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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 15, 1973, Lethbridge, Alberta Texasgulf mineral find one of wealthiest ever August 1973 THE LF.THBRIDGE HERALD 19 By GEORGE KITCHEN NEW YORK Early in a diamond drill bit through the muskeg covering a plot of land near and began grinding into an ore deposit owned by a relatively small mining company known as Texas Gulf Sulphur Co. Texas renamed and now known as Texasgulf not know at the time that the deposit would turn out to be ons of the wealthiest bod- ies of zinc and silver ever discovered. The area became known as the Kidd Creek the king- pin of the Texasgulf mineral empire. The company's total million in have soared to million as of June of this year. Its 1963 gross revenue from sales was million. In they totalled million. In the first six months of 1973 its sales totalled compared with million in the corresponding pe- riod of 1972. Net income soared from million in to million last year. Its outstanding shares in 1903 tailed 10 now they total 30.4 million. This is the multinational min- ing with operations spread over the North Ameri- can continent and which the government-financed Canada Development Corp. is seeking to take over. Its announced in Ottawa is to buy up to 10 mil- lion shares at a share. The stock promptly jumped on the New York Stock Exchange to about a share trom WOULD GAIN CONTROL The if would give the CDC more than 35 per cent of outstanding Texasgulf stock. Canadians now own more than 20 per cent of all Texas- gulf shares. The Kidd Creek discovery also got Texasgulf into trouble with the law and a costly series of lawsuits which ran through United States courts for eight years. It involved charges by some shareholders that a group of the company's top officers had vio- lated the securities laws by in- volving themselves in stock Wheat supplies for export down OTTAWA Wheat available for export by the four major shipping countries July 1 had dropped 43 per cent to 964.3 million bushels from the 1.7 bil- lion bushels available a year Statistics Canada reposed Monday. In its monthly wheat the statistics bureau said Can- Australia and the United States all had shorter supplies than the year before. Only Ar- gentina had more left for export 11 months into the 1972-73 ac- counting year for crops. Supplies in millions of bushe's at July 1 with comparable fig- ures for July 1972 in brack- Canada 445.5 'Aus- tralia 52.6 United'States 402.3 and Argentina 63.9 The 20-per-cent drop in Cana- dian supplies was accounted for mainly in increased shipment to China and Russia. China took Vacationers warned of tax hikes Travellers across Canada are not as hard hit this year by vacation tax increases as they were in other recent says CCH Canadian national reporting au- thority on tax and business law. The only exceptions are On- tario which raised its general retail sales tax rate to 7 per- cent from 5 percent and Sas- katchewan which reported a modest cigarette tax boost. There were no other increases in those taxes which affect ciga- rettes and gasoline taxes. The picture is not so bright across the border to the however. Here's a rundown of tax increases vacationers will face if they return to last year's American Arkan- sas California Colorado District of Columbia and Idaho Indiana Michigan Mississippi line and and South Carolina CCH cautioned that travellers should also consider that pari-mutuel and al- coholic beverage taxes imposed by states they visit as well as local gasoline and ciga- rette levies which lurk in many corners of the nation. SOME DAYS YOU JUST CAWT WIN EDMONTON There arc some days when you just can't trust anybody. The provincial cabinet this week had to come up with to replenish the bank account into which are paid the fines taken at the provincial judge's court in Calgary. It seems that on July somebody paid a fine with a counterfeit bill. The cabinet order-In council that authorized the lost bill to made up out of public purse said the incident not be traced to any ticular 146.3 million bushels or 30 per cent of all experts in the Au- gust-June Russia took an additional 140.1 million bush- els or 23 per cent. Last shipments to China totalled 97.8 million bushels and to 96 5 during the corresponding 11 months. Other maior importers of Ca- nadian grain included West Germany. Bangla- Pakistan and Peru. Total exports in the 11-month period from all four countries amounted to nearly two billion up 43 per cent from tUo 14 million bushels shipped be- tween and 1972. Exports in millions of bushels for the period with last year's figures in Canada 517.6 Australia 19S.7 United Stales Argentina 122 7 2V their own keeping the ore strike a secret. Ninety-two lawsuits were filed by stockholders who claimed they were put at a disadvantage by the operations of company officers at the time of the di covery. A million settle- ment finally was approved by the courts just a year ago. Texasgulf was originally or- ganized in as Gulf Sulphur Co. in Texas. In it became Texas Gulf Sul- phur Co. It now is one of the world's largest producers of sulphur and agri- cultural fertilisers. It also mines lead and cad- is involved in the pro- duction of iron ore and forest products and is moving into the production of tin and soda ash. MANY HOLDINGS it is in a nickel-cop- per sulphide project and in iron ore production'in sul- phur output in oil ex- ploration in Senegal and Ma- lagasy 'and gas production in the Gulf of Mexico. It is in the oil and gas busi- ness in the U.S. and