Winnipeg Free Press

Winnipeg Free Press (Newspaper) - July 10, 1973, Winnipeg, Manitoba 20 Winnipeg free press tuesday july to 1973 sinking Dollar improving . Trade position Ity Ian coi1un Montreal Cohen 8 july Europe s monetary officials spent last week urging flip United Stales to do some thing to Stop Trio fall of the american Dollar in International c u r r c n c y markets. They re afraid the crisis will Lead to a serious International recession. In the last two years the Dollar has lost close to one a Laird of its value relative to the German Mark and the Jap a n c s e yen. Last week it dropped so fast that the head of the Swiss National Bank said the situation was completely out of control and chastised the americans for watching idly As its Dollar Sank. Meanwhile in Washington senior Treasury official Paul Voleker ruled out any new for Mal devaluation of the Dollar. In View of the Panicky nature of the situation it May be helpful to clarify a few Points. 1. Why is the Dollar falling 2. Should the americans do i. How docs it All Al Cal Canada until August 1071, virtually every currency in the world had an arbitrarily fixed value relationship to the . Dollar. When the americans severed the link Between their Money and Gold everyone was forced to allow Supply and demand in the marketplace to set the value for their currencies. Many countries resisted Elliis approach. For the past two years those nations which re fused to float their currencies have had periodically to Reval us them against the . Dollar. Since the disintegration of the last major realignment several months ago the weakness of the american Dol Lar has been variously attributed to the failure of the Ameri cans to Deal effectively with their inflation to the water Gate scandal and More recently simply to irrational and Panicky Market while these factors have undoubtedly played their part in causing people to lose Confidence in the ability of the . To Lead the world cur Rency traders very quickly absorb such events and after an initial flurry in lie Market place discount them. Water Gate it Al can no longer be blamed for the sinking Ameri can Dollar. The thing that convinced the americans in the first place that they had to sever the link Between dollars and Gold was the fact that there were far More dollars floating around than the . Could cover in Gold. The original Lack of Confidence two years ago arose because so Many holders of dollars worried that tile . Would t be Able to pay Oft All it owed. That overhang of dollars that foreigners keep accumulating but Don t want to hold has not gotten smaller. In deed recent estimates Are that it has gotten significantly larger. One . Economic consulting firm estimates that he Dollar glut has doubled since 1970, Wilh foreign governments and businesses now holding s200 billion compared to inc billion hey held three years ago. There is no Way the . Dol Lar problem will be permanently solved until this surplus sup ply of dollars is dealt with. It must be gotten rid of in some organized Way. The suggestion that the . Prop up ils flagging currency is basically a pipe dream. The reason the americans severed the Gold Dollar relationship was that they Felt their Dollar was overpriced making their exports too expensive to be competitive internationally. T h e americans had and still have a huge balance payments have bought More than they have sold. The cheaper their Dollar becomes abroad the cheaper their goods and services become and the More they Are Able to sell. Even since the beginning of the year the american Trade position has improved a great Deal. It will continue to improve As the Dollar sinks in value. Indeed if the Ameri cans continue their benign neglect approach they May very Well have a huge Trade surplus before Long. And that s what they be always wanted. At this Point it is indeed Likely that the . Dollar is in Der priced. But it is equally unlikely that the americans will move to Stop the decline until their payments position is More secure. As for Canada the Canadian Dollar has been lock slipped the . Dollar plummet Ting to new lows along with it. We have not had the advantage out of the decline that the americans have had because the bulk of our Trade is with the ., and our currencies have maintained almost the same value. Canada has never wanted the american Dollar to weaken against the Canadian simply because when our Dollar is at a Premium it s harder to sell our goods to them. But now inc danger of the Canadian Dollar rising to a Premium seems to have passed As our own balance of Trade continues to Ducler morale. There is now every likelihood that the Cana Dian Dollar will fall relative to the american. And that s what we be walled All along. Pipeline Okay j predicted Fairbanks Alaska a two members of a congressional group touring the route of the proposed pipeline have predicted a Bill authorizing immediate construction of the line will gain approval in tile House of representatives relatively quickly. Representatives Don Young rep. Alaska and Antonio Borja won pal dem. Bolh members of the Interior committee predicted approval of the construction project. The congressional p a r i y traced in reverse the route the Oil would follow from i Prudhoe Bay to the Southern Alaska port of Valdez. Tran Canada pipelines appointment John k. Archambault Tran Canada i announces the appointment of John coun Sel. Or. Archam Haull a native of along real after from Princeton University my the University of Montrea was called to the Quebec bar in 1966 and Lias been in the general practice of Law in Montreal. 