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Lethbridge Herald, The (Newspaper) - October 5, 1974, Lethbridge, Alberta Bond salesman offers payroll plan to South Casey is his name and bonds are his game. "The name's said Casey Calkhoven. "My territory covers part of Calgary, Southern Alberta and eastern B.C." Mr. Calkhoven breezed into town Thursday with his sales pitch for Canada Savings Bonds on the payroll deduc- tion plan. "This year the bonds are paying 9% per cent, cashable at any time for the full value plus he said brightly. Frankly, he added, things weren't going so well before Ottawa raised the interest from last year's 7.54 (not 7Vz but 7.54) per cent return, to match rising interests in the private sector. "There were a lot of redemptions going on. The government was at a loss how to encourage people to hang on to their he con- fided. Things are looking iip, however, now that the 1973 Bank cards are step toward cashless world VANCOUVER (CP) The bank card might become the first truly international form of value exchange, Dee W. Hock, president of newly formed Ibanco said this week. He was speaking at the conclusion of a three-day meeting of banking represen- tatives .from 14 countries of the blue white gold card system. They were also here for the first annual meeting of Ibanco, a corporation set up to oversee international ac- tivities of the card system. In Canada, the group is represented by the H. H. Smith Ltd. Customs Broker Ptow 321-8141 COUTTS Home Office Phone 344-3822 COMMERCIAL LEASING ilBLAIRMORE. ALBERTA Built to Lettee S.E. SASKATCHEWAN HOTEL FOR SALE 3 miles from 1975 proposed site of 150 million dollar power complex 79 seat carpeted beverage room Attractive 3 bedroom living quarters. 2 baths 8 rooms, food bar in beverage room Present volume could double with population boom Adjoining lot available for expansion Reply to P.O. Box 217 Ml hr (Matt ran. Coronach, I Saturday, October LETHBRIDQE Jimson-weed warning variety of bonds also earn cash bonuses if you hang on to them for a minimum six years.. This year's model is even easier to push because you don't have to wait even one year to enjoy full interest payments, Mr. Calkhoven claimed. "Security, income, flex- said Mr. Calkhoven. "That's our motto." He and his fellow representatives of the Canada Savings Bonds payroll savings organization have a million sales target this year. That com- pares with million in sales last year. He is signing up employers to buy the bonds for their employees. They don't make any money at the game. "It just makes for a happier employee employer relationship." Even the interest you pay while buying the bond is tax deductible. And it's an "ex- tremely competitive rate." So said Casey. I system which is backed by five Canadian banks. Lloyd S. Calvert, .general manager, consumer credit, of the Toronto Dominion Bank, and Claude Viel, assistant superintendent, Banque Canadienne Nationale, Montreal, were elected to Ibanco's board of directors. Chairman of the board is James F. Partridge, a banker from Puerto Rico. Other directors are from the U.S., Europe and Japan. Mr'. Hock said the concept of a "cashless society" is approaching quite rapidly, particularly in international travel. He suggested the bank card will be more convenient than travelers' cheques and other forms of money transfer for travelers, and safer than carrying cash. "In the present 'paper' system, the individual's assets are mainly in a bank, and his access to these assets is limited to banking he said. BUARANTEED SAVINGS CERTIFICATES payable monthly, quamrty, or compound M) to maturity. r Tiber Canada Deposit 'Insurance Corporator? OvpMttotB can puichaM Olympic cows ffm MERCHANTS TRUST Double digit Inflation has become a worldwide phenomenon, with no and In sight. Because It affects every Individual It has become one of the foremost problems of our time. In this special Herald article, Montreal writer Dlan Cohen, examines Its causes and possible cures. The great inflation: ITS CAUSES AND CURES MONTREAL There is widespread humility within the economics profession about the great inflation.. None of the dozen well-known economists interviewed was prepared to say categorically that he understood exactly what was causing today's worldwide inflation, or that he had a surefire method of achieving full employment and reasonable price stability. All economists agreed that there are half a dozen fundamental origins of the present inflation, although they would give varying degrees of emphasis to different'factors. Fundamental causes of inflation today 1. Beginning in 1964, the United States embarked on an inflationary course by trying to finance the Vietnam without raising domestic taxes. Instead, it "printed money" to pay for. the war, thus diluting the value of money. 