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Lethbridge Herald Newspaper Archives

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Lethbridge Herald {Newspaper} - 1974-01-23,Lethbridge, Alberta Living bear rug Cincinnati Zoo Director Ed Maruska has one more family member ever since lhe birth of a baby polar bear in the zoo last November. Weighing one pound, seven ounces at birth, the “baby" now weighs In at 15 pounds, seven ounces. The female bear enjoys stretching out on a zebra skin in the Maruska’s game room. Mrs. Maruska feeds the bear with a baby bottle. Tuition rale« may be hiked in Montana HELENA, Mont. (AP) — The Montana Board of Resents considered this week a pun to increase tuition rates at state colleges and universities by 11 per cent for Montana residents, and by 13 per cent for out - of - state students. This would mean a boost of about 125 for Montana students and about $133 for the out-of*staters. The regents did not reach a final decision, but additional meetings are scheduled. Interpreting the News French currency move poses threat to trade By KEVIN DOYLE LONDON (CP) - France’s decision to abandon a fixed exchange rate for its currency may prove to be the most effective and perhaps the least destructive course available to the French government in its efforts to deal with a growing balance-of-payments deficit. The move, which prompted similar action by Spain, has nevertheless raised violent criticism since it poses a clear threat to the future of world trade unless the float is carefully managed. In the first place, many observers tend to overlook the fact that the franc was floating under a rigid formula in relation to most major currencies long before the announcement that it was being set free altogether for at least six months. French currency floated in a package with four other leading European currencies for more than a year, with its value pegged to their’s and with all five moving freely against the dollar, sterling, Japanese yen, Swiss francs and others. What the French finance minister, Valery Giscard d'Estaing, decided was to withdraw his government’s pledge to keep the franc’s value constant within the European package— a decision taken by the British, Italians and Irish months ago— in order to let it float against all currencies and effectively devalue the franc by about 4.5 per cent. OIL CAUSES UPSET France, like most countries in the nine-member European Common Market, faces a major payments imbalance this year as a result primarily of greatly increased oil prices. Well aware of this, speculators imposed downward pressure on francs by selling large amounts to buy dollars, which had been gaining strength since North America is among the areas least affected by the oil situation. Most experts seem to agree that had France resorted to foreign exchange controls and import restrictions—two of the most obvious alternatives to devaluation—the consequences might be much more serious. The Devaluation so far is relatively small and may just be enough to make support of the franc feasible. Trade restrictions tend to force other countries to take similar action fairly quickly, ' raising the danger of a “trade war” such as the one which crippled international prosperity during the 1930s. THREAT EASES Devaluation, of course, can prompt the same kind of retaliatory action with all the same dangers but its effects are not nearly so drastic as those of exchange controls and trade barriers, and, consequently, the temptation for other countries to retaliate is not as strong or as immediate. France is being criticized for destroying prospects of construction of a monetary and, eventually, political union within the European Community. But most independent experts agree that such a development was, in any case, nowhere near fulfilment. Critics also say France could have made a straightforward devaluation within the floating European package but that would not have eased the pressure on its precious gold reserves. Under the rules for participating in the joint float, a member country has to pay partly in gold for the cost of supporting its currency when it is under speculative pressure. France was extremely unwilling to sell gold to its partners at the official rate of $42 an ounce among central banks while the price obtainable on the open market reached $135. Whether it will eventually set off an avalanche of competitive devaluations is im-‘ possible to predict with certainty but most observers say there is still reason to hope it will not. U.S. may take 15 years to lick energy crisis WASHINGTON (AP) - Oil company executives predicted Tuesday that even with an allout effort, IS years will be needed for the United States to become self-sufficient in energy production. In the interim, two of the seven executives predicted, gasoline prices can be expected to increase by 10 to 15 cents