Monetary Experts Seen

Ignoring Liquidity Need

By KEN SMITH

Canadien Press Business Editor

MONTEBELLO, Que. (OP) — World monetary experst don’t seem to have recognized so far the urgency in the need for more international liquidity, A- K. Stuart, chairman of the Cana- dian Export Association, said

He told the association's 22nd annua) convention that adequate liquidity arrangements in the past have helped to sustain world financial confidence, “but this confidence is still in danger of breakdown, particularly if Britain and the United States continued to experience difficul-

ties with their balance of pay- dividual country to change the

ments.” Mr. Stuart said the recent 10

will require more international monetary movement and a pos sible new form of international reserve asset.

RESERVES DOWN

“Although world ~ productive capacity and trade have contin: ued to increase, the world mon- etary reserves for the financing of this trade have in fact de clined, for the first time in many years.”

A basic problem is to get a country to adjust its domestic economic policies and exchan rates when its relative interna- tional competitive strength changes, Mr. Stuart said.

“It is difficult to get an in-

international value of its cur-

multilateral trading rules at the Geneva trade conference, while the appearance of new protec- tive measures in some countries jand the continued strength of regional trading blocs weakened world exchange opportunities.

CITES €HALLENGES Domestically, Mr. Stuart said there are two major challenges facing industry. was the decline in Can- ada’s trade surplus because of imports of new capital goods purchased for icdustrial expan- sion, The favorable balance was reduced to $2,000,000 by the end of July compared with $383,000,- 000 a year earlier. , Secondly, industry had to en-

of progress in efforts to develop,

The Guardian, Charlottetown. Thurs. Oct. 21, 1965. 17 |

with the United States who are jobservers waited for some 0 very anxious to work out ar-| minutes, then came out of the rangements by which some of shelter. At this point the mus- our water resources are moved |sile exploded, killing 300 peopie, down south,” Mr- Pearson said.| .ong them the commander of

jthe aceident occurred in the fall Secret Weapon In Russia Blows, Paper Declares

|test the weapon in time for the ‘October revolution anniversary, | The Russians announced Oct , 1960, that Nedelin has been killed in an air accident. ‘ Penkovsky’s secret reports LONDON (AP) — The Guar-jare being published next month. dian says former premier Khrm |Zorza apparently got an ad- shchev’s vaunted secret weapon |vance look at the reports, which blew up in 1960, killing Marshai | were made to British intelli- Mittofan I. Nedelin and 300 oth- gence and the U.S. Central Iu-

ers. ‘telligehce Agency. The secret weapon abovt which Khrushchev boasted was MAINTAIN TROOPS‘ a missile with a. nuclear propel- lent, Victor Zorza, Communist! CANBERRA (Reuters)—The

affairs expert of The Guardian jestimated cost of keeping Aus-

reports. tralian troops in South Viet Quoting secret reports of Oleg|Nam in 196566 is 21,486,000

‘of 1960 as scientists rushed w | Se

Q.

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aSNOW AINSIN

THERE'S A MISTAKE ON THIS BILLIE. J

7.35—Farm Report 7.41—Morning Roundup 7.45—Island Wr. and Mar. Temp. 7.46—Sports Capsule and Score- board 8.00—News 8.11—Weather 8.15—Morning Roundup 8.45—Weather 8.50—Atlantic News Roundup 8:58.45—Thought For Today 9.00—CBC National News—CBC 9.11 -Preview ‘Commentary—CBC 9 16- Notes and Music 10.00-—News and Weather 10.05—Notes and Music 10.40—Mr. Co-op Program 10.50—Notes and Music 11.00—News| and Weather 11.05—News and Views on Groceries 11.20—Notes and Musit 11.30—Montague ‘Entertains 31. 40—Notes and Music 11.45—Bulletin Board 11.50—Notes and Music 11.55—Atlantic News Roundup 12.00—Weather 12.05—Town and Country Time 12.30—News and Weather 12.45—Town and Country Time 1.00—News and Weather 1.05—Town and Country Time 1.15—What's. On Tapp—CBC 1.45—Town and “ountry Time 2.00—News and. Weather 2.05—Mostly Music 3.00—News Headlines Weather 3.03—TrargeCanada Matinee—CBC 3.30—Top# In Pops 4.00—News Headlines and Weather 4 03—Canadian Roundup—CBC 4 10—Tops In Pops 5.00—News and Weather §.05—The Outports 5.25.20—Marine Weather 5.28—The Outports 4 00—News-and Weather : 6.15—On Parliament Hill—-CBC 6.20—Today’s Edjtorial—CBC 7” 6.25—Sports Parade 6.30—Business Barometer—C8S 6 35—Tonight’s Music 7.00—Back To The Bible 7 30—News and Weather 7.46—Red Cross Program 8.00—Assignment—CBC 8.30—Tonight’s Musie

land

or anything else . . . and one

112:03—Sports Scores, Inland and | : \ herine Weather jday we'll find out how impor |

