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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 5, 1974, Lethbridge, Alberta Saturday, October LETHBRIDGE Monetary fund seeks closer international co-operation By BUD JORGENSEN .WASHINGTON (CP) Fi- nance minister of member governments of the Inter- national Monetary Fund (IMF) made tentative progress this week toward dealing with pressing eco- nomic issues but there still are questions about efforts of the major industrial powers in making a co-operative system work. There was agreement at the week-long meeting in identi- fying the major huge debts being accumulated by countries which must im- port oil. The response was to order a study of possible solutions but the urgency attached to the is- sue was demonstrated by the IOC-day time limit set to pre- pare the study. Canada's 45-year-old finance minister, John Turner, was elected chairman of a new 20-member com- mittee of the IMF designed to give permanent political direction to the 126-country organization. This new com- mittee will be advisory but it will work to establish an ex- ecutive council with broader powers. Timing of this year's meeting of the held jointly with the annual world bank session, was unfortunate for several reasons. OPEC REP NOT THERE The Organization of Petro- .leum Exporting Countries (OPEC) was invited to send an observer but did not. Conflict with Ramadan, the major Moslem religious holi- day period, was given as the_ reason. The committee chaired by was elected for a two-year the successor to the committee of 20 established two years ago to begin work oh a program of monetary reform. U.S. Treasury Secretary William Simon was unable to attend the organizational meeting of the new com- was represented by a. Simon was called to the White House. President Ford had pledged to announce Tuesday some of his decisions on how to deal with C J EQUIPMENT RENTALS 1410-2nd Ave.S. Phone 328-4765 CON IETE DRILLING CONCRETE SAWS BOB CAT LOADER 4 Sizes TA DISTR (GET BUTORS SAWS-MILLS BLUES ETC. EXPERT OPERATORS USED BOB CATS FOR SALE DIAMOND BLADES lor setnd- cuned oomoneJe, ly abir-astve concrete SALES ft SERVICE 1410 2nd S. 328-4765 do lestic economic issues and U.S. policymakers were tied up on preparation of that statement. Another factor affecting U.S. announcements on economic matters is a congressional election to be held next month. Many U.S. initiatives likely will wait un- til after the election. Similarly, the British government is cautious about international commitments because of a pending election, set for Oct. 10. Denis Healey, chancellor of the exchequer, avoided speaking to foreign reporters here on orders from Prime Minister Wilson because of the election. MET LAST WEEKEND Agreement among the ma- jor industrial powers is a key element in any international economic policy initiatives. Finance ministers for the so- called Group of Britain, West Germany, France and here last weekend. Turner said at a news conference in mid-week that he had been briefed on the talks and the five have "some problems to resolve." One issue is the U.S. insist- ence that the price of oil should be reduced. They were not able to rally sufficient sup- for a concerted effort to pressure oil producers into lowering prices. Turner, speaking as chairman of the new IMF committee, declined to com- ment on oil prices. He had said earlier in the week his approach was to deal with the fact of high prices now and the possibility they Would remain high, Canadian Energy Minister Donald Macdonald was here for a separate conference this week and said he believed oil prices were too high. COMMITTEE MEETS JAN. 15 The study on oil debts is to be completed in time for the next IMF committee meeting Jan. 15-16. It will deal with proposals to establish a vehicle to have profits of oil producing countries rein- vested. Johannes Witteveen, IMF managing director, said in his concluding speech Friday that there appeared to be agree- ment that private markets could not continue to do that job and that the IMF should have a primary responsibility. The IMF already has estab- lished a fund with loans from producing contibuted 5300 provide loans at favorable rates to underdeveloped countries. Keep those promises youVe made to yourself Pick up >0wr oun set of Personal with a special savings account for each of the things that mean most to you. Whether you're saving money for some things for the house, that special vacation, or a great big purchase like a new car, your promises can happen sooner when you open a separate account for each of them. And to make it a little easier, the Royal Bank will give you a set of Personal Promise labels to help you identify each of those promises you want to save tor. And our Bonus Savings Accounts pay you high interest twice a year, to help your promises come true even sooner. ROYAL BAN i< RBCS-34 ;