Winnipeg Free Press

Winnipeg Free Press (Newspaper) - March 15, 1968, Winnipeg, Manitoba Winnipeg free press Friday March 15, 1968 v budget will Fike Mill rate continued school trustees voted a five per cent pay increase for teachers a four per cent raise for members of the Canadian Union of Public employees cupe and Small increases for other personal minutes before giving final approval to the budget. Trustee w. W. Jenkins tried to have the teachers and cupe salary raises set at eight per Man in Street puzzled continued the present official rate of . An ounce. The . Sets the Price of Gold officially pegging it at that rate. Increase would mean that the United states had de valued the Dollar. Since the . Dollar is the mainstay As a Means of Exchange in world Trade there would be a mushrooming effect leading to other devaluation of world currencies. At Home pay cheques Bank accounts the Cost of Domestic products arid real estate would show no change. The Dollar would buy less Gold but it would continue to Purchase the same amount of cars cent but was voted Down 8 to 7. Negotiations with the City s teachers Aren t Complete and thursday they voted to reject the Board s five per cent offer. School Board solicitor r. S. Cook said a later settlement with teachers possibly by a conciliator or arbitration Board would mean school Board would have to use deficit financing to raise More Money than the five per cent. We might be Able to Settle for less trustee Jenkins said but Al do feel that there is too Large a discrepancy Between the teachers demand of per cent and the Board s five per cent offer. His eight cent proposal would have added another to the cupe and teachers salary totals the Money to be raised through an even larger special Levy on City property. The provincial government is paying this year to the school Board. After deduct ing other incomes special Levy is left. The biggest item in this year s budget is instructional services mostly teachers Sal Aries and Well Over million. Tuesday after More than five hours debate trustees were Able to lop Only from the s30 million budget. Instructional supplies in the e final b u get amount to Plant operation financial charges on school Board monies and administration the rest of the More than million is in maintenance gun it did prior to devaluation. However imported goods might eral expenses and services used rest More i m the educational system cosi More. Teachers salaries account for anyone Benefit immediately from a Gold Price in crease and speculators would reap the immediate prof its it they had bought Gold for s35 an ounce and sold it at say some economists say Dou bling the Price would end speculative attacks on the . Dollar since hoarders and speculators presumably would get rid of their Gold at the higher Price. There be detrimental effects economists foresee a breakdown in world Trade and Commerce which has been pegged to Gold being Worth s35 an ounce. If world Trade slumps jobs would dwindle. Over the Long run an inflation Ary trend would develop. A Why is the Price of Gold held at an ounce is the Price at which the United states has Guaran teed since 1934 to buy and sell Gold. It s the Keystone of inter National finance. A Price increase for Gold argue a higher Price for Gold would restore Confidence in the . Dollar. It would discourage hoarding and promote Gold production some say. Boosting the Price requires . Congressional action. Would a Price in crease in Gold be Felt first the Field of International Trade and Commerce a Field re Mote from Many people. Can a person do to protect himself in these Uncer Tain monetary times the Best thing to do would be to sit said one economist. ,.q_would a . Tax increase halt the Gold flow abroad would tend to take the steam out of inflationary pres sures. It would reduce Purchas ing Power and Dampen what economists Call an inflationary j psychology. A tax increase Long has been recognized in other i countries As a traditional Ortho-1 Dox fiscal step by countries with j balance of payments deficits. I Canada did just that. To fight inflation and make its own Dol Lar More secure the Canadian government imposed a three per cent surtax on personal and corporate incomes taxes. The tax Bill is up for third Reading in the commons. Touched off the cur rent Gold Stampede devaluation of the tacked on at the last minute thursday. The budget goes to the City today for exact calculation of the Mill rate. First round to govt. Continued in other throne speech debate agriculture minister Harry j. Enns told the House the opposition needed to bring criticism of his department into per Spect any suggestion that Mem Bers opposite make that we Are unaware of the frustrations of the farm Community just Don t hold he said. He said the debates on agriculture were very much off to the Farmers of Manitoba Ottawa is a Long Way off and i can expect them to vent some of their frustrations on me and my or. Enns said he could i accept any suggestion his apartment was not helping 1 farm Community. Assigned risk May go continued he said the government should consider putting in some provision for Appeal by a person whose insurance is can celled. I be found on a number of occasions that a person has had his insurance cancelled for no other reason than running of around with somebody s the Pound last nov. 18. Hoard ers see Gold As a Haven from paper currencies especially in nations where devaluation has occurred frequently. A who Are these hoarders and speculators Identie Are cloaked in mystery. But Likely the largest single Hoard is in the Oil Rich i has the Arab states. In other countries i said such As India Gold is the Trade other acts Given second read he said moral factors should not involve insurance and urged the government to consider some form of Appeal. T. A Hillhouse a Selkirk agreed with or. Paulley on the Appeal clause. I feel the statutory condition should be changed so a person right of he tonal form of savings even for dowries. In other european coun tries by War twice in the same generation business men feel safer with some Gold As a hedge. Ing were to Amend the coat of arms Floral Emblem and tartan act the unsatisfied judgment fund act and the jury act. Coat of arms act Amend a Why does the u n i t e d j ments were designed to protect states keep losing Gold the second world War the United states has spent or sent abroad More Dol Lars than foreigners have spent in the ., creating a balance of payments deficit. The deficit has caused Gold to flow out of the country to pay debts to nations. An additional amount of Gold is lost through the United states 59 per cent share of Gold used in the seven nation London Gold Pool designed to stabilize the Gold Price at a How much Gold docs the United states now have regular Treasury Gold Stock is about lowest since 1935. Them from commercial encroachment. Amendments to the unsatisfied judgment fund act redefined the terms motor vehicle and the Bill to Amend the jury act would Call for a list of 600 names for possible jury duty in the Eastern judicial District instead of the list of 400 names. Much Gold has the . Lost recently Britain devalued the Pound last year the Gold Stock has dropped fire destroys Quebec hotel Montreal up fire of unknown origin thursday night destroyed the chateau Ste. Rose hotel in suburban Laval Causin i damage estimated at for your Home department stores Beautiful Chinook blankets made of cosy Flannelette. 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Size 1.16 46 01. Size 1.61 flannel Back. Choice of 6 patterns in Many attractive colors. Sizes and 60 i there were no reports of injuries in the Blaze although 16 persons were evacuated when the fire broke out shortly before Midnight. Open 10 . To 10 . Monday thru saturday d Grant Park Plaza d Northgate Plaza d Nairn Hwy. 59 r ;