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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 3, 1970, Lethbridge, Alberta y, S.plember 3, 1970 THt IETHBRIDOE HERAtD 19 Ottawa Currency Dealings Keep Speculators Guessing By CARL MOIXINS OTTAWA (CP) Three months after the Canadian dol- lar was freed from a set ex- change rate en international markets, federal authorities re- main engaged in cat-and-mouse currency dealings designed to moderate swings in the dollar's value and guessing. keep speculators Statistics issued Wednesday on Canada's reserves of U.S. dollars, gold and oilier interna- tional currencies at the end of August show another substantial in the month to total reserves of Most of the in U.S. dollar hold- ings. That shows authorities were selling Canadian funds, buying U.S., to meet demand for Canadian dollars so the ex- change value would not climb too high, too fast. The higher the exchange rate of the Canadian dollar, the greater the cost of .exported Ca- nadian goods to foreign buyers and the harder it is for Cana- dian producers and manufactur- ers to sell abroad. Rapid fluc- tuations in the exchange rate disrupt trade. But to stall the climb in the exchange rale and stabilize it by selling Canadian funds causes a drain on the govern- ment's cash bank money needed' fcr day-to-day can force tfie government to borrow. That, in turn, stimulates price inflation at home. Price inflation also tends to make exports more ex- pensive. FORCED TO BE TRICKY Thus trapped, federal authori- ties are forced to follow a tricky line between the extremes of letting the dollar run high and wild abroad or going bankrupt at home. Through agent dealers, the Bank of Canada plays a secre- tive role in currency-exchange Canadian funds when upward pressure is extreme, standing aloof when they suspect speculators may be gambling on a forced shift in value, or selling U.S. funds should too much downward pressure appear. The game became too hectic last May, when Bank of Canada authorities were trying to hold the dollar's valus down to its in- ternationally-agreed peg rate within narrow margins around 92V4 U.S. cents. So the government yielded then and said it would let the dollar float upward from the pegged value in response to market forces for a wilhin undisclosed limits. The central bank. authorities are net hulling when or at what value the Canadian dollar will be pegged again in accordance with the rules of the Interna- tional Monetary Fund, or even how actively they are dealing in international exchange markets in the meantime. WON'T TIP HAND Tipping te official hand might give currency speculators a better chance to do some prof- itable manipulating of their own, thereby intensifying mar- ket pressures and tightening the squeeze on the authorities. Speculation has been that the government would like to see the Canadian dollar settle down official to a rate of about 95 or 96 U.S. cents before it is pegged again. The rate has been riding Two Killed ATHENS (AP) A bomb ex- ploded in a car parked outside the United States embassy in Athens Wednesday, killing two persons and critically injuring a third. CHASED INNOCENTS HOUSTON, Tex. (Reuters) Police hunting two burglary sus- pects used tear gas to send a family of four fleeing from their home near here while wanted men escaped from their hideout a block away. Police, guided to the wrong house Tuesday by an informer, said the family would be compensated. above 93 cents lately. There have been some signs that up- ward pressure has been easing. Recent figures showing a slow- down in the groWlh of Canadian business activity, especially ex- ports, plus a slide in Canadian interest rates could help push the dollar's exchange rate down. It was business expansion, heavy demand for exports and the attraction of high returns on Canadian investments that helped stimulate the strong de- mand for Canadian dollars starting late last year. GAME STILL ON The August reserve figures show the dealer's game was still being played actively last month, although some of the extra ?158 million in U.S. funds purchased wculd have been in settlement o f commitments made on the markets last May. Such forward transactions- contracts to sell Canadian dol- lars at a future to million in May. Some were paid off in June and July. Outsiders do not know how many such forward commit- ments or spot transactions the Bank of Canada has arranged since May. If all other factors were sta- they are Au- gust purchase of million in U.S. funds shown in the re- serves would have drained the government's bank balance by the equivalent Canadian amount. In fact, the bank balance in- creased to million to last week from about million at the end of July. However, the government borrowed mil- lion in a bond issue last month, adding that much to its bank balance. In addition, govern- ment revenue in the month could have outstripped its spending. But