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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 19, 1974, Lethbridge, Alberta Saturday, October THE LETHBRIDOE HERALD Prospect of change in beef price bleak Interpreting the news Signs say recession is here Oy GLENN SOMERVILLE OTTAWA (CP) Con- sumers' prospects for lower beef producers' hopes for higher tinue to appear bleak despite two days of closed-session talks in Washington this week aimed at threshing out some of the problems besetting the world beef trade. The sessions brought together officials from Canada, the United States, New Zealand, Japan, Argen- tina. Uruguay, Mexico and the nine European Economic Community members. Discussions centred on the current global glut of beef that has resulted in th erection of trade' barriers around the world as nations engage in a kind of meat mini-war. The nine EEC countries maintain a complete ban on beef imports. Japan has cut its beef purchases on the world market. And the United States has proposed import restrictions against Canadian beef in retaliation for a quota system imposed against U.S. and other foreign beef in August. Canadian agriculture and in- dustry department delegates to the Washington sessions de- scribed them primarily as a fact-finding exercise, although they at least produc- ed a resolve to keep talking about the problem. Consideration is being given to setting up a group under the General Agreement on Tariffs and Trade inter- national body through which more than 100 countries dis- cuss trade look at the beef trade. But while this was happening, U.S. cattlemen were slaughtering and burying calves to protest depressed meat prices. They say calves that fetch the farmer 17 cents a pound sell as veal in the supermarket pound. for about a And in Canada, the Sas- katchewan and Alberta governments were announc- ing interest-free cash ad- vances to keep smaller cow- calf operators in business in a falling market. Steer calves that sold for 56 cents a pound on the Edmonton livestock market a year ago now go for about 29.5 cents a pound, while in Toronto prices have slipped to 37 cents a pound from 59 cents. The four Prairie provinces, the consumer affairs depart- ment and a federal agricultural advisory com- mittee all have requested an investigation into why lower producer prices for beef have not been translated into con- sumer savings. Agriculture Minister Eugene champion of the promised a decision within a few weeks about starting an inquiry. By AL COLLETTI THE CANADIAN PRESS The United States govern- ment, from President Ford down, will not admit a reces- sion is on despite soaring in- flation, sinking production and growing consumer disgust over high prices. The total output of goods and services of the U.S. when expressed in real value declin- ed at an annual rate of 2.9 per cent during the July- September quarter and infla- tion worsened. It was the third straight three-month period during 'Muscleman' threatened by letters in jail cell MONTREAL (CP) Ronald Lavergne, a 27-year- old self-avowed former union muscleman and key witness at an inquiry into construction union freedoms, was threaten- ed by two anonymous letters left in his jail cell Thursday night. The handwritten letters, read before the inquiry Friday, also threatened the lives of Premier Robert Bourassa and Judge Robert Cliche, head of the three-man inquiry. Commission lawyer Jean Dutil said the letters were dis- covered by Lavergne as he re- turned to his cell in the east- end Quebec Provincial Police detention centre at p.m. Lavergne is being detained pending a bail hearing on an unspecified charge, which Mr. Dutil said had nothing to do with construction. Color Wthat turnspu on evenwhenyou turn it oft. The designers at Zenith know that when you're not watching your television set it becomes a piece of furnitureThat's why they make cabinets in so many different styles and models. The three beautifully styled models shown here have 20-inch screens- Zenith's largest selling screen size in Canada. All three feature the brilliant Chromacolor picture that set a new standard of excellence in colorTV..the Power Sentry Voltage Regulating System that guards the picture tube and com- 100% solid-state chassis for long-life dependability and Chromatic One-Button tuning. See them at your Zenith dealer's and find the one that's perfect for your home. THE STUART. Model F4025W. THE MONDRIAN. Model F4033X. THE KJRCHNER Model F4028W. SOLID STATE At Zenith, the quality goes in before the name goes ori? Retail Price BAKER'S APPLIANCE LTD. 812 321.1332 SMITH'S COLOR TV A APPLIANCES LTO. 236 13> SjTMl Hull lETMMNE, FUME 328-5541 SMITH'S COLOR TV APPLIANCES LTD. CMLWltALU. BLAIRMORE RADIO ft TV LTD. THORNTON AND SONS FURNITURE STORE