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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 25, 1972, Lethbridge, Alberta Wednesday, Odder 55, I97J THE IETHBRIDCB HERALD ft p A jJ v X f v Jacqueline Keunedy Ouassis gave a surprise party on the fourth anniversary of her mar- riage to Llie Greek shipping magnate Aristotle Onassis, and among those celebrating into the wee hours was her former mother-in-law, Rose Kennedy. Politically, the CO guests ranged from conservative col- umnist William F. Buckley Jr. to Pierre Salinger, the late president Jotin F. Kennedy's press secretary. Pilot Michael Papirny of Peace River, Alia., will receive a Star of Coin-age for single- handedly rescuing two men from the waters of Great Bear Lake, N.W.T., in 1970, the Gov- ernor-Generals office announc- ed in Ottawa. The Star of Courage is awarded "for acts of conspicu-i oils courage in circumstances of great peril." Finance Minister John Turner has indicated lie isn't too strong on the Liberal party campaign slogan: The Land Is Strong. "It wasn't my he told a group of students at the Uni- versity of Winnipeg. "In fact, I have used it only once on the whole campaign and that was o see if I could get it out without breaking up." Eva Moreno, 43, manager of a liquor store in San Antonia, Tex., told police a man armed with a knife walked in and de manded money wiiile she was talking on the telephone. "You'll have to she JACKIE ONASSIS guess who came? bluffed. "I'm talking lo a po- liceman." The man fled. Garde Gardom (L-Vaficouver- Point Grey) told the British Columbia Legislature lie hoped tlie federal government would appoint former Social Credit premier W. A. C. Hcnnelt to the Senate. In paying tribute to the 72- year-old leader, who held the reins of the provincial govern- ment for 20 years, Mr. Gardom said Mr. Bennett dedicated the best part of his life to public service and he hoped "Otta- wa does not turn its back on Irim" even though Mr. Bennett iiimself often turned his back- to (he federal government. U.S. extends law to subsidiaries By DAVE AH LETT Herald's Washington Bureau WASHINGTON -U.S. treas- ury department lias made a new ruling extending U.S. laws to Canada. It has ruled that Canadian subsidiaries of U.S. firms can- not buy or .sell gold for their own use on the Winnipeg Com- modities Exchange even though the are technically Canadian firms subject to Ca- nadian laws. Moreover, it Is ruled the sub- sidiaries must take "reasonable measures" to assure that Cana- other non-U.S. citi- not acting on behalf of when they buy gold future contracts on the Winnipeg market. The firms, under Ihe ruling, are allowed to engage only in and selling gold future contracts non- U.S. taking the standard brokerage fee. It is not clear how these firms will prevent Canadians from buying gold futures for U.S. citizens. Nothing_ in Cana- dian law prevents them from doing so, But it is apparent that the Canadian subsidiaries for U.S. firms will have to ask their Ca nadian customers questions that strictly Canadian firms will not. And, while It Is not stated ex plicitly in the treasury order, i is clear that if Canadian subsi diaries do not take "these rea s onablc m t he treas ury will find their U.S. paren companies in violation of U.S gold laws. Under Canadian law, com panics ami individuals can buy and sell gold. Under U.S. law I hey can only do so with Ircas nry department licences whic' arc supposed to go only to qual ificd users of gold, such as e'en lists, jewellers and specialize! industries. In essence, the ruling wil hiivc this effect: Strictly Canadian firms wi' be able to sell gold futures t U.S. citizens or Canadians act- ng for U.S. citizens, but only he U.S. buyer of the futures rill be subject to U.S. Jaw. Subsidiaries of U.S. firms, on he other hand, will be break- ng the law if they either sell to J.S. citizens or fail to take 'reasonable measures" to as- sure that Canadians they sell to are not acting for U.S. citizens, subjecting both seller and niyer to the treasury's penal- ties. The aim of the U.S. law, on :he books since the early '30s, Is to stop speculation in gold. The new treasury ruling was spurred by the decision of the Winnipeg Commodities Ex- change lo set up the first gold futures market in North Amer- ica. Buyers will not actually ac- quire gold on the market. Hather, they will acquire a contract for the future delivery of a specified amount of gold at a specified price. The purpose is to sell the contract when the price goes up or before the price goes down, for specula- tive gain. The exchange, formerly the Winnipeg Grain Exchange, has some 300 members, many of them U.S. firms or the subsi- diaries of U.S. firms. Escapee held at Calgary CALGARY (CP) Police said here Richard Broedell, who escaped from the North Dakota State Prison, is being held for the immigration de- partment. An immigration department spokesman here confirmed that the case was being investigated hut he declined further com- ment. Broodcll was remanded lo Oct. 30 when he appeared in provincial court Monday on a charge of break, enter and theft of worth of merchan- dise from a southwest Calgary home last Friday. MISSING AFTER CRASH A Toronto broadcasting executive, George Morris MacKenzie, 55, (left) and wife Mollic, are among the 34 passengers missing follow- ing the crash of on Olympic Airways plane off (he coast of Greece. Greek officials said there is little hope cf find- ing any more survivors of Ihe crush. Nineteen survivors, including the pilot, swam 500 yards fo Wool Car Coat Priced to fit Your Budget! Woo! Suburban Coat with warm Borg lining! 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