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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 6, 1974, Lethbridge, Alberta Friday, Dcctmbw 6, 1974 THE LETHBRIDQE HERALD 23 Expert paints rosy economic picture Holdup in progress Customers crowd against wall as bandit holds gun during bank holdup in downtown section of New York's borough of Manhattan. The holdup was recorded by the bank's camera. Fording workers Resolution urges aid t raige for vegetable growers PEACE RIVER (CP) Delegates to the annual SAND gravel ASPHALT iTOLLESTRUP; SAND and GRAVEL Construction Co. Ltd. j PHONE 328-8196 meeting of the Alberta Vegetable Growers Commis- sion passed a resolution Thursday asking the provin- cial government to give vegetable growers aid as readily as it is given to farmers in other segments of agriculture. The resolution was passed at the annual meeting of the organization, expected to be replaced soon by the Alberta Vegetable Growers Marketing Board. ELKFORD, B.C. (CP) Members of Local 7884 of the United Steel Workers of America working in this East Kootenay town have received an interim cost of living increase from Fording Coal Co. Ltd. Lome Ryder, president of the local, said Thursday that the increases range from 70 to 88 cents an hour for the 702 workers employed by the company. The company will pay an hour for laborers, an hour for tradesmen, and the top rate of an hour for dragline operators. TORONTO (CP) A leading Canadian economist said Thursday the federal budget's substantial boost to consumer spending will give Canada one of the strongest economies in the industrializ- ed world in 1975. T. A. Wilson, director of the Institute of Policy Analysis, said that "consumer spending will jump through the roof next year" in response to huge cuts in personal income taxes. He estimated consumer spending will increase by six per cent and the personal sav- ings rate will rise by 1.1 per cent to about 8.5 per cent of disposable income, the highest level since the Korean War. Mr. Wilson made his remarks to a business outlook seminar for 1975 sponsored by the University of Toronto Faculty of Management Studies. About 100 senior cor- porate officials attended the one-day conference. The economist said there are significant differences between the economies of Canada and the United States: Canada did not have an energy crisis last year; its capital goods spending boom has lasted much longer, and the Canadian fiscal policy is expansionary compared with the restrictive policy followed by the U.S. government. PRODUCE INCOME The Canadian government's indexing of transfer payments (social-welfare costs) and personal income tax will produce about billion in disposable income next year. In addition, the federal budget Nov. 18 will produce another billion to billion in disposable income, he said Business investment will be another major source of strength in the 1975 economy. Investment in non- residential construction will rise by 6.11 per cent and machinery and equipment by 7.9 per cent. Mr. Wilson said Canada's economy will rise by 3.9 per cent in 1975, about one per cent less than its potential growth rate. It will grow 6.11 per cent in 1976. Because Canada's growth will not achieve its potential, the unemployment rate is ex- pected to peak at 6.4 per cent by the end of next year and then gradually decline during 1976. Mr. Wilson said inflation "remains the fly in the ointment." He forecast a continuing high rate of inflation, saying it will be the most serious aspect of the economy. Inflation will run around 10.5 per cent in 1975 and drop to about 8.5 per cent in 1976. He said he expected that in- flation will be digested through the system and a lot of the inflationary shock will be absorbed by increased spending. Unless Canada is willing to undergo a severe recession and a high rate of un- employment, inflation will re- main high. The economist predicted a higher rate of wage inflation through to 1976 with the aver- age wage increase about 12.5 per cent. Profits are likely to decline and will temper the high wage demands expected next year, he added. See the Wiser's Northern Light One of the smoothest whiskies ever blended in Canada I KEY REALTY INSURANCE 1524- 9th Ave.S. Multiple Listings Service Phone 328-6671 Sat., Dec. 712-6 p.m. Sun., Dec. 812-6 p.m. MUST BE ANEWTOLLCOHOME 26 Hawthorne Place (Park Meadows) 2100 sq. ft. developed Slidin9 doors to large 2 open hearth fireplaces 3 bathrooms sundeck Front located garage Established mortgage of at 10Vi% ANEWTOLLCOHOME 1 Queens Road (West Lethbridge) 1320 sq. ft. Large carpeted sundeck Open Hearth fireplace Fridge, stove, built in 2 full baths dishwasher included Large country kitchen mortgage at 10% 89 Honeysuckle Road (Park Meadows) Large 1284 sq.ft. split entry 1 year old Mortgage at Open hearth fireplace This must be sold Large pie shaped lot in December i ASKING Drastically Reduced to Reduced to M NEED INSURANCE? SEE DOUG AT KEY REALTY INSURANCE HOWARD YANOilK VIHN MOflQAN Conmitttnt TRIVOR HANSEN PMIMT HOME, FARM. COMMERCIAL OR INDUSTRIAL Fire Liability Hail Bonding Let Us Quote You Our Rates, They Are Most Competitive I Phont 328-6671 ;