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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 20, 1971, Lethbridge, Alberta SNOW rORECAST HIGH TUESDAY 5 ABOVE The letKbridge Herald VOL. LXV No. 8 LETHBRIDGE, ALBERTA, MONDAY, DECEMBER 20, 1971 PniCE NOT OVER 10 CENTS FWO PAGES CLEANED OUT Three robbers, posing as clean-up men, handcuffed the employees of Ihe Royal Bank of Canada's main Windsor branch Saturday. The bank manager, Ken Moore, right, said the robbers snatched more than million. Moore is seen through the bank door. What dollar deal means to Canada By ARCH MaclCENZIE OTTAWA (CP) Canadians will pay about 10 pel- cent more for that Japanese camera, perhaps eight per cent more for a German car and perhaps four per cenl. mere for British woollens. But if everything goes as forecast, prices won't change for the vast volume o! goods 'mported from liie U.S.. main Canadian supplier. That's the picture following agreements in Wash- ington Saturday to rejig the currencies of the nine richest non-Communist nations but permitting Canada, as the 10t.h member of that group, to continue to let its currency find its own value in international rnoney markets. Some other at-a-glanee possibilities: output and more jobs because the U.S. is dropping that temporary 10 per cent additional import charge which has affected manufactured goods and also because Canadian exports should be a better buy abroad. political credit (or the government of Prime Minister Trudeau, with aji election expected in 1972. There's a big if. Expect drop Ali this is predicted on Uic floating Canadian dol- lar, now about par with the U.S. dollar, swinging down when tho American dollar is reduced in value by 8.57 per cent. That will happen when Congress approves the measure. Finance Minister E. J. Benson is confident that the Canadian dollar mil keep in step with its Am- erican counterpart. If so, nothing has changed in the big Canada-U.S. trade picture. Tf it does stay higher than the U.S. dollar as Am- erican negotiators have forecast, then everything Can- ada sells to the U.S. or elsewhere will cost more. Evwythinfi imported from the U.S. will cost less. That might mean a temptation for Canadians to buy more than the economy's trade balance can afford. Why should the dollar go down? Some financial experts reason that Hie dollar was about 2.5 cents below the American dollar when Presi- dent NTKon launched his big trade-restriction program last Aug. l.'i in an attempt In cure the U.S. dollar 'Irani. Since Aug. 15 the dollar lias risen to about par with the American. Some disagree So it's reasoned tliat it should stay there after the U.S. dollar drops. OlJicrs disagree. Tlie value for a free-floating currency represents ft general estimate of what the counfry's money is worth in relation tfl all others, chiefly the U.S. dollar. A country'h trade volume is one indicator. Some experts say that brisk trade drives up Ihe value of the currency hy increasing demand for it. Sometimes there develops a serious burst of specu- lation that, a particular currency will he raised in value. International buy, gambling Iliey (an sell later al. a prnlil when the value has risen. Hut Canada has resurvod the right to step into in- ternational markets via the Bank of Canada to battle fiich jp'Tiilativo attacks. Eventually, Canada hopes to put its currency back e-n a fixed-value basis. However, starting today, it will be waiting to see Hie dnistically-alli'red monetary syslciiT arranged Saturday will affect Ilio dollar's value-, WINDSOR. Ont. (CP) Po- lice have "definite people in mind'1 in their search today for a gang dressed as janitors which gave a Koyal Bank of Canada branch millioiMlollar cleaning job Sati.'iday. Described hy Ihe manager as "concerned and polite." the gang look Suwno from tlie main branch in the 12-minute robbery conducted wth com- mando-like precision. They left untouched. "If it's who we have in mind, it was just a small Po- lice Chief Gordon Prc-ston told a news conference Sunday. Today, the Canadian Bankers Association offered a re- ward for information leading to the robbers' arrest and convc- tl'in. 