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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - March 12, 1971, Lethbridge, Alberta 26 - THE LETHBRIDOC HERALD - Friday, March 12. 1971 COMMUNTY EFFORT - Snow removal equipment had been hard-pressed in the past week and residents in Pointe-aux-Trembles, near Montreal, pitched in Wednesday removing up to six-foot drifts from driveways and secondary streets. Benson silent on dollar plan OTTAWA (CP) - Finance Minister Edgar Benson declined in the Commons Thursday to say what action he plans, if Canada cracks down OTTAWA (CP) - The Bank of Canada cracked down this week on a system of interna-tional currency transactions that effectively permitted United States dollars to pass through Canada to Europe in violation of a 1968 U.S-Canada agreement. Letters to the chartered banks from the central bank called for a halt to such dealings as contrary to the spirit, if not the letter, of the 1968 policy guide. Under the 1968 agreement, the Canadian government agreed to disallow a net outflow of U.S. currency from Canada to countries other than the United States. In return, Canadians continued to be exempt from U.S. rules that restricted borrowing by foreigners in the United States. Last month, some dealers in Canada began lending idle Canadian funds to European institutions for periods of anywhere from a few days to six months. Typically, the European banks would exchange the Canadian funds into U.S. dollars. That meant that U.S. dollars were being drawn out of Canadian reserves by an indirect route. When the borrowings were repaid, the U.S. funds would return to Canada, but the Bank of Canada became concerned that the practice was growing. The quantity of U.S. funds invested outside the country at any given time could have become immense unless the practice was halted. The Eruopean dealers found it more profitable to engage in such transactions than to raise US., funds in Europe. Interest charged on dollar loans tended to be lower in Canada than in the so-called Eurodollar market. any, about upward pressure on the Canadian dollar. The matter was raised by T. C. Douglas, the New Democrat leader, who said exports and employment will be adversely affected if the Canadian dollar exceeds the U.S. dollar in value. He asked what Mr. Benson plans to do to assure that the Canadian dollar will not exceed parity with its America counterpart. Would interest rates be lowered? Would the money supply by expanded? Mr. Benson replied that interest rates were reduced some 10 days ago and that Mr. Douglas had advocated a floating dollar. Mr. Douglas said one reason the Canadian dollar was unpegged was to avoid tying up money in foreign reserves, now at $4.85 billion. He asked what will be done to reduce the reserves. MUST OBEY LAW Mr. Benson said he is limited by law in the use of the foreign exchange reserve. Max Saltsman, NDP financial spokesman, asked whether Mr. Benson will ask Parliament to change the limit. Mr. Benson said that if he did he would announce it. Mr. Douglas asked whether it could be assumed that Mr. Benson planned no action at all. Mr. Benson said no. Douglas Harkness (PC-Calgary Centre) asked whether the dollar will be allowed to reach a five-cent premium in relation to the U.S. dollar. Mr. Benson said he could not discuss this. Earlier, Mr. Benson told Opposition Leader Robert Stainfield the government can accept or reject the advice of the prices and incomes commission. Mr. Stainfield had asked about a Toronto speech by Commission Chairman John Young warning that a program to create jobs could cause another round of inflation. / Mr. Benson said it is not the government's opinion that job-making will create inflation. He respected Mi'. Young but the latter's opinion was not necessarily the government.'s George Hees (PC-Prince Edward-Hastings) asked Mr. Benson to outline the government's policy on stimulating the economy without causing high inflation. Mr. Benson advised him to read his speeches. Former prime