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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 8, 1970, Lethbridge, Alberta 1771 DODGE POLARA V.S. Dollar's Convertibility No Longer Fully Guaranteed By EOIN BELTON WASHINGTON Reuters) For the second time since the Second World War, the United States cannot meet all claims against its gold stock out of its monetary reserves. In pure arithmetic terms this means the U.S. dollar's convert, ibility is no longer fully guaran- teed by the assets which sup- port it. The continuing deficit of bal- transactions in the third quarter of 1970, which ended Sept. 30, has brought the U.S. monetary au- thorities back to the position of early 1968 when President John- son introduced exchange con- trols to preserve the integrity of the anchor of the in- ternational exchange system. Informed sources said the of- ficial monetary transactions of the government during the quarter just ended resulted in a deficit of about million. The implication of the disclo- sure is that the net U.S. re- serves position in relation to the foreign claims on the country's gold stock has deteriorated by about million so far this year. At the International Monetary Fund annual meeting in Copen- hagen in late September, U.S. Treasury Secretary David Ken. nedy reaffirmed the country's standing pledge that reserve as- sets could be used to pay off the official dollar debts accumu- lated by foreign surplus nations. OFFICIAL MADE APPEAL This followed an appeal by IMF Managing-Director Pierre- Paul Schweitzer to the U.S. au. Uiorities that the gold and other monetary reserves available to them should go toward defray- ing debts now piling up in for- eign central banks in the form of dollar balances. In further response to this ap- peal, Treasury Undersecretary Paul together with U.S. Federal Reserve Missile Decision Distant OTTAWA (CP) Defence Minister Donald Macdonaid says it will be a "couple of years" before Canada will have to make any decisions on anti- ballistic missile systems. Replying to questions by David Lewis South) in tlie Commons Wednes- day, Mr. Macdonaid said there has been Canada-U.S. discus- sions about the deployment of the missiles in the U.S. Canada was being kept informed on the matter. The fact that any Canadian decision is a couple of years away, he said, does not imply that this country has decided to take part in such a system. Andrew Brewin ronto Greenwood) asked whether the Commons would be consulted before any decision is made. Mr. Macdonaid said the government must make its own decisions and the Commons can debate these decisions. Chairman Arthur Bums is mi closely responsible for t health of the U.S. dollar pointed out that about million are out in this cause far this year. Observers say the inescapab conclusion to be drawn fro this statement is that whi claims on the gold stock ha been mitigated by about million this year, the reserv position has been attenuated a similar amount. At the end of last year, U official reserves stood at million and net claims by for eign central banks and by t IMF stood at million. Since then, the reserves ha been reduced to about for the million allocation of Drawing Rights for the claims have been raised about million. BIG SHORTFALL Thus there now exists a shor fall of close to milli between United States offici debts and its capacity to liqui date these debts without course to further credit fro official sources. While Kennedy's statement the use of monetary assets defray official liabilities has n been taken too seriously not only is the U.S. political reluctant to meet these claim out .of gold, it now is marginal Incapable of doing so. But t! appeal by Schweitzer has als not been taken at full fac value. Although apparently callin MI the U.S. to spend its assets: financing the payments defici the IMF managing-director wi in fact urging the U.S. author ties to curb the outflow of do lars into official hands abroad. Both treasury and IMF off clals concur on this interpreta tion, since it is generally agreec that Schweitzer can in no sens want to undermine the Amer can monetary reserves position The main complaint of 11; IMF about the U.S. paymeni deficit is that the very larg outflow of dollars into the wor] monetary system so far thi year has swamped the rela lively small issue of the "pape gold" certificates known as Spe- cial Drawing Rigtes, or SDRs Creation of SDRs was base on the assumption that the in flow of gold and dollars to th world liquidity pool would be held back to moderate propor tions. While the gold situation has been controlled through interna tional agreement, the dollar out flows have apparently swung out of control so far this year By pumping billions