Lethbridge Herald (Newspaper) - February 22, 1973, Lethbridge, Alberta
384 - THE lETHBRIDGE HERALD - Thursday, February 22, 1973 Smart money riding on antiques Joy mis reunion K\orc Coyer raises a glass of wine In celebration of hit arrival at his St. Raymond home near Quebec City urrounded by his parents and brothers and sisters. Mr. Coyer was held prisoner in Vietnam since 1968 and arrived at Quebec City from Chicago via government aircraft. ! NEW YORK fCP) - In these days of rising prices and shrinking dollars, the smart money is flowing out of stocks and bonds and into ancient coins, antique firearms and Chinese art. These exotic items are attracting attention around the world from money-wise investors seeking a safe hedge against monetary devaluation and dwindling purchasing power, says Franz Pick, international monetary expert who keeps an eye on world currency values. Reviewing 1972 inflationary trends, Pick reported gains of 30 to 225 per cent in auction prices paid last year for coins, guns, etchings, porcelain, Chinese art, tapestries and carpets, violins, vintage wines and postage stamps. As currency hedges, they are replacing such old standbys as French furniture, drawings, old masters, pastels, books and manuscripts, sculpture, snuff* boxes and paperweights, all of which were down from their 1971 levels. The big winners ware numismatic coins, with an advance of at least 225 per cent. A rare 1913 U.S. Liberty five-cent coin, of which only five exist, brought a world record price of $100,000 at a New York auction. A unique Roman Aureus, minted by order of the Roman general Sexfcus Julius Satuminus about 280 AD, sold for $55,650 at a Zurich auction. The highest price for any coin in 1971 was $20,100. Firearms jumped 175 per cent in value, more than 10 times better than Wall Street. A French flintlock piece, made especially for Louis XII about 1615, fetched $300,000 at Sotheby's in London. A pair of flintlock repeating pistols by the famous Lorenzoni of Florence rose to 5>150,000. The best 1917 price for a firearm was $20,000. Etechings rose about 75 per cent. The famous "Vollard Suite'' of 100 etchings by Picasso, dedicated to the renowned early 20th-century art dealer, sold at Christie's in London for $220,000. The top price Tor etchings a year earlier was $18,000. Porcelain advanced about 65 per cent wlule Chinese art climbed 50 ysr cent, led by the sale o[ a 14th-century glazed red and blue wine jar which once was used as an umbrella stand. It. was sold at Christie's to a Japanese collector for $537,000. The best price attracted by Chinese art in 1971 was $117,000. Tapestries and carpets, antique art, American furniture, vintage wines, violins, postage stamps, modern paintings and clocks and watches advanced .15 to 45 per cent. Diamonds and jewelry held about even. Gov't bookkeeping magic SSIMPSONS ears SPECIAL PURCHASE! Reg. GWG Suggested Price $20.00 and $23.00 Checked Double Knit Trim fit flares of washable 100�o polyester. Fashion colors of brown, navy, black, yellow and blue checks on white background. Sizes 30 to 40. Ideal for the golf course this summer. Similar to illustration. Reg. GWG Suggested Price $20.00 Wool Flannel Slacks Trim fit flares are made of pure virgin wool. Inside shirt grips. Solid colors of gray charcoal, olive, brown. Dry clean only. Sizes 30 to 38. Similar to illustration. Reg. GWG Suggested Price $23.00 STORE HOURS: Open Daily 9:30 a.m. to 5:30 p.m., Thurs. and Fri. 9:30 a.m. to 9 p.m. Centre Village Mall, Telephone 328-9231 pring of 73-a new you FASHION SHOW YATES MEMORIAL CENTRE Monday, March 5th - 8:00 p.m. TICKETS AVAILABLE AT OUR JUNIOR BAZAAR By CAM, MOLLINS OTTAWA (CP) - To peer into,the government's fat blue beck o f annual spending estimates is to become an Alice wandering in an unreal world on the other side of the looking glass. Money is tallied everywhere In columns of fine print. But try to pin down a total or isolate a sub-total-even the total pages in the $6 book-and the seeker after truth finally must succumb to the realization that fed-' eral bookkeepers have many totals for many purposes. Most of them are either out of date or over-stated, many are incomplete and some are compilations of scores of bureaucratic stabs in the dark. Awareness that the numbers are largely meaningless was especially pointed this year because the spending estimates for the financial year beginning April 1 were published by the treasury board Tuesday, just 18 hours after the finance department issued its budget. Figures bandied about within that period showed wide discrepancies. Leave the future alone and consider the current financial year ending March 31: Monday night, the finance department said budgetary spending in the current year would total $16,300 million-coinciden-tally matching precisely its revenue For the 12 months. Tuesday afternoon, the treasury board said budgetary spending in the current year would be $16,541 million. That is $241 million more than the finance department calculated. TOTALS CONFLICT Getting closer to reality, the finance department stated $21,-050 million as the grand total of current-year outlays for budgeted items-needing parliamentary approval-plus fixed-item spending and other transfers and loans. The treasury board Tuesday came up with $17,829 million- $3,221 million less than the finance department-for the current-year allocations in both the budgetary and non-budgetary categories. There are public servants who will explain that the various figures cannot be compared because different things are being counted. Further, even the historical records of "actual expenditures" in bygone years offer differing totals, depending upon whether you consult the treasury board estimates book, the finance department's budgets or the federal public accounts, an after-the-fact accounting. What about the $3.2 billion difference