The Herald, Thursday, July 26, 1979, Page & Carter rejects scheme to revamp U.S. dollar = pi parben wr errata oS alee . treating _ aboard = a WASHINGTON (CP) — Despite’ ‘signs another “dallar massacre’ might be ‘ developing, the revamped Carter administration ig rejecting any new program to’, “prop © up the U.S. currency's value on world _ Razin The'U.S, dollar has Keen steadily slipping for the past two-months to a level than threé per cent above its law of Inst Oct, 30, which then resulted in'a dramatic $80-billion, international rescue operation on Noy. 1. - At the end of October, the U. S. dollar was valued at only 74,14 cents when . VANCOUVER (CP) — It's full speed ahead for British Columbia's mining industry for the remainder of 1979 with good prospects for 1980 4s well, . what's the word from in- ‘dustry teaders as geologists ‘scramble acrogs the province's mountain ranges and economists study re- ports on production costs and metal prices... “Inone word, it's up,” said Rick Higgs, manager of the B.C. and Yukon Chamber ot . Mines. . “There's already a 20-per- measured against a basket of 15 other currencies. Ita value now is about 76 canta and likely would be lower except for efforts by the Swiss and West German central banks to support it. _ But Monday, William Miller, the Federal Reserve “Board chairmari who has- -been tapped to become’ the new U.S. treasury secretary, ‘said no new rescue efforts are planned, He left analysts worried that the pattern of last October might be repeated. Like the dollar slump last fall, this one is ‘mainlya cent increase this year in the number of major companies searching for minerals. And the number and scope of junior company projects being publicly financed through the Van- couver Stock Exchange is most sncour agin " recent survey Bhowa that a record. $41.8 million will be spent on exploration ‘in the province this year, come compared with $43 “Spondieg e on ‘hardrock ex- - ploratlen, inctuding precious metals, base metals and ura- -miniatration - guides were annotince of Carter ad- economic policies. By holding down interest rates while inflation rates rose last year, the administration left markets confused about economic direction, When wage and result Ice late ind October without any ac- hying mave to higher - interest rates, the dollar fell. It took a $30-billion rescue package Nov. 1, worked out In conjunction with several European governments, to ‘arrest the slide. This time, uncertainty about energy policy Ip nium are estimated to reach $42.7 million, up 64.0 per cent from 1978," Higgs said, t “Coal exploration x-- penditures are expected to reach $19.3 million, up 11.7 per cent from last year.” Release of a provincial report on geochemical data from Prospective mineral deposits sparked a flurry of xploration and claim ,, much if lt in the Jerrace-Stewart area of northwestern B.C, New and earller ex- ploration has caused the number of claims staked in palguing the. dollar. Banks and corporations aren't holding dollars any longer " than absolutely necessary, . putting further pressure on the currency, Carter's nationally televised address July i6 is promising stringent energy conservation and a massive . synthetic fuels production scheme failed to stabilize the - dollar. Instead, just as oc- curred last October after his wage and price guides an- nouncement —- during a time economists now refer to as “the dollar massacre” — the dollar has continued to Weaken, B.C. to increase by 7. § per cent in the period from Jan. t to May 31 over the same period last year, There were 14,800 claims staked, compared ‘with 10,765. Spending on .uranium exploration Is forecast for $46.5 million in 1979, the firat year the chamber has sur- veyed uranium exploration spending intentions. However, it has estimated that $6 million to $3 million was spent In 1978. “This compares with an estimated $70 million to $100 millton spent in Saskat- proposals The president’s energy already are receiving skeptical reception in Congress and | hie subsequent cabinet shakeup raised more doubts. In some European countries, the shakeup was incorrectly interpreted as the collapse of the government rather than A reorganization. Analysts were quick to point out Carter took away a major individual bulwark for the dollar when he accepted the resignation of Michael Blumenthal, the treasury _ Secretary. While Miller is Been as a good replacement, he doesn’t have the rapport chewan. for uranium ex- ploratton last year. There hos also been a burat in expansion of due io in- creased metal prices which now make them more economically attractive, Teck Corp, is spending oe eaten on evelopment Highmont property the Interlor, which will create 500 new constractlon .Jobs and 400 permanent jobs when the mine comes on stream In 1981. Climax . ‘Molybdenum Corp., at Alice Arm, B.C., _ is completed in mid-1981. with central bankers in other countries that Blumenthal had, analysts say. One big question was an- swered Wednesday when the ’ White House confirmed Carter’s choice of Paul Volcker, president of the Federal Reserve Bank of New York, to take over as Federal Reserve chairman from Miller. The position