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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 5, 1972, Lethbridge, Alberta I THf IETHM1DOE HRAID Wfdnnd'ay, January f, Canadians face dollar fluctuation in 1972 By BUD JORCENSEN Press SUtf Writer The American planning a European vacation next sum- mer now knows what his Col- lar will be worth in foreign currencies but the Canadian with similar plans will have to allow a margin for fluctua- tions in the value of his dol- lar. For both, there Is a power- ful Incentive to explore their own countries during their next vacations. The Canadian wanting to go abroad probably will find that prices have changed the least in the United States since last summer. Tic impact on Ihese vaca- tion plans is the result ot an agreement in mid-December to realign the values of cur- rencies of industrial countries. Only the Canadian dollar was allowed to trade without a pegged value. The nique from finance ministers said1 the exception was tempo- rary. The non-Communist curren- cies are valued in relation to tte United States dollar, which in turn is valued in re- lation to gold. Part of the agreement at the Group of 10 finance minis- ters meeting was for the U.S. to increase the price of gold to from The effect was to reduce the puroiasing power of the dollar abroad and increase the purchasing power of foreign currencies in the U.S. Some notably Japan and Germany further upward ad- justments in the value of their currencies. The result of the currency realignment will be that American exports will be cheaper in Europe and Japan major overseas trading European and Japanese exports to the U.S. wiil be more expensive. The currency realignment will help achieve what the U.S. more competitive foreign trade position which will ease its trade deficit problems. But what happens to the Ca- nadian dollar The increase by the U.S. in the price of gold meant auto- matic upward revaluation for pegged currencies. Countries which made no further adjust- ments, such as Britain and France, had an automatic 8.57-per-cent increase in cur- rency value. However, the Canadian dol- lar has not had a pegged value since June Prior to that date its value had been fixed at within one per cent on either side of 92.5 cents U.S. Since being freed from the peg, the Value of the dollar has been pushed upward in trading on world currency markets. On Dec. 6, it went above par with the U.S. dollar fa- the first time since 1961. After the announcement of agreement for new values for other currencies, the Cana- dian dollar was trading at slightly above par with the U.S. dollar. An 8.57-per-cent upward re- valuation of the Canadian dol- lar from the old pegged value of 92.5 cents1 U.S. would in- crease its value to 43-100ths of a cent above par with the U.S. dollar. To the extent that the value of UK Canadian dollar re- mains close to its late-Decem- ber trading level, the impact in Canada of adjustments 'in values of other currencies will be about the same as the im- pact in the U.S. Many economists and busi- nessmen say they expect little change in the value of the dol- lar in the near future. This means trade with the U.S. probably will be stabilized but adjustments in trade with other countries now will be under way. The increase in the value of the Canadian dollar made Canada's exports more expen- sive and this has been most noticeable in industries which rely on the U.S. market. The U.S. market takes 70 per cent of Canadian exports. The im- pact on the pulp and paper Industry has been severe. The higher-priced Canadian dollar put importers in a fa- vorable position. For consum- ers, this often meant lower prices for imports or that im- port prices stayed the same while prices went up tor do- mestic products. Now that European and Japanese currencies have been revalued, Canadian ex- ports overseas will become more competitive. SEES HIGHER PRICES The consumer is likely to discover that the prices for overseas goods will be in- creased. Keith Dixon, general manager of the Canadian Im- porters Association, has esti- mated that the prices for Jap- anese merchandise will in- crease by about 10 per ant; merchandise prices will go up by about eight per cent; and goods from Britain and France will be about four per cent costlier. When market forces have Newspaper machines suit filed ROCHESTER, N.Y. (AP) Gannett Co., Inc, one of the largest newspaper groups in the U.S., filed suit in state Supreme Court Tuesday against the City of Rochester, contending that the city's newly-adopted ordi- nance to license newspaper vending machines is unconstitu- tional. Under the ordinance which becomes effective Jan 17, Gan- net would