mines po- tash in phosphoric acid in North Carolina and soda ash in extensive holdings in Wyoming. Despite its wide financial in- terest in the company has only one Canadian on its 11- 1 man board of E. Barren of president of Canadian General In- vestments Limited. The senior Canadian officer in the company is Walter in' charge of ex- ploration in its Toronto office. One-half of its employ- ees are most of them working in the company's Canadian properties. DISCOVERS ORE Texasgull has interests in sul- phur and other mineral re- sources in western British Co- lumbia and New Brunswick and large holdings in natural gas fields in Alberta. It owns 40 cent of a potash mines near Saskatoon and operates sulphur recovery plants at Alta.. and Windfall. Alta. A Texasgulf Ec- stall Mining is seeking minerals in the Rpbb Lake area of northern British Columbia. For some years the company explored a lead-zinc property on Baffin Island but later traded off its interest for Mexican properties. Good year ahead tor furniture industry MONTREAL Can- ada's furniture industry could lie heading for a record year in total value of factory shipments but the industry still faces pro- blems of hardwood supply and a shortage of the president of the Quebec Furni- ture Manufacturers Association said here. Roger speaking at the opening of the 1973 Montreal Furniture said factory shipments in the first quarter of this year are estimated at an increase of 27 per cent from the corresponding pe- riod last year. Total factory shipments last year were million and Mr. Rougier predicted this year's total will pass the K'llion mark. About retail buyers from across Canada and the United States are attending the market here to insoect the wares of about 250 Canadian manufac- turers and exhibits from the U.S. and five European coun- tries. Mr. Rougier said in an inter- view that the industry's biggest ELECTION DECISION RESERVED problems are hardwood costs and a manpower shortage. Hardwood prices have dou- bled in the last 12 he and costs of other raw materials have also increased. The industry was caught this spring with a shortage of hard- wood but the summer looks bet- ter and prices are stabilizing. Mr. Rougier said. About 20 members of the manufacturers mostly medium-sized are forming a consortium to buy hardwood in perhaps directly from woodlot operators. Manufacturers could turn to imports from Africa or South America Mr. Rougier but will also to try to find other such as using I more metals and plastics and reserving wood for exterior trim. Mr. Rougier also said biggest competitor is unsmplpy- ment insurance'' in describing manpower problems. At one time wages in the in- dustry were but he said they now are reaching a favor- able level with other industries. t But furniture makers must still I the young to work I with Guy Quebec minister of industry and com- merce who opened the urged manufacturers to im- prove their designs and knowl- WINNIPEG The Manitoba court of appeals has reserved decisions on two ap- peals of judicial recounts from the June 28 provincial j In the appeals of the recount results in the Winnipeg riding of Chief Justice Sam- uel Freedman announced the court's decision to reserve judgment after a recess follow- ing the conclusion of argu- ments by counsel for two of the candidates. New Democratic president Murdoch MacKay was originally declared the winner of the seat after a tie- breaking vote by the returning but the recount gave the seat to Liberal leader Izzy Asper by a three-vote margin. 1 Kick the Smokers Dial 327-4000 For recorded help In overcoming the smoking habit. edge of the U.S. market to im- prove exports. Mr. Saint-Pierre said only about five per cent of Canadian Scandinavian have a production is for export yet large export business as a re- smaller such as the suit of their original designs. Our Best Ooalily Your Best ON MtVlOLSLT J MJNTIDJOUNC SUHIACU flat Everyday Low Price WHITE DEEP AND ACCENT COLORS 9.98 Gal. FURNITURE Phone 327-3024 STERN'S CUT 314 3rd Street S. BREEZE LATEX EXTERIOR FLAT Requires no undercoat on previously painted surfaces. Easily applied with brush or resists blistering and mildew. Dries in one hour. Quick clean up rinse painting tools in warm soapy water. VINYL WALLCOVERINGS Dry ready pasted vinyl coated wallcover- ing in patterns and colorings for every room in the home. Regular to per single roll. jiNGLE ROLL CHARGEX LOADS OF FREE PARKING GENERAL PAINT WALLCOVERINGS 10203rd AVENUE SOUTH PHONE 328-9221 or 328-9222 With drastic reductions on Hie al- ready low prices. Now is the time to buy before tho Fall increases come into effect. SELECTIONS AT SAVE ON ALL- SUITS DRESS PANTS Our complete stock of Including the popular Baggies. All neatly tailored from wool and wool and doubleknits. Marked down for this great sale. WOOL BALANCE OF STOCK OFF By Samuelsohn and Seville Row ALL SWIMWEAR Clearing at SPORTS NYLON FRATERNAL EMBLEM SUMMER CAPS and many more numerous items all specially reduced to clear at fc OFF LONG SLEEVE SHIRTS Dress or casual in cottons. A fine as- sortment of shades and pat- terns. CLEARING AT 1 OFF AND CASUAL JACKETS OFF SPORT JACKETS AND Wools and Fortrels SPECIAL GROUP AT. MEN'S SWEATERS These are the finest quality knits from our regular stock merchandise. Clearing at Balance of Sweater Stock 73 BAUNCE Off SHORT SLEEVE SHIRTS ALL DRESS AND CASUAL SHORT SLEEVE SHIRTS OFF CLEARING AT ALL SALES SPECIAL GROUP NO REFUNDS OR EXCHANGES YOUNG MEN'S PANTS OFF STRETCH JEANS MANY MORE UNADVERTISED SPECIALS s mews 321-5th Street South Phone 327-3730 ;