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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 15, 1973, Lethbridge, Alberta 24 THE LETHBRIDGE HERALD Monday, October 15, 1973 World-wide depression predicted at seminar By DENNIS TRUDEAU MONTREAL (CP) Gloomy predictions of an in- evitable worldwide depression and repeated recommen- dations to invest in gold for protection during such a depression dominated the International Monetary Seminar here during the weekend. Declaring that the ability to buy gold equals freedom, bankers and economists addressing the seminar re- jected the current economic practices of industrial nations, calling for a return to a gold-backed reserve curren- cy The conference, described as held under the auspices of the Institute for Freedom Through Sound Money, was organized by Harry Schulz, publishe- of an international newsletter which the stand taken by most Bakers at the weekend confetencL- The delegates paid for the three-day event to hear the speakers and attend seminar'? on ihe advantage of Swiss bank accounts, gold bullion and coins and money management Most of the delegates were millionaires or near millionaires from 18 countries, with the largest delegations coming from California and Texas. In a Sunday speech to the conference, Nicholas Deak, president of Deak and Co., a foreign exchange firm, said inflation will continue, and laid the blame on society "try- ing to do more than its resources permit." In a later interview he said little could be done to halt in: flation because the causes of it growth of government, debt financing and "living beyond our means" still ex- ist. The United States dollar is weak, he said, because the U.S. balance of payments has had a constant deficit since 1958 and this in turn has led to a flow of foreign and American money out of the country. To restore the faith in the U S dollar and reverse the balance of payments position, Mr. Deak recommended that the U.S. partially return to gold backing for the dollar by offering to redeem dollars for 20 per cent gold and 80 per cent long-term non-negotiable treasury bonds. This, he said, would start money flowing into the U.S. again, helping to reduce the balance of payments deficit. TOP BIG DEPRESSION Asked if he thinks in- flationary expansion of the economy will lead to a depression. Mr. Deak quoted the chairman of the Chemical Budget debate is main issue MONTREAL (CP) The Parti Quebecois' proposed budget for an independent Quebec remains the main ob- ject of debate in campaigning for the Oct. 29 provincial elec- tion Liberal Finance Minister Raymond Garneau and Jac- ques Panzeau, the Parti Quebecois economist and can- didate in Montreal Cremazie, were the main combatants on the issue in weekend cam- paigning Meanwhile, Creditiste Leader Yvon Dupuis and Gabriel Loubier, Union Naiionale leader, both attack- ed the press. Mr Panzeau said only a "'violent inflation" caused by a government which cut taxes by 50 per cent while increas- ing spending by 50 per cent would cause devaluation of an independent Quebec currency The prototype budget he released last week had includ- ed no measures so imprudent Mr Panzeau, accompanied by Parti Quebecois Leader Rene Levesque at a meeting at Johette, 40 miles northeast of Montreal, said Premier Robert Bourassa has not real- ly criticized the budget. "All he's been able to do is trot out the two old battle horses he defended in the 1970 election campaign, that is, de- valuation of a Quebec currency and the flight of capital." Reappoint chairman EDMONTON (CP) Robert D'Esterre. assistant deputy minister in the depart- ment of manpower and labor, has been reappomted chairman of the board of in- dustrial relations, it was an- nounced here Bert Hohol. minister of manpower and labor, said in a news release the provincial cabinet has given its approval of member appointments to the board. Mr Garneau repeated his charge of last week that the Parti Quebecois budget blows up estimated revenues by billion when it calculates 1975- 76 government revenues at billion. In a statement, the finance minister charged that the budget would increase per- sonal income taxes by million and drive industry to Ontario and New Brunswick by increasing corporation tax- es by million In St. Joseph de Beauce, about 40 miles south of Quebec City, Mr Loubier told about 220 persons that reporters covering the Oct. 29 election campaign have shown a "lack of intellectual