“CONTRACT BRIDGE |

By B. JAY BECKER ;

tract and the opening lead were |

| : 4 South dealer. PWSPWDJ ZPW DEW o2DCrZ oO Both sides vulnerable, the same. East took the ace of | : Q

diamonds also, but here came HPXHWPDB XU SPZB EZFPJ.— NORTH a parting of the ways. | QJ East realized that if declarer REZPOWSJ VFRLWQJ 9QI108 had both missing aces as well as Yesterday's Cryptoquote: MIDDLE AGE: WHEN YOU BE- Tet the king of hearts — they were, Gin TO EXCHANGE YOUR EMOTIONS FOR SYMPTOMS.— @K5. all cards which South was like- COBB me WEST . RAST ‘ly to have on the bidding—the | bree @K10862 49754 ‘contract could-not be defeated | = (© 1965, King Features Syndicate, Inc.) Si SArss iby giving West an ageepe : ‘diamond ruff. This line of . : #00742 | ais fae Gould lead to ony three | OUR BOARD!NG HOUSE MAJOR HOOPLE SOUTH tricks. | . 5 oss East knew also that South’ We eal LL, SAKE THAT var ur’ hearts—he had bid » SAKE, NOW $9738, [tke tit” amondantr—and) mat (QM: MST A oRaN! QO HEN Se) eke nave ST + 83 West therefore had two hearts. <i ove on mE! BuTIE T GOTTA SNe yp \| WE SAY ANOTHER $25 The bidding: | There was consequently mo urge- (CARD GAMES, POOL AN EVERYTHINS 2 FOR MY EXPENSES @ South West North Fast |Mcy about returning a diamond [yay aucan (7 AIN'T WORTH IT! TLL AFTER ALL, 1 00 1m Pass 14 Pass ~|for West to ruff, since this could IVE YOU BACK YOUR HUNNERT<<— HAVE AN INTRICATE 1@ Pass 3@ #£Pass be done just as effectively later [Jes CALL OFF THE PACK YOU'VE PLAN WORKED OOT/ 49 jon. , wae HAD HOUNDIN' ME J—————— “aja.| Accordingly,. at trick two, Resse ee ing leed—eight ” of_ dle les returned a rag hoping | a ; ; = | "This hand occurred in a team |‘ find West with ae j sibly the ace.) uth had no| jmatch. At first table the bid- choice but to findese, and wi |

ding went as shown and West)

led a diamond. East took the aed catieuad on king | eight wre the 3 a — Declarer won the spade and “Dorp - the falancarp, “East Stach the ‘ake. aot Soe was able to read the lead as 4. delayed diamond retura sow de singleton and returned a dia-'feated the contract one trick. mond which West ruffed. West; What stands out in the hand, could not now make any lead |is that it is simply not enough | jthat would defeat the contract.’ for a defender. te analyze art Actually, he led a club, and ner's lead as a singleton and Seuth had no rouble ~“ckirg | snontaneuosly return the suit. four after On out the ace of| The hand jirst has to be «.- hearts. mmy’s took care of the theoretical spa-'the impulse to return the suit. de loser. |In bridge you can’t afford to, At the second table the eon- play now and think lates

a oi

diamonds | in its entirety before following ;

comseiael DAILY CRYPTOQUOTE — Here’s how to work it: AXYDLBAAXR is LONGFELLOW One letter simply stands for another. In this sample A is used for the three L's, X for the two O's, etc. Single letters, apos- trophies, the length and formation of the words are all hints. “Each day the code letters are different.

