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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 24, 1974, Lethbridge, Alberta Saturday, August LETHBRIDGE HERALD-29 Diamonds are good inflation fighters VANCOUVER (CP) Dia- monds, once a girl's best friend, are also an inflation- fighter's hedge, says Peter Gallegos, marketing controller of one of the world's largest diamond com- panies Mr Gallegos, who works for DeBeers Consolidated Mines Ltd of South Africa, said in a visit here that not only are diamonds good for insurance against inflation, they are also a good business to be in The diamond market is fully controlled by producers, the demand is strong and even thefts aren't a problem, he said The industry's central mar- keting office, known as the Central Selling Organization is a wholly-owned sub- sidiary of DeBeers It sells 80 per cent of the world's annual production of diamonds pounds The other 20 per cent is sold directly to diamond cutters in centres such as New York, Antwerp, Tel Aviv and Bom- bay More people take plane MONTREAL (CP) Air Canada says it carried passengers on domestic and international flights during June, an increase of 29 per cent over the same period last year when were carried Load factor, or percentage of available seats filled, was 67 per cent on scheduled flights, an increase of three per cent over June, 1973 A statement said that the airline experienced unusually low passenger volumes in June 1973 because of strikes vvhich disrupted flying operations With a single predominant selling organization, DeBeers can control, or, as Mr Gallegos puts it, maintain stability of prices Even producing countries, such as Russia, which choose to operate outside the oiganization, operate within its prices because they realize it's in their best interests, he said The most recent slack year for diamonds was in 1970, when CSO sales dropped between 30 and 40 per cent But the organization kept purchasing diamonds from producers and holding them in stock The CSO won't reduce prices to sell the gems, Mr Gallegos said, so the diamond you purchase should never go down in price And in an inflationary spiral, as now, diamond prices will increase like other prices Despite cautionary advice from other experts, who say that diamonds would be a poor investment in a depression, because prices would drop be- cause of a lack of a market, Mr Gallegos said sales are up 11 per cent so far in 1974 And the market for in- dustrial diamonds is also high Industrial gems account for about 80 per cent of the diamonds marketed by the CSO he said As well as acting as a seller, the CSO also conducts promo- tional campaigns to increase sales, Mr Gallegos said Its advertising slogan Diamonds Are Forever, familiar to most people as a title of a James Bond spy novel by Ian Fleming, is used in 12 countries For those who wonder what a top executive for a diamond company wears in the way of jewelry Mr Gallegos wasn t wearing any diamonds on his Vancouver visit I have a diamond tie pin, but I forgot to bring it with me B.C. farm statistics termed incomplete VANCOUVER (CP) Statistics Canada figures in- dicating British Columbia farmers net incomes increas- ed 50 per cent in 1973 are mis leading and incomplete, the president of the B C Federa- tion of Agriculture said this week Robert Reynolds said the statistics do not include return on the farmer's investment, labor costs for the owner operator and his family, depreciating machinery and unpaid family labor H. H. Smith Ltd. Customs Broker Kthbridge Phone 328 8141 604 424 5458 COUTTS Home Office Phone 344-3822 Further they attribute all the income to one person when in fact it s a whole famih Mr Reynolds said He said although the figures show commercial farm families c" erage incomes have risen from to 000 the 50 per cent figure is in- significant considering the investment farm manage- ment charges and labor in- come for at least three work- ing people the income has to provide 'An increase of 50 per cent over a little figure is still a lit- tle he said If it were the income of one person it would be reasonable, but it's for several peoplt Mr Reynolds said inade- quate incomes are the main reason for the rapid decline in the number of family farms He said the incomes must be improved if increasing food needs are going to be met Who is going to stick around working for those wages when they can go work for someone'else for more money9' he asked When family farms are receiving the equivalent of in- dustrial wages, then I think we have some chance of keep- ing people on the farm (5 year term) (1 to 4 year term: GUARANTEED SAVINGS CERTIFICATES Interest payable monthly, quarterly, aemi-annually or compounded to maturity. Member Canada Deposit Insurance Corporation Depositors can purchase Olympic coins FARMERS MERCHANTS TRUST Fm Head office Plans for the new head office building of the B.C Telephone Company to be constructed at Burn- aby, B C were revealed this week The project comprises a terraced 18- storey tower and seven- storey wing of matching design Estimated cost, million Sugar complaints spark federal study VIRUS PLAGUES DUCKS WASHINGTON (AP) Harassed for many a long year by dned-up breeding areas by hunters and by the march of civilization generally American wild