Lethbridge Herald, The (Newspaper) - August 31, 1971, Lethbridge, Alberta
Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Dohcrty, Itoadhause and McCuaig) LAST BID OR SALE WESTERN OILS Alminex Alia East Gas Asnmera As til and BP Oil Gas Can South Cdn Ex Gas Cdn Hornesld Cdn Home Pld Cdn Gas Oil Cdn Long Is Ccln Super Ccn Del Rio Charier a.m. t Hugh Russell Husky Oil Husky oil a Husky Oil War 575 5.30 1UOO _.........-- 11.37V'i Inler Prov Pipe 12.25 495 5 6 O.P5 10 00 1125 i.eo 730 39.75 Dome Pete Dynamic Gl Plains Lochirl Mill Cily New Con! Morlh Cdn Oil Nuinac Permo Petrel Pinnacle Place Gai Ponder Ranker Scurry Rain Soooner Total '.75 W. Decalla '.05 MISCELLANEOUS INDUSTRIALS Agra Inil 9 00 Alco Ind Aquataine Prlf Nfld Cdn Brew A Pfd 30.17 Cdn Crew B Pfd 35 CO Cdn Hydro Car Cdn Occidenlal Crin Pacific In1 CPR Pfd A Crowsnest Ird Cgynus A Cygnus B Cum Prop G> Cdn Oil 5 Gl Cdn Oil 6-75 Home A Home 6 Home Pltfld Hud Bay Co Hud Bay Oil 3-1 SO 1 14 i n 1.25 .60 1.25 13.75 IB.12V 5.3 7'A 10 OT 2X37VJ 11.50 2-1.00 5 97 Vi Inter Prov Steel Joulel Kaiser Rc-a Karri Kolla Lake Dutflull L Ont Port Cem MGF Manage Mentor Ncwconcx PacHii Pele Rank Org Sulk Hold 5htll Can 6.87W .AS 5.00 .45 1-1.75 2.35 2.00 .82 5.30 3J.50 51 25 15.12VJ 37.50 n.m. QuoTet) Corn in St F 5.13 5.61 Dreyfus F U.S. 12.40 13.57 Gr In Shares LJ.53 3.U3 Gr Equity AM 6'1 Invesl Gr Fund 1090 12.01 Inveal Mutual 5-35 5.E5 Mulual Ac 5.93 Do we really need gold? Mutual Gr Nal Res N W Fin H W Gr principal G Roy fund United Ac Universal S. F 5.14 5.67 7.33 fi.Cl a 50 5.P3 5 52 6 C7 7.20 7.9! ANCOUVER 17.62Va 2.75 4.30 -1.50 11 CO .21 II Inv Pld Shell WIS Sicks leledyne V.'GL! Cdn Seed While Yukon CALGARY Acroll Earcns Oil Horlli Conl Madison West Warner .'Ji'.l PIPELINE STOCKS Alia Gas Tr L A .13.50 Alia Gnn Tr L Pld Alia Nal Gas 23.53 Cdn W rJst CDS Inland Nat Gas 13.12 Va N and C Gas 15.53 N and C B Pfd Pacific Gfi5 Trans 13.00 Gai Metro Pfd A 66.75 Gai Melro ir Cdn P Tr Cdn P Pld Tr Cdn P Hid Tr Cdn P War IVC Trans Western Pacific MUTUAL FUNDS All CcJn com All Cdn Vent 24.CD 67.00 I 42.00 200 6.37V: 2.25 18. 61' 7 12V; AGF Special Cdn Inves! F Ccl Mulual 9.51 10.59 372 4.06 5.99 6.58 293 4.55 A.99 f, 27 6 13.13 H. Anuk Arctic Mining Atlas Fxplor Batrt Nnrse Ddh Block Bros flrcnda B.C. Sugar B.C, Suqar Pfd Capl Inler Churchill Copper Col Cellulose fr.ronalion Credit Crcslbrook F Ind Crcytlet} Dolly Varden Dynasty Forf Reliance Giant Mascot Granislc 1 Growers B Key Indusr Hys Inlerior Brew inter Mariner Kamloops Copper Lornex Lytlon Minerals New Imp Mines Okonagan Helitop Plains Pole Primer Pyramid Silver Slandsrd Slampede Inll Res. 19.00 3.15 5.7.5 T) ;n 1675 C5 Ily HUD JORGENSEN Caiimlimi Press Slaff Writer The Canadian mining in- dustry niay be headed for more rational liincs if gold dust set- tles out of the international cur- rency system. Economists and gold produc- ers would pi'cfui a lessening of umo'iiunal attachment to gold thai has developed with its use a as reserve Lo back up cur- rency values, United Stales President Nixon announced earlier this month