2. After 1968, when the United States began im- porting more goods than it was exporting, it tran- smitted its inflation to the rest of the world, especially industrial Europe and Japan. The Americans did this by sending vast amounts of U.S. dollars abroad to pay for their imports. 3. The coincidental growth of most industrialized economies around the world during the 1970-73 period intensified on-going inflation. Not since before World War I had the rate of real growth increased so rapidly. Business investors misread the strength of the demand pressures amid the currency and other national and international uncertainties with which they were faced. They simply failed to move fast enough to increase their capacity to supply goods and services. The shortages which resulted from this misreading of economic signals led to rising prices, especially of in- dustrial materials. 4. Superimposed on-the political errors of the United States and the investment errors of business, came what can be described as "acts of God." Grain crops failed in 30 countries almost sumultaneously. That led, not only to shortages of grains for human consumption, but also to shortages of grains for feeding animals. The loss of the Peruvian anchovy crop, a major source of protein for animals, meant shortages of protein for human consumption. Shortages of basic foodstuffs raised their prices, and added once again to the on go- ing inflation. 5. For many years a struggle has been taking place between the oil companies and the oil producing in- dustries for the lion's share of the profits derived from the production and sale of petroleum products. Coin- cidentally, the oil producing countries took control of the pricing of oil in 1973 and unilaterally quadrupled its price. With the entire industrialized world, with the single exception of Canada, dependent on so basic a resource as Middle East oil, the quadrupling of its price had to be felt throughout almost every economy. Once again, inflation was added to inflation. 6. There have been basic changes in the structure of the economy which have permanently raised the prices of certain goods and services. Most frequently cited structural changes are the increasing role of govern- ment spending in areas like education, health and welfare, and transportation. These services are generally run on a "cost plus" basis with little regard to whether they are being run efficiently. Other struc- tural changes often cited are food and energy. Many economists believe they will continue to take a larger part of our budgets than they have in the past. 7. The Eurodollar market is frequently cited as a totally new factor causing inflation. The Eurodollar market was bom in the postwar period as billions of American dollars found themselves permanently in the banking system of Europe. As American dollars were exchanged in Europe for local currencies, each of the European countries was forced to increase its own money supply, thereby diluting the value of its curren- cy. The Eurodollar market has been described as an international printing press without a central bank to restrain it. Its prime function is seen by many to be only to increase the world's already swollen money supply. 8. With half a dozen "real" reasons for inflation superimposing themselves on each other for the past decade, people come to expect inflation to continue. There is some evidence which suggests that inflationary expectations leads people to behave in ways which intensifies inflation. Who says what about Inflation? 