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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 19, 1974, Lethbridge, Alberta Thursday December 19, 1974 THE LETHBRIDGE HERALD 27 OECD paints gloomy economic picture Anti-Makarios refugees Turkish Cypriots refugees, some of them wielding clubs, shout pro- Turkish slogans at a demonstration aimed at Archbishop Makarios in Cyprus. The refugees became angry when the archbishop tried to visit their camps. LONDON (CP) The 24 country organization for Economic Co operation and Development (OECD) sets out today some of its gloomiest forecasts ever for the economies of the in- dustrial world during 1975. Among other things, the Paris based OECD expects a ''pronounced and prolonged higher, longer lasting inflation than had been previously expected, with un- employment rising steadily throughout the year and into 1976. It recommends some modest reflationary action to break the downward spiral. In its end of year outlook for the next 12 months, the OECD says prospects for the Canadian economy in 1975 contain many uncertainties. Rising prices, a rapid increase in wage rates and stagnant employment probably would prevent any marked pickup in the real purchasing power of earnings at least until mid -1975. There might, however, be some slight improvement in real disposable income in the se- cond half of the year. Investment in house building might remain stag- nant in the first six months of next year but government assistance and easier money lending conditions should lead to a substantial improvement in Canada towards the end of 1975, the OECD says. The real value of business investment may continue to 'Winegate' sentences imposed BORDEAUX (AP) France's so-called "Winegate" trial ended Wednesday with a prison sentence and fine for a broker who admitted doctoring Bordeaux wines and fines for the Cruse cousins, two of the country's leading wine mer- chants Pierre Bert, who admitted that he tampered with the quality of Bordeaux wines to command a higher price, was sentenced to one year in prison and fined Yvan and Lionel Cruse, cousins who manage one of the oldest and most respected wholesale houses in Bordeaux, were given one- year suspended prison sentences. Each was fined The Cruse cousins said they might have been tricked into buying some wines from Beit but that they had tried to tell the truth their product. Serge Balan, who acted as a front man for Bert's ware- houses, was given a six-month suspended prison sentence and fined It was Lionel Cruse who coined the worde comparing himself to former president Richard Nixon and claiming the accusations would blow over But that was back in October, before the court heard evidence from tax inspectors and members of the government's wine fraud investigative unit. The Cruse cousins were said to have deliberately lost or mislaid their records when the investigators came calling. Wine casks :r. thoir cellars were said to contain a product marked for addition to Bordeaux, and Bordeaux casks that lost wine through evaporation were reported to have been topped up with cheaper varieties. The Cruse cousins indicated they would appeal the sentence. Bert also said he would appeal the sentence, the maximum allowable un- der the law. Other sentenced were Castaing, head of a wine firm, to a year's sus- pended jail term, three years of probation and a fine. Guid de Pinos, a merchant, to a four-month suspended prison sentence, three years' probation and a fine. Servant, head of a warehouse firm, to a six- month suspended jail term, three years' probation and a fine. George, another wine merchant, to a fine, three years' probation and a suspended jail term of one year. Ten other defendants in the case, mostly middlemen and merchants, were acquitted. with Citation cabinets The mellow wood tones of our skill- fully crafted cabinets will add a feeling of warmth to your home and create an atmosphere of quiet Ft elegance You can choose from a 11 combination of eight styles and colours and convenience features such as lazy susans, roll-out shelves and tray cabinets, and create a kitchen that is all your own pleasing place to be in Whether you are remodelling or building a new home, you can rely on the integrity of our fully trained and qualified kitchen design experts to help you olan your new kitchen or bathroom to ensure the most efficient use of the space available Citation cabinets have been adding a touch of elegance to Canadian homes for more than ten years and our attention to detail has helped make us the number one cabinet manufacturer in western Canada We're proud of our cabmets-and our reputation For further information please contact your nearest Citation dealer. cnxrnN grow in 1975, the organization says, although at a slower pace than this year. But reduced overseas demand for imports and declines in several commodity prices likely would cause a deterioration in the current account balance of payments to about billion next year from billion in 1974. While the Canadian economy still looks healthier than most of the others sur- veyed, sources said that forecasts for individual countries are prepared in co operation with that country's nationals and, if anything, tend to err on the side of op- timism. The OECD says there is a high degree of uncertainty in forecasts for the United States but "the balance of the uncertainties probably weighs on the side of a weaker rather than a stronger pattern of real demand and output, especially in the first half of 1975." In other words, an expected rundown of business inven- tories might be even more severe than expected and an erosion in business and houshold confidence may cause larger drops in con- sumption and investment than are already anticipated. No major relief from infla- tion in the U.S. can be ex- pected until at least the end of 1975, the OECD says, and then only if agricultural prices stop rising and demand weakens further. If demand does weaken, it will in turn have serious adverse effects on major ex- porters to the U.S., such as Canada. Both business investment and new house building in the U.S. would likely remain low throughout 1975 and the real purchasing value of incomes is expected to continue its 1974 declines into next year with consumption also falling. Over-all world trade next year was expected to be ex- tremely weak, with the developed oil consuming states piling up huge balance- of payments deficits. For all OECD countries, there should be an improve- ment of about billion in the trade deficit with oil produc- ing countries but even this would be offset by a loss of about billion in exports to under developed states who cut imports to counter the recession. The OECD stresses that its forecasts are based on the assumption that there will be no significant changes in the policies of individual governments and they also assume there will be no major deterioration in public con- fidence "this may be too optimistic." Governments should begin taking action to stimulate de- mand cautiously, says the OECD, but not to an extent that would further worsen inflation. The organization suggests monetary policy in many countries can be relaxed slightly without pushing up prices and tax concessions and other measures might be used to increase investment, especially in energy produc- ing enterprises. The OECD also recommends greater govern- ment assistance to house building as a relatively modest reflationay measure but discourages stimulation of demand in industries which may be structurally weak, such as automobiles and tourism. Dismal shipping season ends MASSENA, N.Y. (AP) What officials describe as one of the most dismal shipping seasons m the Saint Lawrence seaway's 16-year history end- ed Wednesday night with the passage of a Canadian freighter. As the 681-foot Toronto- based Great Lakes freighter Frank A. Sherman passed through the American locks here and headed for port, of- ficials were predicting an interruption of the waterway's boom era. "We had a real bad year this year, there is no question about David Oberlin said from his Washington, D.C., office. Oberlin is ad- ministrator of the Saint Lawrence Seaway Devel- opment Corp., the govern- ment agency handling American responsibilities for the international waterway. Seaway officials on the American side were predicting that final tabulations of the approxi- mately 260-day shipping season would show a 23.8-per- cent decline in cargo carried by seaway ships compared with last season's record- setting 57.6 million tons. But seaway officials weren't blaming the deteriorating North American economy for the situation. The recession shouldn't even begin to affect the seaway un- til next season, Oberlin said. The seaway's problems can be traced to an unusually high number of labor strikes that effected the waterway throughout the 1974, season, hampering and even closing traffic for weeks at a time, Oberlin said. The season opened with a seaway pilots' strike at the waterway's Atlantic mouth which prevented ocean-going ships from entering the St. Lawrence. A strike by crew members on Canadian freighters during the peak shipping months of August through October further dam- aged the season. And strikes by Canadian grain inspectors, Welland Canal pilots and grain elevator employees in Duiuth, Minn., added to the seaway's woes, Oberlin said. 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