CTEMTECECCELER: se

cous dg (EUAN MRNEILERETERTCEST UES CRERN EE RRTET ERT. SOSALOCLEL

Bone bo deh Fe

PAGE 4, THE HERALD, Friday, July 2, 1977

_—(the herald)

Published by

Harling Publishers Ltd,

Terrace - 635-6357.
Kitimat - 432-6207 .
Cireulatlen - 635-2877

PUBLISHER... GORDON W, HAMILTON
MANAGING EDITOR... ALLAN KRASNICK -
KITIMAT... ‘CHRIS HUYGENS
CIRCULATION MANAGER... JACK JEANNEAU

Published every weekday at 3212 Kalum St. Terrace 8.C. A
member of Varifled Circulation. Authorized as second class
mail, Regisiration number 1201. Postage pald In cash, return
postage guaranteed.

NOTE OF COPYRIGHT

1 The Herald retatns full, complete and sole copyright In any

‘| advertisement produced and-or any editorial or

photographic content published In the Herald. Repreduction

What permitted without the written permission of the
r. .

y,

Happy -
birthday

Terrific times are planned for Terrace during the
next nine days. The 50th Anniversary is a positive
step returning to our community a sense of civic
pride and renewed confidence after several years
of economic decline.

- The 50th Anniversary is a whole new beginning.
- The dream of the pioneers has been fulfilled over

the last 50 years and new dreams are presently
being created.

The most heartening fact to consider when people
speak gloomily of Terrace as a transient town is
that those who come here leave something lasting,
even if it is only their involvement while they are

ere,

The Jaycees, for example, boost of three Gold
Chip awards for club excellence in a row. Terrac
eis one of only two communities in the world to

have this Jaycee honor. Each year the award is:
given to the club the original members are no
longer living in the community.

The provincial drama: festival of 1976 was a
homecoming for the executive of the B.C. Drama
Association. Executive members still consider

‘ Terrace as the best centre for the performing arts
in B.C. because of the kind of people who become
involved.

It is a shame that many people who come to live
here never get involved with anything. For these *
people there is nothing attractive about the town
because the community is a place for builders and,
sometimes, dreamers.

The people who are involved by ‘their working

presence in, the community, even. if. it: is: only in...
keeping industry alive by their labours, will know —

the purpose of it all during the next nine days as
they enjoy the celebrations.

Dialogue
is welcome

The Terrace council-Mickey Johnson wrangle
has become so embroiled, protracted, and
legalistically esoteric that the arguments today
bear little resemblance to the original issue. It is
extremely difficult to keep track.

Itis as well difficult for a newspaper to comment
on the question because there are so many different
actions and counter-actions, law suits and counter-
suits, petitions, notices of motion, and assorted
judicial gew gaw that, without doubt, we'd be cited
in some case if we dispatched out collected wisdom.

Nevertheless, this newspaper is not about to
shuck its duty to at least make a stab at
commenting on anything and everything, even a
question that we, like so many others, ceased to
understand two law suits ago.

It is confusing. For example, we had Johnson's
lawyer, on Friday, filing a legal action. On
Monday, appealing to council for good faith on both
sides. On Tuesday, allvising his client not to testify
at a legal proceeding. There’s a lack of continuity

ere,

The city believes that because this lawyer is
using every tools of the justice process, even while
appealing for a dialogue, he’s just trying to
‘outhustle the best Terrace can offer.

And like musk oxen under attack, the city formed
a circle to ward off the foe. Somehow, municipal
integrity, or survival, has become a question and a
majority of our aldermen feel it best to butt off the
intruder, not allowing any discussion.

It's unlikely that anything we will say will have
much bearing on the immovable objects that
confront each other. But we would be woefully
remiss if we didn’t at least suggest that the two
sides do try and get together,

An out-of-court settlement could be best, we
believe. .

That's our suggestion, modest as it is, uncynical,
hopefully positive, and not meant to be flippant.

Why not get together? In the tradition of our
more sensible northern thinking and in the spirit of

.the anniversary festivities the two sides could at
least try a siticere face-to-face dialogue in an
atmosphere conducive to good, wide open
discussions.

It just doesn’t make sense, in a city with all the
positive aspects of not being large, for people to
pretend they can’t talk to each other.

