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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 24, 1970, Lethbridge, Alberta Monday, August 24, 1970 THE LETHBRIDGE HERALD Business Review Ottawa May Let Dollar Float By HIVING C. WHYNOT Canadian Press Business Editor There is growing speculator that the Canadian government plans to delay fixing a hew par- ity for tire dollar until at least the end of the year. One reason, apparently, that the government wants to wait until economic statistics for the half-year are available and assessed before making decision. The dollar was allowed to floaWind its own 1 and since then has been strong on international money markets. It bad been pegged at 92.5 cents U.S. In trading last week it rose to 98.46 cents U.S., high est since it was allowed to fine its own level and then weakened a bit. Monetary sources said the Bank of Canada was trading in the dollar during the week in an effort to stabilize prices. The central bank never admits such a move, and there is even stricter secrecy about any views the government might have about what the rate should be. KEEP MARKET GUESSING The idea, of course, is to keep the especially the international money speculators guessing. The state of Canada's trade will be a big factor influencing any government decision be cause it is the multitude transactions every day between Canadians and foreigners con- verting one currency to another that determines the dollar's value. Canadian exports increased 16 per cent to million during the first six months of this year from million in the corre- sponding period of 1969. The export performance for the first eix months was strong due at least in part to recovery from strike-damaged exports during the latter part of 1969. Of more concern to the gov- ernment will be the trade per- formance for the latter half oi the year, when the full effects of the floating dollar will be felt. SEE SLIDE AHEAD Some observers feel that the iharp acceleration in trade sur- plus for the first half of the year Is unlikely to be sustained through the second half, and the underlying current account could1 well slide into deficit. Behind the scenes, there is pressure from the International Monetary Fund to have the dol- lar repegged. The Canadian ac- tion in allowing the dollar to float contravened the IMF rules which oblige its members to maintain the spread of their currencies' exchange value within one per cent on either ride of parity. The MF holds its annual meeting in Copenhagen Sept. 21 and the Canadian action un- doubtedly will be the subject of considerable discussion. Some fund officials argue that it would be embarrassing for the Canadian delegates to face such a debate while the dollar is Six Killed In Montana FORSYTH, Mont (AP) In one of Rosebud County's worst stogie traffic accidents in his- tory, six persons, including three from London, England, were killed near here when a car and a pickup truck collided bead-on about seven miles west oi here. County officials identified the dead as a Mr. and Mrs. Tandy, believed in their 60s, of London, England; Eileen Tandy, 21, also from London; Raymond E. Miller, 26, Laurel' his wife, Patricia Miller, 25, and Gilbert Robles, 37, Billings. A spokesman for the Mon- tana Highway Patrol said the Tandys and the Millers were riding in the car and died at scene of the accident. The cause of the accident was under investigation. 3rd Battalion Goes To Cyprus OTTAWA (CP) The 3rd Battalion, Princess Patricia's Canadian Light Infantry, will replace the 1st Battalion, Royal Canadian Regiment, in Cyprus in October, the defence depart- ment announced today. The 490 replacements, under Lt.