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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - January 13, 1971, Lethbridge, Alberta Benson says expenditures, taxes aid economic growth TORONTO (CP) - Finance Minister Edgar Benson told one of the country's leading nssem-b 1 i e s of businessmen here that taxes and government expenditures stimulate rather than put a drae on economic development. In what has become an annual appearance of the federal finance minister before the Canadian Club of Toronto, Mr. Benson said the business community needs "a better understanding and appreciation" of the role of government in a modern industrial economy. Governments serve the private interests of businessmen in serving the interests of the nation as a whole, he said. "I firmly believe that government is not the unproductive drag on the economy pictured by some businessmen," he said. "On the contrary, I believe that it plays a vital role in maintain ing the social stability that is an essential prerequisite for the de velopment of a healthy economy and in fostering strong economic growth." He noted that nearly SO years ago the Toronto Board of Trade decried onerous and complicated federal taxes which, in its opinion, were ruinous to enterprise and thrift and were discouraging business investment. Businessmen are still echoing those views at times, but "the anticipated ruin has never been realized," he said-Expenditures by all levels of government now amount to about one-third of the gross national product, but this had declined in recent years. The decline had been greater for the federal government's outlays than for provincial expenditures resulting from federal transfers. The proportion of gross national product that comes from government expenditure was lower in Canada than in most European industrial countries. It was higher than in the United States, mainly because of Canada's social security, health care and university grants. Buyer resistance in housing field But the objectives of federal expenditures are to increase the productive output of economically handicapped parts of the country, Mr. Benson said. Other objectives of the government were to maintain reasonable price and cost stability and a satisfactory balance of international payments. All these con tributed to a healthy economy for business generally. DEPLORED BY INDUSTRY "I find it rather curious that some businessmen are inclined to deplore government mea sures that will have the effect of increasing total demand in the economy on the grounds that such measures will retard savings and capital investment. "Surely it must be obvious by now that frequently slow growth of capital investment is directly related to slow growth of demand, rather than to any real shortage of funds for the crea tion of new capital facilities. "The fact is that in relation to its size, Canada has one of the highest levels of savings and capital formation of any country in the world. Capital has frequently been far less productively employed in this country than in many others, however- which is a matter that should be of prime concern to private enterprise and governments alike." OTTAWA (CP) - Buyer resistance and the general economic slowdown of the past few months has resulted in a higher inventory of newly-completed unoccupied houses and apartments in Canada. Study urged on Bighorn dam effects EDMONTON (CP) - A detailed study must be made to ensure there will be no adverse effects on the downstream area of the North Saskatchewan River on completion of the Bighorn Dam, a Progressive Conservative MLA says. W. J. Yurko, who represents Strathcona East, said in a statement the study "must be done to guard against the possible recurrence of conditions such as was the result of the W. A. C. Bennett dam on the Peace River drainage system." He suggested the committee include representatives from all'levels of government as well as Calgary Power Ltd., developers of the multi-purpose hydroelectric development on the North Saskatchewan 140 miles southwest of Edmonton. "Because of this large capacity, it may be advisable to fill the reservoir over several seasons in order to maintain the established and desired flows in the North Saskatchewan river." The rate of the reservoir filling "and consequently the reduction in the river's natural flow," was not spelled out by the government when it ratified an agreement with Calgary Power in 1969, Mr. Yurko said. "The committee should establish a reservoir-filling time table which should be imposed on Calgary Power. Canada's travel deficit widens Wednesday, January 13, 197? - THE LETHMIDGE H8AAID _ 27 Banker says unemployment main problem this year TORONTO (CP) - Allen T. Lambert, president and chairman of the board of the Toronto Dominion Bank, said Canada's main problem in 1971 will be unemployment. Speaking at the bank's annual meeting, Mr. Lambert emphasized the need for an economic-expansion policy to stimulate new employment. "Canada's main problem in 1971 is to provide enough jobs for our rapidly growing labor force," he said. "We cannot afford to choke off economic recovery at any time over the next year or so. Monetary policy should not only accommodate this year's expansion, but stimulate further expansion." Mr. Lambert said repegging the Canadian dollar at the earliest possible time would give renewed confidence to Canada's export industries. He suggested a par value of 96 cents U.S., with a two cent margin. This would allow the dollar to float between 94 and 98 cents U.S. The dollar is cur- rently trading at slightly more than 98 cents. Commenting on foreign investment in Canada, Mr. Lambert forecast a continued influx of foreign capital into Canada, but said he expected the share of Canadian industry owned by foreign investors will probably Boston Blackie dies in sleep * NEW YORK (AP) - Actor Richard Kollmar, husband of the late columnist Dorothy Kil-gallen and who for a decade played radio crime fighter Boston Blackie, died in his sleep here. He was 59. The veteran radio performer earlier had fallen in his Manhattan home. Kollmar and the late Miss Kilgallen, married in 1940, achieved success with a morning gossip and opinion radio show called Dorothy and Dick which was broadcast for 18 years. not rise above it's present level. He also said he believed Canada was no longer