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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 18, 1975, Lethbridge, Alberta Saturday, January 18, 1975 THE LETHBRIDGE HERALD 9 Housing minister eyes Arab money OTTAWA Urban Af- fairs Minister Barney Danson says Arab oil interests have offered him about billion for housing at terms he finds acceptable. But he said in an interview Friday, the finance depart- ment must still decide whether Canada can afford to borrow such huge sums from foreign sources. This might have a serious impact on the .country's balance of ipayments. "It is a very important deci- sion that John Turner has to he said. Ottawa was not yet in the negotiation stage. But the minister indicated he is interested in foreign funds for Canadian housing providing it fits federal financial and investment guides. Mr. Danson said he is never sure whether Arab governments or private groups are offering the money. All discussions were through intermediaries. The money was being offered for repayment over 20 years, he said. It was at a "cost that would help stabilize interest rates." The money would be for mort- gages and would not give for- eign groups ownership of Canadian property. The funds would also be in Canadian dollars to help deal with exchange rate problems. These are conditions Mr. Danson said he has insisted on. But the balance of payments problem remains. He said the finance department and the Plan bans oil tankers WASHINGTON (CP) A proposal that would keep the huge Alaskan oil ships out of the stormy inland waters around Vancouver will be placed-before the Washington state legislature next week. And indications here are that it will find favor with the Canadian and United States federal governments and the provincial government of British Columbia. Canadian delegates to a U.S.Canada meeting called to discuss the environmental problems associated with the oil traffic of the future in the Juan de Fuca Strait and the Ptiget Sound areas, said Fri- day that while the plan is "not the best" it's an improvement on past proposals. The plan, to be set fourth at Olympia, Wash., by Gov. Daniel Evans, calls for building the tanker port on the northeast tip of the Olympic Peninsula, south of Victoria, instead of at the refineries at Cherry Point or Ferndale, Wash. The oil then would be trans- mitted by underwater pipeline to those refineries. QUALITY DENTURE CLINIC EDDY DIETRICH Certified Dental Mechanic 303 5th Street South Met calf Building PHONE 32B-7684 Ho hum Natash, 5, daughter of ironworker Yvon Laplante, slowly nods off to sleep in Montreal Friday during a meeting at which the ironworkers voted to end their walkout which tied up work on the Olympic Games site. New Olympic coins designs unveiled ROSSITER AGENCIES LTD. Eilabllihtd1911 Ml Cliuu ol Iniurinci FIRE AUTO BONDS LIABILITY Royal Insurance older Hading companies Lowar Floor 517'4th AVB. S. Ph. 327-1541 Trudeau trip OTTAWA (CP) Prime Minister Trudeau will drop into three Caribbean heads-of- government meetings in Jamaica. His office declined to name the countries because dates have not yet been arranged. TORONTO (CP) Designs for the third in the series of seven sets of Olympic coins were made public Friday but collectors will have to wait for delivery because a strike has shut down the Royal Canadian Mint in Hull, Que. Two coins depicting lacrosse and bicycling and two ?5 coins representing row- ing and canoeing make up the new set, designed by Ken Dan- by, 34-year-old Canadian ar- tist. They were unveiled at a luncheon attended by four old- time Canadian athletes who starred in the C. Nurse, single-blade canoeing gold medalist at the 1924 Olympics; Walter Obernes- ser, winner of the world lightweight sculling ti- tle in New York in 1905; William J. (Torchy) Peden, a cycling competitor in the 1928 Olympics and later a pro- fessional six-day bike racer; and Ted Reeve, columnist for the Toronto Sun and former lacrosse and football star. Nurse, Obernesser, who still rows occasionally at the Argonaut Rowing Club, and Reeve, live in Toronto. Experts estimated that by shortening the tanker route, enough money would be saved to pay for the pipeline within 20 years. A. communique issued following the closed meeting stated also that "a voluntary traffic separation plan" to handle tankers in that vicinity would go into effect on March I. The traffic plan was devel- oped and implemented jointly by the U.S. and Canada. James Nutt of Ottawa, head of the Canadian delegation, said he was "encouraged by this to move the tanker terminal out of the inland waters. "Problems that might be caused by an oil spill could be more easily contained in the Port Angeles area than at Cherry he said. The plan is something he said he believes "sits well" with the U.S. government. "Both sides feel the less tanker traffic in the enclosed areas the better." Experts here said they be- lieve there will be con- siderable support for the Port Angeles plan. Jack Caplette, director of the British Columbia Petroleum Corp. and an observer at the meeting, said afterwards: "The Washington state study shows that keeping tankers out of the inland' waters is not more expensive over .20 years." government must decide whether it can afford to in- crease its foreign debt by such large amounts. "There are other funds around the world that are looking for a country with a good economy and a good track record and Canada becomes a feasible Mr. Danson said. The minister said he dreams of mortgage invest- ment corporations setting up branch offices in foreign capitals so that residents in other countries can invest their savings in Canadian mortgages. A government mortgage financing bill creating mortgage investment cor- porations was approved 18 months ago. But Mr. Danson said he feels not enough of them have been set up. Only, six mortgage invest- ment corporations have been licensed to create pools of mortgage money under the legislation, say finance department sources. Only one of these companies now is operating. The others are not operating because they have either been licensed only recently or they are waiting for better market conditions before launching business, he said. The government's interest in foreign funds could depend greatly on the outcome of recently-proposed changes to the assisted home ownership and rental housing programs, the minister said. The proposals would allow the government to subsidize private lenders the difference between market interest more than 1! per the eight-per-cent rate set under these govern- ment programs. Mr. Danson said that if the response is good, the govern- ment could pour more money into this subsidy to private lenders than into direct loans. Taxpayers' money would have a greater impact. QUALITY HOMES-At Affordable Prices In a Cedar Home by Linwood "Choose from a wide variety of home styles and floor plans. Open beamed ceilings with generous window appointments ol sealed glass. laminated roof beams, 3" R-10 insulation, plus many more features that give you the assurance of satislaction and comfort that a Linwood Home can LINWOOD HOMES LTD, DISPLAY OFFICE 11 BOWRIDGE DR. N.W. CALGARY PHONE 286-1611 "Send me Plan Book of 52 Models. Enclosed is Send me Free NAME: ADDRESS: CITY: Come In And Get In On The Savings While The Selection Is Good SUITS Samuelson and Saville Row. Quality garments In the latest styles and shades. 1 GROUP OFF BALANCE OF OUR LARGE STOCK 20% OFF SPORT JACKETS BLAZERS 20% OFF MEN'S DRESS PANTS 20% OFF Our complete selection of Wool and Fortrel Knits Clearing at MEN'S SWEATERS Norvyk, Cardigans, Alpacas, V-necks, Plaquet fronts, Crews, zipper and button fronts, and Turtlenecks. REGULAR STOCK 20% OFF SHIRTS Knits. Casual and Dress 20% OFF DRESSING GOWNS and TV JACKETS Va OFF WINTER UNDERWEAR 20% OFF COMPLETE STOCK OF ALL COATS Overcoats, topcoats, leather coats, zip In models, car coats, fur collar coats. 1 OFF ALL CAPS and FUR CAPS Va OFF All Sales Cash (No Refunds or Exchanges) No Alterations Eitra Open Till 9 p.m. Thursday For your shopping 321 5th St. S. Phont 327-3730 DOWN JACKETS 20% OFF GLOVES Lined unllned 20% OFF CHARGEX ;