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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 21, 1972, Lethbridge, Alberta Tuesday, 21, 1972 THE tETHBPIBGB HFRAtD J3 Signs point to more rather than less inflation LOUIS KAS.MIiVSKV solltuls OTTAWA (CP) Louis Has- minsky, governor of Itie Bank of Canada, says there is growing f v i (1 o n c c poir.ling to more rather than inflation ill Ihe Canadian economy. Reviewing the economic ligb'.s of 1071 and (lie first few niontlis ot 1972 in his annual re- port released Monday, Mr. Ras- mirsky says all (lie forces that have been exerted on bringing down costs have been insuffi- cient to ensure further modera- tion in price increases. 'Indeed, some recent evi- dence seems to point in the other he writes. Tlie economy expanded rap- icily during 1971, hut unemploy- ment remained liigli. The year 1972 started with more than a of firm growth, "and with the prospect that this will con- tinue." Since Uio early months of 1970, the central bank has been easing monetary conditions to encourage expansion, and this continues to be its policy, Mr. Hasminsky says. Government fiscal policies have also been designed to encourage employ- ment. He adds in his summation of the report: "The persistence of high un- employment has been a source of general concern, and on many fronts economic policies continue to be directed towards relief of the problem. "Another matter of concern is that tiie pace of cost increases CENT-RE FOR PEACEFUL WARRIORS Thirty yean ago, fn riie oftermalh af Pearl Harbor, ihe Japanese residents of Richmond, B.C., were uprooted, dispossessed and banned to the interior. they and their Caucasian neighbors ore celebrating the opening of a Ma Hi a] Arts Cenlre dedicated 1a Japanese fighting skills. Learn aboul this fascinating community project IN YOUR LETHBRJDGE HERALD WEEKEND MAGAZINE remains lirgli and price in-' creases liave larger in recent months." WARNS OF DKKICIT Mr. Kasminsky also warns that the big surplus Canada recorded last, year 3n interna- tional trade in commodities and services is changing into deficit. For many years past, Canada lias run a deficit which has had to be covered by capital inflows. Hc re-endorses a plea by the finance department that provin- cial and municipal incuts, and others .necking to raise money in bone] issues and debentures, to hoirtnv in Canada rather than abroad. 'llie world was upset last year by the Uniled Stales moves to counteract its persistent loss of foreign exchange, lie says. He adds ifc.it more time must now be given to ensure that t.'n? in- Lemriional monetary settlement rccehcd in Washington in Dc- be allowed to work. Concerning the domestic situ- ation, Mr. Ilasminnky .says: "It continues to be the objec- tive of ihe bank to encourage sustained economic expansion ami a reduction in unemploy- ment in Canada, and to ensure IhtiL this objective is supported by an adequate degree of mone- tary expansion. "We continue also to be mind- ful of Ihc risks of inflation that would be involved if ap- proached the zone of full utiliza- tion of cur resources with an ex- cessive amount of liquidity in Ihe economy." CURRENCY INCREASES Total currency and chartered bank deposits were 18 per cent higher in December, 1971, (lian a year earlier. Private holdings of currency and Canadian-dollar bank deposits were up 15 per cent. ''This rate of growth of tlic banking system was clearly larger than would be consistent across the "whole of the economy four per cent in the sec- ond half of 3971 over irve second half of 1070. The government and construction sectors of the over any prolonged period with economy showed above-average sustainable balanced growth of j increases in costs. in Ihe previous year, and marked by first-year in- also continued in the true- lion industry. Hanoi mission visits Japan TOKYO TAP) M-mernU'r X o r t h Vietnamese wjnonilc mi.ssion arrived in from Monday for a tour of Pilot killed al iilr base Canadian economy. "fhit in Uie circumstances of 1971 any appreciably less rapid expansion would have had fccts on Ihe cost and availabil- ity of credit and on (lie cx- clmrgc rate that would have risked nuitAJ Vilnl "On the wage and sal- Japanese iiidiatnal plants and lrainw hc was p.fotjnj ary mercies liavc shown only' at the Canadian force recovery, employers tend to Elevator agent pieads guilty TNNISFAIL A 37 year old elevator agent pleaded faulty to the theft of 20.000 lo 25.000 bushels of grain valued at Kenneth O. Johnston, for Federal Grains Ltd., p.t a limited '.eadency to respond to f. promoting technical exchanges. MOOSK