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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 11, 1970, Lethbridge, Alberta Monday, May 11, 1970 THf HERAID 19 Canadian Business Review Who Or What Started Inflation? By IHVING C. WIIYNOT Canadian Press Business Editor Everyone knows we have in- flation, and that the federal gov- ernment is taking tough steps to control it. But where does inflation come from, who starts it, and who benefits? Ask a number of econ- omists and you'll come up with an equal number of different The Internationa! Trust Co. asked itself the question "Who or what initiates the and came up with this answer: "We conclude that only cen- tral governments, by increasing the money supply when a coun- try's resources are already fully employed, can lay the ground- work for inflation." The company in its regular in- vestment letter says corpora lions have not flourished under inflation since the increase in profits "has lagged far behira the massive rise in wages an( sdaries and government spend- ing." "Corporations and their shareholders have been more victims than beneficiaries of in- flation. It is other elements in our society that have benefitted from the inflationary environ- ment." "It is fairly the let- ter says, "that it is not exces- sive profits that are reinforcing inflationary trends, but rathei excessive wage and salary in- creases far in excess of any possible productivity increases and runaway government spending." We extend our sincere CONGRATULATIONS to the Voyager Family Restaurant on their Grand Opening in Cardston Lethbridge Bottling Co., Ltd. 237 12th St. 'B' N. Phone 327-3442 It was our pleasure to do the Painting and Decorating on the fine new Voyager Family Restaurant We exetend our very Best Wishes Riethman Hudson Decorating Ltd. 412 13th St. N., Lethbridge Phone 328-6696 Congratulations to George Yip on the Opening of The Voyager Family Restaurant It is encouraging to see such a fine restaurant opened in Cardston. It will be a pleasure to supply him with -fine Purify Dairy Products. Co-Op Ltd. Uthbridge Phone 327-1525 "Central governments open the door to inflation by increas- ing the. supply of money and the letter says. "The trouble arises when the economy operating at close to full capacity, yet governments persist in spending more than they take in. "When the deficits are .fi- nanced by increasing the money supply, inflation results since there are no unused resources in the economy available to ex- pand output to offset the in- crease in money supply." BITS AND PIECES: Bongard, Leslie and Co. Ltd. takes an optimistic view of stock market prospects in its latest investment letter. "It is our opinion that the turn-a round will be sooner rather than the letter says. "We are confident that be- fore year-end many of the diffi- culties currently plaguing North American business will have been satisfactorily resolved and that solutions to most remaining problems will be in sight." The Retail Council of Canada notes that retail sales showed an increase of less than one-half of one per cent in February as compared with February, 1969. Department store sales were down almost one per cent. Technical Service Council, a non-profit placement service ran by Canadian industry, says the technical brain-drain to the United States is slowing down. The service lists engineers and scientists emigrating in the 12 months to June 30, 1969, a sharp reduction from the record for the previous year. Dividend payments by Cana- dian companies in 1970 so far are at an all-time high. The total is for the first five months, as reported by Bongard, Leslie and Co. Ltd., up more than nine per cent from the corresponding period of 1969. The Canadian Appliance Man- ufacturers Association reports that major appliance sales for the first quarter are down about six per cent compared to the corresponding period of 1969. The association says this re- flects "the continuing effect of inflationary pressures and re- stricted consumer spending on major items." Eight Killed In Alberta Accidents By THE CANADIAN PRESS At least eight persons died accidentally in Alberta during the weekend, all in traffic. Jack Lamberigts, 25, of Syl- ran Lake died in a two-car collision on a rural road near iemciia, 30 miles north of Calgary. Edwin Gary Eivemjen, 16, of )aysland, died when the truck le was driving went out of control and overturned m a [itch near Daysland, 60 miles -outheast of Edmonton. Alberta Joe, 24, ot' Caslan died when a car struck a rndge near Caslan, 75 miles north of Edmonton. Two Edmonton men were Wiled in a single vehicle ac- cident near Westlock, 40 miles north of Edmonton. Dead are 22-year-old Norman Gatzke, 22, and Demetro Tansowny, 23. A two-car collision near Morley, 30 miles west of Cal- [ary, claimed another two ives. Brian Powderface, 17, of ilorley 'and Howard Joseph Smith, 52, of Exshaw were killed in the head-on collision. Dayle Sharpe, 23, of Edmon- en was killed when a car wnet out of control and crashed into a power pole on the city's outh side. f Voyager Family Restaurant CardsJon Alberta Open Daily 6 a.m. until 10 p.m. Saturdays From 6 a.m. until 11 p.m. FREE COFFEE DONUTS Today until p.m. CHINESE CUISINE COFFEE SHOP DINING ROOM TAKE-OUT SERVICE We cater to Parties, Weddings, Banquets, Business Meetings, and gatherings. Listen to CJOC from to Today BE SURE TO ATTEND OUR GRAND OPENING