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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 2, 1972, Lethbridge, Alberta MAKING POINT Gripping musl be the word for the matter under discussion' by French President Georges Pompidou. The expressive response, as he made point, was in answer la o press conference question. Revaluation of Yen sought He's not your usual parish priest Thunder, November 2, THI LRHIIIDOI HWAID 31 By RICHARD HALLORAN New York Times Service TOKYO The pressures on Japan for another revaluation of the Yen have bscome so strong that the question asked in Tokyo today is not whether it will happen, but when, how much and under what circum- stances. Ironically, there is also a growing feeling among foreign and Japanese businessmen here that even another upward shift in the Yen's parities real- ly will not solve the problem of Japan's continually rising trade surpluses and foreign exchange reserves. They point out that the Jap- anese economy is so dynamic and competitive that the trade surpluses and exchange re- serves mil keep right on rising until either the Japanese get lazy or other nations get more energetic and compelc. The pressures on Japan are coming from all over. Ambas- sador Hobcrt S. Ingersoll of the United States has repeatedly told the Japanese Government tliat it must cut Japan's esti- mated billion surplus with the United States, revalue, or face more protectionist mea- sures imposed by the con- gress. The British, French, Germans, Australians, Cana- dians and more have made much the same point. The pressures are intensify- ing now because the 16.88 per cent revaluation of the Yen set during the international re- alignment in the Smithsonian agreement last December has had little impact of Japan's surpluses and foreign exchange reserves. The balance of export earn- ings over import spending at (he end of September was billion. There is a deficit in so- called "invisibles" such as tourism and services and there is a net outflow of long- term capital. So the over-all balance-of-paymenls surplus billion is not so large as the trade surplus But the Irade surplus for the year is projected at S9 billion. farm O barn burns NANTON Recently fire again struck the dislrict and this time it was Ihe large barn, shed and corrals at the Allen Grcig farm, three miles west of town. Allen had been in the barn a half an hour earlier and hadn't noticed anything unusual. He wits working in a building near by when Dale and Vanessa Sladc of High River slopped to say the barn was in flames. The Grcig phone was out-of- order and Vanessa went to summon the fire department A number ot pigs were removed from the blazing building but it is thought some were burned. There were also three Border Collie puppies and kiltcns lost in (he fire as well as straw bales. flic fire spread so quickly the whole building was destroy- ed in half nn hour. The fire trucks arrived and kept the bliuc from spreading lo nny other buildings. The roofs of pig houses were burned and there were burn- inK shingles nutl debris flying around wllh Ihe wind. NOT CIllvM' OSAKA, Japan (AD A black leather triangular hat, said lo have once belonged lo Napoleon I, was put on sale for In this wcslorn Japanese city, sloro offldnls said. Congressman Drinan is something else again Foreign exchange holdings tt the end of last month stead at billion, i-p from billion at the end of 1971 and only slightly below the record high of S16.7 billion in March of this year. That does not, Include an es- timated billion that is re- portedly "hidden" in f o r e i g n banks, United States treasury bonds, and other accounts that are not registered in tire offi- cial holdings. There are rumors here, un- proven so far, that still anoth- er billion is stashed away somewhere, making the total Japanese holdings possibly about S24 billion. Despite the pressures, Pre- mier Kakuei Tanaka has con- sistently maintained that he mil not revalue the Yen. He said last week that "foreign countries have ceased to press strongly for a second Yen re- valuation." But, he conceded, "the gen- eral realignment of currencies last year has not produced the anticipated results, and a sec- ond look is being taken at re- valuation as a means to cor- recting international payments imbalances. After the diet, or national leg- islature, considers a supple- mentary budget, the fourth five-year defense plan, and other measures, the premier is expected to dissolve it and set general elections [or December. It is assumed that lie would wait until after elections be- fore revaluing late Decem- ber or, more likely, sometime in January. Then there is Ihe question of whether the Japanese govern- ment will revalue the Yen with- out complementary action by ulher nations, or ivill insist that there lie another international realignment as there was last December. A change in the Yen rale alone might put Tanaka in a difficult position at home. The Japanese are experiencing a rising sense of nationalism, a consequent resentment outside political, eco- nomic, and security pressures. For those emotional reasons, Uiey would object to Japan again being made what many Japanese see as a scapegoat. Even with a 10 per cent re- valuation, which is the figure most often mentioned in Tokyo, it may not make any dif- ference. Two recent authorita- tive unofficial estimates say that even with a 10 per cent revaluation, IJie gross national product will continue to grow at over 10 per cent in the fiscal year beginning next April. The reasons (hat another re- valuation may not hurt Japan's exports are much the same as the reasons that revaluation has [ailed to slow export growth over the last nine months. First, Japan's products have won wide market acceptance on quality, not just price. Sec- ondly, although Ihe Yen is priced 20 per cent higher today than it was before the last re- valuation, export prices have isen only about 10 per cent. The Japanese have absorbed ho difference. On the import side, there is n complaint more and more heard here from Japanese busi- nessmen lhat there just isn't I Hint much from abroad lhat Ihe Japanese want to buy. Close to 70 per cent of Japan's imports nre in food, raw materials, oil, and n few