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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 5, 1974, Lethbridge, Alberta 36 THE UETHBRIDQE HERALD Thursday, Dectmbtr 5, 1974 I Agency claims I world economy slowing down LONDON (CP) One of Britain's most elite research agencies says today the outlook for the world economy has darkened notably during the last three months with no immediate improvement in sight. The National Institute of Economic and Social Research, in its final quarterly report for 1974, also adds a warning not present in previous studies: "It is increasingly hard to it says, "many developing countries avoiding (the imposition of) severe import with serious repercus- sions for world trade. The report, nearly always markedly optimistic about Canada's economic prospects, this time ex- presses some reservations about the Canadian per- formance. "The slowdown in economic activity (in Canada) now appears to be more severe than we foresaw in the institute says. "There may have been some decline in gross national product (GNP) in the third quarter." Nevertheless, the private, non-profit organization foresees growth in Canada's real GNP- the value of all goods and services produced by a country after ad- justments to take account of four per cent this year and up to 3.5 per cent in 1975. However, that still compares favorably with a two- per-cent drop this year in Britain's real GNP and a predicted increase of only .5 per cent next year. Slight rise seen In West Germany, which has one of the strongest economies in Europe, GNP rose by 1.5 per cent through most of 1974 and predictions show 2.5 per cent is the most likely gain which can be achieved next year. In the United States, real GNP will show a fall of two per cent in 1974 from a year earlier, the institute says, forecasting real growth there of one per cent or less next year There can be little doubt Canada has entered a period of slower growth but it is exceedingly hard to determine just how serious this will be, the institute says The strong recovery from the strike-depressed se- cond and third quarters of 1973 had brought the economy back to near-full working capacity, with a mounting backlog of unfilled orders suggesting pi ensure on resources is excessive in some sectors. 'In these circumstances, there is little scope for further growth in the period immediately the institute says. hi addition, a general slowing down of economic ac- tivity in the other major industrial countries was stai ting to exert a significant dampening influence on Canada and the "outlook for world production and trade is darker." Developing countries would likely have to impose import restrictions to ease balance-of-payments deficits caused by high oil prices. After nearly a year and a half of steady growth in Canadian business investment, it fell by three per cent in volume in the second quarter of this year and con- sumer spending increased by only .5 per cent in the second quarter compared with two per cent in the January-April period The report has little to say about inflation or un- employment in Canada, although it notes that the jobless rate, in excess of 5.5 per cent of the labor force, is likely to show some slight increase next year while inflation begins to ease gradually On the U.S. economy, the institute says business investment will likely show a continued increase to the end of 1974 but fall sharply next year as excess capaci- ty created by slow growth reduces requirements for new plant and equipment. There had been some easing of monetary policy in the U.S., Japan and West Germany and of budgetary policies in Canada and Western Europe. MELROE BOBCAT WORl 0 S MOST POPULAR SKif) SIEER LOADER Skid-steer Loader That "Puts It All Together" When the Melroe Bobcat was matched in performance tnsls against thirteen other skid-steer loader makes here s what happened Bobcat led the field with clea' superiority in nm pull cycle time practical load capacity safety and mobility under full load Thats the kind of performance you d expect from Ameri- cas number one skid-steer loader but its part of the Bobcat story Bobcat is famous for multi-pb versatility One Bobcat one operator and a group of special-iob attachments can replace several costly one-pb machines and their operators The patented Bob which allows the Bobcat operator to change attachments in less than a minute is cti'i 'he fastest most effective quick-attach system around Put a Bobcat to the test Call us for a free derioniira- i on today While were on your tobsite well expiau, n. N flexible financing that makes it easier than ever to own a Bobcat America's number one skid-steer loader EQUIPMENT Sales Service Rentals 'Greatest victory' needed by Alberta government Guerrilla hunters Mexican Army soldiers who participated in the hunt for guerrilla leader Lucio Cabanas are shown resting in Atoyac de Alvarez. Cabanas was reported killed earlier in the week. EDMONTON (CP) The provincial government "needs the greatest victory in the history of Alberta" in the next provincial election to sustain it in its difficulties with Ot- tawa, says Environment Minister Bill Yurko. He was speaking at a nominating meeting for the Gold Bar constituency, at which he was re nominated by acclamation. Mr. Yurko did not indicate when the election will come. It is generally expected for next spring or summer. In an interview. Mr. Yurko suggested the government measures support more in terms of the percentage vote than the number of seats in the legislature. In the 1971 provincial election the" Progressive Conservatives received 46 per cent of the vote. ALBERTA FIRST "The percentage vote will show the concern and support the people of Alberta will be willing to offer to the govern- ment of Alberta on the resource ownership question." The minister, who describes himself as one of the strongest federalists in the cabinet, said Alberta will have to closely examine the development of its resources. He said the interests of Alberta should be served first and the interests of Canada second. "This would almost suggest a slowdown in resource development. The best bank today is oil and gas in the ground, as well as coal and oil sands." Mr. Yurko said elections in all three western provinces would be fought on the resource issue. Alberta has protested Ot- tawa's refusal to allow oil companies to deduct royalties paid to provincial governments from their in- come tax. 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