'Hie four armed robbers, blue-green coveralls and waited until an ar- mored truck delivered about School holiday ends After an of three teachers CALGARY (CP) unscheduled holiday weeks tecause of a strike, students returned to class today in seven rural school districts. They begin their scheduled Christmas break of about 12 days after only three or four days of instruction, depending on the district. Although the teachers are back at work, the wage dis- pute which prompted their walkout Kov. 29 is not settled. The provincial government intervened last week and order- (xl compulsory arbitration, des- pite the objections of tho Alber- ta Teachers Association. North troops capture key post VIENTIANE. (CP) About North Vietnamese troops supported by tanks and rwti-airrnift regiment have overrun the strategic Plain of Jars in northern it wag announced hero today. Isouk Nachampassak, finance minister in charge of Laotian national defence, told reporters the Communists launched an unprecedented attack on all government positions in the plain during the weekend. in receipts from Wind- sor Raceway. One acted as look-out while the other three, carrying pails filled with handcuffs, horded 12 employees into a washroom and handcuffed them together. STUFF MONEY IX BAGS They then turned to the count- ing room and stuffed three hrgo canvas bags full money. As they were about to leave, bank manager Kenneth Moore, 54, made an unscheduled ap- pearance. A man in a cleaning outfit took the manager to the cash cage and handcuffed him to it. Although assistant manager Gordon 2o, arrived at work at, about 20 minute? uis robbery, it wasn't repovicd until an hour later because he didn't realize there. a holdup until he fi- nally heard Mr. Moore's cries for help. ENTRY TIME UNKNOWN No one knows exactly when the ir.embers of the gang en- tered the bank, but it was, ac- cording to Chief Preston, "a very professional job.'1 "They knew from front, to hack what had to he done. There was a fantastic amount of money in the bank and it was easily accessible." The holdup men were aided in their robbery by inexpensive plastic buttons. "The alarm system was not the chief said, "but they put red plastic buttons over two of the three alarm but- tons so they would not activate when pushed." "Tliis indicates the robbers must have been inside prior to the to find out where the alarms were situated. An outsider wouldn't know where the alarms But the chief added he did not want to suggest the robbery was an inside job. U.S. dollar strong realignment Leading firms corner markets OTTAWA (CP) Canada's manufacturing industry is highly concentrated in a rela- tively small number of compa- nies, says a massive statistical study prepared by the federal government. The study, tabled in Uie Com- mons Monday by Ron Basford, minister of consumer and cor- psrale affairs, says tion in the Canadian industry is much higher than in the U.S. "Wrhile the relatively high level of concentration in Canada is not in itself necessarily bad." Mr. Basford said, "it does sug- gest strongly to me a particular need for modern, effective com- petition law in this country.'' Mr. Basford has been making a scries of speeches across tho country defending the govern- ment's competition bill. T( would set up a tribunal to deal with unfair trade practices such as among a few firms (hat (icminale an industry to set prices. All mergers involving assets or sales of more than 55 million would have to he registered with the tribunal. OPPOSED BY BUSINESSMEN Businessmen are strongly at- tacking the proposed bill, which is to when the Commons ends its current session. The government has aid the bill will be re-introduced next ses- sion with miner modifications. Mr. Ba-ford his opposed any substantial revi.-ion. BREWERIES TOP LIST Tlie most highly concentrat- ed of the industries was breweries, where 94.7 per cent of factory shipments came from four of the 11 Canadian brewers. Second was manufacturing of motor vehicles. Of 20 enter- prises, four accounted for 93.39 per cent of factory shipments. In slaughtering and meat processing, eight of 365 enter- prises had 67.58 per cent of factory shipments. Four of Can- ada's 36 flour milling com- Childrcii die iii house fire AMHERSTVIEW, Ont. (CP) Five children, ranging in age from 4 to 13, died early today in a fire, that swept through their t w o -s I o r e y frame house in nearby Bath. The parents, Mr. and Mrs. Eimer Galloway, escaped. panies had 79.65 per cent of all shipments. Eight of 173 confectionery manufacturers had 65.41 per cent of factory shipments, while 77.38 per cent of ship- ments from 33 iron and stoel mills went to four enterprises. Four of 94 agricultural im- plement manufacturers had per cent of shipments. Four petroleum refining corpo- rations had 80 per cent of ship- ments for all 25 refiners. The lowest degree of concen- tration shown was in women's clothing factories, where four of the enterprises had 6.4 per cent of shipments. Cup of Milk Fund Fund needs Found dead near Tilley TII.LKY (TP) RCMP said .Sunday that a tfl-yoar-old