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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 22, 1973, Lethbridge, Alberta Thursday, February 22, 1973 - THE LETHBRtDGE HERALD - 27 Reserve board chairman tells Congress Re-cycling old tin cans Correctional home plan submitted U.S. dollar devalued for last time Edwin Higgins, 84-year-old retired sheet metal worker, makes furniture out of old tin cans. Mr. Higgins won. first prize in a Toronto craft show for his miniature chesterfield, shown here with a coffee table a nd a set of chairs. _ EDMONTON (CP) - A plan for a home where young male offenders could be rehabilitated Instead of going to jail has been submitted to the Alberta government by the Salvation Army. Brig. Frank Watson, the array's national secretary of con actional services, outlined the plan - known as Concord House - to Deputy Attorney-General Sam Friedman and Jack Lee, provincial director of correction services. Brig. Watson said in an interview that the home would offer judges an alternative to sentencing young offenders to jail. ''The program is for boys on the threshold of a career in crime. It is a last-ditch stand for the boys involved." ^ Concord Houses are already in operation in Ontario and British Columbia and the original centre at Concord, Ont., has been operating for 14 years. Brig. Watson said they offer educational, vocational and spiritual programs for young mm between the ages of 16 and 20. He estimates it would cost the Alberta government about $750,' 000 a year for a home for 40 to 50 young men. The Salvation Army would provide the staff GRAD GETS AWARD VANCOUVER (CP) - Homer A. Thompson, a graduate of the University of British Columbia, has been awarded the Archeo-logical Institute of America gold medal for distinguished achievement. A native of Devlin, Ont., Prof. Thomson now is professor of cassical archeology at the Institute for Advanced Study in Princeton, N.J. WASHINGTON - Arthur F. Burns, chairman of the Federal Reserve Board, told Congress Tuesday that "as far as I am concerned, this is the last devaluation" of the dollar. "We have had two devaluations now and we must not have another," Burns told the joint economic committee. He set as a target the end of the deficit in the balance of international payments in two-to-three years, though he conceded that this goal was "ambitious, possibly too amibitious. In a prepared statement and under questions Burns made the following other points: The intention of the federal reserve this year is to permit less growth in the nation's money supply than last year. -He urged the nation's banks to "manage their lending policies more cautiously in the months ahead," adding that "if extensive extensions of credit are averted through exercise of prudence by lenders and borrowers, the need for strong monetary restraints will not arise." -The federal reserve must "avoid efforts to hold open market interest rates at artificially low levels" but it "does not intend to permit severe stringencies to develop in the credit markets, or to try to correct for every error in public or private policies." In general, Burns said in response to a question, "I hope we can avoid tight money" and also can avoid "any significant increase in long - term interest rates." -The balance of payments deficit is "a cancerous growth" for both the U.S. and the whole world economy and "it must be cut out." -He supports new trade legislation that will improve U.S. international bargaining power by gying the president power to raise tariffs, on both "individual products or indivi dual countries." On the recent devaluation of the dollar Brans said, "we had to do it - there is no question about it." But he added that "as far as I am concerned, this is the last" and "if we travel this route what little discipline exists in the world will erode.' This was a somewhat different tone from that taken by President Nixon and Secretary of the treasury George P, Shultz, who have emphasized the beneficial effects of the devaluation on the nation's trade balance and on jobs. Burns said that he did not think the latest monetary turmoil, which ended in devalua tion of the dollar, was set off mainly by the announcement of the Phase 3 program of wage and price control, though complete decontrol. ures" in the final months of the entire world" that the U.S. he noted that "the initial an- More important in the mone- 1972 for the U.S. the "underly- balance of payments deficit nouncement was very widely tary crisis, he said, was the dis- ing, basic cause," he said, was "was continuing on an enor- misinterpreted" as being nearly closure of "very poor trade fig- the awareness "on the part of mous scale." SAVE 20% VAC BAG SALE Reg. 99c ea. Now Only 2 f $1-59 2 DAYS ONLY We can fit all these popular makes and models. 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