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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 20, 1974, Lethbridge, Alberta Shah's gold comment puzzles economists Environment report no good for Socred Friday, December 20, 1974 THE LETHBRIDGE HERALD 31 Advertising company linked to Munro LONDON (AP) shah of Iran is unhappy with the re- cent U.S.-France gold agreement, and his reaction has puzzled Western economists, who say the agreement is only a book- keeping measure, already in- stituted by Italy months ago. The shah, in an interview with The Associated Press, said any increase in the of- ficial price of gold will be matched by higher oil prices. The 55-year-old ruler of the world's second-largest oil ex- porter contended that an in- crease in the official price of gold would decrease the value of the dollars Iran and other oil nations get for their oil. "If our purchasing power is lost, everything he said. Higher oil prices will "sure- ly the shah said. "It won't be just a question of a few per cent inflation. It could eventually be the collapse of the whole monetary system." EXPERTS PUZZLED Financial experts in Europe pointed out that President Ford and French President Valery Giscard d'Estaing at their meeting in Martinique last weekend did not agree to raise the official value of national gold reserves to the market price. They agreed only that countries could use the market value when pledg- ing their national gold reserves as security for loans to pay their huge oil bills. It would improve the credit rating of countries hard press- ed by the four-fold increase in oil prices. The two presidents agreed that governments, in order to increase their assets to pledge against loans, should be free to revalue their gold reserves at the market price. This is currently more than four times the official rate of an ounce, an artificial figure set by the major in- dustrial nations. Bullion dealers said the Eu- ropean gold markets were un- settled Thursday by the shah's warning, although trading was light and the price of gold closed almost unchanged at an ounce. Common Market sources pointed out that neither the gold nor foreign exchange New year auto upturn unlikely DETROIT (AP) Reduced production schedules will force layoffs for as many as United States auto workers in January, a good in- dication that auto industry ex- ecutives expect no dramatic upturn in car sales. Cuts announced at General Motors and Ford the last two days pushed the figures higher than those for January, and more cuts are expected as parts plants adjust to assembly cuts. Ford said Thursday it will cut first-quarter 1975 produc- tion 28 per cent compared with the 1974 period to give dealers a chance to clear a three-month supply of new cars. The cuts will increase the firm's temporary January un- employment rolls by workers, most of them at 17 of Ford's 20 assembly plants which will close for one to seven weeks between Jan. 6 and the end of March. Ford said it is adding workers to indefinite layoff rolls, bringing the firm's total to Industrywide, auto workers will suffer temporary layoff time sometime in 40 per cent of the total blue-collar employ- ment of at the four U.S. makers. Indefinite layoffs will total by the end of January. The 1974 production year ends Saturday, and an in- dustry trade paper said Thurs- day that December produc- tion will be a 23-year low. Production for the year will be the lowest since strike- plagued 1970. The decrease from 1973, estimated at 24.5 per cent, will be the sharpest dropsince the 1958 recession. And production schedules for the first quarter of 1975 offer no hope of a quick rever- sal. General Motors, which makes almost half the cars built in the U.S., said Wednes- day its first-quarter produc- tion will be the same as in ear- ly 1974 when production was extremely low because of slack sales caused by gasoline shortages. Chrysler Corp. has not yet released its production plans, but sources have reported that half the firm's six assembly plants likely will be closed throughout most of January. The mounting layoffs tied to the cuts in production already threaten special unemploy- ment funds at GM and Chrysler Corp and a United Auto Workers union source says the funds could face depletion at Ford if poor sales and mounting layoffs con- tinue. Auto workers who are laid off have a unique benefit program that boosts govern- ment unemployment compen- sation for those with at least a year of seniority to a level of 95 per cent of their regular take-home pay for up to a year. But the UAW says that near- ly GM workers are being dropped from company-paid benefit programs each week. Chrysler's could run dry by March, a union official pre- dicted. Car sales are off about 30 per cent in the U.S. compared to a year ago, and industry sources predicted January car production will be among the lowest in 20 years. Ford produced cars in the first quarter of 1974, but Ford will cut its first-quarter North American production schedules by cars. Overall, the Ford cuts will affect at least workers from the firm's total blue- collar workforce of General Motors said Wednesday its January layoffs will make idle about workers for one to five weeks and indefinitely. Chrysler layoffs are ex- pected to affect indefinitely and at least for part of the month. This week, U.S. auto