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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 17, 1974, Lethbridge, Alberta Saturday. August E LETHBRIOQE HERALD-29 Petrochemical industry has growth opportunity SJE Going down A motel goes down before the onslaught of the bulldozer as it makes way for the proposed Asia Garden Restaurant in the 1000 block of Mayor Magrath Drive S By WENDY ROSEN The Canadian Press The combination of large ra Tal gas reserves in Al- berta and increasing world energy prices has D-oviaed the Canadian petrochemical industry with a unique oppor- tunity to improve its fortunes after a decade of troubles, Sc-.v s Babson s Reports of T r nto Dnor to the Arab oil em- bargo fhe sharp increase in prices, Babson s says in an investment letter the Alberta government ha_ been pre- paring the way for the price increases deemed necessary to boost the province's natu- ral resource revenues and en- courage the development of secondary industries Babson's says the price im- provement on Alberta's 25- year gas supply compounded bv increasing worlr" de'r.aad have nudp the province an attractiv'e place to build new petrochemical plants capable of producing for foreign mar- kets in addition to domestic consumption The firm savs technological changes, cheap feedstocks and large nearby markets have enabled European, American and Japanese producers to compete successfully against Canadian pr >ducers in Canada But. by the same token barriers m other countries have made it H. H. Smith Ltd. Customs Broker ItHibndgi one 3288141 604-424 H58 COUTTS '64-3822 extremely for dian producers to sell abroa i The result of which, a stuay by the Canadian Chemical Producers Association says, was a trade imbalance of rf'lion in 1171 equivalent to from to 35 000 jobs lost to Canadians Babson's says the sudden opportunity to "repa'rate" jobs and improve tax reve- nues has brought on a con- frontation between Ottawa and Alberta over the location and supply of three proposed world-scale plants to produce 3 4 billion pounds of ethylene annually by the end of 1978. Alberta says Canada only has room for two world-scale plants and wants both built in the pru''inre A third project, Petrosai Ltd is supported by the federal government and would be locati d at Sarnia but use feedstocks piped frpTi Alberta The provincipl government Bate 's savs, objects to this proposal because the growth of domestic .d foreign de- mand by 1978 would leave the two Alberta projects with about 25 per rent of produc- tion for CApjr't Entry of the Petrosar project into the ex- before 1980 would dilute fhf> b unfits to Alberta EUiylene ij- in Canada at the Babson's says, is about 1 3 billion pounds a year Canadian plants pro- duce only 1 1 billion pounds Domestic demand is expected to expand at an innua! of between 12 and ITi per cent reach from to 24 bi'lion pounds annually in i978. With- out construction of new facil- ities, about one billion pounds would need to be imported by 1978 In terms ui feedstock prices and other (h.e f says, Ca> i 31, relative-' well suir to take advantage of the worldwide ethylene shortage expected to last until the end of the decade and possibly longer The -xp. ot vi.- U 3 and in austnes baoson s says, has been slowed by higher oil costs, tighter environmental controls uncertain finan- ce i a! i-orditions Witn feedstock prices low tnougn to compete mtpriationally but high enough to benefit the Alberta economy, the Canadian petrochemical industry is in for several >ears of improving operations New element MOSCOW (AP) Tais news agency reported dav that Soviet scientists working at the Nuclear Research Institute at Dubna have discovered a new ele- ment with the atomic number of 106 The scientists bom- barded lead nuclei with accelerated ions of chiomium54 to produce the new element which divided in radioactive decay in less than one-hundredth of a second the news agencv said Grain settlement may mean change CALGARY (CP) Alberta Agriculture Minister Dr Hugh Homer said this week a settlement of the Vancouver grain handlers labor dispute may force prairie grain companies to reorganize some of their Dr Homer in a telephone interview, said the raises demanded by the grain handlers 60 per cent raises over two years would be so expensive for grain farmers that the companies may switch some of the cleaning and dressing operations to country elevators and away from Vancouver "The grain handling companies have to change their policies." said the minister Barrier Reef trading resumes (5 year term) (1 to 4 year term: GUARANTEED SAVINGS CERTIFICATES Interest payable monthly, quarterly, serni-annually or compounded to maturity. Member Canada Deposit Insurance Corporation Depositors can purchase Olympic coins FARMERS MERCHANTS TRUST 309 7th Street S.. Lethbrldge Phone 328-5548 Fm VANCOUVER (CP) Shares of Barrier Reef Resources Ltd were the top traders Friday morning in the mines section of the Vancouver Stock Exchange, but the price of the stock continued to decline Trading in company shares was halted Wednesday when the company was trading at 85. but resumed Thursday following the release drill results from the company's reek property in the Vukon After trading resuned, 304 100 shares changed hands and the stock