is apuut equivalent to governor of the Bank of Canada, but is enormously influential because of the ability of its holder to shape U.S. eco-' nomic direction. A conservative and former south of Stewart, 19 spending $143 million to double its milling capacity to 12,000 tons a day, employing 300 construction workers. About 450 full-time employees will be on staff when the project “Molybdenum prices have gone absolutely screwy," éays Ross Duthie, president oP Placer Development Ltd, -“T heard of ane spot price in the merchant market of $30a und, World interest in baying gold — which to U.S, a pound recently — ee Drought condition deteriorate Prairie crop ‘Near-drought conditions caused by unusual weather patterns only a few weeks before harvest time have led to crop deterioration In some areas of the Prairies. Some farmers in ‘Saskatchewan and Manitoba have plowed under fields of wheat and other crops because of conditions. The Saskatchewan crop insurance board reports that more than 400 farmers, mainly from the Yorkton region, have already applied for adjustments on crops damaged by iack of moisture. -Meanwhile, centres on Ane from Grande Prairie ih Teacher says time limit needed for solitary punched in the face by one erudent and hit with a chain another, says solitary confinement has its place in but should be limited to three hours. The female teacher, who asked not to be named, said in an interview that some of ‘the children at Westfield institution are “little future criminals” and are harder to _ handle than normal children. Controversy has surrounded Weatfleld over problem children ‘fl the northwest to Edmonton in the centre of the province have reported some crop damage due to excess moisture. Conrad Gietz of the Alberta agriculture department sige Wednesday a blocking over western Prairies has been | causing migratory low- pressure systems to flow north of the Prairies. This has restricted the development of weather conditions necessary for drenching rains. Will Prusak of the Alberta environment department added that warm, dry winds in southern ° ‘Alberta’ are’ ciplinary measure, These rooms are small, poorly- ventilated and furnished only with mattresses on the oor. Alberta: NDP Leader Grant Notley has called for a public inquiry into the in- stitution and Social Credit Leader Bob Clark has asked for an investigation by provincial Ombudsman Randall Ivany. Ivany will await an in- 4ernal report on the situation ‘being prepared by the social taking dwindling molsture reservolr or the 109,-000-acre area has received Jess than. reserves from the topsoil. The Alberta wheat pool re- poris that hot, dry weather in southwestern. parts of the province has resulted in. heardrought conditions thit are. —s causing crop deterioration, The Claresholm-Cardston district has reported the driest conditions in Alberta — 2 per cent of normal moisture capacity for topsoil and 65-per-cent subsoil . capacity. Rich Ross, district manager for the Lethbridge Northern Irrigation District, said the area needs.a heavy rain S00n: ta replenish ‘the his executive assistant. Alberta Liberal Leader Nick Taylor will hold a news conference in Edmonton today to discuss Westfield. The former teacher said’ she was surprised and ‘vevolted’ by child-care workers’ descriptions of the children at Westfield sleeping on filthy mattresses and urinating in milk cartons while in isolation because her own experience showed the children didn't seem to be “in agony.” Sea family plans trip ST. JOHN’S, Nfld. (CP) — Peter Prankerd and his, family, four years at sea 31-year-old, Scottlsh-built motor ferry, are goitig home to Britain with tales of international pi- rates and tempests at sea and, maybe, with their boat. * The Winnle Rigg, which Prankerd says he converted for the voyage at a cost of about $75,-000, is up for sale, at about that price, ‘Prankerd says the re- placement cost would be about $2.5 million. If no buyer is found, an extra hand will be taken aboard to help with the trip Prankerd, 42, his wife, Pat, 40, daughter Elizabeth, 1, and song Simon, 13, and Tim, 11, have manned the vessel alone for most of the’ time since they left Gilouchester, England, in 1975. Prankerd said he was ‘'bit- directed by immigration officials to pick up a stranded gailor near their position. The man turned out to be Peter Erich Marschner, described by Prankerd as an by pollen Pirate wanted ce agencies in many nl of the the world for various crimes, Including the alleged slayings of nearly a dozen people. Prankerd describes ,the seven weeks after the man came aboard as “'so bizarre, 80 almost unbelievable that we had to put them into a notebook to recall how they transp! He hopes to use the notes to produce a book, hopefully for publication this fall. ‘Prankerd said that during the Ume Marschner was aboard, “everything seemed to go wrong” with the vessel. A net became fouled In her propeller and eventually she became disabled and had to During a storm in the Bay of Biscay, two freighters sank nearby while gales slammed the Winnie Rigg. Prankerd says he met people during the voyage aimilarly discouraged by British politicals. The Prankerds are district