Lethbridge Herald, The (Newspaper) - December 4, 1970, Lethbridge, Alberta
J.S THE IFTHBRIDGE HERALD Friday, Decomber 4, 1970 Canadian economy in generally good shape By IimNG C. WIIYNOT f.'aiuufian Press Business Krlitor 01TAWA (CP) Finance .Minister Benson says the Cana- dian economy is in generally good shape and should show sig1 nificant improvement next year. lint lie warned in his budget speech to the Commons Thurs- day night that tile twin spectres of inflation and unemployment are still the main enemies in the quest to give all Canadians a fair share of the country's bounty. "Our only ultimate concern is for the well-being of all our peo- lie said. "Our oilier con- cerns are significant only inso- far as they contribute or detract from this goal." Looking back, lie said latest statistics confirm a healthy in- ternational trading position, strength in the lioine building industry, and a decline in the rate of price inflation. Employment and output are again on the rise and unemploy- ment, considering seasonal vari- ations, "appears to be failing." NEEDS IMPROVEMENT "There is no question, hou- ever. that the rale of 'growth of employment must improve and that unemployment must be re- duced if Ihe economy is best to serve our over-riding objective of the highest sustainable im- provement in the standard of living of all Canadians." Both inflation and unemploy- ment must be fought and con- trolled and the government "in- ends to maintain ils fight on both fronts." commission announced Tuesday it had failed to get business to agree to an extension of its commitment to hold down price increases. That agreement expires at the end of the year and there has been speculation I hero will be a series of price increases by companies who have seen their profits eroded this year by the price-restraint formula. Under the formula business months as they always do. Bu Mr. Benson said he was hopefu that when seasonal variations are taken into account unem ployment will in fact be found to have peaked this quarter un less improvement is delayed by major labor disputes. KOUTE NOT EASY "I do not wish to suggest thai the route to full employment will be easy. With the rapid ex- pansion of the labor force Strom: Looks like Alberta left out By BUD JORGENSE.V Canadian Press Staff Write Business and labor found little encouragement in Finance Min ister Edgar Benson's budget speech Thursday. The mid-term budget was seen generally as a collection of emergency measures to alle- viate problems this whiter. Businessmen said they wel- comed the increase in deprecia- tion allowances and help for specific industries but the Jack- et tax reductions dampened en- thusiasm. There had been spec- ulation that some taxes would be reduced. Spokesmen for labor union, said they were disappointed the budget. Donald MacDonali president of the Canadian Labo Congress, said in Ottawa the un employed "asked for bread an were given a stone." W. H. A. Thorburn, chairmar of the board of governors of th Toronto' Stock Exchange, sail he doubted the budget an nouncements will affect Cajia dian stock markets. "I don't feel as pleased as Christinas to Le cold this year LONDON (Renter! Britain is threatened with a cold, dark Christmas because of a nation- wide work slowdown by power station workers who want higher wages. Their union leaders Wednes- day night rejected a S5 weekly pay rise offer and orders being sent today to man- ual workers to ban overtime and to work to rule from mid- night Sunday night. The effect could include dim- mer house lights, cooler electric fires and stoves and smaller tel- evision pictures as voltage drops throughout the country. The unions have demanded in- creases averaging about weekly. had made up my mind to be Mr. Thorburn said. He said current problems were "being attacked on moro of a social basis than an eco nomic basis." ALBERTA LEFT OUT In Edmonton, Premier Harry Strom of Alberta said he did not see anything in the federal budget that would affect the province. "It appears we're going to be left he said in a telephone interview. "It seems to ignore the fact the developing regions have some problems too." He said Alberta's unemploy- ment problem was not of a magnitude that would allow the province to "make any claims under these refer- ring to the fact Alberta was al- located only a small portion of about million designed for public works programs to cre- ate jobs. BUDGET' A "humdrum budget with very few benefits" was Alberta Treasurer A. 0. Aalborg's de- scription of the new federal budget. Mr. Aalborg said in a tele- phone