have to pay an an- nual licence fee for each of the approximately 200 sidewalk newspaper vending machines it owns throughout the city and its suburbs. A Gannett spokesman said (he publishing firm wiU argue that the municipal statute violates the U.S. constitution and that licensing of the machines in- fringes on freedom of the press and the rights of citizens. In Montreal a similar bylaw, has been in effect since Oct. 1, banning not only vending boxes on streetcorners but applying also to private property facing public property. Mayor Jean Drapeau has said that Montreal is a special case because of the large number of French- and English-language newspapers. He said eight, nine or 10 news boxes could clutter a street cor- ner, creating 'an eyesore end making it almost impossible to clear snow from that area. Last March, six Montreal dailies presented a brief to Mayor Drapeau to try to iron out the city's objections, but Gazette, Toe Star, be Devon-, La Press, Montreal- Matin and Le Journal dc Mont- rebuffed and told to remove all boxes from public property. They also were told they must apply for a city per- mit to place boxes on private property. Morning newspapers object strenuously, saying the ban would hurt their circulation since most stores do not open doors until 8 a.m. or 9 a.m., while their readers want the pa- pers as early as 6 a.m. Soviet dissidents on second fast MOSCOW (AP) Two politi- cal dissidents who say they were declared insane because ot their political beliefs have begun a second hunger strike in a Leningrad mental hospital, reliable sources said here. The men, Viktor Fainberg and Vladimir Borisov, staged an 80- day h u n g e r strike last year protesting the alleged Soviet practice of silencing dissenters by placing them in insane asy- lums. They ended the strike last June 3 when Borteov's lawyer promised they would be given the chance to take their cases to court, informants said. The cases have since been obstruct- ed in the court system, they added. Fainberg and Borisov had also protested bad living condi- tions in the hospital and the "refined tortures" they claimed were used on them. Despite an initial improvement of condi- LKBB after (he itriko, the sources said, they worsened again after an escape attempt by three other persons. Fainberg and Borisov began their second hunger strike Dec. 26, the informant said. They added that the men have been warned by a senior doctor to stop "interfering in the hospi- tal's internal affairs. Psychiatric reports on Fain- berg, Borisov and four other de- tained dissidents were smuggled out to the West and studied by British psychiatrists last year. In a joint letter to The Times of London, 44 psychiatrists said they had grave doubts about the legitimacy of compulsory treatment for the six people concerned. The government newspaper Izvestia has since denied that dissenters arc plnccd in insane asylums. It quoted a top Soviet psychiatrist as saying It was ab- solutely impossible for sane per- sons to be placed in mental in- established i firm value fov the Canadian dollar, the set- ting of a new pegged value will be less because o! one clause in the Group ot 10 agreement. This clause pro- vides for currencies to trade within per cent on either side of pegged values, an in- crease from the old trading band of one per cent on cither side. LONG WALK MADRID (AP) Spanish students Cirilo de las Hems and Manuel Gil, both 23, plan to walk along the Equator from Macapa, Brazil, at the mouth of the Amazon, to the Pacific coast in Ecuador. They say the mile trip should take about six months. (CP) BREEDING GOAL LENNOXV1LLE, Que. The LennoxviJIe Centre te working on a federal agriculture department pro- gram to improve the reproduc- tion potential of cattle. It aims to make it possible for farmers to be able to breed "twins" from their cattle predictably. MAD TO TOUR CAIRO (Reuter) Egyprjen Foreign Minister Matooud Rlad will begin t tor ot the Penan Gulf md China for talks on the Middle Bast ratals, the aunvritallve newspaper A] Ahram nyi. The paper Mid Wad's visit to CUM will start Jan. 21. SIMPSONS-SEARS Brand New Releases Badfinggr "Straight Up" Capitol Simpsons Scai-s Value Price Stereo's I T.V.'s, Both Stom 2 Record Set from RCA Victor Chet Atkins "Country Pickin1 Boots Randolph "Yakety Sax" Tape Clearance .99 8 Track Stereo Tapes C.98 Featuring hint iucH as; "Rote "Romeo t "Ink "What New My "Thal'i "Big Bind "Beer Barrel Pellet; and Top Country and Western Hiti. Choose from Elvli Preiley, Cordon Lightfool, Mom and Dadi, Stephen Itllli, and many mere. STORE HOURS: Open Tenighl Thuraday and Friday 9 a.m. 9 p.m. iahirdiy 9 to 5.-30 p.m. Ceirtnt Village. Telephone ;