closed at 70. down 20 cents from its price before the halt fo 11 a m PDT i--urn "i W.15r tit 'lic [j i ed 2o it'nfa to SI 47 Carbonate Zones intersected in Drillholes two, four and five at The Yukon property and selected drill sections of holes six to 10 have been assayed Loblaws report loss TORONTO (CP) Loblaw Companies Ltd teports that Respite a profitable second quarter it still had a loss of or 11 cents a share for the 24 weeks to June 15 That compares with a loss of million or 84 cents a share in the closely comparable 24 weeks to June the previous vear For the second quarter, profit was or two cents a share "On the basis of the results to date ind with the improving trends in the major operations 1974 promises a material improvement in Loblaw says in a report to shareholders In the latter holes, assays range between 23 7 per cent zinc in sulphides over 34 foot core length in hole seven and 0 5 per cent zinc in sulphides over 50 feet in hole nine Assays of caibonate zones show values ranging from 4 8 per cent zinc 90 feet in hole four, down to 0 1 per cent zinc over 62 feet in hole two Assay results for hole 11 are not yet available, the company said Estimated grades run from 25 per cent imc IP sulphide 57 feet between 287 and 344 foot depth, down to one per cent zinc in sulphide between 344 and 357 feet Japanese sign oil agreement TOKYO (Reuter) Iraq and Japan signed billion agreement Friday providing for Japanese credits to Iran for economic development projects in exchange for crude oil and other oil products, the foreign ministry announced here The agreement, signed here by Iraqi Economy Minister Himat al Azzawi and Japanese Foreign Minister Toshio Kimura, provides for Japanese loans totalling billion, the announcement said. Government sources said the development projects for Iraq are expected to include an oil refinery, a petro (hemical plant, cement and fertilizer plants, and an aluminium refinery Government sources said Iraq is understood to have agreed to supply a total of 160 million metric tons of crude oil and oil products in the next 10 years He said the raises, if granted, would be "a major cost increase to farmers The raise was recommended by a conciliation board and is supported by the union The union has instituted a go slow operation which has delayed deliveries of gram to ships m Vancouver Harbor Earlier this week it was revealed that the Chinese government is filing almost daily protests over delays in delivering a million wheat shipment Reports indicated about a half dozen Chinese ships are at anchor in the harbor awaiting grain Blake Stilling, Alberta manager for United Grain Growers, said prairie gram elevators are about 75 per cent full He described the situation as "tight, but not desparate Mr Stilling said he expects the federal government will order the workers to resume full operations and grant the wage increases, but added if the government and the slowdown continues for another month elevators in Alberta will be "pretty well plugged full He said he personally doubts that Alberta farmers would oppose an early settlement of the dispute Vancouver harbor fuss thaws slowly VANCOUVER (CP) The August sun is still melting last winter's snow on the peaks that rise above the harbor here but the passage of the summer months has done little to thaw a bitter gramhandlmg dispute The lengthy conflict, which has slowed the export of grain to the Orient, involves 600 grainworkers who move wheat and barley from railway cars to the ships Unless a break comes soon, the situation could lead to the third summer recall of Parliament in as many years It has already disturbed to Soviets hear crop warning MOSCOW (Reuter) The government newspaper Izvestia warned Friday that bad organization of harvest transport in certain areas of the Soviet Union might lead to heavy grain losses In the Kuibyshev region near the Volga, lines of more than 100 trucks were waiting up to 19 hours to unload at grain collection points, Izvestia said The report was prompted by a letter from a group of drivers who said they had never seen such disorder and disorganization As the harvest approached the halfway stage. Izvestia warned that the lack of a rational timetable for gram transport is "threatening to lead to large losses Comparatively good weather this year has led experts to predict a harvest above the year's plan of 205 million tons, though not as much as last year's record of more than 220 million tons But, as in previous years, much of the grain gathered might be lost by spillage and rotting while piled in the open without being dried. Carpenter supply short VICTORIA (CP) There's a shortage of carpenters in British Columbia, and there may soon be an influx of American carpenters to fill the gap, a union spokesman said Friday E T Staley, executive board member of the union for western Canada, said one company, Interprovmcial Construction Ltd intends to bring in 20 carpenters from the United States But this may only be "the tip of the he added some extent Canada's trading relations with China and Japan Coupled with shipping officers' strikes on the Great Lakes and St Lawrence River, the Vancouver slowdown has caused concern among federal government officials Prime Minister Trudeau, as well as