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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 10, 1974, Lethbridge, Alberta April 10, LETHDHIDUC The Herald Business WESTERN OILS AND MINES Alton Albany Alta East Ga? Almmex Asamera Ashland BP Canada Brenda Mines Cda South Cdn Ex Gas Cdn Homesld Cdn Ind Gas Oil Cdn Long Is Cdn Super Chieftan Dev Dome Pete Dynasty Fort Reliance Giant Mascot Gibraltar Mines Gl Plains Gl Cdn Oil S Lochiel Ex Lyllon Mm Noble Mines North Cdn Oil Numac Pancdn Pete Pan Ocean Petrol Pinnacle Place Gas Ponder Ranger Oil Scurry Rain Seibens Spooner folal Pete Ulster Pele United Canso West Pele West Decalta MISCELLANEOUS INDUSTRIES Acres Ltd Aquilame BC Sugar C Pld Block Bros Cdn Pac Inv A Pld 0 Keefe A Pld Carhng O Keefe B Pld Comm Cap Corp Creslbrook Ind Crowsnest Ind Falcon Copper F and M Trust Co Genstar Home A Home B Hud Bay Co Hud Bay Oil Hud Bay A Pld Hugh Russell C Ptd Husky Oil Husky Oil B Pld Husky Oil D War Husky Oil E War Interprov Pipe War Inlerprov Steel Pipe Kaiser Res Kaiser Res War Lobiaw Co C Pld Magnasonics Pacific Pele Pacific West Air Pe-Ben Oilfield Serv Rainier Inc Royal Trust Sandwell Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Dougherty Limited Teledyne Trimac West Cdn Seed Westfield Mm Weston A Pfd White Yukon PIPELINE STOCKS Alta Gas Trk A Alia Gas TrK Pld Alta Nat Gas Gaz Metro Gaz Metro A Pfd Inland Nat Gas N and C Gas N and C B Pfd Pacific Gas Trans Trans-Cda Pipe Trans-Cda A Pfd Trans-Cda B Pld Trans-Cda Pipe War WC Trans WC Trans War CALGARY Acroll Barons Oils N Continental Western Warner VANCOUVER MINES Atlas Explorations Bathurst Norsemmes Dankoe Davenport Dolly Varden Equnonal Res Lornex Northair Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Columbia Brewing Key Industries Wardair OILS August Petroleum Flams Pete Ponderay Explorations blainpede Intl Res MUTUAL FUNDS All Cdn Compound 6 16 All Cdn. Dividend 646 All CrJn Ventures 330 Amer Growth Fund 4 46 A G F Special 2 32 Cdn Invest Fund 4 83 Collective Mutual 4 97 Comnwllh Inter 1348 Comnwlth Leverage 3 19 Comnwlth Venture 5 80 Corp Investors 6 12 Corp Invest Stk Fund 4 65 Dreytus Fund US 1023 Greal Pacific 4 61 Gip Income Shares 292 Growth Equity 7 09 Invest Growth Fund 11 76 Investors Mutual 5 63 Mutual Accum 5 99 Mutual Growth Fund 3 00 Ndl Resources 4 73 N W Cdn 5 31 N W Growth 4 49 Principal Growth 4 31 Provident Mutual 7 23 Hoyfund 6 65 Templelon Growth 7 45 United Accum 4 41 Univesl 5 70 Vanguard 582 750 55 6.75 6.62 Vi 2200 14.87V, 675 445 320 600 9.25 19 925 3625 1025 24 1 70 2950 900 235 1 38 80 490 16.50 1250 1300 1 85 38 40 55 38 2675 17 12', 35 1.22" 20.37 v? 550 687', 1000 2862 1250 365 3275 2225 2600 305 850 2700 11 75 550 1900 5000 4687' 1875 4250 50 12' 7600 21 25 3750 550 8 75 525 16 12' 385 1 84 2600 280 2800 825 575 3 75 2650 6 50 4.30 7.00 390 1 33 5750 6.78 12.50 63.75 1875 6 6400 1350 21 00 3225 3650 480 22.37V, 335 50 09 02 42 34 1 48 2.70 80 .34 14 800 335 08 .12 253 775 280 12 1 75 42 20 1 00 75 670 7 02 359 4 90 530 546 673 5 11 11 21 504 322 7.79 12.85 6 16 658 329 520 584 4 93 4 73 7 91 693 760 485 627 6.39 Toronto mines, industrials (Supplied by Richardson Securities of Canada) MINES Acme Advocate Asb Akailcho Bralorne Broulan Bethlehem Bovis Brunswick Can NW Land Canada Tung Cassiar Central Pat Chimo Conwesl Cons Rambler Com Lake Cochenour Craigmont Dickenson Mines Denison Mines D Eldona Dome Mines Discovery Mines