234 Portage Avenue Winnipeg Telephone 947.0631 architect s perspective of Plaza on the Riverside a Low in come 20-Storey apart ment Block with Lux Ury features now under construction in downtown Winnipeg. This View shows the building and its attached parking garage with rooftop Garden As seen from the East Ern Side of carry St. Farmers get higher i rices Washington a prices United Stales Farmers get for raw products soared six per tent in june and averaged 3s per cent More than a year earlier the agriculture depart ment said Here. T h c was for the month ended june is. Prices of most raw agricultural products were not covered by the freeze announced by president Nixon june 1h. Free draw seepage for rent prime commercial space in new downtown b House of York at Smith York -1000 so it. Approx. Of in dependent around level floor space Glass ranting York ave. Ideally located in Centre of commercial Busi Ness area. Close to Broadway. Portage convention Cen tre. Provincial gov t. Ollices Elc. Ideal location Lor name registration. Heated underground parking available. Occupancy by september 1. 1973. Contact a. S. Atwall manager Bestland properties administration Ltd. 213 Portage ave. Pm. 943-3301 backing for North urged Toronto up Urban canadians dependent in the extractive and manufacturing industries of the North should give northerners a great Deal of support but we Are give i n g them just the of e. F. Roswell said Here. M r. B o s e 11 vice president of e. B. Eddy co., of Hull quc., told a meeting of business and professional men that imposition of Urban values and fantasies Are restrict ing the ability of North Erners to function properly. One fantasy arose from a True statement several years ago that forests were not he said. This relatively innocuous statement was soon being popularly interpreted into a belief that the forests were being devastated and harvested at a rate far beyond their ability to forests of Ontario have Long been under a system of sustained yield manage ment and this year Only 0.2 of Iho province s Forest will be logged he said. Or. Boswell said he believes it is these fantasies rather than exhausting Dis Tances Hick in cultural amenities or extremes of climate that present the greatest challenges to the North. Consumer problems outlined at meet guaranteed investment certificates City saving Trust company 369 at. Pm. J47-1543 Toronto up problems with consumer products Are increasingly the result of tech Nical malfunction and Gener ally Are outside he jurisdiction of regulatory agencies the chairman of the United slates Federal Trade commission said Here. Lewis Engman said there Are vast and increasing numbers of complaints valid consumer for which con Sumers receive no satisfaction in dealing with Large corporations. It is no answer to say to the consumer that his com plaints should be referred to some kind of existing enforce ment or. Kingman told the atm Al meeting of the International association of insurance counsel. Increasingly the con Sumer s problems arc uie re sult of technical malfunction rather than human negligence or deceit and without a Clear pattern of abuse no existing Agency is Likely to take action i in such cases. Even when action is taken it often comes too Laic or at he great a Cost in time and Effort on the part of the the Industry viewpoint in the panel discussion on consumer Protection was presented by a. E. Allen o Philadelphia vice president for consumer affairs with Philco Ford corp. He said the costs of Impler m c n t i n g a new consumer product safety act in the . Might be hundreds of millions of dollars and that will mean higher prices for a major portion of household accidents could not be prevented by redesigning products or. Allen said. The new act would cover Only a Small Par lion of claims made in the past. A Benefit from the act would be that people with legitimate claims would have a better Chance of collecting. Suranic. Company of North America and a former . Labor department official. Flu said increased govern mint regulations May he Mak ing it impossible for Small businesses to compete because of expenses in complying with them and the Cost