interview the budget con- tinued a trend by the federal government to concentrate on Quebec and the Maritimes at' the expense of Western Canada. He said Albrcta's small share of about 5200 million allocated "or public works projects in an attempt to combat unemploy- ment was proof the West is being ignored. NDP Leader T. C. Douglas, in Vanaimo, B.C., said federal Fi- nance Minister Edgar Benson missed the real purpose of a put purchasing in the hands of five mil- lion Canadians living on or 'Blow the poverty line. He said it was his understand, ing the sole purpose of the udget had been to deal with ranter unemployment and get he economy moving again. Like most, he had expected tax uts, particularly.for the lower income group. Groans., bones and loans tic indicated that the govern ment has not given up on to keep price increase, below cost increases. The with the prospect of in creasing productivity as the Fight against i u f 1 a t i o n ev Jiough the prices and had been seeking a six month expands, very substantial rates of real growth will be ACTION to absorb the new w J Benson hinted that and reduce unemploy- budget action could be the economy shows sign he expects renewed confi- X in the private sector, ad- I saying this I have in towards full use of only progress towards and material resources, but also in consumer spending price stronger investment in we do not achieve the next year. of prices and costs that we must have we shall not forecast that by the second half of the year the gross na- V jf i action that may be the total of all on that and services should be he didn't say so, he about per cent to be talking about that of the second half of of wage and price year. though he has said in budget speech ended with v lie doesn't like the note of confidence: the future, both from all over the and output should are obviously willing to to rise and gain their bets on Canada. jBKBa through strong advice to Canadi- figures everywhere is that there is PREMIER doubt rise through the better bet." Alberta Left j IlL job CARL claims for investment de- (CP) The for two years on con- announced Thursday costs incurred up to infusion of about end of next year on build- in loans and grants for started tliis year. Now, works projects by started from the be- Jf 3 and municipal of the new year will be LlJfL, t in regions where of the disincentive. t A. 0. AALBORG Few scarce. About half the total, detailed )y Finance Minister Edgar Benson in a budget speech for im-lediate use, is earmarked special federal loan fund for provinces, which may bo passed on for municipal public works, is an interim measure pending the outcome of talks Liberia's Heading UK list is a new, spe-al fund of million the provinces about Mr. Bourassa's more elaborate proposal. 4 million OTTAWA (CP) The govern-ent estimates that the prov-ces will share the million a new public works program the following amounts, based i an unemployment formula: Newfoundland million." Prince Edward Island provincial governments ay boiTOw at lower-than-nor-mal interest rates to finance rejects such as roads, bridges and sidewalks. The amount available to each rovince is based on a regional inemployment f o r m u 1 a. The rmula estimates amounts that ange from milh'on for Juebec and million for Brit-i Columbia to million after IBS election last April, Mr. Bourassa proposed to federal and provincial finance ministers at a June meeting in Winnipeg, establishment of a joint fund on which provinces iiit by especially-high unemployment could draw in hard times. Mr. Benson said the federal government would continue to study with the provinces Mr. 3ourassa's proposal for a per- Edward financial stabilization Nova Scotia program is based on New Brunswick million. Quebec million. Ontario by Premier Robert Sourassa of Quebec. HANTS FOB the und would be set up immedi- Manitoba million. Saskatchewan million. Alberta milh'on. British Columbia Benson also announced an tright grant of million rough the federal regional ex-nsion department to help pay r access roads and other mu-cipal services surrounding the w airport being built at The public works project o be supported by loans should 5e additional to any already ilaraied for this financial year, Mr. Benson said, and quick ac-ion would be sought to relieve inemployment this winter. .TnRT.iTKS TMHTANS OTTAWA (CP) Conserva-1 signed live Leader Robert Stanfield said Thursday night that the budget speech was one of "groans, bones and loans." Mr. Stanfield said IhaMH- nance Minister Edgar Benson had in effect increased taxes by