Indians Reclaim Island CORNWALL, Ont. (CP) The 60 Indians who say they have reclaimed nearby Stanle; Island are "acting as indiyidu als for their own persona Franklin Benedit, admin istrator of the St. Regis Indiai Band, said today. "They do not represent any one but Mr. Bene diet said. The group of Indians arrive' on the island 12 miles east o here and demanded that the 15 cottages of the island be va cated immediately. The federal governmen leased the island to Jean Pau Touchette, mayor of Alexan dria, 16 miles north of here. Mr Touchette has leased property to cottagers. Mr, Benedict said in an inter view the band council has been working for two years to resain the island and now is making headway in its negotiations. He does not think that the take-over of the island was sanctioned by the council. The Indians on the island are circulating a petition demand ing the resignation of the SI. Regis band's council members, Limit On Debts Removed OTTAWA (CP) Affairs Minister Ron Basford announced in the Commons changes in the Bankruptcy Aci that remove the limit on debts wage-earners may con- solidate under a court order. The debt-consolidation proce- dure is in force in provinces which have elected to imple- ment it Nova Scotia, Mam- aba, Saskatchewan and Alber- ;a. British Columbia and Prince Edward Island are considering implementation. Walter Dinsdale don-Souris) said Canadians are going deeper into debt because )f runaway inflation and grow- ing unemployment. Debt was a ;rowing problem, especially on he Prairies. Prime Minister Forced To Move From Hideaivay OTTAWA Prime Min- ster Trudeau will soon find iimself evicted from his sum- mer residence at Harrington Lake, in the Gaiineau Park on the Quebec side of the Ottawa River. National Capital Commission chairman Douglas Fullerton told a field naturalists club meeting yesterday the secluded hideaway'will have to go "be- cause of the public." "That lake will have to be made said the NCC head. "It can't be kept closed much longer." He warned that others with personal lots in the park, run by the NCC, will also get then- walking papers. "The keeping of personal ground in this has been ov- erdone and ought to stop." Pilot Training (Program Begins Calgary CALGARY (CP) A new pro- gram to train airline pilots at Mount Royal College was an- nounced here by Gerry Dean, vice president of instruction at the college. The purpose of the program is to provide qualified gradu- ates to meet the requirements of the airline industry. It is tiro only one of its kind in tho province. The program will begin with the fall term. DONT STOP motorcyclist caught in a traffic jam in Mankato, Minn., didn't care to be detained. The jam was caused by protesting students blocking the inter- section of Front and Main following a torchlight march and rally !n front of the Federal Post Office building. protesters lay down on the street, the cyclist drove right over them. Ex-Rossland Man Killed In Mishap VANCOUVER (CP) Mi- chael Brown, 25, of Vancouver and formerly of Rossland, was killed here when his motor- cycle careered off another one and hit a bridge railing in Stanley Park. Alaska Pipeline Plan Snarled In Red Tape NEW YORK (AP) The main problem in getting oil out of the Alaskan north coast is turning out to be red tape, not the technical problems of build- ing a pipeline. The United States government is delaying issuance of a permit for the 800-mile pipeline. Even if the government were willing, a Washington, D.C.. court lias ordered it not to issue the per- mit. And the Alaskan state govern- ment, which also has a claim to the land, is threatening to issue ils own permit for preliminary work. Meanwhile, inflation is stead- ily driving up the estimated cost of the pipeline. Originally tick- eted at the esti- mates later rose to 000 to The lastest cost prediction is This is getting close to the low- est estimates of oil population in the area, around barrels worth de- livered to the main area of the U.S. The worst snarl of red tape is not even around the pipeline it- self but around the road which must be built so contractors can lay the line. A congressional committee has approved the road but the court order ban- ning a federal permit for it is still in effect. Governor Keith Miller of Alaska has said he would calim land for the road fron? the pro- portion of federal lands allotted to the state, but he has not done so yet. Opposition to the pipeline comes largely from conserva- tionist groups in the iriain area of the U.S. Few members of these groups have visited the barren Alaskan northland but they still want to keep it in its natural state. Best Wishes to George Yip on the Grand Opening of his fine new Voyager Family Restaurant It was a pleasure for us to do oil the ELECTRICAL INSTALLATIONS PARSONS COMMERCIAL ELECTRIC LTD. 1277 3rd Ave. S., Lethbridge Phone 327-4284 I could have sworn I saw three crows. Fair enough. Because the crows could have sworn they saw two dogs. And if you look closer, you'll probably think you see four Indians. Or is it six? N'.i fvo people in our brewery agree on just how many there are of what on the Lethbridgo Pilsner label. But we're all together on one thing. How to brew the great beer behind it Alberta's original Pil. That's done ths slow, natural, old-time way. For a flavour you can always count on. AFTER THE FAMOUS FORMULA OF THE HOUSE OF LEYHBRIUUI Jk. ;