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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 21, 1971, Lethbridge, Alberta SNOW FORECAST HIGH WEDNESDAY NEAR ZERO VOL. LXV Na. 9 NO PLACE TO GO This hnby boy i% Jfiniporanly in custody of 01'.tahomo wplfars department of-tfir his mot lie i' allegedly o'lempled lo sell him for a botlle of beer. A ruling on the sanity of the mother, 39-year-old Sharon Shcffner, was postponed by a district judge until Jan. 18. d king sold on throne By BILL NEIKIRK WASHINGTON" I'AP The monetary setllemenl wrapped up last v.Kkend by the world's leading finance ministers all but. dethrones gold as the centrepiece of Hie international monetary system. Nobody, except maybe the French, who board it. and the South Africans, who mine a lot of if, are particu- larly unhappy about Ural fact. But the finance ministers from UK in richest nnn- Comnnmist nations, in effect, affirmed what President Nixon decided Aug. 15: the United States would no longer honor its pledge fo pay out gold for foreign dollar claims. With gold out of the question, what will the United States now shell out if a foreign government should decide to present huge dollar claims? Dollars, of course. And foreign governments aren't ecstatic over tliat. Stands ready As Paul Volcker, undersecretary of Lhe treasury for monetary affairs, said Saturday night: "The U.S. stands ready, willing and able" to pay out dollars for dollars at any time. But the question is more serious than that, and in international financial parlance, the issue is known a convertibility. Will the dollar be convertible into any- thing of value? There is a good chance, officials say, that, gold eventually will supplanted by Special Drawing Rights, or "paper the artificial international re- serve asset that, is nothing more than a book-keeping entry, based on the faith and trust of governments. SDRs, as they are called, now exist, but only as a supplementary reserve asset. it may take a year or two years, More interna- tional monetary officials can make the conversion from gold to SDRs as (he chief reserve asset and the basis for the international monetarv vstem. Worth, dollar An SDR is worth SI. It now is defined in terms of gold. But they could be used by countries without re- sorting to the buying and selling of gold. But, between now and the time that a new mone- tary system is worked out, many European nations are Kure to worry about the issue of convertibility. H is important because there is an estimated billion to billion overhang" in Kwopo. piled up in centra] bunks and unwanted by the foreign gov- ernments. If UK; gold window in I lie United States were suddenly reopened by Nixon, the gold reserves could be wiped out in ;m instant. The excess dollars got out of the country bocauso the United Stales kept running big deficits in its iKilnnco-of-pnyment.s, nnrl because big inlcrnatioiuil money-men found it profitable !x) ship dollars overseas. Why >'0? Interest rates Ibis year havo been: lower in the United Sink's than in Kurope, pulling dollars uhoro t'vy were a. bettor investment. Onco v.ne for foi-oign currencies, 'iiir.il bnnks of these nations found themelves flooded u iih greenbacks. As relative, cairn re-turns to international monetary liiit; whole question nf convct'libilily appear-; to br the ni'x! oiv Ilia! he in ihc o! nilnilimi. Scnvhtrv .Inim U. refnnu n limp fl yn-ir or longer. The lethbridcje Herald LETHBRIDGE, ALBERTA, TUESDAY, DECEMBER 21, 1971 PIUCE NOT OVER 10 CENTS TWO SECTIONS-24 PAGES Five persons arrested In big bank holdup TORONTO (CI'I Kivc pcr- sons were arrested in nearby Jlississauga Monday night by police, who said they had re- covered virtually all of the S1.129.C02 taken in a bank rob- ben' in Windsor, OnL. Saturday. 