East Malartic East Sullivan Falconbndge Frobex First Mantimes Gianl Y K Granduc Hollmger- Bay MSS Hydra Ex Iron Bay Iso Joliel Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R L Malartic G F Martin McNeely Maclntyre Mela Midnm Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgale Norlcx Pine Point Placer Dev Pax Exp Quebec Man Rayrock Radiore Rio Algom Roman Corp Sherntt Gordon Steep Rock Sunnmgdale Tek Corp A Texmont United Canso Western Mines WH Cooper Mines Wright Hargreaves Willroy Windfall Yellowknile Bear Zenmac TORONTO INDS Abitibi Alcan Algoma Steel Atco Ind Jamach Agra ma Bell Tel Brasco A BC Tel. Burns B C Forest C Sugar 00 Valley 1 75 1 75 13 1 5 7 37 W N Gas 1 1 9 25 46 25 166 2 00 Mobile Cdn Oil 75 Lakes Oil 37'? 1 4 35 1 12'? Group Douglas 8 87 1050 "A" Metropolitan 1300 Jo 45 62 00 34 21 1 and 1 37'? 32 14 00 11 87 1 1 fl O of 00 Group Mtn Can 1 62 4 Cdn 7 62 10 17 19 NEW YORK Amr T 4 T Anaconda Belh Steel Chrysler Comsal Duponl General Motors Gulf Inl Harvester Kenn Copper Montgomery Ward Sears Exxon Texas Gull Texas Co Wix Corporation New York (Supplied by Richardson Securities of Canada) STOCKS 26 33.00 34 37', 171 50 50.37', 22.50 26.75 3950 23 8287V, 8075 31 50 13.87V, Woolworth Westmghouse Elec 1900 US Sieel 41 75 Gen Tel Elec 23 75 TORONTO AVERAGES 20 Industrials 208 87 down 1 70 20 Golds 535 50 down 1290 10 Base Metals 96 70 down 1 52 15 Western Oils 249.21 dcw.i 85 Volume NEW YORK AVERAGES 20 Industrials 850.98 up 4.14 20 Rails 18256 up 15 Utilities 8841 up 21 65 Slocks 266 99 up 98 Volume Telephone firm trying to avoid rate increase MONTREAL (CP) Bell Canada's top executives said Tuesday the company will continue to need new funds to maintain services as long as inflation persists, but they are investigating ways to avoid Lougheed explains export tax EDMONTON (CP) Extension of the federal export tax to cover refined petroleum products is a complement to the crude oil export tax, Premier Peter Lougheed said Tuesday. Mr Lougheed told Art Dixon (SC Calgary Millican) in the legislature the purpose of the crude oil tax would be defeated "if you are going to allow the refining of oil here and then have it shipped across the border." The tax was placed on oil exports to protect Canadian prices and to make sure that American consumers paid world prices for Alberta oil. the increasingly-frequent requests for rate increases. Large portions of the speeches to shareholders pre- sented by Bell Canada's two top officers at the company's annual meeting dealt with rate increases. Robert Scrivener, chairman of the board, said at a news conference he could see no end to the company's need for new capital under current circumstances. "Inflation is more than we can absorb through productiv- ity, so there is no end to rate increases as long as we have inflation That's the way it has always been." A Jean de Grandpre. Bell Canada president, questioned the method by which the com- pany obtains new funds: through formal rate-increase requests to the Canadian transport commission. "To avoid these frequent and damaging confrontations before the regulatory commissions, we have been researching a variety of suggested formulae for semi- automatic adjustment of tele- phone rates, up or down, by some cost-related he said in his speech to share- holders. One such formula involved increasing telephone rates an- nually by half the rate of in- flation. advised to review General alarm