Wait for a sunny day, head out to the lake, crack
open a few beers, and talk turkey. It certainly
won’t hurt to try and talk it over. ;

_ ‘The taxpayers are owed one more attempt.

‘choose to stimulate

Powers reach the limits of

UNITED NATIONS
(CP) — President Carter's
disclosure that the
superpowers have found the
basis for negotiations on a
new nuciear test ban treaty
indicates that they may feel
that they have finally
reached the limits of
overkill.

Carter told a news
conference that the United
‘States, Soviet Union and
Britain have made enough
progress in Geneva talks on
extending the 1963 partial
test ban treaty to begin ne-
gotiations this October on a
complete ban on alk nuclear

ug.
The 1963 treaty,

negotiated at the height of
the Cold War,
nuclear testing in the
atmosphere, under water
and in outer space, but
allowed tests to continue
underground because the
superpowers could not
agree on a system of

banned by

inspection to safeguard

against cheating.

After three decades of
continued testing and
rodumtion of nuclear
ombs, both the United
States and. the Soviet Union

have on hand nuclear:

stockpiles sufficient to
destroy each other many
times over.

The extent of cverkill

EF Pe icamontan Saverat

weeds Hew td

“I'm buying up m

OTTAWA CP - The idea of
a common currency
between Canada and an
independent Quebec, long
assailed by © federalist
economists and politicians,
seems to have been
effectively laid torest witha
change in view by Part
Quebecois policy-makers.
The monetary
proposal had been urged by

“Parti: Quebecois spokesmen

as a valuable part of any
hypothetica future
economic association
between a separate Quebec
and the rest of Canada.

But most critics said a
currency union-which would
require one central bank
directing monetary policy -
would be impractical
between the two sovereign
nations.

Now Jacques Pariseau,
the province's finance
minister who once said
Quebec might continue to #
use Canadian currency after
any separation, says Quebec
might have to print its own
money upon independence.

In a recent interview in
Quebec City, Parizeau said
party policy-makers have
Teconsidered, :

A common = currency
would put huge constraints
on both sides in economic
decision - making, Parizeau
said. "It's not at all certain
the two sides would accept
these constraints.”
FEDERALISTS AGREE

Federalist economists and
politicians agree, saying it
would be difficult for one
central banking agency
such as the Bank of Cana
to dance’ to the tune of two
political masters who might

ve differing views on
what is good for the
economy. -

An independent Quebec,

for example, with
traditionally-high
unemployment, might ~

he
economy by increasing
spending. That could mean

e central bank would be

union.

Interpreting the news Soy

capacity was demonstrated
the observation of one
negotiator during nuclear
ta ch cy sity toa ae
enough capacity to deatroy
every Soviet city*with more
than 100,000 population
more than 36 times while the
U.S.S.R, possesses enough
to wreak the same havoc on
American cities of the same
size only .12 times.
Diplomatic sources
suggest _ that the
superpowers, with no
further refinements of their
atomic arsenals necessary,
now may have reached the
point where they are
prepared to talk seriously

Pout a total test ban treaty.

a |

Overkill is the product of
the policies of mutual
assured destruction
déveloped and followed over
the years by the United
States and the Soviet Union.
In military and diplomatic
parlance, | this “is known,
appropriately enough, as
the MAD policy.

Since the dawn of the
nuclear era, deterrence has
been the basic policy of
defence. The idea is to
discourage the opponent
from using nuclear weapons
by main sufficient
nuclear forces to cause
unacceptable, massive
damage to the opponent's
population. and economy

aps of Canada — they may become collectors’ items soon.”

a TOO IMPRACTICAL ~
PQ scraps common dollar ideas

asked to drop interest rates.
Inflation in a separate
Quebec might be a
secondary economic
concern.

‘But Canada, dominated
by Ontario and the Prairie
rovinces, with relatively-
ow jobless rates and
concerned with exporta
ight choose to comba
inflation. -

Economists say one of the.
two partners would have to:

ive up some authority over
ts economy if they were
pursuing divergent policies. «

‘Antal Deutsch, a McGill
University economics
professor, says monetary
separation would be an
‘inevitable consequence of
Quebec’s independence. .

Sinclair Stevens, federal
Progressive nservative
financial critic, says a Parti
Quebecois government
headed by Rene Levesque

That might be unacceptable = __

to both sides.

