Winnipeg Free Press

Winnipeg Free Press (Newspaper) - December 28, 1971, Winnipeg, Manitoba Winnipeg free press tuesday december 28, 1971 business finance that Dollar overhang still presents problem by John Meyer whether the United state should reopen its Gold window remains academic when the Gold Stock of approximately billion barely covers 20 cent o the potential claims on it. Nonetheless while currency re alignment has returned a Mea sure of stability to International Exchange markets Oversea Central Banks Are left with billion to billion of Duars in their reserves which they do not want and which they can t convert. Some of that overhang can be reduced if the new currency alignments Are accepted As sufficiently advantageous to the Dollar. The initial indications suggest that this is indeed the judgment being made in the Market. Other favourable trends Are to be found in interest rate reductions in Europe and the Prospect of higher rates in the . At the heart of this Issue however is the ability of the american Economy to respond to the stimulus of the Nixon correctives. If an accelerating rate of growth can be combined with an acceptable degree of Price stability dollars will be drawn Back into the american Economy at a Pace which should permit Central Banks to unload some of their reserves. In the judgment of european investors that is just what will happen. Europeans Are reinvesting in american equity issues. Buy orders have dominated their dealings in new York Dollar securities listed in Europe Are strongly in demand and so Are the foreign Dollar Bonds of american International corporations. There has been an accompanying relaxation of foreign Exchange restrictions by european governments Possi Bly an even stronger indication of renewed Confidence in the Dollar. But will All this be enough to get reserves Down to acceptable Levels it s doubtful. The extent of the repatriation of dollars would have to be such As to imply Europe and Japan were turning into economic deserts which of course they Are not. They Are having their troubles West Germany in particular is suffering serious setbacks in Basic industries. But their underlying strengths Are largely unimpaired so while the Dollar overhang will not be reduced to the Pom where it is no longer a prob Lerr in International monetary relations. Accommodation for it re Mains the next objective u monetary Reform but so fare there has t been any indication of weight of How this is to be brought about. In this respect All that has been accomplished so far is to Lessen the urgency for a solution. Gold has now for All prac tical purposes completely lost its status. The europeans paid their last homage to it is their insistence that the United states devalue As part of the realignment. This was the Las gasp of that earlier det Ermma Tion that the country which sinned by chronic deficits Anc a contained inflation s h o u i new Exchange rates London a the new Exchange rates for major currencies in terms of the United states Dollar As officially announced since the International monetary agreement reached in Washington new rate for the Dollar the old fixed parity and the percentage of revaluation against the Dollar British Pound .383, .416, 8.57 German Mark 3.223, 366, 13.57. Japanese yen 308, French franc 5.55419, 8.57. Swiss franc 6.4. Belgian franc 44.81, 50.00, j. 33 italian lire 568.4-594.6, 625, .48. Danish Krone 7.05, 7.50, 6.54. Gary ind. Last year was the first full year in which the Basic oxygen Furnace Bof was the dominant steel making process in the United states. Boys poured 63.3 Mil lion tons of steel increase of More than 3.1 million tons Over he 1969 figure. The big with the guarantee dust Bane largest manufacturers of cleaning and maintenance products in Canada underline their Confidence in dust Bane equipment with this guarantee. Guarantee of uninterrupted service a guarantee of uninterrupted service is available for the in climb of dust Bane equipment. The service in additional to the regular dust Bane manufacturer s warranty. It at any time your dust Bane equipment repairs at our factory dus Baric Sll Supply a replacement to you at no charge freight pre paid for your use until your machine has been sen iced end returned to you. There is no time limit on the life time guarantee of uninterrupted service end it remains in effect after inc dust Bane manufacturer s warranty of one year s free service on parts and labour has . Box 8381, Ottawa Ontario Kig ski 613-745-6ss1 j. W. Evans Ltd 730 pay the Price exacted by sub Mission to Gold As the Pivot of the system. From now on it will be a paper relationship something the americans have recognized Ever since the special drawing rights were introduced. There will be in the future More Lee Way for International deficits and the inflation that helps cause them but in the manner in which the present crisis was resolved there won t be the License that had been feared. That much is evident but very Little else Chc approves Mobile Home loan Northwest design and Fabri cation Ltd., of Winnipeg is believed to be the first member of the Industry to have one of its Drobile Homes approved for financing by Central mortgage and housing corporation. The unit was sold by Hill court Mobile Homes Ltd. In Thunder Bay. Chc financing was approved for 90 per cent of the re Tail Purchase Price at the conventional rate of 9v4 per cent with a 15 year amortization of the mortgage. Before granting final Mort Gage loan approval Chc required detailed working draw Ings of the Mobile Home. Northwest president John f. Fraser says that although the Industry is one of Canada s fas test growing its growth Poten tial has not been fully realized. In spite of innumerable studies that Point to Mobile Homes As a better Dollar for Dollar value than conventional housing the Industry has t enjoyed the advantage of Chc financing that is always available to conventional housing he says. Or. Fraser Calls the recent Chc approval one of the most significant developments in the history of Canada s Mobile Home Industry. This is the breakthrough the Industry has been looking he says. According to or. Fraser the Chc approval highlights a year that he Calls the most significant in Canadian Mobile Home history. For years our Industry has Homes As the answer to Canada s housing crisis. However it is really Only in the past 12 months that we have seen developments take place that show Mobile Homes receiving a High degree of acceptance and recognition particularly among financial and government More than canadians were living in Mobile Homes by the end of 1970. During 1971 we have even seen provincial government bodies such As the new Bruns Wick housing corporation and the Manitoba housing and Urban renewal corporation enter the Mobile Home Park financing Field thereby setting a precedent for provincial involvement with Mobile or. Fraser says. Ing popularity of wider units Many provinces Are amending or have amended legislation to lift previously existing restrict tons on Highway transport of these units. Mobile Home financing was also the subject of major changes during 1971, he says. The decision by commercial credit corporation to increase its loan term from 10 to 12 years and the Bank of Mon Treal s entry into the Field with 10.9 per cent Loans Over a 10 year term both Are major developments according to or. Fraser. Or. Fraser also cited the possibility of Mobile Homes inclusion in the next revision of the National building code As a further example of growing recognition of the Industry. All of these factors add up to. The most significant year in Mobile Home history and will move the Industry a giant step towards reaching what authorities feel is a reasonable objective of units per year by 1980 representing -10 45 per cent of the single family dwell ing Market in he says. Declares dividend Vancouver up Pacific Western airlines has declared a dividend of 25 cents a common share payable Jan. 14, 1972, to shareholders of record dec. 31, 1971. The com pans earlier reported that dividends were payable june 14, 1972. Paris the great Wall that was built in 1840 to 1845 to encircle Paris was demolished after the first world War and replaced with a continuous Cir Cular Boulevard. In recognition of the increase year Dearance we re Clearing Stock to make room for Spring lines. Fantastic savings re to be found in every department come shop gambles and save More Here Are just a few samples. Nairn save 1.31 americana Tea Kettle Only. Girl s slims polyester and Wool. 4 6x Only i save 40 1 87 boy s shirts Long and Short sleeve Only. Grant Park Northgate save 7.20 instamatic camera Argus instant Load save 1.00 a a Cooper hockey helmet o j save 2.10 boy s sweaters i .77 save-so4 Straw Holder and straws save 1.14 Fondue Forks with stand save 1. 34 Wall plaques. Save 26c cheese Board with knife. Save 4.91 Power House 14" Drill. Save 6.91 i Drill or save 5.00 Proctor Silex save 91c drs. 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