men- tally-retarded youth who had .'in intensive fear of darkness wns found dead in a field near his homo in this southeastern Alberta community during the weekend. An HCMP spokesman said it is possible Ih? youlh died from a heart all.iok brought on by bis fear of tho dark The Cup of Milk Fund is al- most two-thirds full. About S9. has ijccn received from generous people in southern Alberta and wo are now in the last week of this annual drive. But we still need Sli.Ofifl to reach our goal. It sounds like a lot, and so it is, but if all the readers of this paper would just budget 25 cents between now and Christmas Eve wo would reach our gnril. Think of ill A small tuck in our own C h r t m a s-giving would go a long way to pro- vide milk for those under- nourished refugees caught in the terrible Pakistan conflict. Many children in Canada will receive more toys than they know whet to do with on Christ- mas, while all the refugees ask is peace and some warm cloth' es and good food. Southern Albcrl.ins have al- ways been generous. In tho past they have given generous- ly to help the needy. This year the need is even greater so we're asking all of you to dig in and give a little more. It will do so much for so many. Seen and heard SHOPPING DAYS TO CHRISTMAS About town Ciisllc nsorl man- ager Dan Mt'Kim wish- ing tho snow would stop long enough to alloy: him to set up his mobile borne Alcdn ICinmrlknmp chiming j-ho a new home as; soon ss her husband Her- man allmvs the. chickens to "eat enough gravel to mako tlie bnsomonl" Hour- asvn butlering up bis wife lol him curl in the next inked bouspdcU BULLETIN HAMILTON, Bermuda (Reu- ler) President Nixon today signed a proclamation removing the 10-per-cent additional levy on dutiable imports into the United States. The president announced his action shortly after beginning his talks with British Prime Minister Heath. Nixon told reporters that the proclamation results from the monetary agreement reached by the Group of Ten leading industrial countries in Washing- ton Saturday. U.S. DOLLAR STRONG LONDON (AP) The U.S. dollar strengthened in European currency dealings today as for- eign exchange operators studied implications of the Washington accord ending four months of monetary and trade uncer- tainty. American s t o i. s improved sharply in (he exchanges and prices of bonds soared. Foreign exchanges were closed in most countries but the dollar was strong in bank-to- bank dealings. Matching improvement of the dollar, free gold weakened in bullion markets, reflecting the end of uncertainty with the rr- alignment of currency values decided late Saturday in Wash- ington by finance ministers of the Group of Ten richest non- Communist nations. There was no official gold fix- ing in Frankfurt but trading was going on at the rate of S42.525 an ounce, down cents an ounce from Friday's closing. In Zurich, it opened at SW.625, 22'i cents, and quickly dropped another 10 cents an ounce. In London, the price was fixed at down 35 cents from Friday. This was gold on sale to den- tists, jewelers, industry and speculators. Monetary gold backing currencies is excluded from this market and is traded exclusively between state banks. MONETARY GOLD PRICE UP With the devaluation of the dollar decided in Washington, the new price for monetary gold is an ounce, up S3 an ounce over the price prevailing since the last devaluation of the dol- lar in 193-1. The dollar opened in inter- bank dealings in Frankfurt at 3.2H marks, up from Friday's closing 3.2580 marks. The for- eign exchange was closed pend- ing formal approval by the West German government of the re- alignment agdcemcnt calling for a 13.57-per-cent increase in the value of the mark. This would make the new parity 3.22.1 marks for a dollar, compared with the old parity of 3.6S marks. Hail removal of tux Toronto, teddies: New York train sets: Sadat war LONDON (Reulerl The London Daily Telegraph said today that President Anwar Sadat of Egypt has decided to resume the shooting war against Israel. The newspaper's correspond- ent in Beirut said Sadat's deci- sion was announced at a meet- ing of the Egyptian national se- curity council Sunday night and probably will be made public within a few days. The Telegraph said that al- though Sadat has chosen war, his aim will be to ensure that it is a limited one. Meantime, it was learned at Cairo that Sadat had called an unprecedented joint secret ses- sion of parliament and the country's policy-making body for Thursday. The monetary agreement by the Group of Ten in Washington this weekend gave European businessmen the green light