Lethbridge Herald (Newspaper) - February 13, 1973, Lethbridge, Alberta
Tuesday, February 13, 1973 - THE LETHBRIDGE HERALD - 13 Red carpet welcome Returned American PoWs walk along the red car- guard after they arrived at Clark Air Base, in the Philip-pet and are greeted by military commanders and a color pines, from Hanoi Monday.___ Someone looking for publicity Unaware of curse on Calgary CALGARY (CP) - Mrs. David Crowehild, wife of a former Sarcee chief, said today she has no knowledge of a curse su-^osedly placed on the ci'f by her daughter, Victoria. The curse was referred to by Mayor Rod Sykes last week when he asked the Stampede Board to allow the family to again pitch its teepee in the Indian section of the stampede. The board excluded the fam- ily in 1972 because they removed their teepee before the end of the 1971 stampede with- Rights office EDMONTON (CP) - Establishment in Calgary of the human rights commission's first district office was announced today by Labor Minister Bert Hohol, who said it will serve southern Alberta. out board permission. The curse was placed because the family thought the action was unfair. Mrs. Crowehild said the problem is that some people are trying to get publicity. "They aren't helping us - they're just making things worse. "We are sick of the whole thing. We just want to be left alone." Mrs. Crowehild said the may- or's request was out of place because the suspension was only for one year. However, she has decided not to return to the stampede unless she gets an apology from Ron Hall, chairman of the stampede Indians event committee, and the $50 she said is still owing from 1971. PROLIFIC PAIR A pair of lamprey eels can produce 60,000 eggs. Monetary situation Bonn plays leading role in crisis By KEVIN DOYLE LONDON (CP) - West German Finance Minister Helmut Schmidt recently borrowed an English slang phrase to describe his country's role in the latest series of severe disruptions in international currency markets. "We are just carrying the can for the Americans and the Japanese," he said. In many respects the events which led to the current turmoil, forcing most of the world's leading foreign exchange markets to close today, bear out his statement. Most analysts here contend that the failure to agree on a realistic dollar-Japanese yen exchange rate in December, 1971, when Western currencies were realigned, is at least partly responsible for the present instability. The crisis took place in three waves following the announcement early in the year of a worsening American payments deficit in 1972 and the likelihood 100 Copies $3.30 plus tax Instant Print & Copy Div. 726? Third Ave. S lefhbridge that this would continue in 1973. First, the big international companies, many of them American, with spare funds in a number of places around the world, began to shift out of dollars-a currency they had begun to distrust. Then banks began to cover their foreign exchange holdings against the risk of a dollar devaluation, taking up speculative positions themselves in the hope of profit. Finally, private speculators with spare funds in the European market realized that something was afoot and began to foHow the big money. It was only at the end of, last week that private speculators finally began buying West German marks on a large scale, financial sources say. These steps, taken together, forced central banks to absorb $8 billion in unwanted funds. But logically, it was the cen tral bank of Japan which should have been buying up the dollars which the German bank had to take in to prevent the U.S. cur $100,000 grant EDMONTON (CP) - A provincial grant of $100,000 to the St. John Ambulance Society in Calgary, currently campaigning for funds to replace its existing facilities and establish a southern Alberta headquarters, was announced today by Health Minister Neil Crawford rency from falling through Its I official floor. YEN IS STRONGEST .. The main counterpart of the U.S. deficit is a huge Japanese surplus in the balance of payments and the yen is generally regarded as the world's strongest currency. Thus, the obvious liome for jittery dollar holders was Japan and a switch to yen. But for non-residents to buy yen is virtually impossible because of Japan's rigid exchange controls. Blocked by these barricades, dollar holders did the next best thing: they bought Swiss francs. The Swiss, however, retaliated unexpectedly by allowing their currency to float upward against the dollar, making it more expensive to buy and making windfall gains for further purchases extremely unlikely. So dollar holders turned to Germany, a country which then had virtually no exchange controls, a reasonably strong currency and a fixed exchange rate. However, the influx of funds into Germany bore little relation to the country's balance-of-payments prospects. In 1972, the West German current account was in a comfortable surplus of $300 million. But the forecast for 1973 is that it will suffer a deficit of about $1 billion. FRANCE BYPASSED Experts believed funds would move into France, which is running a growing current account surplus. The reason they moved instead to West Germany, which expects a deficit, may have been fear of a Socialist-Communist victory in forthcoming French elections. In any case, sources here say, it has to be expected that the Germans will be unwilling to accept a unilateral revaluation of their currency which would make exports less competitive in world markets. Authorities in Bonn now also argue that a recent upswing in the German economy will likely mean a substantial increase in imports this year, further aggravating the expected deficit. Whatever the outcome, observers here agree that one of the lessons which may emerge is that logic alone provides only the shakiest of guides in predicting the direction of currency flows once the rumblings of crisis are heard. Alarm setters may be caught purplehanded MOLINE, 111. (AP) - Persons turning in false alarms here may find they have been caught "purplehanded." The Moline fire department has put a luminous purple-blue dye on the metal handles of fire alarm boxes. Fire Chief Albert Claerhout says the dye remains on skin or clothing for several days. 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