honesty." Mr. Dupuis stopped a tele- vision news cameraman's work in Sherbrooke as the man swung his film camera from the Creditiste leader to a group of Parti Quebecois sup- porters who were booing him from the audience of about 800. "Hold Mr. Dupuis said to the cameraman. "Don't get nervous We're not going to forget the magnificent crowd we have here this evening for about 50 Pequistes." Mr Loubier complained re- porters were not truly describing what goes on in meeting, and are in particular underestimating the size of crowds. Mr. Bourassa told a Chicoutimi news conference he has never promised that he would not alter controversial 1969 legislation giving all Quebecers the right to choose English or French schools for their children. Nationalists say the law will eventually lead to French be- coming a minority in Quebec, because almost all im- migrants choose English The Parti Quebecois and Union Nationale would re- quire immigrants to send their children to French schools, although the PQ would exempt those from Anglophone countries. The Credilistes say immigrants should send their children to French schools until they be- come Canadian citizens Bank as saying "the world could see a depression that would make the 1930s look like a summer festival." To combat such a bust, Mr. Deak and others recommend- ed investment in gold bullion, silver or for U.S. residents not allowed to own bullion gold coins. Earlier in the seminar, John Exter, a former vice- president of the Federal Reserve Bank of New York, said the world would not get a stable exchange rate system as long as paper money is not convertible into gold. He said the continuing growth of public debt through debt financing is weakening the world's economic system and could eventually lead to an economic crash Another speaker, John Biffen, Conservative member of the British Parliament, said the U.K. is facing economic problems as a result of worldwide inflation, but also criticized the British and other Western governments for increasing spending faster than government income. Elevators are being phased out HALIFAX (CP) Cana- dian transportation experts were told Tuesday that small- town grain elevators, a prairie symbol since the turn of the century, is on the decline. Dr Gordon A. Sparks, assistant professor of civil engineering at the University of Saskatchewan, was speak- ing during the opening day of the three-day annual con- ference of the Roads and Transportation Association of Canada. Dr. Sparks said during a workshop session that an ex- pected reduction in the number of small elevators should not seriously hurt either the farmer, the highway system or commu- nity life Most elevators and rail lines in the Prairies were designed and built between the early 1900s and early 1930s. Due to their age, he said, major in- vestments will soon be re- quired to replace elevators and upgrade rail lines. "Rebuilding the system is not a matter of building elevators of the same size at the same he said. Instead, the Prairies need centralized grain delivery points to offset an expected sharp increase in grain shipp- ing costs. He said studies have shown that if half of the delivery points were eliminated half the farmers would have no greater dis- tance to haul their grain than before. Only 14 per cent would have more than six miles further to go. "In light of today's trucks and rural roads such in- creases in haul distance would hardly be considered economically burdensome for individual he said Most studies conclude centralization would have "minimal" impact on all but the smallest of rural com- munities, Dr. Sparks said, and these would most likely cease to exist as communities within 10 years anyway. Dr Sparks predicted the rate of centralization may in- crease sharply when the ex- isting freeze on abandonment of rail lines expires next year. He said the railways have in- dicated an interest in aban- doning about miles of the existing miles of track in the Prairies because of light traffic. This would affect about a third of all delivery points. Federal program 'heated' OTTAWA (CP) In- dications were Sunday that working sessions of the first national conference on mul- ticulturalism might become heated, with some delegates complaining of political par- tisanship in allocation of grants and others questioning the use of funds. The indications came at a government-sponsored recep- tion for the more than 400 delegates from across