not lifting the three-pcr-cen't surtax on corporate and per- sonal income taxes. Speaking to reporters after leaving the Commons, Mr. Stan- field said the onlv bright soot in Mr. Benson's budget speech was the 10-per-cent increase in un- cmoioyment benefits. But he added that Mr. Benson had done nothing for those whose benefits will run out or vho did not work enough days this year to be eligible for bene- fits. The 15-per-cent capital allow- ance for manufacturing nlants "is a gimmick." What effect it would have remained fo be seen. Max Saltsman the N'sw_ Democrat finance critic, dismissed the budget as "eco- nomic lunacv." "At a time people arc desper- ate for work, the best Benson can do is a depression kind of winter relief instead o! some- thing to s t i m u 1 a t e employ- ment." TAX CUT NEEDED Mr. Saltsman said that what is nerdr-d k a far thing that had boon predicted bv many people but which the i finance minister rejected. Marcel Lambert, the Conserv- i stive financial critic, described the budget as a "posturing act f! cliches and sclf-smtmnoss on the part of the j Mr. Lnmbcrf inid fho rnons thr PVIPTYXJI-'' fm- o'hcr year of the three'-ncr-ronf, surtax on personal and corpo- rate income hits the rich and poor equally hard to help them. They should be helped now, "not in the spring." Mr. Lambert said that mea- sures increasing unemployment insurance benefits were not needed as much as jobs. The government had refused two years ago to recognize there was inflation, he said. Then it had over-reacted and had gone too far the other way fighting inflation. The government's fiscal an monetary policies have resultec in "massive unemployment. The Conservative financia critic said that proposed loans of million to provinces wa a "disguised winter works pn> gram." But Ihese programs were no likely to get going this wintei because of the bureaucracy tha has to be set up to administer the loans MARCEL LAMBERT Self Smugness ROBERT STANFIELD Just a Gimmick OTTAWA fCPi Budget csti-! mates for fiscal years ended j .March 1, in millions of dollars: I 1969-70 1870-71 licvcnuf SI2.3I3 j KspcntliUirs II.MS 126.96.36.199 a glance Economic development. M.I Health and welfare, 23.7. ation. (i. Public debt cl Scholastique, northwest of Montreal. Further, the federal govern- ment's own public works con- struction program in jobless areas will be stepped up to ?23 million in addition to the extra million announced for such projects Oct 13. In the October statement, million extra was allocated to manpower retrain- ing. Mr. Benson said a further million would be made available for federal house-building loans through Central Mortgage and Housing Corp. On another aspect of construc- program to discourage starts on commercial buildings fast-growing ,he budget speech was silent. That means the program will be permitted to peter out on sched- ile in the coming year. The program, introduced in June, 1969, and reinforced last .larch, was an attempt to cool out construction a c t i v i t y in trong-inflation centres of On- ario, British Columbia and Al- END DISINCENTIVE Companies putting up non-hi- u s t r i a 1 and non-residential uildings must defer tax-allow- The allocation of funds among provinces is based on a formula related to average unemploy- ment rates during the last half of this year in different regions. It account? for unemployment ui excess of four per cent of the local labor force and counts in treaty Indians jobless on re- serves. Inclusion of reserve Indians brings Alberta and Saskatche- wan into the present program, whereas straight unemployment statistics would have excluded those provinces. Tentative allo- cations show million avail- able for Alberta and million for Saskatchewan. Effective dates of changes OTTAWA (CP) Effective dates of budget changes an- nounced Thursday night: Jan. in- surance benefits increased 10 per cent. Ijji loans totalling million to be available to provinces for make-work projects. o f capita! cost allowances to per- mit manufacturers and pro- cessors higher writeoff of extra million in federal works pro- ttedncsday for being selfish in i jccts in high-unemployment contributing less than one half I 5tarting this of one per cent of the gross na- lional product, to foreign aid. skimping OTl foreign aid SAVE 1.68 LADIES' CARDIGANS AND PULLOVERS Many styles to chooje from. Colors of White, Navy, Blue or Green. Sizes Reg. Woolco Prica 6.67. SPECIAL SAVE .99 LADIES' QUILTED DUSTERS 3 styles to choosa from. Colors of Pink, Blue, or Lime. Reg. Wooleo Price 5.87 YOUR CHOICE 4.00 SAVE! 1.86 