of making representations before Agen cies. Engman said an idea complaint settling mechanism would be one in which Relio was prompt procedures Sim ple the system accessible to All Consumers appeals inc pensive and judgments enforceable. By the Canadian i Kliss East Sullivan mines lid., nine months ended my 31 tn7il, 31 cents share 1972, 14 cents. Trans Canada Glass Ltd., cents july record july 3. Metropolitan life announcement or. Engman said mass production and marketing Leeh in ques have revolutionized the relationship Between buyer and seller. The consumer has become isolated from the original source of his goods by Many Levels of product distribution today Largo impersonal corporation and a highly vulnerable human this theme was also Dis cussed by George gun Lucr a senior vice president with in a n d the relationship May be one a Charles Macdonald regional sales manager James p. Mckenna c.l.u., is pleased to announce the appointment of Charles Maedon Ald As District sales manager of metropolitan life s St. James District office located at 1 Lombard place Winnipeg Manitoba. The St. James District office is one of two offices serving metropolitan icy holders in the Winnipeg area. Since joining inc company in or. Macdonald has occupied various sales positions most recently As sales Mana Ger in the company s Glenora District in Edmonton. Energy Board approves project the 15 loops All will be Buill within . Loops Are parallel pipeline sections to increase capacity. The Westcoast application made in january said the company expects a demand increase mainly from . Custom ers of 10.1 billion cubic feet or 77.3 million More cubic feet daily than in 1073. The Board agrees these forecasts Are reason it also was satisfied housing o demand climbing Ottawa up housing starts have maintained last year s record Pace so far this year but climbing. Demand has been Central mortgage and hous ing corp. Said Here that actual Urban stars for the first six months reached slightly above the total in inc same period last year. The corporation does not i ave june figures yet for hous ing demand but May statistics disclosed that the number of in occupied on and two family dwellings in metropolitan areas was 24 per cent less than at the end of May 1972. There was a progressive shrinking in unoccupied housing in the first five months of the year. Chc officials said Friday the government is aiming for Nixon picks nominee for Sec san Clemente California Reuter president Nixon announced his intention Satur Day to nominate Kay Garry to a Chicago lawyer As the new chairman of. The securities and Exchange commission Sec in Washington. Of confirmed by the Senate Garrett 52, will succeed g. Bradford Cook who resigned May in. Cook stepped Down after a grand jury in new York re ported evidence that he had yielded to pressure and Modi fied an Sec complaint against new Jersey financier Roberg Vosco who is alleged to have diverted millions of dollars in stocks from the International overseas services ios fund for his own use. The Vesco Case led to. The in d i c t in c n t. Of former attorney general John Mitchell and Maurice Slans former trea sury Secretary and finance chairman of president Nixon s re election Campaign on charges of perjury and obstruction of Justice in connection with a secret Dol Lar contribution Vosco allegedly made to the Nixon re elec Tion committee. Garrelt has been a partner the company has adequate reserves to utilize the new facilities. The application heard in Vancouver in March was opposed by several Compa Nies and a provincial Anvi r o n m e n t a 1 group. The Board said no evidence was presented to indicate that any part of the proposed facilities. The application heard in Vancouver in March was opposed by several Compa Nies and a provincial Anvi r o n m e n t a 1 group. The Board said no evidence was presented to indicate that any part of the proposed facilities Wilt threaten the environment. Westcoast sales Lola led 30g.9 billion cubic feet in 1972, including exports of 255.5 billion and Are estimated at 392.5 billion and 280.5 billion respectively for 1973. The Domestic sales total was 111.4 billion in 1972 and is expected to be 112 billion in 1973 and 125.3 Bil lion in 1974. International Gas Union Truiti Canada elected vice in the Chicago Law firm of president of inc Gas Gardner Carton. Douglas Chil 1 Union Al the Ilia world Gas Drin and Waud since 1958. For a ranch. In four years before then he was or. Kerr is the Oina on the staff of the Sec. Serv to lie so honoured by Iho about the same number housing starts this year As Lor most of that period Lias Union. Or. Of director of the division of Cor regulation. 