03 Jun 1988
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Jun 03, 1988
Page
1
Bank of Canada governor John Crow raised the trend-setting rate to 9.49 percent from 9.17, signaling a tough stance on inflation. Major banks followed with a half-point jump in prime rates to 10.75 percent, the highest in two years and likely to raise loan costs for households and businesses.
Ottawa backed legislation seeks to cut bank fees for basic accounts, require fee hike notices, and create a consumer banking ombudsman. The private member bill proposes up to 100000 dollar fines for violations and adds nearly a dozen Bank Act sections to curb practices.
Fears of ruined crops push barley futures higher as farmers delay deliveries. Prices jump from 72 to 112 dollars per tonne in Thunder Bay with rye at 178 and canola futures up 80 to 386. Demand tightens, farmers hold back, and grain agents expect higher prices as supply concerns persist.
Mohawk leaders react to a RCMP raid that led to 17 arrests for smuggled cigarettes while two highway blockades were lifted. Ottawa talks failed to resolve prized jurisdiction over sales and possible store raids, with Grand Chief Joe Norton warning of further political action.
Fire crews from Redcliff Medicine Hat and Suffield battled six separate prairie fires east and west of Walsh and Bowell fanned by high winds and dry conditions. An estimated 40 to 80 hectares burned with injuries and traffic disruption, while an airborne command post from British Army Training Unit Suffield coordinated firefighting from Walsh to Ralston.
Indian Affairs Minister Bill McKnight says Alberta never presented a proposal for a Cree land claim tribunal to the federal government. He notes no communication about tribunal makeup or goals and cites discussions with Jim Horsman and media reports as his only information.
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