workers were off the job. Backdated deed earns lawyer prison sentence WASHINGTON (AP) A former White House lawyer who admitted arranging to backdate the deed on former president Richard Nixon's gift of documents to the National Archives was sentenced Thursday to four months in prison. Edward Morgan, 36, of Los Angeles, pleaded guilty on Nov. 8 to conspiring to violate federal tax laws. The charge carried a max- imum penalty of five years ir prison and a fine. Morgan admitted he back- dated the deed on the gift for which Nixon claimed a 000 deduction on his 1969 tax return. The charge to which Morgan pleaded guilty said that although the Nixon papers covering his pre- presidential years were delivered to the General Ser- vices Administration on March 26 and 27, 1969, Nixon retained the title to the material. The tax laws were changed late in 1969 to reduce the amount a taxpayer might de- duct for such contributions. The backdated deed for the Nixon papers made him eligi- ble for the full deduction allowed before the law was changed. After investigations by a congressional committee and the Internal Revenue Service, the deduction was disallowed and Nixon agreed to pay the additional taxes. In their joint return for 1969, Nixon and his wife took a 298 deduction and claimed as a carryover to be used as deductions on joint returns in future years. markets were affected when the Italian government revalued some of its gold reserve last August to secure a loan from West Germany. They said the value of the dollar is affected only slightly by fluctuations in the price of gold, and billion will still buy the shah a certain number of American jet fighters no matter what the price of gold is. The business editor of one British paper, John Palmer of The Guardian, reported that financiers were especially puzzled by the shah's outburst since it is easily within his power to demand gold in pay- ment for Iran's oil if he feared a collapse of paper currency. EDMONTON (CP) Bob Clark, Social Credit house leader says he is not satisfied with a report on environmen- tal damage to Caw Ridge, 20 miles west of Grande Cache, by coal exploration com- panies. Mr. Clark said he will seek further investigation into the situation and added he does not think Meadowlark Farms Inc. can be wholly absolved of responsibility for damage done. While about 30 miles of roads had been cut into the mountain before Meadowlark came into the picture, some of the trails added since then are the company's work, he said. Mr. Clark visited the area about two weeks ago to see evidence of what environmen- talists said were poor ecological practices by coal exploration firms. He was critical of both the companies and the govern- ment upon his return. However, Allan Warrack, minister of lands and forests, said he visited the area and found most of the trails had been cut in the 1960s by firms looking for oil and gas. The minister defended the general concept of coal exploration as essential to the economy of Grande Cache. LOTS OF COCONUT OIL MANILA (CP) The Philippines plans to go into mass manufacture of coconut oil with the phasing out of its copra exports in about three years. A total of 48 coconut oil mills will be operating by 1978. Coconut oil is derived from copra. TORONTO (CP) The Globe and Mail says an adver- tising company with political ties to federal Labor Minister John hired to run a advertising campaign for his department. The newspaper says in a story from Ottawa that the firm or Price, Rubin and Partners Inc. of Toronto will earn about in fees from the job. Jack Price, president and general manager of the com- pany, has donated money to Mr. Munro's election cam- paign has had handled cam- paign advertising for the minister, the newspaper says. The Globe and Mail also says that John C. Pelech, listed as a director of Price, Rubin in a June, 1974, return filed with the companies branch of the Ontario ministry of consumer and commercial relations, was Mr. Munro's law partner in Hamilton and was the minister's official agent in the 1972 election. The advertising project in- volves developing and placing advertisements in ethnic new- spapers setting out the federal government's mul- ticulturalism program, the newspaper says. It adds that Mr. Munro is responsible for multiculturalism. The newspaper quotes Guy Caron, director of information for the secretary of state, also QUALITY DENTURE CLINIC EDDY DIETRICH Certified Dental Mechanic 303 5th Street South MUtcalf Building PHONE 328-7684 involved in the mul- ticulturalism program, as saying in an interview that company fee will be about 17 per cent of the This includes the standard 15 per cent rate plus one or two per cent for translation costs, the director is quoted as saying. SAND gravel ASPHALT [TOLLESTRUPJ SANDmdGAAVEL Construction Co. PHONE 328-8196 Sears PRE-CHRISTMAS SLACK CLEARANCE STARTS p.m. TONIGHT Men's Clearance of Brand Name Slacks Save up to 40% on Famous Maker Doubleknit or wool slacks. Choose from plains, wide checks, narrow checks and patterned slacks. In a wide assortment of colors. Sizes 30 to 46. Shop till p.m. Saturday! Sears Ltd.- Enjoy it now! Use your All Purpose Account. At Simpsons-Sears you get the finest guarantee. Satisfaction or money refunded. Store Hours: Open Daily a.m. to p.m. until Christmas Centre Village Mall Telephone 328-9231 ;