02 Oct 1950
Page 1
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Newspaper
Lethbridge Herald
Location
Lethbridge, Alberta, Canada
Date
Oct 02, 1950
Page
1
Finance Minister Douglas Abbott outlined two paths for the dollar after 11 years of controls. He warned that fixing at par or allowing a market level could curb speculative hot money from U.S. capital while risking further adjustments later, as reserves surged to 1.789 billion by Sept 30.
Walter Stifford, 65, former president of American Telephone and Telegraph, has been named by President Truman as ambassador to Britain, succeeding Lewis Douglas who is ill and stepping down.
German police report a decisive victory over Communists who tried to spark riots in west German cities. Over 1,400 Red leaders jailed, riots quelled with minimal violence, about 30 officers injured. Truman pledges continued aid to Berlin amid the German industrial fair opening.
The Federal Provincial construction conference ended in harmony as Premier Smallwood of Newfoundland teased Premier Duplessis of Quebec. Smallwood recalled 1778 invasion lore and boasted Newfoundland fishermen helped in the St Lawrence defense. Macdonald of Nova Scotia questioned who would protect Canada, while Smallwood asserted Newfoundland has no territorial ambitions.
Associated Press dispatches from Tokyo report South Korean forces driving nearly 30 miles inside the USSR backed North Korean area, with the 3rd Division nearing Ansong and coastward advances by the Capital Division from Yangyang. Light resistance was noted as UN and U.S. commanders refrained from declaring unconditional surrender.
Russian scientists radio controlled an airship with a cosmic ray laboratory to 16 miles into the stratosphere. Soviet scientist Dimitri Skebeltzumin said Sunday the guided craft carried instruments to measure cosmic ray intensity. Data were transmitted to Earth and recorded on photographic film.
Washington October 2 planning for the end of the Korean War poses many headaches for UN war planners. They must estimate expected enemy opposition north of the 38th parallel and craft tactical plans for a possible final push while facing uncertain defensive preparations by the Communists in the area.
Rome reports Italy faces demographic strain with about 46 million people and 400000 births yearly. Unemployment numbers stand around 2 million as economists and officials search for solutions beyond colonial or emigration options. The outlook cites rising births offset by deaths and suggests possible drastic measures.
In Athmond Alberta on October 2, roughly 1400 sugar beet growers received the fourth subsequent payment from Canadian Sugar Factories Ltd. The 75 cent per ton payment covers 328000 tons of the 1949 crop, with initial 1949 beets paid at $10 per ton and prior installments of $1, 50 cents, and 51 cents. The Taber Ray mond and Picture Butte plants are operating as digging and slicing begin, with final payment expected in November.
L B Pearson warned at the United Nations that decisions in the current general assembly could have far reaching importance for peace and security. He urged further examination of China's representation and outlined a plan for political settlement in Korea, including UN underwrite and possible military action if needed. He called for a government representing all Korea and elections once peace and stability return under UN auspices.
In Saigon reports a French column seized Thainguyen, a key north Indo-China communications hub near Hanoi, during the largest offensive in three months. Two flanking columns advance toward the city as rain hindered progress.
Fifty scientists from eight countries opened a three day congress at the Sorbonne in Paris to plan the world’s first association for interplanetary travel and to share space flight information.
Pte Willam McCaffrey of Verdun Quebec describes UN troops being greeted with cheers and flowers in nearly every village as they linked two Korean fronts. The 21 year old Canadian in the US Army says the joyous reception boosted morale and reinforced the feeling that the United Nations mattered to locals. He also notes the unit's role in connecting the two fronts and mentions his personal nickname for the US Army.
Prime Minister St Laurent announced in Kingston that Canada has formed a specialized unit for potential use in Korea and as a deterrent in Europe under UN and Atlantic commitments. He indicated 13,000 volunteers could be deployed if Korea stabilizes and would fit Joint plans, with the force now being reorganized for readiness.
The Canadian dollar rose against the US dollar in Montreal Toronto and New York early today. In Montreal it traded 93 to 96 cents US, up from 89 to 90 last Friday. In Toronto it opened around 93 to 95 cents, implying $1.06 Canadian per US dollar. In New York noon quotes ranged 94 to 94 cents US, with a recent rise of about 13 to 14 percent since Saturday. US analysts see Canadian goods prices holding near current US money levels, except possible newsprint price uptick.
A Canadian Press survey shows eastern Canada suffered 22 violent deaths in the week ending Oct. 2. Eleven were from traffic accidents, five from plane crashes, three from drownings, and three from other causes. Ontario topped the toll with 11 fatalities, Quebec had eight, the Maritimes three. In Manitoba, four men died on Oct. 2, three by drowning and one by suffocation, when a Pine Falls boat capsized in the Winnipeg River during a fishing trip.
Canada moves to free its dollar ending 11 years of government control. Markets expect possible parity with the U.S. dollar soon and then a partial drop. Finance Minister Abbott announced the change with steps easing tourist dollars and import restrictions, while opposition leaders welcome the shift as a step in the right direction.
Oct 2 AP reports Soviet Foreign Minister Vishinsky proposed a seven point peace plan calling for an immediate cease fire and withdrawal of U S troops from Korea. Other items include seven injured on a U S destroyer mine incident and political changes in British Columbia.
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