1072. About units were i Nixon also announced his in to lion to nominate a. A. Sum Mer member of a Cleveland Kerr s irm As Alec Praxi Donl Wilt continue to 1976 when he will As sume the presidency. In 1979 Dur in his last year in of tick Canada will Host Iho 14th world Gas con Erin cd in Toronto. The in tar Ohio securities firm to be tins Union comprised of started last year while the corporation projects this year based on the current rate of construction. How rising mortgage interest rates will affect demand is Uncertain a Chc spokesman said. Lending institutions have he will succeed dealing with technical raised mortgage rates several i Herlong who resigned from developments times in the last three Mun los. The Sec saturday. Member of Hie Sec for the re m nations includes All the major a incr of a five year i of clucking and using countries ending june 5, 1976. Of the world and is the world if confirmed by the body of the a i Silver investment i seminar i at Silver investment seminars held across the nation last year James l Cawdrey predicted a 10% to 15% Dollar devaluation Between february and april and was right. He predicted s j that the smithsonian agreement would collapse and it did. He predicted thai the european currencies would be floated against the Dollar and they were. Moreover he predicted Gold and Silver prices would skyrocket to new historic highs and they have. Now at our free Silver investment seminar you can learn Why or. Cawdrey who is research director for the Pacific coast Coin Exchange warns that Well see More inflation More devaluations and a crushing depression i within 4 years but you can protect yourself against inflation. 2 devaluations and depression. Or. Cawdrey will show you How. The subjects hell cover include 3 powerful forces speeding America toward further devaluations when to expect the next devaluation 2 modern Case histories of runaway inflation. S 3 investments which prospered in Bolh. How Likely is a Nightmare runaway in Lalion in b America b Why a full scale depression is coming within 4 years Why a Steep Rise in the Price of Silver seems inevitable even if the government Sells Oil j its stockpile j Silver Bullion Silver coins or Silver mining b is the Best investment How r. New Silver investment gives you powerful leverage Wilh Protection against Martin Calls How to use Silver to protect yourself against 5 even Profil from Fla lion and do pression Why now is the time to put a portion of your 2 assets Inlo Silver. Full color movie about Silver Silver for your profit Protection a new Pic Luie. Will also be shown at the seminar As you Waich this lint yen in see Whalton and copies Sion can wreck Hie Comfort and Security most am ref Lake for granted you ii begin to see wily America will soon be nit by full her monetary crises and new devaluations you la Bee Hie nigh Izraie runaway inflation Olge a Ian m 1923 inc Luijt Blacks of Pape Money ice aed to Nuy a s food a in Iii ii Marks to any or Llie heating of a tiny room you la Sec what you can expect to nay Lor a Loal of bread or n my car m 1980 to Peck to be blocked and you la see How Silver can protect Ycu and your family Silver shortage against Tiad times is Only half of the Silver Story. The other half is that the world seems to be rapidly running out of Silver consumption far o Al sins new production and above ground supplies Aie rapidly being depleted you u see this Side of the Silver Story in the film too you la learn Aboul the Many uses for which Silver is essential photography. Rely aerators. Cars bal Lenes. Defies log systems. Bearings. Toasters Wash ing machines computers and so Loretti you la see a nine Story High Silver rms rur reflecting sunlight into a solar Furnace to generate Energy Lor an entire City the demand Lor Silver surpassed new production Lor each of the last 20 years. And in this dim you la learn Why mine production of Silver can t catch up with consumption Why the Silver gip can not by Silver Stampede finally Allie you be seen any Silver is an Essen tial a substitutable Industrial commodity Ana Why it s in of whorl Supply you la Sec the Silver shortage charted to show Whin to expect a Stampede by investors to gel into Silver 1 free admission for your convenience our Silver investment seminar will be held in Vancouver to tuesday. July 10, pm. No Iho Bay Charo inn Iso w Georgia Frasor room. Winnipeg on wednesday july 11, pm. Al Trio International inn. Wellington no Berry. Embassy Ball room. J tins Coupon is your ree admission Tickel to our Silver investment seminar turn it m at inc Pfoor when you h mine no reservation is needed. You re Welcome to bring your spouse and trends the lecture will begin prompt in so come Early. J sponsored by Trio Pacific coast Coin Exchange commodity Stoker no Silver coins to investors. W regional Headquarters in Atlanta Dalles Denver Long Beach now York City Philadelphia Salt City san Francisco St. Louis Tacoma. International headquarter in London a Toronto f km9 Street Wisl members of the new York mercantile Exchange. Toronto Ontario m5k ib7 1973 Pacific coast com Wfp-10 ;