that Hie U.S. would suspend temporarily cun variability of its currency to gold as part of a se- ries of economic restrictions. The U.S. had converted dol- lars for gold at the rate of an ounce since J934 in dealings wilh foreign governments. r.conoinisU say the U.S. may never return to converting dollars to gold. R. M. Mclntosh, an economist and an executive with The Bank of Nova Scotia, says complete abolition of the use of gold to back up currency values would be a logical development. Western nations went part way when they set up special drawing rights (SDRs) through the In tarnation si Monetary Fund. SDRs have been called "paper gold" because they have Uic same effect as gold. A na- tion's credit and the value of its currency depend primarily on its productive capacity and not the size pi its gold hoard. Douglas Peters, chief econo- mist for the Toronto Dominion Bank, hopes the U.S. does not resume converting to gold but says it likely will be a long time before gold is no longer used as a monetary unit. "You can't discount totally people who like the color of the yellow metal." Mr. Mclntosh says the U.S. attachment to gold may have weakened. Campaign under way Hud Bay Oil PFd 57.50 Corp Invest 5.-1B 5.99 Mlii 1 Western Mines WC Res Expior Toronto mines, industrials Supplied by Rirliardson Securities of Canada LAST BID OR SALE ft.m. Ouoies) MINES Acme .'-'i1 Advocate Abb. I.ED Akadcho Black Bay Bralorne ft. Noranda i rJorlhgafe Pete Broulon Bclhlchem Brunswick Ccnada Tung. CaS5iar Cenlral Pal. Chirno Craiqmonl Dickenson Mine Denlson Mines Deer Horn D'EidonFi Dome Mines Donalda Mines East Malarlic Easr Sullivan Falconbridge Frobcx First A-larifimes Giant Y.K. Dovis Granduc Headway R.L. Holllnger Hudson Bay M-S Hydra Ex. fron Bay Iso Jolict Quebec Kerr Addlson Key Anacon Labrador Lake Shore Langls Silver Mansen R L. Malarlic G.F. Martin McNeely Waclnlyre Meta Wldrlm Intern Mogul New Wesl Home New Athona NPVJ Calumet Imperial I.EO .75 19.50 1 60 PaMno Pino Poinl Placer Dev Exp Quebec Wan Rayrcck Rio Algom Roman Corp. Sherrilt Gordo on I 14.55 6.45 IS.SO .05 3.12 5.68 .t.1 19 7 1 95 1.25 Upper Canada Mines Wrinhl Hargre Wiliroy .Ei Windfall -12 Daer J.P5 Zcnmsc .WVs INDUSTRIALS AliiliSi 7-00 Alcan Sleel Alco ugar Tel Brazil Trac B.C. Tel Cdn Brew Chemrell Col Cellulose Cal Power Coron Credlf C.W.N. Gas Crin Indusl Canda S 5 Cdn Marconi Cdn Vickers Chrysler CPR orninco Con; lath Gas Disl Se< Dom bridqe Domlar Dom Texllle lB.E7Vi 12.25 e.oo 6 75 19.12V3 63.25 12.62V3 19.12'A 19.50 J.35 7 00 4.PD 3.65 U 50 1.00 11.25 13.00 31.03 2.95 9.50 30.25 63 50 0.00 20.50 54.50 1A DO 12.12V2 IB.iO Dom Dcme Dclnsco CAD of Atner Gl Cdn Oil Gl Lakes Pap Gull Oil Cda Greytiound Hdw.er Sid Huron, Eric Hiram Walk Imperial Oil Imperial Toft In1 Nk'-el Int Pipe..... Inv GP A In! Utililics Indusl Accept Laurenlide Kelly Doug A Losh L obi aw A ?1ro Stcre- Ferg iV.cMillan Bioe Moore Corp Me I sons A Nnrlh, Cent Povjcr Corp Price Co Rolhmans 51 I sv.' Corp Shell CDA Simpson's Simp Sears Sleel of Can Selkirk A Texaco Traders Gp A Trans M1n Pp Trnns