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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 30, 1972, Lethbridge, Alberta Saturday, December 30, 1972 THE HEP.ALD 23 U.S. attacks inflation NEW YORK (AP) In-1 from 5V) earlier in the week, flatiwiary pressures mounted Khultz express ed dis- appointment at the move. The secretary, Nixon's chief economic spokesman, later said the administration is looking into some possible actions that this as interest rates rose and the United States govern- ment reported the cost-of-living and foreign trade deficit up. Despite the danger signs, a be "unpleasant" if lend- spokesman for the Cost of Liv- ing fees keep rising- ing Council said the Nixon ad- Skyrocketing food costs re- miniEtration plans a new wage price control structure in main another big problem for the administration. Tne Cost of and probably will modify re-1 Living Counci'. said it is consid- Dtraints on corporate profits. ering acreage allot- The current rule prohibits a j ments, revised farm subsidy company from exceeding its policies and changes in interest percentage of profit recorded during the best two of three lis- arA tariff quotas. But whatever decisions are made, the council cal years prior to the August, spokesman said, controls on 1971, freeze. farm products probably will be "You can't leave that base avoided. period and rule the way it the spokesman told a news con- ference Wednesday, but he did not spell out possible changes. In addition to modifying profit-margin ceilings, which businessmen have attacked as being too low, the ad minis- STARVING WIDOW DIES WH1STON, England (Reuter A 63-year-old widow chokec to death while trying to ea LATER GO UP But Treasury y phaTe Aboard to stave off hunger pangs, an inquest was tolt Thursday. Tne body of Mar} McCoy was found some two out rent controls, officials said.. Secretary George P. Shultz told reporters the administration is reluctant to impose direct controls on in- terest rates that keep rising de- Christmas Eve laler tve hen her daughter and grand- daughter visited her home. He; spite the government's fight aog Wa3 dead as well and there against inflation. Wrrsn many large banks in key financial centres boosted their minimum cost of business prime six per cent no in the apartment. Brazil buys wheat WINNIPEG (CP) The Ca- nadian Wheat Board has an- nounced a second long-term wheat agreement with Brazil. It involves the sale of up to metric tons or about 22 million bushels a three-to- four-year period. The first long-term agree- ment with Brazil was signed in May, 1970, and completed last October. The new agreement was ne- gotiated between the Canadian and Brazilian wheat boards and the first contract under it pro- vides for the rale of SW.OOO metric tons aixwt bushels of Canadian wheat. Shipments under the first contract are to begin in June and continue until the end of October, all from St. Lawrence ports. They -.rill consist of No 1 and No. 2 Canada western red spring wheat. The wheat board said the new agreement was made possible through the revised credit fa cilities made available by the Canadian gov0.-nment to mate Canadian wheat more cornpeti live in developing countries. Corporations call the shot says Galhraith TORONTO (CP) About hali I no longer be any separation by ...._.., ,_ economists between the science of economics and the practice ii politics. "Economics does not become a part of political science. But politics come a part of economics." ADVOCATES CONTROLS A all economic output now is directed by powerful corpo- rations which can and do over- ride the dictaUs of the free market economy, John Kenneth Galbraith said Fric'-sy night. The noted Canadian-r-orn economist, delivering his presi- dential address to the American Economics Association, said the profession must atiaot its think- ing U> the new rule. It no longer of price and wage controls, be- is 2 Lnat market forces I living that inflation and unem- alone, reflecting the needs snr! ployment cannot be cured by desires of consumers, direct the olcV indirect means, future of business. He told the association there over a major strategy of consumer per- suasion. Products are changed to make them ne'.s', not neces- sarily better. "There are two conclusions to which incorporation of power into ou; co.T.peb he said. "The first, in a way, h en- Dr Galbraith, author of The It is that econorrusts' Alfluent Society and The New jWOTk On the Industrial State, is an advocate contrary, it is Jusi beginning. If we accept the reality of power as part of our we have years of useful work ahead of of the eco large corporations. Their pri- rnarv rincern Is their Erov.-th fective. of wage control, us. "The cems the state. other conclusion con- Is emanci- pation of the state from the con- trol of the planning system pos- sible? No one knows. "I do not plead for partisan- CALGARY 'CP) B auk-j ing action on su'.'n ruptcics in Albsrta have more than doubled in the last two vears and the Kcrease is mak- ing the detection of fraudulent bankruptcies more difficult. Roger Fermiak of Edmonton, official receiver of bankrupt- are tv.o ToM and In Calgary, there is an crjmrnercisl fraud of the UCMP which teals v.-ith bankruptcies sr.'J v.-hi'.e- co'lar crimes r o m des in Alberta for the consurn-; breach of trust to fraud. er and corporate affairs de- partment, says more tiian 4W claims have been filed irs the province this year, uith ly more than half from the Cal- gary region. Galbraith said. In their analysis of economic situations, they now have to consider the influence of the corporate structure. "When the modern corpo- ration acquires power over markets, power in the commu- nity, power over the slate. power over belief, it h a rrjliJi- cal instrument, different in form and decree but not in kind from the state itself." he arVied. For this reason, there could "comprehensive power and pur- poses of its technology becomes subordinate to the [relate to business failure, the RETAIL OUTLETS [area in which most com plaints There are about 152.000 retail jof fraud are received stores in Canada. Th? problems involved iri tak- Preferred Finance Corporation Ltd. M160, Culgary Place, 345