1. C. of WeMoo, chairmai of the department ecMomfes, McGifl Uaivenity: "Until two or three years ago, inflation was caused basically by too much money chasing too few goods. a couple of years ago, it became clear that the production of foodstuffs couldn't keep pace with the demands of a growing and more affluent world population. Food prices had to rise. "The coincident upswing of business in a number of industrialized countries created shortages of a number of basic commodities tin, copper, cocoa, etc., etc. Prices had to rise. "Energy is special case. Middle East oil has, for years, sold at a higher thin necessary price because its pricing hat been controlled by a cartel of oil com- panies. Last year the cartel became political, with quantum leap in prices. is evidence accumulating that suggests that the major part of today's inflation results from" the system whereby we pay oar international bills. There has been a monumental increase in paper money, concentrated in (be Eurodollar market. The Eurodollar market is an outlaw banking system which lacks a central bank to impose restraints on its creating money. Theoretically it can go on creating money forever, with highly inflationary effects. "The core, obviously, is to shot down the inter- national printing press. How that can be done is a political question Bat there is no doubt that without some outside influence, the inflation machine will go on forever. "The other alternative, is that the very nervous money markets will simply collapse. R. M. Macintosh, Vice President, Bank of Nova Scotia: "There are two fundamental causes of today's inflation. One is that the world's resources can't keep up with the world's demands for them, and prices have to rise. The other cause is monetary, and the key is the Eurodollar market. "Every domestic currency has a cash reserve re- quirement. That is, for every you have on deposit, you can lend out only a certain proportion of it. The rest stays in reserve. This cash reserve imposes restrictions on how much any bank can lend out. But Euro-currency doesn't show up in anyone's money supply anywhere in the world. That means there is no cash reserve requirement for Euro currency. So the Eurodollar market churns out diluting the value of every currency in the world. "The whole international money market is being held together with used shoelaces. Arthur Smith, president of the Conference Board in Canada (former chairman of the Economic Council of "Today's inflation is of a different order of magnitude than inflations of the past. The coincidence a huge surge of demand pressures with which supply capacity couldn't keep pace, plus the crop failures, complicated and intensified the problems of inflation. The increase in energy prices added 2 or 3 percent to ongoing inflation, and I would expect this to level out as the world makes a transition to the cheapest form of energy. "But the basic problem is that there has been a structural change in the role of governments, and of government policy. In most areas of government spen- ding, competitive forces don't work to constrain costs. Education, health and welfare, transportation all appear to be run on a cost-plus basis with no relationship to allocating resources efficiently. The end result of these policies designed to redistribute in- come from affluent to disadvantages all add inflation to the system. Increasing interventions in the market process builds inflation into the system. "The solution to these problems are more political than economic. Without a wider understanding on the part of the public, the press and the government of the fact that we can't afford everything right away, it is entirely possible for the world to go into a recession. There is a great need for international co-operation to solve restrain liquidity. But increasing government intervention in the economy intensifies inflation and the possibility of financial collapse and recession.'' John J. Dentsch, chancellor of Queen's University (former chairman of the Economic Council of "The basic problem today is that there is too much money chasing too few goods. Rising expec- tations, consumer spending and a rapid rise in govern- ment spending around the world have all contributed to this. "The economic solution is clear: it is to slow the rate of growth of the money and credit supply. JBut this is too much more difficult to do than to say, because of the political and social implications of a cut in spen- ding. Political problems are not easily solved, and international co operation, through the OECD or the International Monetary Fund is probably necessary." John Kenneth Galbraith, professor of economics, Harvard University: "The United States is the key fac- tor in the control of inflation. Without American infla- tion under control, Canada can do almost nothing. You import so much from us, our high prices become yours. "The causes of inflation are wonderfully clear: too high demand for bank loans, too