- A look at other countries ©

show few examples in which.
two fairly - strong partners
share currency.
Monetary union has been.
goal of the European
Common Market but no
arrangement has been
reached because of national

and regional differences. |

A peg has noted that
estern Europe appea
to be moving toward a
common monetary dystem
until the 1973 oil c and
recent mounting inflation
set that move back, .

In cases of two or more
countries using the same
currency,

artners | usually

ominant, Among
examples are the use of the
French franc in tiny
Andorra and Monaco, the
Belgian franc in industrial
Luxembourg and the Swiss
franc in Liechtenstein

Some former
Indian islands use: a

is

da. conimon monetary unit, but

there is no monetary policy
in terms of adjustment of
interest rates, Recently
these islands have
encountered problems in
trying to diversify their
economies.

In recent statements,
economists and_ politicians
have expressed doubt that a
currency union between a.
separate Quebec and
Canada is possible.

British West |

one of the’

- NICOSIA, Cyprus (AP) —
When an Arab sheik pulls
into a gasoline station in the
Persian Gulf emirate of
Dubai, he is likely to be
driving a big gasguzzler.
But he may have to wait in
line for a half-hour because
of .a shortage either of
gasoline: or of station
attendants.nHe may have to

ump his own gas by hand
hecause of frequent black-
outs, pay United States
ces to fill up his tank and
y im orted motor oil.
idents of the Persian

Gulf states, which produce’

one-third of the
world’s petroleum, are
largely indifferent to energy
conservation. But some of
them have more trouble get
ting thelr fuel than many
consumers in Western
countries where oll is less
plentiful. —

The reason for this
anomaly is that the Gulf
states export more than 95

near]

cent of their petroleum,

ding out only recently
how much they need of it
themselves, —.
SHORTAGES COMMON
ot thousands ft bi
oreign cars be por
every year aa boomin

- economic developmen

would be “clearly socialist”
and incline toward state
ownership.
“When you try to blend
that approach with
capitalism it would be hard
to handle a monetary
union,’’ he says.
Desmond Morton, vice-
principal of. Erindale
College of the University of.

putting a strain onnpower
sources, fuel shortages and
blackouts are common in
the Gulf. ; .

But few seem seriously.
bothered, ‘‘Nobody worries
about energy in the Gulf,”
saya a resident of Dubai.
“Most local Arabs have two
large American cars that
use @ gallon every 12 miles.”’

Despite dally power
blackouts from overloaded
electric stations, many
foreign workers get their
electricity bills paid by their
companies and think noth-
ing of leaving on a month-
long vacation without
switching off their air
conditioners.

-Gn most Arab oil-
producing countries, the
price of domestic gasoline
and oi] is subsidized and
therefore cheap. A gallon of
gasoline in Saudi Arabia
costs 13 cents, in Kuwait, 15
cents,”

But in poorer oil-
producing states such as the
northern emirates on the
Persian Gulf, gas prices are
not subsidized, and it costs
an average of 68 cents a

llow. Only one of the seven

nited Arab Emirates, Abu
Dhabi, has its. own
refineries. The. others

‘weapons = in

- pefused to take part

|

Sash ogy

‘Toronto, says

- paralysis of the fiscal

_ more t

evenifhestrikesfirat. But
deterrence will work nly if
each side is convinced that
the opponent is ready and
willing to use nuclear
certain
circumstances and that his
firepower is secure from at-
tack and will prove to be
devastatingly effective.
One of the basic problems
in the October negotiations
will be how to entice France
and China to sign an
agreement on a complete
test ban when both ave

partial ban in existence
since 1963.
. If achieved in time, the
new treaty would take some

Business

-the

verkill
of the fire out of a special {a
session on isarinameet ew Pe

be held by the UN next year
orld a

The Geneva development i
U.S. Fe

at the behest of Third
countries.

may indicate that the
has completed its
development and un. Ee
derground testing of, the [Em
controversial neutron bomb,
new super-bomb
advertised as producing
twice the deadly radiation of
a conventional nuclear
bomb with less than one.
tenth as much blast power,
heat and fallout,

Carter has yet to decide
whether to put the neutron
bomb into production, -

spotlight |

>» Firm specializes

in selling bonds

MONTREAL (CP) —
The Quebec investor has a.
traditional’ preference for
bonds rather than stocks
and at least one regional
brokerage firm specializes
in serving this market.
" Jean-Louis Tasse, who
founded Tasse and
Associates Lid. 10 years
ag0, saya he has always
stayed with the traditional
market for bonds and.

stocks. .
. “We do not do that much

" in mutual funds and we have

stayed away from the com-

~ modities, options and money
_ markets,”

e sald, .

