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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 4, 1972, Lethbridge, Alberta THI LRHIRIDGI HERALD Tutidoy, January 4, Bank of Canada revieiv Strong economic growth predicted for Canada in 1972 OTTAWA (CP) Steps taken more Uian a year ago to stimu- late the economy have not yet had their Ml effect and strong economic growth can be ex- pected in 1972, the Bank of Can- ada says. The central bank saj's in an article in its new monUily re- view that last fall marked the end of the firet full year of re- covery from a period of eco- nomic slack in 1969 and 1970. The country now has made a good start on the second year of recovery. The article in the December issue of Bank of Canada Review was written on the basis of eco- nomic data available in Novem- ber for the third quarter of 1971. It says Canada started to come out of its latest period of eco- nomic doldrums In the third quarter of 1970. It doesn't call those doldrums a recession, like the recessions Volks plants close down WOLFBURG Sladt consumer demand and after effects of the interna- tional monetary crisis have forced the six Volkswagen fac- tories in West Germany to halt production of passenger cars [or one week. A spokesman said Monday of the firm's employees were tempor- arily laid off. of 1953-54, 1957-98, 1960-61, but a "period of cyclical weakness." The differtncc is that in the lat- est slou'-douTi some important economic con- sumer spending, business in- vestment, housing, and inven- tory relatively strong while others sagged. Early in 1970, the government and the bank moved towards a fiscal and monetary policy en- couraging expansion, ttie article says. There is always a time lag be- fore these new policies take hold, but during the 12 months between late 1970 and late 1971 there was a seven-per-cent in- crease in real and services in terms of unin- flated prices. This compared with a growth of three per cent in the previous 12 months, and a rate of 5.5 per cent a year in the five years of good times between 1964 and 1969. "The quickening of economic expansion lias been substan- the bank says. The seven- per-cent growth rate "should have been strong enough not only to prevent any further wid- ening in the margin of utilised Coins stolen TORONTO (CP) Police are Investigating the theft of a coin and stamp collection worth from Andrew Pinkos, 70, a retired Toronto nan. resources, but also to reduce the sizable margin of slack in the economy that had emerged by the autumn of 1970." However, last year's strong growth did not do much to ease unemployment. The bank says this was because the labor force grew faster than the also strong growth of employment asso- ciated with the recovery. Now the bank sees continued expansion starting -to cut into the unemployment totals, though it expresses concern about the continued high levels of unemployment in the Atlantic and Prairie regions. It also sees an added thrust to economic expansion coming from Inventory accumulation. In the first year of the recov- ery, inventories weren't built at rates that normally would be expected, and "this potential In- crement to demand has been deferred iito the second year of expansion." The article was written before the U.S. withdrew its special 10-per-cent extra import duty after settlement of the world foreign exchange rate crisis in December. It says the unsettled international financial situation and the U.S. measures made forecasting 1972 economic trends difficult. But even before those difficul- ties were resolved, the bank said there were good grounds for believing 1972 would see con- tinued expansion. This was based on a stronger pace of ex- pansion in the U.S. economy, and the expansionary fiscal and monetary policies In Canada taking hold. "These measures are still far from having exerted their full effect, and owing to the time lags that are Inevitably involved they will continue to have a strong stimulating Influence on the level of activity during the year ahead." Birdwatchers sight oriole VICTORIA (CP) watchers reported Vancouver Island's first recorded sighting of a Baltimore Oriole. The bird, a rarity in Western Canada, was one of 119 species sighted in the annual bird count by 40 birdwatchers. "The Baltimore oriole la t summer visitor to Eastern Can- ada, but the number of times it has been seen in B.C. ran be counted on the fingers of one said count organizer Dr. J. B. Tatum. "This is a first for the Island to see it in the winter is Just ridiculous." shoe Store WINTER CLEARANCE SALE! LADIES' HIGH SHAFT LEATHER BOOTS! lfi.77 19-77 Q Sale Price.. Reg. Sale Price Suede Reg. Sale Price.. MEN'S SLIPPERS LADIES' SLIPPERS Purses! PANTY HOSE Price SAVINGS FOR THE WHOLE FAMILY! Shoe Store Centre Village Mall FINAL 3 DAYS Our largett clearance of the iwwn. Tremendous buyi on dretm, hot panli, pant luiti, maternity luift, coati, formali, tportiwear, plus many mon. COATS Regular and mid! lengthi, trimmed and untrimm.d. Sizes 5 to 15 and I to 20. Valuei to 149.95 FROM '29 PANT COATS Melton, Cordi, Wei Look, and Orion pile. Auorted itylei, colon and trimt. Slzei I le 18. VoluM la 49.98 ROM FORMALS BUY ONE GARMENT AT THE REGULAR PRICE. BUY ANOTHER COMPARABLE UP TO EQUAL VALUE....... GLAMOROUS SHEERS. VII VETS. SILKS. 8 to II. Valun to CLEARING AT OFF DRESSES HOT PANTS SUITS PANT SUITS MATERNITY WEAR DRESSY PANT SUITS AND TOPS Regular and Wettern Fortrel, Wool, in Pia'nt and Chtcki, and 1 to 1498 SKI JACKETS Nylon or Anlren auttnhell. Fonrol fibre fill, OoM, Pink, Green, ere. and 10 to 20. Valun to 29.98 FROM 10 PANTY HOSE Siet SKI PANTS leg. 10 Nylon irrelcn, tapered leg. Brown, Navy, Green. Value, to 19.98 PURSES CLEARING AT 1 3 Off betty COLLEGE MALL CENTRE VILLAGE MALL PHONE 331-2809 PHONE 328-5025 Centre fill A MR nniiA ii.iA.tiv Phone Village SHOPPERS DRUG MART 328-8442 IISTERINE MOUTHWASH 20-or. Reg. 1.89 Special 99' Warehouse Sale! Open Wednesday, Jan. 5th 9 a.m.-9 p.m. VASELINE JELLY PlaytH. Reg. 10.95.........Special Feminine Deod. .19 Nurser Kits IW.TJ apmai _ 1 Hair Spray Mouthwash 59' Mouthwash I49 Vaseline Mouthwash Crest Super Bath Oil Lotion Can Lotion 14-or. Reg. Cepacol 22-01. Reg. i i .19 .09 24-ox. Reg. 2.00 Jergeni 20W4Z. Reg. r Iorisors WB Rtg v 9J Vop Diovol Skin Cream Phisohex Diaper Liners .19 12-ei. Reg. Pendi 164i. Reg. 3.18 Sola 1 .19 5-01. Reg. 1.85.............. Sola ;