expansionary a federal budget, wages being pushed up by prices and prices by wages, inflationary expectations. "The cures are also clear: make money tight, increases taxes, reduce current consumer spending, bring back wage and price controls. All these together will restore people's confidence in the future value of their money, and could reduce the rate of inflation to about 4 percent by the end of next year." The cures of inflation l Although there is certainly no conserves of precise causes and cures, the broad outlines of an approach to stopping inflation without depression begin to emerge. First, national economies, led by the United States, must devise a correct mix of economic policies that will curb inefficient government spending while protecting the real incomes of those hardest hit. Second, international co-operation is necessary to cope with the western world problems of 'stagflation" and international monetary instability. Most experts agree that the major economies would probably have gone into a recession in 1915 even without the additional problems caused by the oil price increase. Under the present conditions, one of the prime con- siderations for solution is to agree on a system that will allow unemployed capital in the oil producing countries to flow back into the oil consuming countries. Without such a system, the oil dependent -countries will simply not have enough money to buy both fuel and other goods, and will quickly move from a stow growing economy to a contracting one. Many experts emphasize that it will take several years lor western economies to adjust to paving higher prices for oil and food, and that the best we can hope for is to buy enough time to let that adjustment take place. If business investment can be maintained during the next year or two of slow growth, the world could move out of the 1970s in high style with strong economic recovery and only moderate amounts of inflation. There are, to be sure, few economists who are prepared to say the worM will avoid a depression. Although they are prepared to admit that the state of economic knowledge and leadership has never sunk so km, they are also quick to point out that many of the decisions which most be taken for economic well bring, are in the hands of the politicians. And politicians have very different sorts of priorities to consider. OTTAWA (CP) The federal health protection branch Wednesday issued a warning against use of herbal remedies derived from the jimson-weed, also known as Jamestown-weed and Thorn- apple. The branch advised persons have bought these herbal medicines to return them to the place where they were bought. Inspectors already have seized a quantity of the herbal remedies, known to be sold both in Canada and in the United States. NILE LONGEST The Nile River in Africa is miles long. JACOB HOFFORTH AUCTION SALE Located 5 miles north and 2 miles west, then Vz mile north of FOREMOST, ALBERTA TERMS: CASH LUNCH SERVED TUESDAY, OCT. P.M. SHARP Having received from Mr. Hoflorth, we will offer for sale the following: TRUCKS: Chevrolet Vi ton Model 6 cyl. engine, 3 speed trans., good condition; Ford F-600 2Vj ton truck with grain box and hyd. hoist, 5 speed trans., 2 speed axle, 8.25 x 20 tires, original miles; Chevrolet ton truck with grain box and hyd hoist 2 ffiftftffik 1 International Model 660 Diesel tractor, with cab, hyds., PTO" 1 Massey Harris 555 gas tractor, hyds.. PTO. TANKS: gallon water tank; gallon fuel tank; gallon por- table fuel tank GRAIN BINS: bushel Westeel-Rosco steel grain bin; bushel Butler steel grain bin, bushel Westeel-Rosco grain bin. (These bins complete with wooden floors are in new condition) MACHINERY 1 Cockshutt model 428 SP combine; 1 John Deere 16 foot Sur- flex tiller, 1 Graham 14 foot cultivator with Noble rod weeder attach- ment. foot model H2-14 foot Noble blade; 1 John Deere 500-14 foot rod weeder; 1 McCormick 14 foot centre drive rod weeder; 1 Massey Hams 12 foot discer with seeder box; 1 International No 100 press drill. 