LADIES' CRIMPKNIT DRESSES 5 styles to choose from. Colprs of Blue, Gold, Green and Navy. Sizes 8 to 18. Reg. Woolco ff 1 ft Prica 11.86. SPECIAL I V ON SALE SATURDAY ONLY "WHITE STREAK" SKIS 16 pcs. Maple and beach laminated con- struction. Polyron base with interlocking steel edges. Metal top and ABS tall pro- tector. Complete with Thunder step-in heel units and toe pieces. Sizes 175, 185, 195 and 205 C.M. COMPLETE SET 49.97 SAVE 25.07 TO 35.07 LADIES' PANT SUITS 3 styles to choosa from. Sizes 10 to Reg. Woolco Price 49.95 to 59.95. SPECIAL 24.88 SAVE .45 CHRISTMAS ORNAMENTS 12 coloured bolls in solid colors of Red, Green, Gold and Hot Pink. Per package. Reg. Woolco n Price .76. i FROM THE SMOKE SHOP MINI MODS Transparent mod flowers. Ideal for all typej of flora! arrangements. Assorted colors. Reg. Woolco n n Price .10. I U for .QO APPLIANCE DEPT. SAVE 1.02 DANBY FRYERS Heat control. Ideal for deep frying, making soups, stews, and cooking spaghetti. Also can be used for' making popcorn. Highly polished finish with smart Black trim. Reg. Woolco A Prico 11.99. SPECIAL 1 SAVi 1.40 MEN'S ZIPPER OVERSHOES Canadian made. With jumbo zipper. Black. Sizes 6-12. Reg. Woolco Price 6.97. SPECIAL 5.57 1.33 SAVE .16 TREE TOP ORNAMENTS Decorative fire proof tree top ornaments suitable for small trees. Assorted colors. Reg. Woolco rn Priea .75. YOUR CHOICE .3" SAVE 1.34 ELECTRIC FIREPLACE With yule logs that glow and flicker like a real firs. Sizes x x Reg. Woolco n QQ Price 5.33. SPECIAL O.77 SAVE 2.22 to 3.09 MATTEL'S MAN IN SPACE Major Matt Mason series. Choose from Space Hauler or Space Bubble. Reg. Woolco Price 6.99 and 7.86. SPECIAL SAVE 3.20 BOYS' PULL-ON BOOTS All leather uppers. Brown. Sizes 1 to 7. Reg. Woolco ww Price 12.97. SALE 7.77 SAVE MEN'S SNOW MOC WINTER BOOTS Nylon top, rubber With removable lini soles. Sizes 6-12. Reg. Woolco Price 15.97. SPECIAL 12.97 SAVE .81 HOT WHEELS DRAG CHUTE STUNT SET AND SKY SHOW WOOICO PHARMACY OPERATED BY JACK AUSTIN PHARMACY (ALTA.) LTD. A Division of the Dominion Citrus Co. lid. SAVE 1.02 OLD SPICE GIFT SET Confnins after shave, cologne, stick deodar- anf and body talcum. I Reg. Woolco C IT 6.39. SPECIAL I TORONTO, Ont (CP) Paul Babey, an agriculture leader in Alberta criticized Canadians All the Hot Wheels tn Reg. Woolco Price 4.93 and 4.99. SPECIAL they need to make their complete. 4.17 PROFESSIONAL MODEL SKIS 25 pcs. Maple ond beach laminated con- struction. ABS top sheet, aluminum top edges. Plastic palyron sole ond interlocking steel edges, metal fop and ABS heel protector. Sizes 185, 195 and 205 C.M. Com- plete Thunder slep-in hoe! units and toe pieces. SfcT 59.97 SAVE 3.11 BOYS' PIIE JACKETS 100% Orion pile oulergarment, quilled lin- ing and lined sleeves. Windproof with storm cuffs. Solid colon with horizonlal stripes Sizes S to 16. Reg. Woolco A .._ Price 12.88. SPECIAL SAVE 7.11 BOYS' CORDUROY RANCHER JACKETS Fully pile lined with quilted sleeves. Self collar with pile trim. Two slash pockets and bullon front. Brown, Brass, Green or Blue Sizes 8 lo 18. Reg. Woolco A Price 17.88. SPECIAL 1 SAVE 3.59 KENNERS EASY BAKE OVEN An ideal gift for the little cook. Complete set with all the features built i Reg. Woalco 1 4 AT Price 17.86. SPECIAL He said lhat Ihe finance min- ister .should have at h-ast tried tn relieve Ihe lax burden on I'n Pflnr a." thr jMvcruiMOTi w nil paixr on i -j-.is dr How a dollar is being spent in 1970-71 General government services, cents. cation, Unalloc.ited 5.8. Where (lie dollar comes from Personal income tax, jo.i cents. Corporation income tax, ie.1 Sales tax, Kxcisp taxes and 7.6. Oilier I'lA II. ;es, n.7 id comimmi-; The president nf 1'iiifanii in Albert.] fold Urn Hosing session of the Ontario Federation of Ag- riculture convention that until the attitude of Canadian society changes, agriculture will be able to do little in expanding food programs to starving na- ions. He said Ihe foreign aid food budget .should bn at least I wo cent ot IJis (JNI', i mil- lion for roads and services for new Montrr-Dl itjrport. 1m loans and loan insurance to be available to footwear indus- try. lo be asked to approve expansion and revision of industrial in- centive program to give addi- tional benefits in specified areas of Ontario, Quebec l.b.9 Atlantic Provinces. SATURDAY 2 P.M. SPECIAL (ONE HOUR ONLY) MEN'S DRESS SHIRTS Permoiicntly pieced, long loige ossortmen! of popular stripes. Sizes lo 17. Reg. Woolcs Prico 5.97 fo SPECIAL Open Monday and Tuesday 9 a.m. to 6 p.m.; Wednesday 9am to 1 p m Thursday ond Friday 5 a.m. to 9 p.m.; Saturday 8 o.m. to 6 p.m.