ducks now face a new hazard DVE That s an acronym for the disease called duck virus enteritis or duck plague Present among domestic fowl in Europe for about 50 years, it was first reported on United States farms six vears ago Then in the winter of 1972-1973 it killed 43 000 wild ducks and geese at the Lake Andes National Wildlife Refuge in South Dakota Biologists fear that the virus known to be present now in some domestic flocks and probably in wild flocks ma> spread Stricken birds die v ifbm n wepK after being seized first with lethargy and then with convulsions The US Fish and Wildlife Service is marshalling its laboratoi ics scien lists and managers to and deal with the threat TORONTO (CP) A year ago a Canadian shopper paid about 75 cents for a five-pound bag of white granulated sugar Today it costs close to and is pushing past 25 in some parts of the country And since it is a major com- ponent in jams jellies, soft drinks chocolate bars and a variety of other sweet foods, it has can led the price of these products up with it Beryl Plumptre, chairman of the federal food prices review board, says the board has received a great number of complaints' about sugar enough to prompt a two-part study Although each Canadian consumes an average of 100 pounds of sugar a year, Mrs Plumptre says sugar is not as important as most other products in the food basket Sugar has no nutritional value and most people could easily reduce the non-essential use of sugar It s not a vital product, the average consumer can cut down her use of sugar She certainly doesn't need to buy candy soft drinks or chocolate bars But that doesn't solve the problem of soaring sugar prices W C Brown president the Canadian Sugar Institute in Montreal, says higher prices came from tight supply increased consump- tion and speculation on the commodities market Sugar crop failures in the Soviet Union and Cuba a few years ago forced them to buy on the international market and this depleted available surplus of raw sugar At the same time, demand increased from both the oil- nch Middle Eastern countries and from developing nations Growing world population has also increased consumption These two factors have allowed the speculator to take advantage of the strong market and force sugar prices beyond a reasonable level Mr Brown says raw sugar now is selling at four to five times what it costs to produce 'It's almost outlan- dish The price of raw sugar pur- chased by Canadian sugar refineries is based on the dailj price at the London terminal exchange On Aug 14 the price hit a record of 45 a long ton These prices are quickly passed on to the consumer since grocery stores don't stockpile sugar Canada is heavily dependent on sugar imports Only about 15 per cent of Canada's sugar is grown here The rest comes from Australia, which sends about 40 per cent of Canada s requirements, and from South Africa, Mauritius, Fiji and Cuba Two tariff schedules are ap- plied There is none on sugar coming from a Com- monwealth country, including South Africa Other nations are assessed a little more than a cent a pound But for several years the Commonwealth producers realizing that Canada has to pay the tariff to other nations have demanded an additional Regino Garrison Diversion Project Portage la Prairie -.__ V fe0 Lonetree Reservoir (Proposed) North Dakota premium of about 75 cents on every 100 pounds This has "helped make Can- ada an attractive market historically for Com- monwealth Mr Brown says Mrs Plumptre agrees, say- ing Canada has paid less for its sugar than almost any other country in the world If Canada had not paid the premium it would not have received the sugar The first part of her sugar report released in mid-July urges the government to open negotiations aimed at lower- ing the tariff on sugar im- ported from non- Commonwealth countries She said the government should break away from traditional trade arrangements to ensure future supplies at reasonable prices Mrs Plumptre s second re- port on the Canadian sugar in- dustry is expected in another month She says there appears to be an excess of capacity in the Canadian sugar industry, as noted in a Tariff Board report in 1970 She said the board has found nothing so far to indicate the situation has changed Canada s total sugar refin mg capacity is about 3 5 billion pounds a year Last year 2 36 billion pounds of sugar were produced and Canadians consumed 2 3 billion pounds Yet the m- dustrv continues expansion, she said, pointing to a recently completed refinery near Oshawa Ont It must be a verv profitable industry PIPE COST GOES UP MANILA (AP) Five months after it approved a 66-milhon loan tor a gas pipeline in Pakistan the Asian Development Bank announced it has had to provide .mother 51-milhon loan be- cause oi spiraling costs of steei pipe Atomic energy helps fish grow LONDON (CP) Britain is using atomic energy to grow fish faster With a new speed- ing-up process developed by the British White Fish Authority, young fish can be reared in half the normal time nature takes At a new marine fish hatch- ery at Hunterston in Ayrshire, Scotland, use is being made of cooling water from a nearby nuclear power station Said Dr Norman Kerr chief technical officer of the White Fish Authority "We can take fish like turbot