02 Jun 1970
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Jun 02, 1970
Page
1
Ottawa MPs press the government after the Canadian dollar was imposed, with Opposition Leader Robert Stanfield blaming forced policy and criticizing the move as impulsive. He warned of hardship for export industries and higher domestic competition, while Finance Minister Benson faced doubts about forecasting and credibility in world money markets.
Ottawa CP reported mediator A W R Carrothers warned that if neither side shifts enough by Wednesday night, government action will declare mediation a failure. He noted concessions but urged faster movement as 27,000 postal workers could trigger a nationwide strike. Rotating strikes spread to Newfoundland and Vancouver with mixed results as efforts continue.
Ottawa reports that federal plans to impose consumer credit controls were abandoned as unnecessary after Sunday’s move to a floating exchange rate for the Canadian dollar. Finance Minister Edgar Benson said the government is reviewing policies and will announce further decisions in due course. The Canadian dollar rose to 92.5 cents in U.S. funds for the first time since 1962.
The Canadian dollar’s move to its own level drew mixed reaction. Maritime Lumber Bureau warned of layoffs and bankruptcies from the shift while Saskatchewan Premier Ross Thatcher hoped lower rates would boost the province. IMF said Canada would peg currency when needed as Conservatives and New Democrats pressed for details. Finance Minister Benson defended the policy, saying the exchange fund would stabilize the market if the dollar rose sharply and that credit controls would be unnecessary with the freed rate.
The Soyuz 9 mission sent two cosmonauts, Andrian Nikolayev and Vitaly Sevastianov, into orbit for about eight hours. Nikolayev, 40, veteran of Vostok 3, heads the crew with Valentina Tereshkova as a link to Soviet space history, while Sevastianov, 34, makes his first flight. Objectives include testing manual and automatic ship controls, studying weather, and photographing ground and water surfaces to aid future national economic data use.
The Canadian Institute of Chartered Accountants urged reducing the tax burden on middle income Canadians rather than increasing taxes as proposed in the federal white paper. They also backed higher income exemptions for low earners and a cut in the long term capital gains tax, saying revenue gains would offset the relief. R. P. D. Brown cited modest costs to the rich tax cut and basic deduction expansions, arguing room remains to ease middle class tax burden.
The Quebec government announced a 50000 dollar reward for information leading to the capture of those responsible for five sudden incidents in western Montreal. Police say a new terror group may be involved called the Liberation Army of Quebec Union for the Armed Liberation of Quebec and note members from RCMP and provincial police.
Ottawa officials discuss a national urban policy slated for unveiling in the fall. Housing minister Robert Andras told MPs the policies are under intensive discussion but offered no details. NDP leader Edward Broadbent criticized the government's urban policy efforts and called for decisive leadership.
Reports from the port town of Ren and surrounding regions estimate casualties near 30,800 with many districts in ruins. Government spokesmen warn of pneumonia risk and ongoing aftershocks as rescue teams search flooded areas and assess damaged infrastructure.
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