may be shut down.. Bob Lions, district agricul: ,turist in Pincher Creek, said ‘traditional weather patterns are reversed this year, The Foothills region, which ‘normally has’ the most rainfall, is drier than the short-grass country south- east of Lethbridge. . “The good farm managers will get a decent crop this year but those farmers who ‘didn’t practise good management last fall to’ conserve moisture and kill weeds will have poor crops,” he said. . The Saskatchewan wheat _poal Teporte-that the:Yorkton “He has devoted his life, 24-hours-a-day, to helping kids, He loved them and gave them individual at- tention,” The 27-year-old - teacher, now in the public school system, said she used the thinking rooms less than any other teacher. But “kids want to be dis- ciplined,”' she added. “Everybody needs some ‘limits on life.” home returning so thelr children can go back to regular achool after being taught by their parents in what their father calls the “university of real ‘a.”" Prankerd says he'll probably set up another business, Its Not Too Late To plug into an extra energy source half the normal amount rain this, year to date; causing a degree of crop. deterioration in the area, :7 Some farmers are turtitig under fields of wheat. and other crops because of poor development, the pool said. Gerald Miedema, assistant agricultural representative for the Yorkton district, said hot, dry weather in the last weeks has caused stunted growth and may affect the extent to which wheat fills oul, He added that the grade of wheat harvested should be excellent but the ee will ba “lower ¢than- uatales x children. “Statistically | speaking, the majority of these kids will probably become habitual criminals," She related an experience when she asked a boy to sit down in class. When he refused to comply, she walked up to him and repeated the request. Onin ig * ‘The Manitoba agriculture’ t * department. reports that CA moat of the northwest and parts of the central and interlake regions are ex- periencing dry conditions ‘that are causing crop deterioration while in the southwest, some farmers have plowed ae erop fields, On the brighter side, the three Pree pools report that some districts in each province are r eporting ex- cellent crop conditions Crops in northern Alberta, northwest Saskatchewan and central Manitoba are reported as good to excellent with good moisture Con ditions. and On another pecasion, a 18. , year-old boy Was swinging a chain at a 10-year-old boy. When she stepped between them to protect the younger child, the chain caught her in the thigh. “T can still feel it on the skin, The pain was in- credible,” Wall Street banker, Voleker is praised by the New York banking community and is referred to by congressional banking committee Chairman Henry Reuss (Dem.-Wis.) as a man whose appointment “should quiet the dollar. Canadian policymakers -haye a majorinterest in watching the U.S, dollar's ’ future. The weakness af- fecting the U.S. currency has also pushed down the Cana- dian dollar and will be a factor in designing a program to counter Canade’s jnternational t trade fi vik Mining industry has good prospects B.C.'s gold producers bualer than they, have been for yeara, ; B.C,’s two producing gold mines Nu-Energy Development Ltd. at Cassiar in northern B.C. and Nor- ’ thair Mines, at Stewart — - will be joined goon by a third, Carolla Mines, which has completed feasibility mr, Hope, B.C, Prope ‘about 140 kilometres éa Vancouver. ay! me been promplea sipiae i metal orice,” i+ dupe fy Equity Silves' Mites £4015" spending, #20 mailtiory ‘at ‘its copper-silver property near the central’ B. Er cominitnity : of Houston. ‘Néraiida MINES Ltd.,: | haa! budgeted ‘19 milliwr §- expand copper- produétion. atBaine tae in northern * 2. oe. 4 « 1. we MONTON (CP) — A’ reports that children have services department before These alle tions of abusa, She emphasized that the “He drew back his arm, fone teacher at 4 heen confined for extended deciding whether his office she said, arould not be children at Westfield are and wham! Caught me right provincial juvenile treat- periods in so-called will conduct ‘an in- blamedon Westlielddirector different and require dif- in the jaw. I had a big “ = TH URSDAY . ment centre here who was “thinking rooms” a3 a dis- vestigation, said Paul Wood, August Frauenfeld. ferent handling than normal | bruise. ; ” "FRIDAY & SAT ee 635-7261 CARTON CIGARETTES 20's maance and supparting e@ do government is working on a package of measures to help the trade deficit. But, just ap Ottawa was forced this week to follow the U.S. lead in pushing up interest Fates, it will now have to tallor any trade measures to take account of persistent declines in the U.3. dollar's bor hash. ialt t Gt tqBane ne SPT, | ena woe Jat " hoe “ae REEt a, os e 1? DIRECTORY al, mh: +i Pa I {NH ttn Murs al “MR Hy “1 ing ‘ \ Mo sai ne ae: Unique blending, Patient aging. Smooth taste. i ny flu ce h te lil H dian” i ike al terly disappointed” with the be towed int rt at polltical situation in Britain Castries, St. Luca andsoldhischainof discount — With all the problems, all ‘y ‘ warehouses to convert the hands were needed ta cope,