN PORT N.S. The schooner Bluenose which underwent a refit earlier this is back in port for more repairs. A spokesman said in clutch in one of the ship's 190-horsepower engines burned out while the ship was operating as a tourist attraction for the province. he said the engines are under war- ranty and that the cost of re- pairs will not be borne by Nova Scotia. Soviet Union ties better BUCHAREST From all the Soviet Union and the most inde- pendent-minded of Russia's Warsaw pact have learned to live together if not love each other. Two years they were trading verbal salvoes. Soviet troops manoeuvred on Ro- mania's and invasion rumors spread. Last week looked like mania-Russia said the Romanian Communist party to its Russian counterpart in a message. express our firm conviction that Romanian- Soviet fraternal rela- tions will witness a steady de- Romanian leader Nicolae Ceausescu had a com- session in a Crimean Sea resort with Leonid Brezh- nev. In 1971 Ceausescu was not invited to the annual Commu- nist clambake in the Crimea. After this year's the Romanian Communist party ex- ecutive committee said it would to expand eco- nomic and technical co-oper- ation with the Soviet Union. The Romanian-Soviet eco- nomic co-operation commission also met here last week and an- nounced Russia would build a caustic soda plant in Romania. Romania will help construct a cellulose factory in the Soviet Union. mnrniimfr EST'D. 1858 MATURED AND BOTTLED UNDER CANADIAN GOVERNMENT SUPERVISION The right rye at the right price. Right now. Right here in Alberta. 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