“We have placed the
emphasis on what we do
best which is selling bonds

‘and we have tried to.

increase the variety of
bonds to our customers to

_ gome extent instead of

increasing the number of’
products we could offer.”
_ Experts say itis generally
true that the French-.

er invests

.. in-bonds rather than stocks,
ncalthough the -trend: is-:
‘ changing in Montreal. The

Gppoaite is true in the rest of
e country.
_ The firm began with.

mone
union would “‘spell eltective |

policies of both
governments.”

More’ blunt is 8B.J.
Finestone, president of the
Montreal Board of Trade, .
who terms the idea

laughable.

import all their refined
fu

PRICES SUBSIDIZED

Dubai, which produces

han 100. million
barrels of crude oil a year, .
has to import nearly two
million barrels of refined oil
for its local needs. ;

- Qatar imports its refined
oil and gasoline from
European and other foreign
refineries. Because of t
increasing cost of
su oil prices, Qatar
is having second thoughts
about its subsidy program,

But most Middle Eaat oll-
producing countries
subsidize and do not. tax.
motor fuel.

“Oil is a social service in
the Gulf countries,” said a
foreign oll company
executive, ‘‘Eeonomics
don't come into it. Their
philosophy is: How can we
charge for it when it's
coming out of the ground?”

Perlodic shortages of

soline and motor oil in the:

ulf come from distribution

Problems and are neither

manent nor serious. The.

lg energy crisis in the Arab

countries comes for'm a lack
of power facilities, -

lackouts are

particularly commen in the |
“ _

. the

a

$50,000 in capital, currently }
has $800,-000 and it “will be
$1 million soon,” Tasse said.
Although it is small, the
firm was approached in 1973
by the Quebec government
to become one of six co-
m ers for all issues in
Canadian funds offered to
the Canadian market for the
ovince and Hydro-Que-

“In spite of smallness, we
have the same participation
as the others,” he said
proudly. - ‘‘We - have
approximatel the same
liability as the other
Mmanapers.”’. .

He is also proud of his
firm's participation in about
100 corporate banking
Froups aroun who share
he underwriting for
corporate bonds. He calls
the number’ an incredible
one for a firm his size.

Underwriters take the
responsibility for finding a
market for a bond issue and
determining a price and
interest rate forthe issue

-which will satisfy both seller

and buyer.

Tasse and Associates is
also one of the 100.
distributors for Canadian
severities traded ‘regularly
securities tra y
on bond m rkets and one of
four co-managers for bonds
issued by the School Council
of the Island of Montreal.

The brokerage firm is a
member of both the
Montreal and Toronto Stock
Exchanges and Tasse sald
the company ranks Lith in
volume of the 45 members of
Montreal Stock
Exchange.

Editor's Quote Book

Be considerate—you
‘nay need help yourself.
someday. William Feather

~:~ Olltich Arab shiekdom —
~~ guffers from shortage ~

Gulf during the. summer
when air conditioners are
constantly, more than
ing the power load in
homes ‘and. offices.

The small emirate of
where. the

the humidity is more than 90
per ‘cent, is experiencing
ight-hour-long power cuts.
8 means one. district has

no electricity one day, and
another area suffers the

_ next

day.
Even 1 Iran, blessed with
water to run hydroelectric
power stations, has
aunched a-public campaign
to save energy.
Iranian state television
and radio regularly urge
citizens not’ run ‘the!
appliances in peakload
hours. Factories have
eliminated one of three
shifts, shops close early and
the clocks have been turn

back .an hour to reduce:

daytime.

e wealthy cil producti

rice tal are in " but

price of electric }:
ause of the heavy load on

power facilitles and ‘the

ailure of public: appeals to

_ cat waste, some gov-

ernments are ralsing

the - &