dependent on foreign capital and that Canadians now were starting to invest more in other countries. "We would be far better advised to invest in our future than to attempt to buy back our past," he said. As previously reported, the bank's balance of profit for the yea* ended Oct. 31, 1970, totalled $18,914,918 or $1.26 a share, up from $17,269,392 or $1.15 a share a year earlier. Strip victims PARIS (AP) - Six bandits, armed with pistols and a submachine-gun, robbed a Paris night club after ordering 15 couples to strip nude for a search of their clothing, police reported here. The haul included about $720, in addition to Jewelry. B.C.'i SECRET CAVE. British^Columbta'i largest known natural cave is an underground wonderland - but its location wot kept secret for yean. Now, Weekend Magazine's photottory shows why this hidden grotto will be an Intriguing tourist attraction this summer. In Your Lethbrfdgs Herald Weekend Magazine SHOES FOR Ml LAD I... ALL STOCK NOW 25 ft OFF Special Selection of Shoes____NOW % PRICE 1 MflRfliNcJQ WORLD OP SHOES 317A 6th STREET SOUTH OTTAWA (CP) - Canada's deficit in international travel payments widened to $184 mil lion in the first nine months of last year from $168 million in the same period of 1969, the Dominion Bureau of Statistics re ported today. This resulted from heavier Canadian travel abroad despite an increase in U.S. travel in Canada. Canada traditionally has a deficit in international travel payments, interrupted only in 1967 when there was a new inflow of $412 million sparked by Expo 67 in Montreal and other Centennial events, and a $20 million surplus in 1968 as spillover from Centennial year. U.S. travellers to Canada spent $924 million in the first nine months of 1970, while Canadians spent $783 million in U.S. travel. Overseas visitors brought $116 million into Canada while Canadians spent $441 million on overseas travel. But officials of Central Mortgage and Housing Corp. say that while the federal housing agency is watching this trend, it does not find the figures disturbing-yet. CMHC reported earlier this month that at the end of November there were 6,807 newly-completed but unoccupied single, semi-detached and duplex houses in Canada's metropolitan and major urban areas. This was up 41.3 per cent from a year earlier, and compares with figures of roughly 3,600 to 4,200 over the last several years. The number of new but unoccupied row, apartment and other dwelling units was 10,833 at the end of November this year, down from 13,201 at the end of November last year. And while this is comparable to figures for the previous year, it is up substantially from the middle and late 1960s. CMHC analysts are examining the figures for various parts of the country and say they find nothing really disturbing in the over-all picture. Some potential house buyers are resisting high prices, and a survey last, August showed a substantial portion of the new but unoccupied housing stock then was in the hich price range. BUYERS FEWER The general economic slowdown brought on last year by the government's fight against inflation resulted in proportionately fewer buyers in the market for either new or old houses. Real estate dealers in Toronto, for instance, reported 17 to 18 per cent fewer sales of existing houses in that market. CMHC officials said the build-up of the new house stock has had some sobering effect on their building plans. It is the first time in many years that the statistics have indicated builders have been caught with new houses not immediately saleable. This is particularly true of | those who build "on spec,' without a buyer signed up be-1 fore construction starts. The federal government has been oouring more funds into CMHC's capital budget for low-rent housing in areas of need | and high unemployment. It earmarked $100 million for this in I August and another $40 million | in finance minister Edgar Benson's Dec. 3 budget. Officials say, however, that | this program is unlikely to inflate the figures on the stock of I new but unoccupied houses. There is rarely much lag between the times of completion and occupancy for subsidized low-cost housing. CHINESE COURSE VANCOUVER (CP) - The Vancouver school board has decided to introduce an experi mental course in Chinese in its secondary school system next fall. Cheesed off ivith world WATERLOO, Out. (CP) - Police say a man approached one of their constables here and asked to be put in jail because be was "cheesed off" with the world. The constable refused b*-cause the man had done nothing wrong. Minutes later the man punched the constable and received his wish-a jail cell. John Halwig, 22, of Waterloo, was charged with assaulting Constable Edgar McDonald. MAYFAIR-VOGUE'S GIGANTIC JANUARY Trimmed and Untrimmed Styles Coats, Jackets and Fun Fur Types Regular to 50.00 to An outstanding group of beautiful coats marVed down syi low you can't afford net to buy one. Many Trimmed with Elegant Furs CLEARING AT and Coats - Dresses - Pant Suits - Sportswear - and Lingerie - Everything must go to make room for the new Spring Fashions. Complete your wardrobe now at Clearance Prices! DALKEITH SWEATERS Sleeveless Wool Shells Reg. 9.95. M AQ CLEARANCE ... *| Dalkeith lambswool CARDIGAN and PULLOVER Reg. 13.00 to 18.00 CLEARANCE 688-996 BULKY KNIT PULLOVERS and CARDIGANS Wools and Orlons Jantzens, Champions Imports Reg. to 30.00 CLEARANCE 4.99 fo "J 4.95 "DRESS SALE Save now on our many daytime looks, buy for wearing now and right into spring. Sizes 8 to 20 and 14V4 to 24Vi. Regular to 25.00. NOW .......... to An outstanding group of washable polyesters and blends at tremendous savings, wide selection of styles in misses and half sizes. 14"-19* PANT TOPS and BLOUSES Reg. 7.50 to 12.00 CLEARANCE PRICED 3-"t. CURLING PANTS SKI PANTS SLIMS Polyesters, Wools, Blends Reg. to 25.00 CLEARANCE PRICED 9.95 , 14.95 SKIRTS Polyesters, Wools Blends, Tartans Reg. to 25.00 688 , 19" THE PANT LOOK PANT DRESSES - PANT SUITS JUMPSUITS - PANT LOUNGEWEAR Reg. to $50 - Clearance Priced .95 to LINGERIE CLEARANCES �ortrel and st%| Cotton Slips..... � I'' Cotton Slips..... I Oversize d% { Nylon Slips...... � 1 99 Petti Pants...... | Garter Belts . 99' Kayser lined Gloves, si a�� Reg. 3.49........ | ' All SALES CASH AND FINAL-NO EXCHANGES OR REFUNDS MAYFAIR-VOGUE LADIES' WEAR 3ll 5th STREET S. LETHBRIDGE ;