without the bend issue, the cash balance would have fallen by more than mil- lion. Federal authorities thus are as eager as Canadian ex- porters and travellers for the dollar to settle down again at a stable exchange rate. U.S. Navy Sued For Pollution SAN DIEGO, Calif. (AP) California 1ms filed suit against the United States Navy, claim- ing its ships polluted the Los Angeles, Long Beach and San Diego harbors. "It is our contention that the navy is subject to the laws ol the state regarding Deputy Attorney-Genera Charles O'Brien said after an nouncing the suit Tuesday. He said the complaint charges the aircraft carrier Hanger dis charged oil and other foreign matter in San Diego Bay Aug 14 in violation of the federa Water Pollution Control Act. The civil suit, he added, seeks for cleanup costs result iiig from the Ranger spill am in civil penalties. He sail other navy ships have dumpcc oil in the Los Angeles and Long Beach harbors. 'Racist' Hit By Paper LONDON (CP) A Montrea speech in which Abdul Malik also known as Michael X farmed the British potentia Nazis has prompted The Dailj Telegraph to launch an editoria attack on the Black Power leader. The Trinidad-born Michael X who has lived in Britain since 1951, "is bead of an organizatira which preaches violence agains whites and has already been in volved in a number of ugly inc' The Telegraph says. "Malik claims to speak for the black community in Britain and unsophisticated people who take Ms claims seriously are be- ginning to feel towards the col ored population generally the hostile sentiments which the} can properly feel towards him. "The authorities owe it to the immigrants to take a sterner lto.5 towards this intolerabli racist and his associates." FULL you can really enf T THE CARIING BREWERIES (AllERTA) LIMITED _BLN-70-Hia EATON'S Autumn Fabric Sale! Continues With These Outstanding Fashion Fabric Values! Wool And Orion Knits Reg. 8.95. fabrics that fashion Into the ever popular and pant suits. A "must" for your Fall wardrobe. Assorted colours. All wool washable ierjey. 60" wide Orion double knit 70" wide. SPECIAL, yard........................ 45" Polyester 6 Crepe ils machine washable. bright blue, purple and while. SPECIAL, yard 54" Woven Sherwood Suiting Reg. 2.50. A firmly woven acetate and viscose suiting. Completely washable and crease-resistant. Practical for skirts, dresses and so many other wearables. Jt 7Q In assorted colours. Exceptional value at this pricing. SPECIAL, yard.................. 36" Cotton Velveteen Exceptional value in this material. Luxurious pile an this cotton velveteen. Use it for dresses, loungers 4 sQQ or far decorating. Assorted colours. I SPECIAL, yard Half-Price! Cotton Suede Teg. 2.50 Yard. A clearance of cotton suede that's just the "ticket" for campus clothes. Durable for Eports wear, play clothes for jackets and other OC wearables. 36 inches wide, I SPECIAL, HALF-PRICE, yard Fashion Fabrics, lower Fk-f Program Registration For The YMCA Fall Season Continues Tomorrow Officials of the YMCA take pride in their slogan "Serving The Now Generation Now" and wish to announce the following program registrations for the fall and winter season. Call 328-7771 for further information. Physical Program Youth Pre-school, gym and swim, 4 to S years, gym and swim for boys and girls 8 to 15 years, including leadership training through Judo to basketball. And many others. Teen Swim instruction, badminton, life saving, basketball, leadership training, water polo, amateur wrestling through to the gymnastic team. And many others. Adult Men and women fitness classes: Co-Ed aqua fitness, volleyball, badminton, weight training, learn to swim for men and women, skin and scuba diving, life saving, ski con- ditioning through to ski club. And many others. Club And Special Interests Youth For 6 to 15 years. Model builders club, creative crafts, junior chess club, Jr. Hi-Y girls, through to games room. And many others. Teen Voyageur club, modelling course for male and 'female, beginners ballroom dancing, teen council, chess club, club advisor-leader- ship. And many others. Adult Beginner ballroom dancing, investment course for women only, beginners knitting and-crochet, modelling course for men and women, mother and daughter, father and son, through to Saturday Niters Social Danco Club. And many others. There are too, health club services, family swims and a Sunday programme. And like The "Y" t Eaton's Believes in Serving the Now Generation Now Through Our IN-Dividual Shop For Girls 13 to 17 Yes, Eaton's can start you on a brand new fashion life in our new IN- Dividual shop on the main floor. It's the scene for girls' sizes 5 to 17 to find futuristic fashions minis, maxis, mix and match mates. New superlooks a multiple fashion experience! Come in and create your own total, IN-Di- vidual look. Shop Eaton's Tonight Until 9 and Saturday 9 a.m. to 5.30 p.m. Buy Line 328-8811 ;