Can Pp Union Gas Union Oil Versatile Mlg Wesleel Union Car Vision's B Woodward's A West Cdn Sd Elec BANKS Can Imperial Montreal Nova Scotia Royal Tor-Dom 33.25 13 00 fin 50 IF.iO 31.00 .28.50 7 J5 37.75 8.25 A 50 D.OO JDiO 19X0 35.50 20.75 25.75 24.00 15.25 50 12.3 7 Vj 23.50 35.75 UWVi J7.50 3.65 11.50 14.00 17.25 .4.50 1.75 23 00 14.00 27.00 76 New labor laws opposed OTTAWA (CP) Warnings are going out lo the Canadian business community lhat it should draw a line at the new industrial relations legislation proposed in June by Labor Minister liryce Mackasey. The bill, C-253, is the last of Ihrec introduced Uiis year by Mr. in a program to bring federal labor law up lo date. 31 will be debated in the Commons this fall. Campaigning against it arc many of the. same business officials of the Canadian Manufactur- ers Association and the Cana- dian Chamter of Commerce unsuccessfully sought changes last spring in the re- New York stocks S'ipplied by Richardson Securities of Canada Anir T nr.d T Anaconda Bclh Sleel Chrysler Comsat Duponl Gulf Inl Harvester Kenn Copper 43.12! '3 Montgomery Ward 20 Golds 16813 of! 36 14.75 Scars 92.8714 10 Base Me) BS.33 off 70.75 15 W Oils 236.17 oft .71 116.12i.'2 Volume Sid Oil of N.J. 30.1 !Va Texas Gulf (S2.2S Texas Co Wickcs Corp -12.50 82 25 Woolworth 49.50 38 ill'3 XVoslinqhouse Elec 93.87V: .I'B71' U.S. Sleel 32.SO 2G.B7lr TORONTO AVERAGES 31CB 20 Indusl 175.67 olf .55 NEW YORK AVERAGES 30 Indusr E97.J2 off 4.01 20 Rails 239.35 olf 67 15 Ulilirles 111.5? nlf .76 65 Slocks 30705 1 il Volume Livestock report Lethbridge Livestock AFTERNOON SALE Calgary livestock CALGARY (CP) On otter In 11 a.m., about TOO head; mostly mixed grades of slaugh- ter call In. Trade was active. Slau.qhtcr steers were IviUy steady, hcifci's ;iO ernls higher, cows steady wilh pood kinds to 22.80. Bulls Choice slaughter steers .10.25 lo 31.20, good 29.50 to 30.25 medium 2.f1.2o lo 20.2.1. Choice betters 27.SO lo good 2C.2.S (o medium 2.1 lo 2fi. Goml cows 21.50 to 22.THI, iiipdiuiii 20 (o 21.25. dinner and cullers 10 to 19. Good bulls 23 to 23.50. Replacement cattle were in sliorl supply with most o[ the offering yearling slecrs and heifers selling at steady prices. Insufficient slaughter calves lo establish a market. Good feeder sleers more th.in 750 pounds 30.50 lo Good feeder heifers more than 000 paunds 2B lo 30.70. Hogs base price 22.45. Grain prices Grain WINNIPEG (CP) Prices were strong at mid-session of the Winnipeg Grain Exchange today, ivilli Vancouver rape- seed and rye at fractionally higher lercis and other com- modities fractionally easier. Trading was moderately ac- tive in rapeseed. which gained strength towards mid-session on commercial buying. Other commodities had a small trade. Volume of trade Friday in- cluded 565.000 bushels of flax, 322.C50 of rye and of rapcseed Mid-session prices: Flax: Out. -'is higher 2.33; Nov. unchanged 2.33VJB; Dec. lower 2.31B; May Vs lower Z.41B. Rapesced Vancouver: Sep. unchanged 2.67A; Nov. high- er Jan. higher 2.60TsA; March higher 2.58'M. Rapeseed Thunder Bay: Oct. -li