A Cryptogram Quotation

\ Tuey

A\ SETT 4 eer gE

WaNsV 1.7

as in Wak ncy, particularly in an up-|sure strong domestic and export|Penkovsky, a Russian sentenced |Australian (about $3,500,000) nation talks a es ~—- non| Ward. direction even when the/demand to keep rapidly ex-|to death in 1063 for spying for|the prime minister, Sir Robert the question i a" the change is warranted and would,|panding productive capacity op-|the West- Zorza says: Menzies, said in reply to a seem to emphasize Conlin fact, reduce internal infla-jera fully, The recent trend| ‘The countdown went accord- question in Parliament. This is i rowth of world trade ” | 7 tinuing tion. ard an apparent inflationary |ing to plan, but the new missiie|in addition to the cost if the The recent- slowing in the al could sriously damage |failed to leave the ground. The |troops remained in Australia. ge N THE [Riese of tog world oye Canada’s competitive strength about or three cent| both at home in . O AUR lost 3,20 pe cent | bot a home and in overweee| RIPLEY'S BELIEVE IT OR NOT sateactes a . Cepetoping While the recent $450,000,000 ; _ i countries who depe: avily on|wheat sale to Russia would help ks ha The following program lst- |tneir export earnings and who|the balance of payments situa: my ings are published free ef |labor under adverse terms of|tion, the year-end deficit on charge as a public service and trade. current account was expected to appear as presented te us by __ There was a discouraging lack/be well over the 1964 figure. > the stations concerned. @ THURSDAY PROGRAMS Bs .. ¢ | 2 1.30 p.m.—Musical ~ . A 2 2.00 p.m.—Film Festival | | 2.30 p.m.—Today At Home | 3.00 p.m:—To Tell The Truth i 3.25 p.m.—Take 30 8 B y 4.00 p-m.—Moment of Truth ' 4:31 ee ee KETCHIKAN. Alaska (CP)—| Mr. Laing said he was refer ‘ oe Oe et The. United States should not| ring to the North American Wa- 400 ep EI. Credit Union (30k & Solution to its water|ter and Power Alliance, a $100, mn ee Abas Mimo sources by looking ‘‘suddenly at 000,000,000 project’ to provide x oan ae Aaa |Canada as a potential source of |the western United States with 7.00 p.m.—CFCY TV News unlimited quantities of fresh wa-|Canadian water. : Political Telecast ter which can be tapped at any ae Mo oneme. basin ic pa nts The |“ime.” Northern Affairs Minl-/Los Angeles and New York, in- “< Deisios ster Laing said here. volves the collection of water 8.00 p.m. —Shannon . from rivers in British Columbia, 8.30 p.m.—The Law & Mr. Jones 7.45—Program “Schedule the Yukon and Alaska which 9.00 p.m.—Seaway 8:58—News Headlines and Weather ee drain into the Pacific and 10.00 p.m.—Freetime Political 9.00—Citizens’ Forum—CBC retic oceans. Liberal 9.30—Winnipeg Pops Orchestra— Trapped in giant reservoirs, | 10.15 p.m.—Freetime Political cBC water would be channelled’, of Hanley, England, ' P.C. 10.00-C8c - News, on Par. through a veries, of lifts un tun-| WAS a UL fr gp AP ag SHENG A SALVATION, Ay HYMN, | I BAKED ITAT HOME? \ . ( I'LL TELL YOU Memeo! 10.30 p.m.—Telescope e ing Personally — nels ocky ountain WHEN ROLL IDER HERE “rN. 11:06 p.rac—-Alfrell Pitcheock Hour CBC french. It would form a $00, .cAND THE GROUND SUDDENLY OPENED BENEATH His FEET NOT BAD, HUH = IT'S MY eee ‘12.00 p.m.—CBC TV News 9:16-A.M. Chronicle mile lake from Prince George,| SWALLOWING HIM UP! HOLLAVD WAS NEVER SEEN AGAM ([pec.2903) COOKING CLASS Home: / (QI TASTE IT 12.13 a.m.—Local Weather and Sports | 10.30—Variety Showcase—CBC B.C., to Libby, Mont. ee : , z 5 a.m.—Sign Off : gages Oe cs avo meeting of" the Aik sate} DAILY CROSSWORD 5 THURSDAY Chamber of Commerce, said the ACROSS DOWN 14. Soreness MAGEERAMASE | > 9.57 a.m—Station Sign On flooding of extensive areas of} 1. Frighten \. Place or AMRAR ASNHM 10.00 a.m.—National Schools 6:00—The Morning Show, Pert 1 (Canada “‘in itself, is undesir-) 6. Marks of under anguish ACM EAmvial | os 10.30 a.m.—Nove Scotia Schools oo nee Ferguson able.” wounds water 16. Mills Ele Kw) «(MIP IL fers rm 11.30 a.m.—Friendly Giant oii =~ “Even {8 some return ac) 11-Of a 2. Wood pre for STALE MIVIR IL) | all 11.45 a.m.—Chez Helene +} Commentary : crued to Canada from _ this city servative _ grinding 12.00 p.m.