consumer items not made here, such as Scotch whiskey. Beyond thai, those business- ncn say, why should J n p a n buy foreign steel, ships, chemi- cals, nulo mobiles, Imlustrinl machinery, nnd similar prod- ucts when they cnn bo had bcl- ler chonpCT nt home? By TOM TIEDE BROOKLINE, Mass. Father Robert Drinan would have made a lousy priest. He is impatient, abrasive and cold as a glass eye. His features are harsh, his manner unpredict- able, his personality stunted. "I have the says one who knows him well, "that In the confessional he might turn to me and say: 'God Almighty, man, is that all? Get out of here, you're wasting my lime.' But as a United States con- gressman, Bob Drinan is some- thing else. Dedicated, energet- ic, clean, compassionate, knowl- edgeable two years after taking office as the first Cath- olic priest elected to the House of Representatives, Father Drinan is the complete legisla- tor; some believe he's the finest lawmaker in the nation. His record, say colleagues and some critics alike, is a marvel of competence. In Con- gress he has voted 97 per cent cf the time, has become (as a freshman) one of the most in- fluential members in the East- ern liberal block, and has earn- ed the highest accolade (100 per cent pure) from such Con- gress watchers as Americans for Democratic Action, Con- sumer Federation of America and the League of Women Voters. Back home in Massachusetts' 4th District, the priest's in- volvement is just as admirable. He is home every weekend, us- ually recording constituent complaints through storefront listening posts (one recent problem, from a woman who was having trouble collecting medical insurance for n retard- ed son, was solved when Drinan convinced the agency to fork over in retroactive pay- His congression- al salary is recycled back to the voters through his office staff (one version has it that the salary goes lo pay "above and beyond" staffers who have been Mrcd to work with district officials seeking federal Drinan's office keeps voters informed of each of the congressman's votes, spreads the word on district problems via a privately funded newslet- ter (on recycled paper, of and books the priest into every meeting hall, every high school auditorium, every sewing circle tea where his presence is requested. "He's a real says one of his aides, "and he should be dipped in bronze. At a time when more and more people are getting turned off by the antics of their politicians, this guy is almost too good to be true. Just the other night, for instance, we held an important news conference to announce lhat Sen. Abraham Hibicoff (D Conn.) had endorsed our man. Well, Ribicdf felt the thing was important enough to lly up here on a Thursday evening even though Con- gress hadn't adjourned. But Drinan? He wouldn't miss vote in the House if Raquel Welch was standing outside stripped to the waist. Rather than come up for the en- dorsement and bask in the limelight, he stayed en in Washington, for God snkcs, lo vote on the highway bill." Not everybody, of course, Bushes over the Boston area priest legislator. His opponent this November, Liberal Repub- lican Martin Linsky, feels Drinan votes more for his rec- ord than he does for Ills con- stituents. Many of the constit- uents, also, are irked by what they consider to be a radical strain in the former Jesuit col- lege instructor. "I voted for him in 1970 because lie was against the says a Brook- line storekeeper, "but now I Jiinfc he's too locked up with the lunatic fringe. He never passes up a chance to score Hie President. You don't ever hear him say much good about Ihe country. And look at liis cam- laign headquarters all kids. Now I like kids, but, pardon me, I don't think we should let them lake over." Aside from this many voters feel Drinan is n bit. of a turn- coat. The 4th District is mostly Talholic (although becoming ncrcasingly Jewish) and there ;lill lingers the sentiment that priests should stick lo the pul- )it. "It's not right." says one woman, "that Ihe Father should be mixed up in dirty political business. All those shady deals and nil. He look a vow of honesty, didn't he? How- can he be in For his part, Drinan, 51, mosHy b a 1 d, Is concerned only with some of the criti- cism against him. He says he ignores the charges lhat he's not representative of the voter opinion In his district can't think of many nroas where the voters and I But he does dwell occasionally on the controversial aspect of good priest getting mixed up In bad politics. He says politics, really, isn't all scum. Frustrating maybe. Amorphous and confus- ing, of course.. But not so dirty as lo stain everyone it touches: "Someone once asked me, right out, if I had ever made a vote in Congress that I was ashamed of. I said no.. And that's true. I haven't. I'm not influenced by outside interests. I vote as I see it. I remem- ber one lime someone wanted me lo change my vote on a pro- cedural matter. It was a small thing and it really didn't make much difference how I voted. But I didn't change it. I just wouldn't do that." Drinan suggests there are about 100 other House mem- bers who are equally princi- pled, thus allowing nonpar- tisan decency to survive at high government levels. 1st Great week Simpspns-Sears Christmas Toy Joyful toy shopping is easy with our great selection. You'll find our prices just right. Look at them: Easy-curl Hours of fun. 4 Reg. Sl.rt.rSel 106 pieces. Builder Set 170 pieces. Reg. o.oo 1 ,49 Fast 'Sure Shol' Hockey Game For 2 or 4 players. 4 49 Drink'n'Wet Doll In Toter Washable, curlabls hair. "Rain Drops Keep Falling On My Head" 5-pc Steel Construction Set 4 Sale He'll have a super time starting his own construction company...It'll keep him occupied for hours. Set Incl. the grader, scooper, scraper and double dump train. All, except bulldozer have couplings and super wide treads. Bulldozer has working treads. Yellow enamel finish. Reg. Icy Dipt. af Simpsons-ScMrs you pof tlio linos! guaranleo tilliriclion or money refunded and free delivery oursfore-ro-ffMrsorviM hflQlniwilhlru Hlt- piolKCts yon firtry Quality Costs IVo More at Simpsons-Sears STORE HOURS: Open Dally 9 a.m. to p.m. Thunday and Friday 9 a.m. lo 9 p.m. Centre Village. Telephone 328-9331 ;