Labor Minister John Munro and Otto Lang, minister responsible for the wheat board, have warned the four grain pool companies involved that if parliamentary action is required it will mean the legislation of a conciliation report the firms have rejected The report, prepared by conciliation commissioner Neil Perry last April recommends a two-year agreement with pay increases of 87 cents an hour in the first year and 65 cents in the second, as well as cost-of- living payments and other benefits The base wage rate for the employees now is 96 an hour The Gram Workers' Union, which was forced back to work in 1972 by late summer legislation, accepted the Perry report But the companies the Saskatchewan Wheat Pool, the Alberta Wheat Pool, the Pioneer Grain Company and the United Grain Growers say the proposed award is irresponsibly inflationary The stalemate led to the slowdown by workers, who soon were handling about 400 cars daily, about halt the capacity of the terminals of the four companies in Vancouver Ships here to carry gram to the markets in China and Japan were left for days waiting for the cargo that is the vital mainstay of Prairie farmers The national rail ended last summer by Parliament slowdowns on the Canadian National Railways a rash of washouts and derailments in the mountains and bad winter weather on the Prairies have also contributed to the decline in grain exports To the end of July, the finish of the 1973-74 crop year 252 million bushels of grain moved through British Columbia ports, compared with 349 million bushels the previous crop year Because of record prices for wheat this crop year 1973-74 however, the total value of exports was 2 billion about 50 per cent higher than for the previous year When it became apparent in Mav that a strike or lockout would further reduce shipments, the federal government invoked legislation to forbid work stoppage The ban ended earlier this month Last Sunday, union members unanimously voted to walk out if necessary but backed by federal government support for the conciliation report, have not carried out the threat But Henry Kancs. the chief union spokesman, says the companies are planning layoffs and have been harassing employees by switching them to unfami'iar jobs and requiring certificates for one-day illnesses There will be no strike unless we are harassed into it." he said Thursday Rothmans earnings trimmed TORONTO (CP) Rothmans of Pali Mai Canada Ltd of Torontr reports consolidated earnings before extraordinary items dropped 34 per cent for the year ending June 30, compared to 1973 results Earnings before extraor- dinary items were 9 million or 82 cents a'share compared to 5 million or 67 z. share in the corresponding period the previous year Rothmans said increased earnings from tobacco oper- ations were offset by operating losses bv company s subsidiary Coding 0 Ltd Including extraordinary items consolidated earnings were million or 30 a share compared to 4 million or 86 in 1973 MOORE BUSINESS FORMS ANNOUNCEMENT A.G. HULBERT J M Darwen General Sales Manager of Moore Business Forms announces the appoint- ment of A G Hulbert as Region- al Manager of its Western Region which includes all of Alberta the Yukon and the Northwest Tern tones and some areas of eastern British Columbia Mr Hul'-eri has over 23 years of expe with Moore and was most re- cently Manager of the Nortt-ef Alberta District This appointment coincides with the increased business growth and expansion of trie company s production facilities throughout its Canadian tions Moore has a sales office in Lethbridg" (3- the past 25 years The local ep resentative is J H (Jack) Welch Moore Business Forms a Ca- nadian Company since 1882 is the world s largest manufacturer of business forms The rise continues The consumer price index rose again in July, in- creasing by 1.3 to 168.0. Statistics Canada reported the rise was due mainly to increased costs for food, which accounted for one-third of the gam in the over- all index. CHARTERED ACCOUNTANT Sole practitioner in Southern Alberta community re- quires the services of a Chartered Accountant Partner- ship opportunity available Student having completed course of Studies and due to graduate also considered Send particulars to. DONALD J.JESS Chartered Accountant P.O. Box 1090, Clareaholm, Alberta. TOL oTo How much will your estate shrink...when it finally becomes an inheritance? Your New York Life Agent can help you protect the estate you plan to leave Many a man plans generously for his heirs but fails to take two things into account First the need for cash to pay taxes settlement costs and other expenses which may shrink his estate considerably Second that these costs muit be paid promptly and. that without ready cash the heirs may be forced to sell part of their inheritance at a considerable loss That s why you should talk to your New York Life Agent now about the use of life insurance to help protect the estate you plan to leave He'll show you how you can make certain your loved ones have the cash they'll need to prevent your estate from shrinking Your New York Life Agent is well qualified by training and expe rience to help you E. A. (Ed) BRUNNER NEW YORK LIFE INSURANCE COMPANY Sle. 5 Ava. S.W. Calgiry. Albtrta Phoni 1-463-269-4365 ;