or Dover sole from their natural environment and rear them for sale quickly We use warm water dis- charged from the power sta- tion to give the fish a 10-month summer Dover sole, for ex- ample, will only feed at above 60 degrees normally With this specially-warmed water there are only two months in the year when the temperature is not above that level This means that various species, including plaice and lemon sole as well as Dover sole and turbot can be grown to market size and above in less than two than half the time nature takes This is due largely to the boost in temperature in the special- ly treated water and a con tinuous supply of food to the farmed fish The new hatchery can pro- duce around "young fish a year, about inches across The faster growing will reach marketable size in fattening tanks within a record two years The national food producing group of Fitch-Lovell has taken a three-acre site near the hatchery and the White Fish Authority is under contract to supply the group with Dover sole at the age of about six months Hudson Bay earnings up WINNIPEG (CP) Hud- son's Bay Co reports earnings for six months ending July 31 are up slightly to 000 or 31 cents a share from 000 or 30 cents a share in the corresponding period in 1973 Sales increased 22 6 per cent to from 217 000 in 1973 excluding furs sold on consignment Hudson s Bav said that de spite strong merchandising operations during the first half upward costs cut into earnings Canadian loan aids oil payment problem WASHINGTON (CP) The International Monetary Fund (IMF) announced this week it has completed setting up its machinery to help member countries battling balance-of- payments problems resulting from increased oil prices Canada one of the seven oil- producing lending countries involved, announced earlier she is prepared to lend up to million under the plan The agreements completed between the IMF and the seven lending countries provide for the IMF to borrow funds up to December 1975 Expressed in special draw- ing rights Canada will make available about 9 million under the current plan The equivalent in SDRs pledged by the other six coun- tries setting up the financing Abu Dhabi million, Iran 8 million, Kuwait million, Oman 2 million Double-track application VANCOUVER (CP) Applications to build the first two stages of a 40-mile addi- tion to CP Rail's main line track will be heard by the Canadian Transport Commis- sion at Salmon Arm, B C and Revelstoke, B C next week The new trackage would substantially increase present capacity of the main line, and represents the first step toward eventual double tracking between Calgary and Vancouver when required WELLS PRODUCTIVE The 627 oil wells in Arabia pump an average of 11 830 barrels a day each Saudi Arabia 16 billion Venezuela million The funds must be repaid within seven years at an an nual interest rate of seven per cent the IMF said In Canada s case repay- ment will be in the form of a lump sum five years after transfer but provision is made for earlier repayment of the Canadian loan in certain circumstances SHORT TERM FINANCING AVAILABLE and OVER Preferred Finance Corp Ltd 6012 Centre Street South Calgary, Alberta Phone 253-0196 Announcement Frank Tinordi wishes to announce that after 2 years of management with Block Bros National Real Estate Service Ltd he is now going back into sales and would invite all of his former clients and friends to call him for all their Real Estate needs 12 years of Real Estate experience at your service BLOCK ira BROS. Moratorium requested 309 7th Street S., Lethbridge Phone 328-5548 Garrison Diversion project in North Dakota calls for diversion of Missouri River waters from Lake Sakakawea through existing and new canals and channels to pro- vide irrigation Nearly half the acres initially scheduled for irrigation lie in the Souris River watershed which flows north into Manitoba Other irrigated land drains into the Red River which flows north to Lake Winnipeg. Concerned that waters used in irrigation will pick up salts and minerals and make the Souris un- suitable for municipal, industrial or agricultural use without expensive treatment, the Canadian government has asked for a moratorium on the diversion. THE INSTITUTE OF ACCREDITED PUBLIC ACCOUNTANTS Dominion Institute (a professional organization founded in 1938) is pleased to offer a complete five year educational programme BY CORRESPONDENCE in Accounting, Auditing and Financial Management leading to an A.P.A. designation Fall Semester commencing September Course 101 Financial Accounting 102 Business Math and Stat'stics 205 Economics 304 306 Corporate 0201 404 Introduction to Computers Winter Semester commencing January Course 103 Commercial Law 201 Financial 204 301 Accounting 407 Cost Accountmg-pre-requisite 408 Investment 509 Taxation 510 Industrial Relations 511 Information and All are of 13 duration Exams given locally upon completion of course Credits may be given for successful completion of similar courses Application for credit evaluation must be made by September 1. 1974 tot the fall semester_______ The Institute of Accredited Public Accountants of Alberta, 2247 Longridge Drive, Calgary, Alberta T3E 5N5. Please send me your brochure on your educational programme NAME ADDRESS PHONE CITY OR TOWN ;