of dollar of liquidity into international re- serves, the American author! ties have undoubtedly irked the IMF. It sees SDRs as the desir able source of controlled in creases in the liquid resources needed to finance growing inter national trade and production. At the same time there is some sympathy for the U.S. di lemma in monetary circles. A least half the official dollar losses incurred by the U.S. so B.C. Newspaper Strike Drags On VANCOUVER (CP) Pro- vincial mediator Clark Gilmour has scheduled meetings this week to try to settle a pro- longed contract dispute be- tween the American Newspa- per Guild and Victoria Press Ltd., which produces the morn- ing Colonist Times. and evening The guild represents 130 edi- torial, advertising, circulation, office and maintenance em- ployees. A guild spokesman said the company offered pay raises ranging from to weekly on different categories over a new two-yenr contract. Under the previous contract, which expired 'April 30, the ba- sic rale for senior reporters was a week. De Gaulle Claims He Warned Kennedy PARIS (AP) Gen. Charles de Gaulle told President John F. Kennedy in 1961 that any int- ervention in Indochina woulc be "an endless the former French president says in his latest book of mem- oirs released Wednesday. The volume covers the period 1958-4H. Entitled Memoirs of the Renewal, the book tells of the arrival in Paris May 31 1961, of Kennedy "spilling over with dynamism, surrounded by 'an atmosphere of lively curios- ity, forming with his brilliant and cultivated wife a couple filled with charm." But, de Gaulle recounts, he and Kennedy soon discovered that their policies differed on many points. "But it was above all on the question of Indochina that I pointed out to Kennedy our poli- cies he wrote. Jumbo shrimp up to 14 inches !ong arc found in southern wa- :ers. I far this year has been in the form of repayments by Ameri- can banks to their foreign branches of funds borrowed last year to avert a liquidity crisis. VS. Planes Bomb Laos VIENTIANE (AP) U.S. planes have been bombing northern Laotian towns and vil lages for more than two years, refugees from the area said today. Gina Replaced In TV Series HOLLYWOOD (AP) Gina LoUobrigida quit sir times while rehearsing (or her first televi- sion drama and the sixth time lie accepted, producer-director Barry Shear says. That, Sheer said yesterday, Is why Geraldine Page has re- placed the Italian actress In a segment of the Name of the Game television series. Shear said Miss LoDobrlgida insisted on too many script changes in the segment, A Sis- ter from Napoli, in which she was to play a Roman Catholic Refugees interviewed in and around Vientiane said that in mid-1968 bombers, which pre- viously focused on Communist troop concentrations, began striking population centres. Refugees said they had to spend most of the day under- ground to avoid the bombs. They said they were especially afraid of napalm and anti-per- sonnel fragmentation bombs which they said caused heavy civilian casualties. American bombing hi Laos began in 1964 and increased after the 1968 bombing halt of North Vietnam when more air. craft became available. The United States now is bombing Laos more than six times as heavily as it ever bombed North Vietnam with about 700 sorties a day, accord- ing to reliable estimates. At the peak of the air war in North Vietnam the rate was 107 a day. A sortie is one attack mission by one plane. The bombing is believed to be about equally divided between Pathet Lao-controlled northern Laos and the Ho Chi Minh trail area in southern Laos. Refugees said heavy bombing has destroyed major towns in Northern Laos including Xieng Khouangville and Phone Savane and Khang Khay. A Western military source went further and said apart 'Mm a few government-con- irolled provincial capitals, there Laos." are no towns left in Thomas Home Sold LON30N (AP) The home of the late Welsh poet Dylan Thomas apparently is about to MSS into American hands, but it will be preserved as a cul- tural centre. Author John Sum- mers, who recently published a jiographyof Thomas, said Richard Baron, founder of the York Dial Press, had met lie asking price of The lome, known as The Boathouse, at Laugharne, Wales, is owned >y the poet's widow, Caitlin. Thursday, October I, THE IETHMIDCI HtRMD OLD Chevalier eyes his trademark boater hat being worn by 75-year-old Jack Demp- sey, lamed fighter of yesteryear, during a New York re- ception. The 82-year-old French entertainer was celebrat- ing publication of his book. SIMPSONS-SEARS ALLSTATE Passenger Tire Guarantee Tread Life Guarantee Tread Wearout fitiarsntAA ALL fit! Guaranteed urea of the tire. 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