the country The three-day conference which ends Tuesday is being held under the federal multi- culturalism program to "foster awareness of and pride in the cultural diversity that exists among our people Dr Stanley Haidasz, minister of state responsible for multiculturalism, said earlier this year the pro- gram's budget would be more than million. In separate interviews, delegates said they would be asking sharp questions during working sessions. "If several groups apply for a grant, you can be sure the Liberal will get one delegate said. "They have a screening process. They have people asking a lot of questions just to find out if you're a Liberal. Then they decide on the grant. It's not right." "The money could be better managed. We find grants going for a study to determine whether a German- language school should be con- tinued or closed. The money could be put to much better use. A Vancouver delegate said she objected to having to pay her own expenses to the con- ference and then being reim- bursed by the government. Under that system, she said, poor people couldn't par- ticipate. "It cost me just to fly here. Poor people can't afford that, not to mention having to pay all our expenses for hotel rooms, meals and everything else. It's not right." Columnist's notebook By Hal Boyle SOVIET COSMONAUTS familiarize themselves with the Multiple Docking Adapter at the Johnson Space Center in Texas during the three-week training mission there of a 34- member delegation to further plans for a joint U.S.-Soviet mission in 1975. At DUNLOP FORD NEW YORK (AP) Things a columnist might never know if he didn't open his mail. Ever wonder why a snake keeps darting its tongue in and out? It is because its tongue serves as a kind of nose to let it know when it is near food. Airborne particles land on the forked tongue which carries them back to the rear of the mouth where a chemical analyzer tells the snake. "Yep, that's edible." In 1900 a writer in the New York Times prophesied the advent of the automobile would solve the parking problem, because an auto occupied less space at the curb than a horse and wagon. Parents often think they can stimulate their child's inteliectural growth by buying so-called educational toys. Some child study experts, however, feel this is large- ly a waste of money. "The presence ol such toys will not make the infant a genius any more than their absence will make him an says David Elkind, University of Rochester psychologist. TURN HIM OVER What can be done to pre- vent snoring? If it is caused by a nose blockage or nasal congestion, minor surgery or an antihistamine remedy can provide relief. Getting the offender to sleep on his face or side helps, as most people snore while sleeping on their backs. Snoring is also caus- ed by overwork, fatigue, obesity, drinking, and general poor health. Exit lines: Dying, Madame de Stael, said. "I have loved God, my father, and liberty." Lord Chief Justice Tenderden of England said, "Gentlemen of the jury, you may retire." Mohammed said, "0 Allah' Pardon my sins, Yes. I come." We have some exceptional buys for you this week and we invite you to come see and save. Ask for one of our guys with the buys and let him assist you in selecting the right car at the price for you. BRAND NEW 1974 MUSTANG II Stock No. 1101 2 door hardtop. 2800 cc. V6 engine, 4 speed trans, radio, vinyl roof. Peter Gatner Vern Hunt Steve Daku Dave Boyden Choose from our large selection of 74's. 1974 FORD TON PICKUP Stock No. V8 4 speed, P.S. heavy duty equipment. 19 74 G A LAX IE 500 2 DOOR HARDTOP Stock No. V8, auto., P.S., P.B., radio, radial tires, paste! lime with green vinyl rool. 1974 CUSTOM 500 2 DOOR HARDTOP Stock No. V8, auto.. P.S. radio, convenience group. Dave SUIgoe 1974 MAVERICK 2 DOOR SEDAN Stock No. auto., P.S., radio, luxury decor group, bucket seats. Color: yellow gold with brown vinyl roof. Great Savings On All A-1 Used Cars Denny Kjeldgaard 1973 LTD 2 DOOR HARDTOP Stock No. auto., P.S., P.B., all the Ford better ideas............. '4495 1970 OLDS CUTLASS Keith Chllton SALE HOURS Wide Open Dally 8 a.m. to 9 p.m. Saturday 8 a.m. to 5 p.m. 2 DOOR HARDTOP Stock No. 833A- V8, auto., P.B., P.S., radio............. 2395 1971 LTD 4 DOOR HARDTOP V8, auto., P.S., P.B., radio............. 1972 CUSTOM 500 4 DOOR Stock No. 1121A- V8, auto., P.S., P.B.. radio.............. DUN LOP '2695 FORD Jack Archer Mayor Magrath Drive and 16th Ave. South Phone 328-8861 ;