Bank Rate Increased

r/ LEGr:I. ~..,,:,.... i.: ..,.~ , C~,£P, "''°/~,''~ Vit~ ;::., , .::., ~bL VSV-1 :<4 TERRACE-KITIMAT RUPERT STEEL & SALVAGELTD. we buy COPPER BRASS ALL METALS & BATTERIES MON. - SIT, OPEN TIL 6 p,m. Location Seal Cove Phone 624-6639 Volume 72 No. 214 .~ Monday, November 6, 1978 UP AGAIN e , ,, .[ / . • ,:: , . " i~. ,~ . e, ., .:~'~ .~' • ~ "'~,'~ " ;~'~ ~,~,' "~J'~V - ~ ..... :'~ "7, . ~:~'~L'_,.*:'~'::~'.: :. Bank rate • ~i~::~/ increased -~[~B '~'*''~ . / .... OTTAWA (CP) -- The The rare Sunday an- would have to follow U.S. Bank of Canada announced nouncement followed a rates upward. The govern- Sunday an increase in its controversy late last week meat normally avoids ad- t .... ~,::L.:..; :..:, .:... , interest rate to 10.75 per cent when Prime Minister vance comment on key ~,-. ~ .:~C~ • .,. from 10,25 effective today, Trudeau effectively rebuked the signal for a further round Trade Minister Jack Homer economic moves to dis- of increases in borrowing after Horner had speculated courage speculation in charges generally. that Canadian interest rates financial markets. The increase was triggered by Washington'., action last week in raising the equivalent U.S. federal discount rate to a record 9,.= The actionwas per cent from 8.5 per cent. The jump in the Canadian central bank rate of one-half of one percentage point, in the hallways although halt" the magnitude of the U.S, move, is the third VANCOUVER (CP) -- few standing ovations ac- ..,:" .2:... .. " ~ .... i' such Canadian increase in There were dozens of corded speakers during the "., , . e~,,...~., ,,,~. eight weeks. The Canadian speeches delivered during three-day congress. <~,%~.~,3~..~ rate has risen from nine per the Socialist International Asking for financial and cent since Sept. 12 and from congress here but many moral support for his group's 9.5 per cent only three weeks delegates said the real action fight, Cardenal said the civil w~ ago. |ccured outside the con- war was continuing in Nica- The effect of the moves ference halls when they got ragua with Samoza's forces ~*" " ~, will be encourage the recent together to exchange in- systematically killing youths .~. upward trend of all interest formation and pledge mutual suspected of supporting the '. .%%.:... rates, including charges on support. Sardinists. new and renegotiated Many of the speeches were "The pity is, that we will " ~q~l~~ mortgage loans for homes pat recitations of socialist be without youth because "" ~:~. ,~ ,,-~-~ and the yields paid to savers philosophy, but several they are being killed every --...- and com speakers on the final day of day in every part of the the conference Sunday country," he said in an in- aroused delegates with pleas terview. -."-a%;," "~ ~ '"~:~'+" The rapid recent rise in for support of their causes. "Samoza has destroyed " ~::~ rates, inspired by in- Ernesto Cardenal, the cities but he has not ~"%. .~"~'~"* ~'i' ternational pressures represting the Fronte Sar- destroyed the opposition at " '~eqPI~m~" against the U.S. and Ca- diniste, which is fighting the all." nadian dollars, tends to com- regime of President Ruben Berries, president Alex Fraser, is seen here with Cyril Shelford, Skeeno MLA, at the Price Creek washout. plicate the problems of Anastasia Samosa of Nica- of the Puerto Rican In- government economic ragua, received one of the dependence Party, told managers. While rising delegates that 20 Latin interest rates tend to r'ir~'ll American parties have dampen down inflation, they endorsed a declaration TO REOPEN ROADS also discourage credit pur- in "~'vP. "~T supporting his group's bid ..... :.. - .......... :.. ~::;.?~z.;............... ........ : .........:.. ........................... ~'f': : ............... "-! .' :. ".... chases 'and"other spending a, for independence •from the United States. productive activity and |r] He said Puerto Rico "is the Massive effort uonderway combatneeded unemployment.to stimulate S a last classic example of a colony in the whole'of the • Finance Minister Jean Chretien, who consulted his th k Americas," Berries said Latin In what can only be Highway 37 was and is ciosed The heavy rains and ti " " y maybe four arotmdhere," hesald "In provincial counterparts an s American support would described as a phenomenal from Kitwanga to Cranberry flooding which hit the area days, pessimistically seven the last 1o years I've worked about the economic last week knocked out at days. But it will probably on three floods ... I don't problems here Thursday and increase pressure on the U.S. effort, the highways Junction but the Nass Road VICTORIA (CP) -- The to find a solution to the department has been is now passable for trucks. least three major bridge take another week after that recall anything this major. Friday, is preparing a new structures on Highway 16 to get the read up to what we "I was out there about an tax and spending budget for British