fire A fire starting in a grain elevator and fanned by high winds caused dam- age at between and million in the southside industrial section of Grand Junction, Colo., Tuesday night. All avail- able fire equipment re- sponded to the fire which took three hours to con- tain. Firemen were aided in their fight when winds of up to 50 m.p.h., that had been blowing during the evening, died down. Albertan named to top post WINNIPEG (CP) -Ronald S Ennis, formerly Winnipeg grain trader for Bunge Corp of Canada Ltd. has been named president of the Winnipeg Commodity Exchange, effective May 1. Mr. Ennis, 40, succeeds Dr. Thomas Mohide, who resigned the exchange's top executive post nine months ago to become director of mineral resources.and mines assessor for the Ontario government. Mr Ennis, a native of Alberta, has been active in the grain trade since 1956. Prior to joining Bunge Corp. a year ago, he was sales and traffic manager for the Alberta Wheat Pool. oil self-sufficiency goal Beer sales TORONTO (CP) Canada should re-examine its goal of oil self-sufficiency in the light of economics and trade relations, an official of Great Canadian Oil Sands Ltd. said Tuesday night. Howard Maxwell, adminis- trative assistant to the con- sortium's president, said oil self-sufficiency is conceivable if progress is made in developing Arctic reserves and the Athabasca oil sands. But it should not be pursued blindly without careful exam- ination of the'effects on eco- nomics and trade, he told a meeting of the American Society of Lubrication Engi- neers. Also, if the price of foreign oil drops below the Canadian price, "what differential is Canada prepared to live with to maintain It was questionable whether Canada could economically develop the Athabasca oil sands and Arctic reserves by depending only on the needs of the domestic market. "There must be some recog- nition that export markets will almost certainly be necessary to the realization of the self-sufficiency goal." If frontier reserves and the oil sands are not developed quickly, Canada will fall short of the self-sufficiency goal in less than a decade, Mr. Max- well said. register increase Domestic beer sales increased by 6.7 per cent in 1973, the Brewers Association of Canada said Tuesday. In a news release, the association said the per-capita consumption of beer rose to 18.5 gallons last year. This was low compared with countries such as West Germany and Czechoslovakia, where annual per capita consumption is 32 and 31 gallons respectively. Oil industry to contribute to Beaufort Sea studies OTTAWA The oil industry has agreed to contribute million of a 5 million joint government-industry environ- mental assessment program in the Beaufort Sea, to precede offshore drilling in mid-1976 in that part of the western Arctic. In making the announcement Tuesday, Northern Affairs Minister Jean Chretien said the money being supplied by 18 companies in the Arctic Petroleum Operators' Association (APOA) would be used for 21 separate environmental studies in the Beaufort Sea. Federal government officials said that Ottawa will be managing the joint effort and will be contributing another million, including of new funds and use of the research submersible Pisces IV, its tendership Pandora II and a leased re- search vessel, the Theta, for the two-year environmental assessment. The industry contribution is almost double what APOA had originally offered