Lethbridge Herald, The (Newspaper) - September 7, 1972, Lethbridge, Alberta
____ ThurMfay, 7, 1972 THC HTHMIDW H3RALD BACK AT WORK Japanese ship Asia Flamingo has her holds open for cargo at Vancouver following return to work of striking longshoremen. More flexible monetary system proposed WASHINGTON (CP) A more flexible system of inter- national monetary manage- ment, including provision for the U.S. to alter the exchange rate on the dollar, has been proposed with reservations by the 20 executive directors of the International Monetary Fund. Their report, re- leased Wednesday night, will be debated by the 123-member IMF at its annual meeting of finance ministers and central bankers here later this month. It also forms the starting point for work by a new 20- member committee which will be given the task of working out the details of a new inter- national system to succeed the Bretton Woods agreement of 1944. That agreement, the basis of IMF work since, was se- verely bent if not shattered last year when the U.S. released the dollar's Be to its old value of 1- 35th of an ounce of gold. The ,'eport presents the pros and cons on numerous propos- als that have been made for re- vising the old monetary sys- tem, by which nearly all non- Communist countries pegged their exchange i-ates to the dol- lar. But it avoids coming down heavily in favor of any particu- lar system, saying the IMF governors want to leave the subject open for debate this fall. The IMF annual meeting is to open Sept. 25 and run for a week. The new 20-member committee is expected to start its work Sept. 2B, and sources said it may take up to two years to complete the job. When sll other world cur- rencies were quoted in inter- national exchange dealings ac- cording to their price in dollars and the dollar was pegged to gold, the U.S. effectively was Dared from changing its own exchange rate. GOLD HOARD DWINDLED When other countries suffered prolonged balanee-of-payments deficits or surpluses they were driven to alter their exchange rates. But the U.S., which for years has seen its gold hoard dwindle and other countries amass huge reserves of dollars, was unable to take corrective least, until President Nixon moved to float the dollar Aug. 15, 1971, imposing import surcharges and other measures to try to correct the American imbalance. The executive directors' re- port was threshed out at nu- merous meetings in the last few months, and is carefully worded so as not lo injure the political sensibilities of any of the IMF members. Canada's member of the IMF board is R, B. Bryce, former deputy minis- ter of finance and secretary to the Cabinet in Ottawa. It discusses proposals pre- viously made for more elastic- ity in the monetary system. Un- der the old system, countries were required to keep their day-to-day exchange rates within margins one per cent above or below their pegged ex- change rates. Canada released Us dollar from the old peg of 92.5 cents at the end of May, 1971, and has used its influence on the rising value of its dollar only to smooth out wide fluctuations since then. The Canadian dollar recently has been at or above par with the U.S. dollar. FARLEY MOWAT GOES BERSERK When a group of fisher. men started tormenting tin 80-ton whale 1hot had trapped itself in a salt-water pond, Farley Mosvat couldn't contain himself. The well-known aulhor-naturaliJt tells about tha incident, this Saturday, in Weekend Magazine. Don't the excerpt from his latest bock, A Whale For The Killing. IN YOUR UTHBRIDGE HERALD WEEKEND MAGAZINE New escalation by commandos BEIRUT, Lebanon The Arab terrorist attack against the Israeli team at the Olympic Games in Munich Tuesday was seen by observers here as an- other evidence of a new escala- tion in Palestinian commando activity. The assault in which two Is- raelis were killed and more than 20 taken hostage, came only 24 hours after the abor- tive attempt to assassinate the mayor of Gaza, Kashad Shawa. The Israelis have reported a aeries of sabotage incidents in the occupied Golan Heights, Car-ban reports sought TORONTO (CP) The Mel- ropolitan Toronto trans- portation committee decided Tuesday to ask the Ontario gov- ernment to supply reports that will show the impact of banning nil private automobiles from the city. The committee turned down a suggestion from True Davidson, mayor of East York, that the city should ban private automo- biles from a central-core sec- tion of the city that would in- clude Queen's Park. The committee wants to know how people employed in au- t o m o b 11 e-related industries would be retrained for new jobs; how much compensation the city would receive from lost revenue currently derived from private parking lots; the eco- nomic effect on residents from land-use changes and how the province would assist the city to Improve public trans- portation. Committee members said they hope the answers will chow the province the