—Butternut Square ioe aa With Music scheme, it may not be as bene- 12, Test 3. Incite grain 2.20 pm.—Across Canada tie ‘ficial to the nation as the estab- a Vegetable 4. Rodent 18. Attempt White Corridors Mer tg ee ne \lishment of local industries and) - |," bisa 5. Plural 20. Swiss 2.30 p.m.—At Home With Heler Use 5—For ~~ ia local population to use the Y ny ending river RIOISISMMOIKTATS| : peg oon : ape Mae — ~|same water -in~Canada:*—-—-|--3 Ts oak ~ stir 21-Beast— 3 Serer . 3.09 p.m.—To Te ru ~ | : : - Hoisti E Yesterday's Anew: 3.30 oon tae Thirty 11.45—Two Far A: Quarter [AWARE OF VALUE against ace sis thane aN _ ~ 400 p.m.—Moment of Truth 12:00—Jamboree Junction | “We are becoming more and| 17. Verbal 8. River in . “@nimals-—--32- Wet 4.30 p.m.—Magic Boomerang 12:15-Boy Meets Girt ‘more aware of the potential ending France: 23. People of 33. Withered = 5.00 p.m.—Atom Ant 12:30—Maritime Farm 8'Cast 'value of this tremendous re-| 18. Group of poss. Viet-Nam 34. Lime tree 5.30 p.m.—Toytown LTV 1,00—CBC News and Weathe- jsource and it is certainly not; 19 eure ! ®. Biblical 26. Roulette 35.Eat dinner | = 6.00 p.m.—Supper Club _1,15—The Alex Read Show our intention to dispose of it) 55° y) lowing term of bet 37. Queen of oO 6.15 p.m.—TV News 1:45—The Open Road Show without first investigating all aU Renkins reproach _—29. Spicy fairies Zz 6.25 p.m.—TV Weather 1:59—D.O. Time Signa: alternatve uses and assessing! “9,'x «0. Weaver" 30. Medieval 39. Exclama- 6.30 p.m.—TV Sports 2.00—The Open Road Show which may be of most beenefit.” "4 veer reed helmet tion m 6.35 p.m.—Supper Club 2:45-—Stories from the Common- Much of the water shortage 7 pats Movies wealth problem in the more densely| <“" pig : > -----Run-Silent, Run Deap...| 200--CRC News = populated. parts. of -NorthAmer-~; tashian oe 9.00 p.m.—Seaway ee 3:03—Trans-Cana a Matinee ica could te solved by adequate | 2 bidet 2 _ 10.00 nate 1“ Political — Se ct planning and control. eee: a ib. — F.C. 3 anagien oundup : a “In particular I am_ hopeful Dreyfus 11500 en wee N a i pg that the densely-populated te- court 70 550 cui West : ee : igions will realize how valuable martial en eae We oh eons. See Seer lircsh water can be, and per-| 30. Accumu- SS said aigieten oo Sse ipo aL sia ‘haps take more rapid steps to-| late CERTAINLY, yc tal Sa oe ee ‘ward controlling pollution and) ‘31. Father $i2! VO YOU HAVE 12.20 a.m.—Lionel Television News 6:20—Today’s Editorial ose nae ! egy reclaiming many of the fresh, 32. Confine: 44 ANYTHING TO 12.30 a.m.—Station Sign Off 6:25—Inland, Weather and Sports lakes and streams that! rare LIKE TO PUT UP AS Scores ; lane already been severely 35. South Sas- ROW A % SECURITY F CFCY RADIO 6.30—Business Burometer—* idamaged.” ats coe katchewan ; THURSDAY Sta ae Friday Prime Minister Pear-| Fete tae z ‘ecnchiameieln 'son said in a television broad- ee: S 6.30—News and Weather : : cast that Canada must be care peed a oo 6.35—Morning Roundup ee eee a ful ‘not to alienate this great) 2: Fitting wo 6.45—Island wr. and Mar. Temp. | 9:00 -CBC. Strings | ithout taking care of 3: Slush = .46—Morning Roundup 9:30—Winniveg Pops Orchestre ae ee out g | 38. Bay 2 6.55—News and Weather 10:00—CBC National News. on ea Sorti n rs the United | window 7.00—Hebrew Christian Hour Parliament Hill and Speaking! Exporting he ait ae th most | .39. Workers 7.15—Morning Roundup Personally kat develeomenia th earl ee 7.30—News and Weather 10:30—Bert Devitt Show jimpor thik ve a be . ti aI field 7.35—Farm Report 11:30--Concert -Hour merce atta wheat roger 40. Fur skins 12:00—CBC News jtant as exporting , 41, Fat sn =

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BUBBA, SEE IF GRANDMAS STILL ON THE PHONE, I WANT To USE IT WHEN SHES

|

vuioolWvd 30r

BUT THIS TIME, KEN |S SURPRISED ASA GUARD ‘JOINS THE TACKLE _ TO KNOCK HIM OFF HIS FEET...

AND COVE |S HIT FOR A TWO- YARD LOSS.’ CENTRAL HIGH ON DOWNS!

OKAY ! ONGE MORE AND I'LL BE OVER FOR THE T.D./

Ai PLAY CALLED 12, UP THE RIGHT”

AH THINKS WE. WHOMPED DON'T PHYLLIS UP TOO MANY BOBBY worry \{ DILLERS \( PORKY PIG KENNEDY KiGMiES!! ) (TH DEMAND |) HUSBAND /} WANTS ONE. ‘|

» 'S SHORE ) WANTS ONE \ LIKE BUGS IN A PLAIN BUNNY!