between the finance department and the treasury bctiird for total spending? The treasury board records, but doesn't count, the $2 billion to $3 billion laid out for old-age security pensions and supplements. Nor does it count" the money collected by national revenue and spent for unemployment insurance and the Canada Pension Plan. Tax money collected and spent through some federal agencies is counted, but funds for others isn't. But both finance and treasury are short of the true mark in adding up total funds spent, transferred, loaned or advanced through federal departments, agencies and corporations-the total money handled, if only shifted from here to there, by federal authorities. DISREGARD MILLIONS . For real fantasy, disregard the fact that treasury's blue book gives 1973-74 budgetary estimates as $18,393 million, the English text of Treasury President C. M. Drury's Commons speech has it $18,391 million and the French text as $18,394 million. Instead, try Mir. Drury's statement that budgetary estimates for 1973-74 are up by $2,- 274 million from current-year spending. No matter what sets of l/jures you choose, the difference is not within $500 million of his figure. By his own definition, the increase in the book is $1,852 million. Then, take Mr. Drury's explanation for part of the increase: "... the estimates for the coming year contain $890 million as the payment, after the fact, of the government's contribution to unemployment benefit payments in calendar year 1972." "This does not call [or any actual cash flow since the contribution is more than covered by the money already advanced to the Unemployment Insurance Commission over the past months." Thus, by bookkeeping magic, the money already advanced is not recorded in current-year spending, ft is recorded in the coming year, although the cash will not be paid then. Furthermore, nowhere in the spending estimates for the coming financial year will you find, for your $6, even a wild guess on what unemployment benefits will cost. Treasury board has a staff of about 3,500 mainly engaged in publishing spending estimates. Each year, the blue book gets thicker, including more tables and more numbers, in response to widespread demand. Work on the current edition began three years ago, became hectic last August when treasury was gilling departments on spending plans, and gained cabinet approval late last fall. Forecasts were made current bo Dec. 31. But by parliamentary tradition, spending estimates must be produced each February. Already, perhaps ineAitably, the figures are out of date. News Analysis New challenge faces Rhodesia Imprisonment of a leading white correspondent in Rhodesia may have some marginal impact on Rhodesia's relations with neighboring South Africa although, in a bizarre fashion, it may also serve the immediate aims of Rhodesian Premier Ian Smith. Peter Niesewand, a free-lance con'espondent who worked in Salisbury for the BBC, a British newspaper, Reuters news agency and others, was detained in prison under Rhodesia's Emergency Powers Act. The arresting order was signed by Justice Minister Desmond Lardner-Burke, godfather of Niesewand's wife, Nonie. He is the first white Rhodesian to be detained since Garfield Todd and his daughter Judith were imprisoned last year. Todd remains under house arrest on his farm and Judith has since left the country. Niesewand's detention may have its first diplomatic impact in South Africa, where he was bora, and in Britain. Reasons for his arrest have not been disclosed. But it is generally assumed that Smith considered him a hostile critic of the white government's racialist policies and r. threat to his autocratic style of rule. Basically, what the South African government may fear is that Smith's decision to arrest the leading Rhodesian corre- spondent for overseas organizations will bring down the wrath of all governments at the United Nations who oppose minority white domination of African states. This already has happened with Smith's Jan. 9 closing of the border with Zambia, allegedly to curb a threat from black guerrillas based there. The border has since been reopened 1 but Zambia refuses to resume movements across it. The question that may concern South Africa is whether Smith's policies may provoke world anger to such a degree that the UN would move to stiffen trade sanctions and other pressures against the white-ruled countries on the continent. There is a possibility, some observers suggest, that the South African government itself may try to persuade Smith to temper his policies. The Rhodesian premier undoubtedly is also aware of the consternation the detention has provoked in Britain where hopes have been growing that Smith and Rhodesia's blacks would eventually reach a constitutional settlement. There is additional concern in Britain because, under international law, Niesewand is a citizen of the British colony of Rhodesia and has the right to claim the assistance of Westminster. AT BENY'S YOU CAN DEAL WITH TRUST See Alex Tokariuk, one of our experienced sales leaders. He's anxious to give you the "Red Carpet Treatment." Ask Alex about the special savings now being offered on 1973 Demonstrators. He suggests that you Deal with Beny. You'll BENY-FIT. ASK ABOUT THE 50,000 MILE NEW CAR POWERTRAIN LUBRICATION GUARANTEE. ALEX TOKARIUK LIFETIME OK WARRANTY ON OUR QUALITY USED CARS AND TRUCKS CHEVROLET 0LDSM0BILE PHONE 328-1101 OK SUPERMARKET LOT MAIN GARAGE and SHOWROOM JOE'S MOBILE HOMES LTD. IsT Avenue, 32nd St. South on Kiway No. 3 Going Cast Phone 328-0166 or 328-0181 G R E A T E S T B Of KNIGHT SCHMIDT and GENDALL MOBILE HOMES All Units On Lot MUST BE SOLD. . . Special Discounts on All Spring Orders WE BELIEVE IN QUALITY; IONG TERM FINANCING, - UNITS HEATED FOR YOUR CONVENIENCE! >.. - REMEMBER . . . You Always BUY FOR LESS at JOE'S . . . Where Old Experience Pays Off For You!