Columbia ministry of Puerto Rican problem. He working ,around the clock to The read to Prince Rupert tourism sent a thank-you said he hoped such a solution get men and equipment in to opened Saturday after a and washed out parts of the would call a half-decent hour before the bridges went later this month. He wants to standard." out, and it was an awesome generate spending and jobs letter to a Vancouver Island could be reached by negotia- reopen roads cut by last tense two hours while crews environmental group four tion. weeks heavy rains and shored up the Polymar O'Connor said the first bloody site." without aggravating in- More stories road through would be single O'Connor said all available flationary trends. days after the group placed a During Sunday's sessions, flooding, Bridge which had floated display advertisement in a delegates dealt with the free of its foundation and lane in many areas and mere uipment in the area is This second rise in the The Highways Depart- pages 2,3,4 ~ ing utilized for the high- Seattle, Wash., newspaper problem of human rights, an ment District Manager for shifted several feet down- will be about six large areas bank rate in three weeks criticizing the government. issue introduced by David Terrace, Mike O'Conner, stream. The convoy of road in at least 25 other of the highway that won't way reconstruction, and came in a two-paragraph residents are also helping The ad, adjacent to one Lewis, former leader of the said the storm, which construction equipment places, have two-lane traffic until written statement by Gerald New Democratic Party, dropped almost a foot of rain which came up on the Queen Thewashouts, particularly next year. out on their own. K. Bouey, governor of the placed by the ministry, "I flew over an area north which hosted the congress. in three days, was a once in of Prince Rupert was held up between here and Smimers, He said the flooding, most Bank of Canada. He said advised tourists from the Lewis said it was time that 200 years event. while that work went on and have left several small of which was caused by high of here tonight (Saturday) only that the move responds United States to hurry to and there was a guy with a Western powers take ef- Whik' men and equipment the convoy was used to test communities without access water levels in creeks to "the rapid increase in Cowichan Bay on the Island fective action to aid the started working from this the bridge out before other to major centres, flowing into the Skeena farm tractor out sweeping interest rates in the last fe~, before the government crap off the road," he said. destroyed it with industrial liberation movement in end, crows were also traffic was lead through the O'Connor said in an in- River, was almost un- days in the United States southern Africa. working from Smithers this area by pilot cars. The road terview Saturday that ex- predictable. "We've had people building associated with that coun- development. bridges--just started "The time is long overdue way and every available to Kitimat was opened single perienced bridgemen and "The water came down try's efforts to contain for some genuine generosity highway construction ex- with such a tremendous working on them them- domestic inflationary During production of the piece of equipment in bet- lane Friday. The bridge to newspaper, the ad somehow of spirit and for determined wean was being put into use, Kitimaat Village is expected ports were being brought intensity, that nobody .here selves. You see things like pressures and to support the that and it really encourages slipped into the govern- and effective aid to those including farm tractors, to to be under construction if here from all over the can recall anything that external value of its fighting the regimes in severe in their lifetime you." currency," meat's co-operative ad dear the roads, The two- not completed today. province. boosting tourism. southern Africa," pronged attack continued More than 150 men and at "We're going to work as That statement reflects Lewis said that arousing today on Highway 16 East, least 100 pieces of equipment long and as hard as the the conventional view of Four days later, John Plul, Western nations to the fight Men and equipment from started work Saturday in one people can stand it, until we the ministry's attractions for human rights in many logging and construction Canadian authorities that of the largest highway have an acceptable access BODIES FOUND interest rates in Canada and special events director, developing nations is similar camps were drafted and reconstruction projects in into Terrace," he said. wrote the environmental to the difficulty in per- working on the road north. the province's history. must be kept higher than in "1 would think op- the U.S. in order to attract group, thanking them for suading Canadians of the IN TRAIN IVR E C K U.S.

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