million) earlier this year. That was before the federal environment department late in February was turned down by Treasury Board in a request to get some million in extra funds for the crash environmental research, to allow offshore drilling tu start in 1976. With the majority of the funds now being provided by APOA, a group of 18 companies holding permits to explore for oil and gas in the Arctic waters, the en- vironmental assessment will be able to go ahead "pretty much as originally federal government officials said yesterday. There had been some concern in government that Treasury Board's refusal to provide the extra funds to the environment department would result in a much- reduced pre-drilling envi- ronmental assessment program. The formal contract for the industry contribution and studies is expected to be signed by APOA and Ottawa next week. Some of the research is just beginning and most of the research will be underway by "open water" season in the Beaufort Sea in June, officials said. The Geological Survey of Canada has estimated there are 6 billion barrels of recoverable oil and more than 90 trillion cubic feet of recoverable natural gas in the Beaufort Sea-Mackenzie Delta offshore area, with half under the Beaufort Sea. The environmental studies will cover the effects of oil spills on Arctic fish, marine mammals, and other wildlife; and will include measurements of meteorology, physical and chemical oceanography, assessments of ice distribution, and oil clean-up. Sharp declines in TSE market prices continue TORONTO (CP) Prices on the Toronto stock market were sharply lower in moderate mid morning trading today. The industrial index, widely-baseu indicator of market trend, was off 1.51 to 209.06, base metals 1.36 to 96.86 and western oils .24 to 249.82. Golds rose 5.13 to 555.63. Declines outnumbered ad- vances 182 to 102 with 198 issues unchanged. Volume by 11 a.m. was 000 shares, down from 1.08 million at the same time Tuesday. Some industrial mining shares were lower following announcement in the Ontario budget of higher taxes on the industry. Inco was off 1% to Noranda A to Texasgulf to and Fal- conbridge Nickel Vz to Denison Mines lost 1 to Kerr Addison to V2 and Roman Corp. Vz to Universal Gas was down 25 cents to and Western De- calta V8 to Aquitaine rose to Al- can to and Moore Vs to Mindamar added 30 cents to East Malartic to and Quebec Sturgeon to United Canso increased Vi to Peyto Oils Vs to and 'Canada Northwest to Chicago markets CHICAGO (APt Silver futures again came under liquidating pressure on Ihe major exchanges in the United Slates Tuesd.iv The decline m distant New York siher options in the last lour sessions has totalled nearly 65 cents an ounce Copper futures, which had declined over several sessions with silver advanced nearlv 500 points, while collon lell more than a bale and and wool prices were irregular Cocoj was higher while world sugar was uneven Corn o.its and sovbeans advanced to limits allowed lor one-session on the Board ol Trade and influenced higher prices lor sovbean and oil l.ivo cattle and hog lutures. shell ciigs and poik bellies closed lower on the Mercantile (exchange Bu.ung ol grain lulures was strong on the opening bell while most opnons closed I.I to 18 cents higher diain quotations Tuesdav Wheat 4 2ti. Jul 3 99. Sep 4 02 Dec 4 05 Corn 284 Jul 2K7'i Sep 2 HI1.! Dec 2 48 Mar 2 Oats Mav 1 20'j Jul 1 24 Sep 1 2h' i Dec I Mar 1 