-Col. T. M. Marsaw, 39, Lon- don, Ont., mil leave Victoria, B.C., on air force Yufcons Oct. 4-13. Returning In London, Ont., will be 485 soldiers. Canadian troops have been in Cyprus with a United Nations peacekeeping contingent since ISM. still floating and they have been urging repegging before that meeting. So far, however, there axe no signs that Canada is bowing to this pressure, preferring to wait for a closer look ai the economy before making such a move. Landless Indian Peasants Try To Grab Gandhi's Farm NEW DELHI Guarded by CAP) policemen, Prime Minister Indira Gandhi's four-acre farm survived an at- tempt S'uBday by 32 Socialists to seize it as part of an India-wide 'land grab" movement. Possibly expecting a full-scale invasion by landless peasants, the police had an arsenal that included tear gas, steel tipped poles, wicker shields, radin transmitters and receivers, jeeps and horses. None was needed. Armed only with posters end flags, Socialist party volunteers, including two members of Par- liament, were arrested without a struggle three miles from tho farm on a charge of unlawful assembly. They joined an estimated other leftists who have been reported jailed so far. Thatcher Supports Curbs On Wages MEDINA (CP) Premier Ross Thatcher of Saskatchewan said the federal government should impose controls on all wages, prices and profits for a year to curb inflation. Speaking to a convention of Shrincrs, he said there are problems in strict enforcement of six per cent guidelines for increases "but the alternatives are far worse." The Liberal premier said that unless inflation is brought-un- der control socn, an outright recession appears inevitable. His government has beert work- ing for six per cent limits. "Our task would be infinitely easier if other provincial gov- ernments would take similar action, if Uie federal govern- ment, which set the original guideline, took concrete steps to enforce it." Mr. Thatcher said few Cana- dians are anti-labor and year. The budget origin- healthy labor force is vilal to j ally had called for a the economy. "But when labor union lead- ers throw their weight around, when powerful unions demand selfish wage increases which! n'cre ara vcry rcal must be paid for by less the North American eco- tunate citizens, then there is a i nomy unless more fiscal re- duty for governments to ad." can be demonstra- Mr. Thatcher said also he ex- ted both by our spending auth- dcficit. lie said wage increases must be related to productivity. pects his government wil! bal- ance its budget for the 1970-71 oritics and our people general- ly." V FULLrVlflC OF Prices effective Mon. thru. Sat BABY BEEF SIRLOIN OR CLUB STEAK YOUNG AND TENDER IMPORTED LAMB in a BASKET 3 MEALS IN ONE Ib. 35 KRAFT Miracle Whip 45' 16-or. jar MAXWELL HOUSE Inst. Coffee 10-oz, jar ALPHA Evap. Milk IS-oz. tins 5 95" Prices effeetive until closing Saturday, August ?9th WE RESERVE THE RIGHT TO LIMIT QUANTITIES TOP VALU BEANS and PORK SHOULDER ROASTSr- ,53' GROUND BEEF sis, ,55' COTTAGE ROLLS j-r 95" LIBBY Spaghetti In T.S. 14-oz. lini 45" 14-oz. TINS PREMIUM BOLOGNA By the Piece Ib. SAUSAGE STICKS Premium Salami or Summer J.29 each PORK SAUSAGE JUBILEE Links Ib. COLD MEATS TABLE RITE 6-oz. pkg., 5 varietisl 3 fc, 89' REGAL APPLE STRAWBERRY JAM AYLMER TOMATO or VEGETABLE KELIOGG'S Cereals Sugar Pops, Froof Loops or Apple Jacks 48-oz. TIN SOUP PERKY DOG FOOD 10-oz. tins 15-oz. tins KON TIKI PINEAPPLE Cube, Crushed or Sliced 19-oz. fins 8.98' .00 ,00 McGAVIN'S Blueberry Buns Pkg. BACK-TO-SCHOOL SUPPLIES Leaf, 3 ring Wide, pkg. of 5 ALBERTA 3-lb. pkg. CARNATION SKIM POWDER Inst. Milk IGA DAIRY SPECIALS ICING SUGAR Cheese Slices U-M. 75c HBBY DEEP BROWN Cheddar Cheese SS 75c Margarine 14-oj, tins NALLEY'S Potato Chips Tri Pak, 9-oz. pkgs Binders Key Tabs Key TOUS Narrow pkg. of S QO Refills ieaf-3 HEINZ STRAINED or JUNIOR BABY FOODS TINS SNAP OFF IGA FROZEN FOODS Fish and Chips C21, pvB.69c Vegetables Pkg. 2 far 89c TV Dinner Turkey.....n-.. 69c Cheese Pizza PiZZa Oulseppi, 6 yorisliei 10-oz. Lemonade 4 1.00 Sandwich Bags 1MI 45 CHUN KING Chinese Foods 95' 4 varieties, 41-oz. tins DOLE PINEAPPLE JUICE 48-oz. TINS Kam LUNCH MEAT 12-or. tins 49" IGA TABLE FRESH PRODUCE FOR BETTER MEALS CANADA NO. 1 PRUNE PLUMS HALO REG. OR HARD TO HOLD Hair Spray 99' 1554-oz. tini LIQUID Swan Detergent 2 bottlei GIANT SIZE Drive Detergent ISc off B.C. Domestic Case CANADA FANCY APPLES 39 MriLkJ Tydemnn.s...................................ib. VV CANADA NO. CALIFORNIA GREEN GRAPES CANADA NO. 1 CUCUMBERS Thompson Seedless Ib. Southern Alberto TOMATOES RUBY RED GRAPEFRUIT California............ ;