which the gross national prod- uct (GNP) declined, an eco- nomic sign strongly indicative of a recession. The last time this happened was during the recession of 1960-61. Despite the latest downturn, which was greater than the one in the second quarter, members of the Ford ad- ministration keep insisting there is no recession. After Washington released the latest GNP figures Thur- sday, Commerce Secretary Fred Dent said the current state of the U.S. economy might be called "a spasm" or "sideways waffling." The 2.9-per-cefit drop was in .the real GNP after adjust- ment to eliminate inflationary factors. It compares with a decline of 1.6 per cent in the April-June quarter and seven per cent during the January- March quarter when the full impact of the Arab oil em- bargo was being felt. In the third quarter, the in- flation rate for the entire GNP increased to 11.5 per cent an- nually from 9.4 per cent in the second quarter. One common shorthand definition of a recession is two consecutive quarters of declining real GNP. But the Ford administration won't accept this definition. In his inflation message to the American people, Ford urged them to save more of their earnings to fight inflation. But Americans already are saving at a record rate in an attempt to bolster the real value of their eroding wealth. And their unwillingness to make major purchases such as autos is likely to act as another drag on the economy. Even though real income is down, Business Week magazine -reports that con- sumers are saving at a rate of nearly eight per cent. This contrasts sharply with the five or six per cent savings rates economists were used to in the 1950s and early 1960s. Consumer uncertainty about the future, whether he or she will have a job, is seen as one of the major reasons for in- creased savings. Although Americans are saving more, the value of their financial wealth is drop- ping. Business Week says one analyst estimates that the real value of in 1967 to trillion last March from trillion at the end of 1972. Business Week says con- sumer spending has been a more important force on the economy than business investment. While business investment has increased slowly during the economic slowdown that began in the U.S. in 1973, American con- sumers have cut nine per cent from spending on durables. plan chosen by the Ford administration to fight to rest on tax increases for the con- sumer, which will further slow the growth of disposable Business Week says. Introduce yourself to a new idea and some Trudeau, Forcl nice to meet Dec. 4 people OTTAWA (CP) Prime Minister .Trudeau will meet President Gerald Ford for the first time in Washington Dec. 4 With inflation and the ever- sensitive trade issue expected to be the major items, it was announced today. It will be Mr. Trudeau's third official visit to the American capital. He met former President Nixon in Washington in 1969 and again in 1971 after fears that American economic measures threatened Canadian economic development. The prime minister's office said .in a statement that the implications of inflation, the problems of supply and trade conditions generally will be prime topics. But a spokesman for the prime minister said firm details of the agenda have not yet been worked out. Mr. Trudeau will be a guest of honor at a dinner at the White House after business meetings earlier in the day. The spokesman said it is not yet clear whether there may be further discussions the following day. Trade, energy, world-wide inflation and President Ford's. proposals to curb growth of the American money supply likely will be reviewed by the leaders. The U.S. president's monetary proposals could affect investment abroad. The trade balance between the two countries currently fa- vors Canada. Top statistics officials in the two governments earlier this year reached agreement that trade last year resulted in a billion surplus for Canada. Canada had a surplus of only million in trade-with the U.S. in the first half of 1974. One of the main trade irri- tants from the American viewpoint is the rising cost of Canadian oil stemming from higher Canadian export taxes in the last year. On the Canadian side, there was a (SOO-miUion deficit in auto trade with the U.S. in the first half of 1974. Discover your Credit Union. A non-profit financial cooperative where you're a member, not a customer. All Credit Unions provide savings and loans ser- vices. Many offer full financial services including mortgages, travellers' cheques, money orders arid so on. Most -mpor- tant. Credit Unions are owned and controlled by their members nice everyday peo- ple with whom you'll find a lot in common. Walk into any Credit Union and introduce yourself. 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