'W'j Winnipeg grain WINNIPEG ICP) Futures prices continued to push higher at mid- session on the Winnipeg Commoditv Exc hange Flax nas up the .10 cent a bushel in all months However ollcrmgs eased and volume turned lower from an active start in the session Livestock Calgary CAl.CAHY iCI'i Heceipts lo II a m I mm the jiulilic totalled about 600 head slaughter steers Ti adc was stiong uilh a good demand Slanglilcr steers sold S2 SO lo Inglici with sales 10 41) There ivcic uiMilliciciii hellers sold earh lo csl.ihhsh a markcl Cows sold Hilh viles lo Mrc-is Al and 2 W lo 50 10. A3 47 SO lo 4li 7r> Cows and 2 .'14 lo 50 .12 in 27 In .il fill Tlicie ncic insullicienl replac emenl i alllc in slock calves sold lo establish a markei loh Calg.iu (o II .1 m .ueiagc II.IM- pi l( e yi7 lr) The public livestock markel he closed Coinl Fndav and will he "pen I'sual lacililies lor handling hicslock will he provided at ,dl IMIK s Rapeseed prices were up Ihe 20-cenl limit m both Vancouver and Thunder Bav lutures in a sieadih active trade Hie prices ranged between three and 8'j cenl.s higher mil: volume increasing Inwards mid-session Tuesd.n s volume ol Irade was 1 309 000 bushels ol flax 894 000 ol rapeseed and 717 000 ol rve MIIJ-SKSSION I'KK'KS Mai 30 higher V 42B. .lull TO higher 879'ilJ Gel 30 higher 8 19B Noi 10 higher 7 Hapeseed Vancoui ei June 20 higher hlS'i Sepl 20 Inghei hOIH Nciv 20 highei 5 85 .Ian 20 higher 5 53M Hapcsccd Thunder Bai Mai 20 Inghei MIOH lulv 20 higher 5IMU (hi 20 highei 581'Ji Nov higher 5 85H Dec 20 Incjllei 5 6011 Kic 8'j higher .lull B Inghei 254 Oc-l higher 244'jB Dec- 3 higher 2 .19H Gi.nn basis I.akeliead M.u HiRh Lou Close Hog prices KDMONTON Average lo ,i m Wedne.sdav provided IM I hr Allieila Hog Producers M.nkcling Hoard pnc-es in els Kilinonlim .17 05 i.lh 12> .17 15 (.17081 Hed Deer .1705 i 11, 891 di.inilr I'l.nne Mil i15 89i I loulminMci CKi Mil 95) l.clhblidgc Nil l .11, 54 l l-'oil M.icleod Nil l ih !5i Hogs sold lo II a in 225. [ Tiiescl.ii .iver.ipe .'IK 78 Sows .ivciano 27 25 Currencies MONTHKAL (Cl'i VVedne.sdd.v's, niid-d.iN loreiRn exchdnge .selling rates supplic-d In (he ol Montreal Bermuda dolldr 1 02 China renminhi 4970 Dennurk kroner IB20 l-'r.mcc' 2055 (ieimanv nidrk 3825 ll.ih lirj 001585 Japan 003540 Mexic-o 0800 Spam peseia 0168 Iranc .1210 1'niled Stales dollar 9705 I'niled Kingdom pound 234 I'SSH ruble 1 252.i Quotcjlions in Canadian funds 912 885 912 840 817 i Ocl 789 757 V'V 7b7 IMi 7h7 Rapeseed Vancouver .Mm 595-1 580 i 595 'i Sep 581 581 Nov 5h5 557 5h5 Ian 5'fl 521 5T1 Rapeseed Thunder Bat 580 5tiO 5811 .IK Ocl 544 Shl'j Nin 545 5h5 Dec 540 M.u 255 241% 255 .IK 24li 232 i 24B Ocl 239 Dec 23fi Market MONTREAL (CP) Prices in all sectors moved lower in moderate trading on the Montreal Stock Exchange todav Volume at II a m was 413.900 shares compared with 1.028.300 al the same time The industrial index fell 1 92 to 233 36 the composite 1411 to 216 95 banks 54 to 269 73 papers 17 lo 129 55 and utilities l.'i to 140 80 Denison Mines lell to Dimensions H to Fdlcunbridge Nickel 'j lo and Hudson s Oil and Gas to while Thomson Newspapers rose to MO Among speculative issues Silver Slack Mines rose lour cents to 77 tents on a volume ol shares traded U'l'i Prices were down Tuesd.ix m lii'hl ir.nlimr ..n the Vancoum Slock Kxihange Volume al Mil1 (lose was 1.617.759 shares On (hi1 Industrials hoard Nevunark Resources was down II al M .ill on a