enormity of the decision to halt the Spa- dina Expressway. More than 15 months ago, Premier William Davis said cities are for people, and cut off provincial funds for the expressway. MAKES SUGAR During summer, a square yard of tree-leaf surface manu- factures up to pounds of sugar each month. CODE 3100: HIJACKER ABOARD! An armed, lunatic hijacker commandeers a 94-pasaenger Jet and 'demands a ransom of million. Within minutes, 8 team of highly trained specialista leaps into action, working against time to avoid catastrophe. Their objective: get the flight back safely to the ground, free the passen- gers and crewv and apprehend the criminal. In the Septem- ber Reader's Digest you'll lead the exciting, true story, of the fight to control ait piracy, and ensure the safety of thousands of air travellers. Don't miss CODE 3100: HIJACKER one of 38 articles and features in the September Reader's Digest. Get your copy today! blaming commandos operating Irom Syrian territory. This has all happened at the time the 13-man executive com- mittee of the Palestine libera- tion organization, the highest guerrilla authority, is meeting in Damascus to consider ways and means to strengthen the resistance movement and to discuss developments in the area in the wake of the de- parture or Soviet military ad- visers from Egypt. VOWS VENGEANCE The fact that responsihlity for the Munich attack has been cl.almed by the radical "Black September Organization" was not a surprise to Arabs who had been expecting action by the group in retaliation for the storming by the Israelis early last May of a hijacked Belgian Sabena airliner at Lydda Air- port. Black September guerrillas had hijacked the plane to Lydda and demanded the release a number of guerrillas held in Israeli prisons. Israeli soldiers disguised as servicemen attack ed the plane, killed the two male hijackers and captured the two Arab girls helping them. The Black September Organl zation vowed vengeance, and a Munich its guerrillas are again demanding the release of 20C guerrillas held by Israel. Actually, revenge for th plane incident was carried ou late in May by three Japencs terrorist! acting in behalf o the Marxist popular front lo the liberation of Palestine, wh attacked Lydda Airport wit machine guns, killing 28 peopl and wounding many others. MAIN ORGANIZATION The Black September Organ zalion is made up of about 20 young guerrillas who wer members of Al Falah, the mai guerrilla organization. S o m observers believe the B1 a c September group is still th secret arm of Fatah, and is of erated by Fatah's intelligenc organ. The Black September group, so named to indicate the plight of the Palestinian guerrillas when they were suppressed by King Hussein in September, 1970, first appeared on the scene lost November when four of its men assassinated the Jordanian Premier, Wasfi Tal, in Cairo. The group also claimed cre- dit for an attempt on the life of a former Jordanian ambas- sador in London, the sabotage earlier this year of a factory in West Germany that manu- factured electric generators for the Israeli air force, and the blowing up of the oil complex at Trieste, Italy, early in Aug- ust. MIXED REACTION The group's activity always evoked mixed Arab reaction, drawing disapproval from most Arab governments ami support from n section of Palestinian and Arab public opinion. Arabs Tuesday appeared to be stunned by the drama in Munich. Their immediate reac- tion was to express dismay. Palestinians at 'r e f u gee camps, however, said the com- mandos "have again shaken the world and showed that the Palestine cause is very much alive." Lebanon Indicated its disap- proval when its government- sponsored radio made no men- tion of the affair at Munich. Other Arab radios reported the attack without comment. The ordinary man in the street here who has been watch- ing the Olympic Games on Leb- anese television every evening, is blaming the guerrillas for spoiling the sports event. DIAL THAT OPENS ATOYOTA COROLLA AND IT'S YOURS. sV> 10 TOYOTA COROLLA 'SPORTS COUPES Every Toyota dealer in Canada has put a combination'lock on a shiny new Toyota Corolla Sports Coupe. 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J Tait drive a Toyofo Corollo, Coior-7, Celica, II o: Half-Ton Pickup 01 of rheje locations Then ploy Toyoto'i Winning CoT.bmorioni. UTHBRIDGE I CARDSTON Toyota Travel Centre I Son Toyota [Madge Equipment Ltd.! Kenway Toyota Bex 1302 Cwrtrt Hijhwny I 647-3838 44lh TH. 327-S14S, 3S7-3711 I Box lBex "7'3838' 523-i MIIK FIVER I TABER 323-3434 CJQC proudly presents in person One of North America's fin- est groups LIGHTHOUSE If Plus from Australia "THE FLYING CIRCUS" Date: Sunday, September 10th. Time: 8 p.m. to 11 p.m. (Doors open ol p.m.) Watt: Uthbridgc Exhibition Pavilion Tickets: Advance Tickets available ol: leister's, Statutory Grape, Musiclond, Doug's Marcel's Smoka Shop. Tickets olso available at the door.