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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 24, 1975, Lethbridge, Alberta 20 THE LETHBRIDGE HERALD January 24, 1975. By KEVIN DOYLE The Canadian Press In the first real test of strength between the Arab oil sheiks and the United States dollar, the American green- backs seem to be holding their own and even picking up. points in the early stages. For the last several weeks the dollars has been slipping on the foreign exchanges against the main European currencies and the Japanese, yen. Most experts attribute this U.S. greenbacks holding own in battle with Arab oil sheiks to the Arab oil-producing countries gradually shifting their huge surplus earning out of U.S. banks and into states such as Switzerland, West Germany and even Britain. When this happens, it means dollars have to be sold on world markets in exchange for the currencies of countries to which the deposits are be- ing shifted. And as dollars pile up waiting to be sold, their value has to decline to attract buyers. But economists now are ar- guing that the most remarkable aspect of the dollar's recent performance is not that it has declined but that it has successfully managed to stage a powerful rally each time the possi- bility of collapse has become even remotely plausible. The movement of Arab oil millions away from the United States-and there seems little reason to doubt this is the main source of the dollar's a fair- ly straightforward explana- tion and is unlikely to cause much panic in Washington. The decline in U.S. interest rates, with the Federal Reserve relaxing commercial bank reserve requirements, increases the attraction of European money markets. Interest rates in Europe are still relatively high and its markets are the only ones anywhere near large enough to absorb international funds on the scale of New York. Moreover, the recent refla- tionary measures announced by President ticularly his tax rebate scheme raised suspicions abroad that the U.S. is "soft on inflation" and prepared to countenance a rate of price increases which few would have believed acceptable a couple of months ago. The Arab prob- ably big multinational firms as in the flight from the dollar may also be worried about the weakening effect on the American economy of another oil em- bargo in the event of a Middle East war. But international financial experts say the American authorities are making it clear to Arab states that fall- ing interest rates are a natural consequence of a glut of unspent bank deposits for which they are largely respon- sible. And the oil countries are finding that with the ball back in their court there are few openings for effective retaliation. First of all, there are good reasons to believe that if a major world slump develops during the next few years, the U.S. will be the best place to have deposits or investments since it may well be the country least affected. It remains the world's largest food producer with a surplus available for export. It is near self-sufficiency in many key minerals and raw materials, second only to the Soviet Union as an producer and with huge coal1 reserves. Above all, it is not nearly as dependent on foreign trade for its national income as most other countries. Thus a with- drawal of most foreign dep- osits now would appear lu- dicrous. Secondly, the oil states are finding that even in the short term it is difficult to move huge sums out of American banks. Eaton's January Homefurnishinffs Eaton's January HbniefuiiiisMiigs NOW ON! Check your copy of our 48-page tabloid delivered to your home in last Tuesday's Lethbridge Herald. It's jam-packed with homefashions. Tomorrow's styles at today's sale prices Everything for your home from Eaton's, the store where fashion is at home. Look for great values on house- wares. Major appliances. Bathroom accessories. Linens. Furniture. Bedding. Floor coverings. Everything in our Homefurnishings Sale is available to you at or through your nearest Eaton store. If you are unable to see what you want from our Sale, it will be ordered for you. When your order arrives, we will then contact you to arrange for delivery. But you can count on taking advantage of the great values in our January Homefurnishing Sale Use your Eaton Account to have the things you want now. Clearance Features Mostly In Limited Quantities! VIKING Refrigerators Two only! 16.3 cubic foot capacity. Frost free, large freezer. 