luiniiMT til IB shares Jolk Jump- ei was down HI lo si 20 on H 500 "halt's. anlcrra Developments nise (12 In 32 on H 000 shares lilock liiollu-i" i use 05 lo V! 70 on H.tiOO shaie.s. IODP Industries lell 01 to 17 a'lil loiitiic was unchanged at 80 Musi ailnv issue m (he mines was .nisnliil.ited Heaumiint up 02 Jl )l on 1225X0 shaie-. Coralla Resources lose OH to W41. on 709.JO share-- Coasl siHer lell 03' t to 42'. on 12 500 share-. Cun.solid.iled I-in lime Channel was up 01 .il 40 on fl) tiOO sh.nos Hrenm.ic Mines ujs down (I! ,i! In the oils are.tis was down a hall i cm .il 1I'j on 4h (Kill share- KI-C 10 In t2 un -haic- Seneca Developments Ic" IK! lo si 10 on IT (HID share- Co Mining lell In 44 on 500 shares Dru'lupMienl wa-- up (II .il M II and UiM-npoii was up 01 al 111 NEW i VP. The -lock nun ket po-ied small gains in hading mlenupled lor 2I> minute-- rn an eiiuipmenl lailuie al Ihe New ork stiK k KM hangc Tniiihlc in data processing (au-ed .1 hall in trading 11 din 11 IN lo n m Hie exchange S.IKl 'Hie maikcl had lieen advancing Ci.idu.ilK bi'lurc (he hall and picked up at nun h Ihe same pace when arliuK i cMimcd The CM hangc said no I railing inhumation losi m the equipment l.iilinr The noon Dow .lorn- aveiagc ol wa- up 44h al R51 'ill and ing issues oulpjced de( lines aboul Vlo-'t on Ihe New "1 ork Slot k I-.M h.iniie Tin- exchange said (lie halt was Hie ln-l ol Us kind since ihc present cl.M.i- [it messing installed lasi vc.n 24-ini rune inleri uplion on it d 1 c'h 25 IM72. when another in use an Telephone and Telegraph w.i- ihc iiio-l unchanged II M8'.. 'I he s noon oinpo-iie index ol .ill n- Ii-ieil common -lo( k- w.i- up 18 m I'l an.uhan issues listed on the New 'icuk markcl Mean was up 'i to VIVi Dome Mine- 'j In Milnhic I'j in Mdssev I1 ClgllSOM 10 Dollar i( l-i l' s, dolljr m lei ins ni hinds al noon ilmui 150 al SO 47 7 "id Pound slci hnj; 2 I 10 al S2 4 5 In >oik Ihc anadian dollar lias up 1 ,n til 47 "ill round slci ling lias down 2 1 15 II-JCI -Canada-United States- Trade in Automotive Products 1965 1967 1969 1971 1973 Back to deficit After three years of Surplus trading in automotive products with the United States, Canada's position shifted to a deficit of million in 1973. In 1972, Canada had a surplus of million. The 1973 deficit resulted from an increase of 26.3 per cent in im- ports of automotive products from the U.S., compared with an increase of 16.4 per cent in exports. The imports totalled billion while exports were worth billion. LONDON (API Closing metals bid in pounds sterling a metric Ion silver m pence a trov ounce Copper-Spot futures 1 148 I 150 futures 785 Lead-Spot 2805-281 5- lutures 286- 287 695-700 futures 656-659 Silver- Spol 197 5-198 5. 3 month-; 202 5 203 Qold prices LONDON Closing gold prices in U S dollars an ounce London 173 25 fans closed Franklurl 175 55 Zurich 174 00 MI.IIK KIIIIK ifio 7i kilo ftcirui bM a Qold futures WINNIPEG KT) Gold lutures. II S lund.s Winnipeg Commodity Kxchange close Tuesday Apr 74 170 50A. ,llv 74 17605 Oel 74 75 19050K- Apr 75 IDA Monday's volume 44 conlracts futures Live beel lulures close Tuesday 45H, Jlv 5270B. Sep S37S. Nov 5140U Mondiiy ,s volume No conlr.icb, For 1 or 5 Year Term GUARANTEED SAVINGS CERTIFICATES IntcrMt payable monthly, quarterly, Mmi-anrtually or compounded lo maturity. Member Canada Deposit Insurance Cc'ooration Fm FARMERS MERCHANTS TRUST 308 7th Street S., Lethbridge Phone 328-5548 ;