minister John Diefenbaker asked Mr. Benson to table all his speeches. He said he had never read them because he reads only for interest or profit. SAVE Tuo 60% ON MUFFLER REPLACEMENTS WE HAVE:  A $9.95 MUFFLER FOR MOST CARS  FREE INSTALLATION  10 MINUTE INSTALLATION LIFETIME GUARANTEED MUFFLERS FREE INSPECTION AND ESTIMATES ALL AT INUTE3 UFFLEFI INSTALLATIONS Phone 328-8134 509 6th Avenue South Anything goes with When we say anything goes, we mean GWGs go with anything. Or anyone. Because we've got styles and colours to please men, boys or girls. From mild styles to wild styles . . . from executive slacks with flare to groovy new jeans . . . from casuals to hip new "Flip Flaps." And we have a selection of patterns you'll be delighted with. Yes sir, you will be in style with GWG this year. For Men and Young Men MEN'S CASUAL SLACKS. "Nev'r Press", 65% daeron, 35% avril in solid shades. Full cut for a fuller fit or executive for a slimmer figure. Size 30 4 4 flfl to 46 collectively. PAIR................ I fc.UU KLONDIKE TWILL. 50% fortrel, 50% cotton. Regular or executive cut. Sizes 36 to 46. A QC PAIR ................................. 9u99 YOUNG MEN'S CASUALS. "Nev'r Press" fabrics in the newest of strip patterns. Wide belt loops. Front scoop pocket, back patch pocket and flare bottom. Sizes li,,"": 12.95,. 14.95 YOUNG MEN'S JEANS. Hard weoring "snobok" denim in two styles. 1. Super Slim, hip hugging, slim and trim jeans with 13 inch bottom. Sizes 28 to 36. 2. Rider. Snug fitting through the hip for that "lean and lanky" look. Bottoms to fit over a western boot. Sizes 29 to 40. TEXAS RANGER PANTS, MATCHING SHIRTS. Sturdy cotton drill to stand up to hard wear. Pants . . . sizes 30 to 46. Tan, Olive, Grey. PAIR .........'..................... 6.98 Shirts to match: Button front, sizes 15 to 17V'2. EACH . Snap front, sizes 15 to 17'/j. EACH . . Tall Man, sizes 15'/2 to 17'/2. EACH Big Man, sizes 17 to 20. EACH .... S.98 6.98 6.98 6.98 YOUTHS' "PEACE JEANS." A new creation for the young man (and young lady). Fits snug on the hips, trim thigh to knee, flaring from knee to 20-22 inch bottoms. Front pocket in patch or "flip flap." Button through ^ Qf% fly. Sizes 28 to 30. PAIR ................ � BOYS', YOUTHS' FLARE JEANS. Newly styled in bluenose denim. Front patch pockets, button-through flv, wide flares, wide belt loops. Sizes 7 to 16. PAIR .................. 6.95 Riders. PAIR . 9.95 Slim. PAIR 8.95 DRILLERS DRILL "PERMANENT PRESS" MATCHING SETS. 50% polyester and 50% cotton blend in easy care fabric. Pants. Sizes 30 to 46. Tan, Spruce and A QQ Charcoal. PAIR......................... 0.90 Shirts. Sizes 14'/2 to 17I4 to match. EACH ............................. BOYS', YOUTHS' COWBOY KINGS. Authentic western styling and rugged durability styled into every pair of jeans. 100% preshrunk cotton denim in Navy. Rider "boat" style or slim cuts. Sizes 7 to 12. PAIR ............................. 6.98 Sizes 13 to 16. PAIR ......... 6.95 7.95 Men's, Boys' Wear, Main Floor For Girls and Boys GIRLS' COWBOY KINGS. Fashioned in straight leg and flares. Sizes 7 to 14. A AC Navy. PAIR............................ "'W GIRLS' STRIPE FLARES. 3-button front fly, 2-front pockets, belt loop waist. Red and Blue stripes. "T AC Sizes 7 to 14. PAIR .................. . � RIDER KING JEANS. Styled for the lean and lanky boy. Welded knee, plain band with belt loops. A AC Navy. Sizes 2 to 6x. PAIR ............... *1m99 BOYS' "NEV'R PRESS" Jeans. Elastic backed with belt loops, welded knee, 2 front pockets and one back pocket. Green, Gold and Blue. A AC Sizes 2 to 6x. PAIR..................... TEEN NAVY JEANS. Navy only. f AC Sizes 8 to 16. PAIR ...................... � m" MATCHING PONCHO. EACH ..............4.95 FRINGE FREEDOM VEST. EACH ..............6.95 GWG TEEN FLY'S FLAPS. In new bold Red and White stripe and Navy and white stripe. A QC Flares. Sizes 5 to 15. EACH .............. 9m99 Girls' and Little Boys, Wear, Main Floor BUY LINE 328-8811 SHOP EATON'S TONIGHT UNTIL 9. AND SATURDAY 9 TO 5:30. ;