14 foot, seal brgs.; 1 Noble model M8 foot blade; 1 Cockshutt 8 foot double disc; 1 McCormick 3 bottom plow; 1 Golden Arrow weed sprayer, 40 foot booms, aluminum 180 gallon tank; 10 Sections of Diamond harrows with folding draw bar; 3 sections of flex harrows; 1 tumble bug scraper; 1 Edwards ground drive rod weed- er attachment, 1 Markwill 24 foot grain loader with Briggs and Stratum engine; 1 Markwill 34 foot grain loader with Briggs and Stratton engine, 1 Brandt 35 foot grain loader with Wisconsin motor; 1 Acme grain grinder; foot tilting flat deck trailer SHOP TOOLS ft MISCELLANEOUS 1 Centrifugal water pump; 1 Black and Decker Vz" electric drill; jacks, tools; chains; shovels; quantity of oil and grease; quantity of used wire; quantity of scrap iron; quantity of gunny sacks; 1 Maxwell 21" power lawn mower, plus many other items HOUSEHOLD FURNITURE 1 sectional chesterfield ste.; 1 bedroom suite; 1 frigidaire refrigerator; 1 Western Holley propane range and heater; 1 propane space heater! B.T.U. with automatic shut off; wringer washer; hot water heater; system, pump, tank motor; time kitchen cabinet; record player; Misc. Chairs, tables, beds and other furniture As well as many jars, dishes and many other useful items. The description fo condition or otherwise as set forth on each item is merely a guide and is in no way a warranty or guarantee, actual or implied. Neither the auctioneer or the owner are responsible for any errors in description or condition. SALE CONDUCTED BY PERLICH BROS. AUCTION MARKET LTD. Box 1057, Lethbridge Office Phone 329-3101 Company License 071465 JOE PERLICH BOBBALOG EDTORSHER TONY PERLICH Lie. 010293 Lie. 067454 Lie. 012467 Lie. 010292 'hone 328-9772 Phone 647-2201 Phone 545-6452 Phone 328-9872 Lethbridge, Milk River Bow Island, Alberta Lethbridge, Alberta Alberta MIKEONDRIK AUCTION SALE TERMS: CASH LUNCH SERVED Located 9 Miles South 3 Miles West of ET2IKOM, ALBERTA OR 8 Miles South of Highway No. 61 on the Nemiscan Road then 4 Miles East TUESDAY, OCT. 8 p.m. sharp Having received from Mr. Ondrik who hM caaaad farming, we will tell at auction the following: TRACTOR TtiUCK: John Deere 830 Diesel tractor, cab, dual hyds., P.T.O., 18.00x26 tires, good condition. Dodge 2 ton truck, grain box, hy- draulic hoist, new 7.50x20 tires, miles on new motor COMBINES SWATHERS: Cockshutt 542 SP combine, 16 foot header, complete with reel, Hesston straw chopper, and 10 ft. Cockshutt draper pickup (this combine appears to be in exceptionally good Cockshutt 431 SP combine with Fibro Cab, 16 foot header, hyd. reel, straw chopper pick up. Cockshutt No. 137 S.P. combine (good International No. 200 16 foot Swather with double swath attachment. 1 John Deere 14 foot SP Swather. Massey Harris No. 6 pull type Swather, 16 ft. GRAIN LOADERS: Brandt foot grain loader with 12 h.p. electric start Kohler engine. Allied 28 foot grain loader with 12 h.p. electric start Wisconsin engine, and extension auger bin sweep. 1 United 21 foot grain loader with 9 h.p. B S with bin sweep. 1 United 41 foot Grain Loader. Grain loader hopper MACHINERY: John Deere 1200 Series, 20 foot Surflex tiller. 1 Graham .Hoeme 20 foot wing type chisel plow. 2 John Deere model 500 14 foot rod weeders duplexed with spring loaded hitch. John Deere LZ-A 14 foot hoe drills with duplex hitch. John Deere LL 10 foot press drills with fertilizer at- tachment. Noble model AH 10 foot blades with duplex hitch. 6 Sections flex harrows with draw bar. 1 Golden Arrow 45 foot weed sprayer, caster wheels, 200 gallon aluminum tank. Edwards 24 foot rod weeder attachment. 1 3-5 h.p. I.H. water cooled stationary engine. 1 Rubber tired wagon. MISCELLANEOUS: amp forney welder. ton chain hoist. Monarch cement mixer. 1 Garden master 21" gas lawn mower. 1 electric skate sharpen- er. 1 New Meade cab cooler, (never been uncrated) Pius other numerous items. ANTIQUE MACHINERY: ton Diamond T. truck. i.H.C. 4T. combine. bottom 14" gang plow. foot John Deere spring tooth cult- ivators. 1 Blacksmith forge, blower tongs. RECREATION EQUIPMENT: 399 cc Nordic Ski Ooo with electric start. Suzuki 120 cc trail bike. Honda 90 cc motor bike. HOUSEHOLD ft FURNITURE: Chrome table 6 chairs. Black white T.V.s. Kitchen suite with 4 chairs. Elna portable electric sewing machine. Remington adding machine. Singer vacuum cteaner. G.E. floor pol.sher. Plus many other items. AUCTIONEERS NOTE: There to very mtecefteneoin RiertfhandlM on We eate, therefore we urge roa to come eertjp. The description to condition or ofhenriae Ml forth on or on etf Of bfipVMPd. the foctiottajejf fior owfwr w for 3fty in dMcwIptkMi or condlDoft. SALE CONDUCTED BY PERLICH BROS. AUCTION MARKET LTD. Box 1057, Lethbridge J0EPERUCH It 010293 Phone BOBMLOS L-c 067454 Phone 847-22P1 MfflcRhrer Office Phorn 329-3101 enM07l4S5 EDTOKSHEfl i C 012467 Phone 545-MSJ BOW ISLAND LETHBffitMiE TDITY POUCH ;