for stepping up an export drive held back by months of uncertainty. While criticizing some parts of the package, they hailed re- moval of tlie 10-per-ceni. U.S. import surcharge. Canada is the only member of the Group of Ten that refused to return to a fixed rate of ex- change. The Canadian dollar currently is floating at 1.006 U.S. dollars, up from its official parity of 92.5 cents U.S., lifted to May, 1970. Although devaluation of the U.S. dollar drove the British pound upward, the increase was not as much as West Germany's and Japan's, and British be- lieved this gave them a chance to outsell these tough competi- tors. However, all Europeans and the Japanese saw themselves at a trade disadvantage with tho United Stilus. The realignment of currencies should make U.S. goods an average 12-per-cent cheaper in foreign markets. When the European currency markets reopen, currencies mil be allowed to fluctuate more widely above and below their new official rates with the dol- lar. Dealers expect them to open low as speculators holding marks, pounds, French francs and other European currencies take their profits by selling them at their new higher rates. If the rates begin rising later, central banks in each country are expected to start buying to keep then: down since lower rates are better for dieir export- ers. Until President Nixon threw tire international monetary sys- tejn into turmoil last August, governments were committed to keep the fluctuation to only one per cent above and below par- ity. The new agreement widens this to 2.25 per cent. Canadian dollar floats New tax bill approval near OTTAWA (CP) The Senate banking committee appeared likely today to approve the gov- e r n m e n t's tax bill without amendments and without lengthy study. OTTAWA' (CP) The Cana- dian dollar will continue to float freely for now in a far-reaching revision of world monetary val- ues based on lowering the American dollar by 8.57 per cent. That, plus removal of the 10- per-cent U.S. import surcharge, emerged Saturday from Wash- ington consultations as a victory for tenaciously-held Canadian bargaining goals. Finance Minister E.J. Benson was expected to report to the Commons today on the accord reached at a Group of Ten meeting, the 10 richest non- Communist nations. Immediate reaction from business spokesmen was favora- ble, in some cases enthusiastic. More production and employ- ment were envisaged, with some balancing off caused by the higher prices for imports from nations raising the value of their money in relation to the devalued U.S. dollar. DOLLAR UP NEW YORK (CP- Tlie Ca- nadian dollar was up slightly in terms of U.S. funds at flt.TO a.m. EST in foreign exchange dealings here today, the first trading day following the major weekend world currency reval- uation. leader in Pakistan (From AP-lletitcr.O President Agha Mohammed Yahya Khan resigned today, and Zulfikar Ali Bhutto, West Pakistan's most powerful politi- cal lender, succeeded him as president and chief martial law administrator. Yahya Khan resigned because of his army's defeat in the two- week war with India. His resig- nation ended 13 years of niili- tary rule in Pakistan, bill the relent ion of martial law indi- cated thnl the army would con- tinue to play a key role. Rlnitto was sworn in shortly after he relumed from the United SI.'ties, whore lie had nrfiiK'd Pakistan's case against India al tin1 1'niiod Nations and conferred with President Nixon Saturday. Pakistan has boon under mar- tial low almost without letup since. Mohammed Ayub Khan came to power in n bloodless coup in Yahfa became president am) martial law administrator March 25, IWtf, following anli- Ayub demonstrations that swept (he country, set off hy a politi- cal upsurge by Rhutto and his leftist Pakistan People's party. Vahva ruled Pakistan with an 3CULK1KAK nilLTTO Sworn in iron hand since he took over as president, Of Pattian warrior slock, he had a brilliant career as a sol- dier. At 34, be wi's Pakistan's youngest brigadier, at 40 its youngest general and at 4H its youngest comniandcr-in-chicf. Since the end of the war with India Friday, the 54-year-old Yahya had been blamed for misleading the nation and bun- gling the handling of the con- The- hamiove'- of pouer came just three days after Pakistan's (nveptance of a ceasefire with in which feelings Y.'ihya rose to fever pilch. Thi> forces had be- come, so emboldened that Sun- day a former air force oom- mander-in-chief decbrcd pub- licly that Yahy.i should not only ho ousted, but brought to trial, Hul Sunday afternoon crowds Mere throngii Ihe hero shout Ing 'Jiang Yahya." ;