a gallon this year alone. Representatives of five other companies said such a forecast cannot be made. In attempting to forecast U.S. energy needs and supplies, Richard Leet, vicepresident of Standard Oil of Indiana, said: “Every year that’s lost in mounting such a massive campaign puts us farther behind and more dependent on foreign sources.” Annon Card, senior vicepresident of Texaco, told the Senate investigations subcommittee that the 15-year prediction on achieving selfsufficiency assumes that no restraints are placed on exploration and production. The subcommittee, seeking to determine the extent of the current energy shortage, took sworn testimony for the second consecutive day from executives of seven major oil companies. Much of the Tuesday session was spent discussing oil profits, which generally shot upward during the first nine months of 1373, despite only moderate increases in sales volume. Card cautioned against interpreting the figures to mean that oil companies are reaping windfall profits because of the fuel shortage. He said the period of high profit followed four years of lackluster earnings growth. In seven of the last 10 years, the rate of return for the oil companies has been below the average for other manufacturing companites, the Texaco executive said. In comparing figures for the first nine months of 1973 with those from the same period in 1972, revenues from worldwide sales showed increases ranging from Shell’s 16.3 per cent to 22.5 per cent for Exxon. Standard of California did not supply revenue figures. Volume increases ranged from three per cent for Standard of Indiana to 10.1 per cent for Exxon. Gulf-U.S. showed a 4.6-per-cent decline in volume, while Gulf worldwide volume was up 5.9 per cent. Gulf registered worldwide a 60.1-per-cent rise in net earnings during the period while Texaco showed the least earnings increase, 34.9 per cent. Earnings for Standard of California were down 0.4 per cent on domestic operations but up 39.7 per cent worldwide. Oii-industry profits were also the subject of a hearing Tuesday before a Senate Finance subcommittee. Senator Abraham Ribicoff, (Dem. Conn.) told the committee Congress is certain to move against tax privileges of the big oil companies. Senator Russell Long (Dem. La.) chairman of the committee, said he would support tax legislation to induce oil companies to explore new domestic fields. Ribicoff is focussing on the “foreign tax credit” under which the oil companies deduct the amount of royalties paid to foreign governments from U.S. taxes due. Testimony before both Senate panels indicated that the major oil companies pay as little as 1.3 per cent of their earnings as U.S. income tax. The House ways and means committee will hold hearings beginning Feb. 4 on proposals to tax energy companies’ windfall profits generated by the petroleum shortage. In other energy-related developments Tuesday: —The navy moved to absorb adjoining Standard Oil Co. lands into the Elk Hills, Calif., Naval Petroleum Reserve after concluding that oil is draining out of that preserve. —Teamsters President Frank Fitzsimmons urged President Nixon to provide all the diesel fuel truckers require. The union official also said he told the president the ’ union must reopen contracts with truckers to maintain the income of drivers who now must observe lower speed limits. Kidney technique successful By PETER MICHAELSON MONTREAL (CP) -Studies at the Royal Victoria Hospital here have shown that kidneys treated with cell-killing drugs in the bodies of dead persons are less likely to be rejected by patients receiving them in transplants. Dr. R. D. Guttmann, director of the hospital's transplant service, told the Canadian Society for Clinical Investigation that ijpssive doses of cytotoxic drugs such as cyclophosphamide kill some cells in a donor’s kidney and alter the composition of antigens or agents which stimulate antibody production. Because the drugs make the kidney less likely to be rejected in a transplant, the recipient does not require large doses of drugs to weaken the body’s defences against the foreign kidney, Dr. Guttmann tola a news conference Tuesday. Such drug infusions were reduced to three or four from five or six. About 270 kidney transplants were performed in Canada last year, V at the Royal Victoria Hospital. About 40 of the total involved use of the cytotoxic drugs. Only one kidney transplant was unsuccessful of 13 pretreated kidneys transplanted recently at the Royal Victoria Hospital. This compares with four unsuccessful transplants including one death among 1? kidneys not treated with the drugs at the hospital, said Dr. Guttmann. The cytotoxic drugs are administered intravenously into the deceased person and are metabolized by his liver which is still functioning. A person Is considered dead when his brain stops working. .-icos. 'V's,m wtiiWRCfliVC*'™ ;