'Take care when you fly over Vietnam, Egypt, Israel, India, Ireland..' Ill) UNITED NATIONS ditional revenue from a BJW system of servicing costs to wipe out the remaining of the deficit. Several items have been in- cluded in tile budget which Mr. Nutting expects to be prproved with the. over nil budget but which wil! require specific council approval through o ut this year. NEW LIBRARY A capital expenditure has been designated io pur- chase equipment for the new library. Mr. Nutting suggested a decision on tiie mailer be de- ferred until Uic library is near completion. For the preventive social ser- vices operations, S85.500 has been specified for future pro- grams. The future programs would require further council approval. Mr. Nutting has proposed the elimination of (he head start program in that department after the current school year. He also informed council he has applied to Central Mort- gage and Housing Corporation to increase the city's borrow- ing capacity Io per capita instead of the now allowed. A conservative revenue esti- mate was presented in 1-he bud- gel so council wouldn't plan on any major revenue increases in the next year, Mr. Nutting said. He added the city should bo in a "sound financial position at the end of 1972." art patient Cup of Milk Fund finish the job now TORONTO (CP) Canada's newest heart transplant recipi- ent "is in satisfactory condition and is doing a spokesman for Si. Michael's Hospital said today. With a mighty heave south Albert a ns pushed the Cup of Alilk Fund to the SU.niiO-mnrk Monday. It. made, us fcrl great! Thank yon When it looks like wo won't, make our goal n great grotindwoll of generosity puts us close to the mark. We've eomo a long way in I be past Ihreo Keep those prnnirs, nickels, dimes and dollars coming to Cup of Milk, Tirlhhrirlgo Hrnkl. Wo'iv conn'ing on you, mid you, and you! A dollar buys 45 cups of milk, No question about, it your dollars feed hungry, suf- fering refugee children with the help of di'dic.-ilcd Unitarian S--T- virp Ommit'T in l.hi> Tan Chapter. Rota Sigma Phi turned the money they won for their booth in the recent Car- nival Days r.t Centre Village Mall over to the Cup of Milk. A fine gesture! We are grateful! Office Practice Class nf Vul- onn County Central High sends and the comment "wo sin- corrK believe in your cam- p .'i i g n." (Ircelings students. Thanks for remembering Uio chiidrm. C.iiu'ico. and llann KbJngn, ion young to know, spurred and dad to action. God bless you! A wonderful letter and a fine gift! die IMi.'ible "sure hope rnrlose'l !M ju'l.s In ,vome child in fnnn nf milK ,inH not, wrlf.trackTf] for nvufsra Our thoughts, too, friend. William K. Broadloot, princi- pal. Tabn- Central .School, adds to the .students' first gift of .'tiler finding another envelope used in lieu of pupil gift oxrhancos. Thank you! tit'lIlKS (il'IDl-; l.'S Sophie Williams, captain, 1st, Tabor (iuidi1 sends from the Guides. They de- ridod to oxdiinife gifts ;md b-.Hcrd IV fmvl iivtmH Arc! they added money from (heir Cyclnthon. Well, (jirl Guides, you're really priding us along Uio lines of (loldrn Hule. l.rl's Lri's mnvr it' Send (hose dinios! Send us the pi-n- and llw Hollars will lo-tk MAYOR SPECK He was referring to Missis' sauga Mayor Robert Speck who received the heart of a 14-year- old boy Monday in a three-hour operation at the hospital. Mr. Speck, 5fi, has had heart trouble for some years and was in hospital Dec. 1970, when ho, was acclaimed mayor for the second term in the town just of Toronto. Since .suffering liis third heart attack Jan. Jfi, he spent nine of the last 12 months ill or convalescing. 'Iho donor was Richard Wol- nieuic7, hit. by a subway train J he leaned out at a station to watch a train coming in r i w.iv fi'Am sHirinl. Hi'1 Mmvl.-iy mommc. The called Rysiu by his family, would have beon 15 today His parents, Mr. mid Mrs. .To- M-nh Wnlnieu of Toronto, gave for his heart, kidneys and COTIKVKS to bo given seize SAINT JOHN, N.B. (CP) About 200 pounds of hashish im- ported through the port of Saint John from Pakistan with a street value estimated between and Si .5 million were seized Monday by RCMP. RCMP S. Ferguson told a news conference today four United States citizens have been arrested and will appear in court here this afternoon. He did not say what charges will be laid. Ho said if is believed to be the second largest drug seizure in Canadian history. RCMP officials said it Is be- lieved the hashi.sh. which was d i s p 1 a y e d in aluminum foil packed in piaylic garbage bags. was destined fur Montreal and tlic United Stales. SHOPPING DAYS TO CHRISTMAS ;