10 position adjustable shelves. Two crispers and one meat keeper. EACH 429 99 Major Appliances, Second Floor VIKING Gas Dryer Exceptional value in a Viking gas dryer. Features large porcelain drum, has easy cleanlint filter and all fabric drying. EACH 239 95 Major Appliances, Second Floor. Snow Blowers at Salo Prices Still plenty of winter left yet... and be all prepared for cleaning your drive way and walks next winter. We've taken them right from our regular stock and priced them 'way low for quick clearance. One onlyl 26 inch 8 h.p. Snow Blower. m Regular629.99................... O49 One only! 26" 7 h.p. Snow Blower. M _ 499 Three only! 20 inch 5 h.p. Snow Blower.j% AQQ Regular 359.99. Each O I 9 Snow Blowers, Lower Floor 14 Gallon Metal Garbage Cans Here's an opportunity to pick yourself up a couple of 14 gallon metal garbage A A99 Z lor 9 Hardware, Lower Floor VIKING Automatic Washer Three only! Five push buttons for all fabric washing. Infinite water level. Large 18 Ib. capacity. Mini wash basket for small loads. EACH 359 99 Major Appliances, Second Floor Vacuum Regular 8.49. Marked to half the regular price to clear quickly. Each.............. Hardware, Lower Floor I24 Vinyl Plastic Panels Assorted colours......... 199 cans at a sale saving. Be prepared for summer barbecuing. But you had better be prompt as we have only 4 Hardware, Lower Floor 16 H.P. Riding Tractor With Rototiller and Cultivator Attachments. One only! Value that seldom comes your way in a riding tractor.. ,a great buy for some lucky farmer. 5 H.P. Tractor Mower One only! Here's another great buy a 5 H.P., tractor mower. you save more than 100 00 Hardware, Lower Floor 17" 39" two. Regular 37.99. Each Snow Off Regular 2.99 to 7.99. We're clearing out our supply of snow shovels still time to get plenty of use out of one this winter and be 499 K75 all prepared for next. Each 1 to O Hardware, Lower Floor Shower Doors Priced to clear. Each Hardware, Lower Floor Hardware Features Socket Wrench Tool Sets. 11 pieces. Regular 24.98. Set Tool Set... 229 pieces. Four sets only. Set Black and Decker Portable Power Shop. Regular 24.99. Three only. Each.............................. 19 Vises.Regular 24.95. _An Each 1 7 Hardware, Lower Floor Sporting Goods Features Boys' Skates. Regular 26.99... One-Third Off Regular Price-.Pair Children's Hi Rise Bicycle. Each ..................s....... Children's Convertible Bicycle. Each....................... 49" Plumbing, Lower Floor Vanity Priced Regular 74.95. We've only two so be prompt. Each 59 i99 Shop Just what the handy man needs. 4 97 Regular 29.95. Three only, each 14 Hardware, Lower Floor Shop Eaton's Tonight (Friday) until Storage Sheds Just what you need to set up In the back yard to store all your garden needs and other equipment. All low priced. Size 5'x6'. Oneonly........... 99 265" Size10'x1V. Three only. Each 299 Hardware, Lower Floor 17" 49" 39" 99" 29" Notion Features, Lower Floor Soft and Comfortable Vinyl Bean Bag Chair Sink in and relax on 8 cu. ft. of Polystyrene plastic beans! Cover of heavy-gauge supported vinyl. Zip closing. Wipes clean with a damp cloth. Black, brown, tangerine or 4A99 gold colour. Each................... 39 Wrought Iron Coffee Table With glass top. Limited quantity 4 B 99 21" so be prompt, each Swivel Type Basket Chair Heavy wrought iron chair. each fylen's 10-speed Bicycle. Regular 139.99. Each............. Cross Country Ski Package... Half-Price. Regular 59.99. Package Sporting Goods, Lower Floor 10W30MultigradeOil Auto Accessories, Lower Floor Sanyo Casual China Dinner Sets 45-piece service for eight. Choose from Country Maid, Shenandoah and High 4 tftnn Country. Regular 164.95. Set Chinaware Second Floor Brass Planters Two sizes to choose from. Complete with plastic tub. QQQ 28" high. Each 4 4 99 Smoker Brass and walnut smoker. With practical large ash tray. Each 15 99 Corduroy Basket Chair Cover Well padded cotton corduroy cover A99 8 Notions, Lower Floor will fit most basket chairs, each 9 and Saturday to for exceptional homefumishing buys. Use your Eaton furnishings tabloid delivered to your home in last Tuesday's Lethbridge Herald. Account. Ftecheck Eaton's Home- ;