lower 2.53; Dec, low- er May IVi lower 2.561-iE. Oats: Ocl. U lower 67B; Dec. unchanged CBTsA; May un- changed M-TiA. Barley: Oct. unchanged I.M'iB; Dec. unchanged 1.04B; May unchanged 1.04B. Rye: Oct. U higher S7Vi; Dec. higher May Vi higher Ol'.aB. Jligh Lmv Close ..Flax Oct 232'. z Z32Vi Nov 2j3''i 233'i KSVs Dae 231 May 211's 2ADV2 Rappseoil Sep 274 2C3V2 274 Nov 267'A Jail 2G6 25HJ.i 263Vi Mar 263 256% 261 Rapcscod Tiiundcr Bav Oct Io3 nee 25354 May 200 '2 2ofii.i Oals 07'i 6fi's C7Vi 67 Oct C7'i Dec M.TV GS's liarlcy Oci Smokey Sny.i: Dollar value MONTREAL CP) U.S. dol- lar in terms of Canadian funds up 3-32 to si.Ol-li. Pound ster- ling down 15-16 lo NEW YORK dollar down al 98 21-32 in terms of U.S. funds. Pound ster- ling down 55-M at 20-32. Dec 1 Slav I03's 90'i 105 IM'i 86T4 87'4 90-1 s Potato futures WINNIPEG (CP) Maritime potato futures Monday: Open High Low Close Nov 2.25N' Mar 2.65N Apr 2.70N May 3.05A By Gene Fawcelle A SEL" -FCCUSINS j THE BIGSTEPINMAKIMG THE CAMERA A COMPLETELY AUTOMATED INSTRUMENT; HAS BEENEUILT. LISHTFROWTHE SUBJECT 19 SPOT AND PH010- I CELLS SCAN AN'AERIAL' WASE TO DETERMINE THE WiNT OF GREATEST CONTR4SI i cs CLEAREST rocos... i Beef f n lures WINNIPEG (CP) Live Iwcf futures Monday: Open High Low Clo.se Sep 31.75 32.00 31.75 32.00H Nov 32.00 32.00 32.00 32.00B .Jan 31.ion Mar 30.00B COMPUTED SIGNALS A INTO INA vamped Unemployment Insur- ance Act and the Canada Labor (Standards) Code. Concerned about C-253's provisions on technological change, the business group has already taken its case to several of Mr. Mackasey's cabinet colleagues and is urg- ing other businessmen to do the same. "To me, this bill could prove to be a terrific vehicle for harassment by says Peter Riggin, a vice- president of Noranda Mines LU. and a spokesman for the chamber of commerce on in- dustrial relations. "I don't know of any other industrial economy with which we compete that re- stricts a businessman's right to make changes the way this bill would do. A central concern is that unions may abuse the limited rights available to them for strike action wlrile still under contract. The procedures proposed bj the legislation would require managements lo give unions 30 days notice on introduction of changes in operating meth- ods or materials likely lo af- fect a "significant number" of employees. The unions, in turn, would then be able to apply to the neivly-reconstitulcd Canada Labor Relations Board to open collective bargaining on the issue. If the board finds that the changes will affect "substan- tially and adversely" the in- terests of the workers, the permission would be given. It is an elaborate procedure and even government officials concede that some of its as- pects may be vague. More im- portant, however, is lhat Ihe routine is not intended for general use. Kather, in Mr. Mackasey's view, they will serve essen- tially as incentives to man- agement and labor to co-oper- ate voluntarily in necessary innovations. In a recent interview, the minister stressed that the labor relations board could not authorize a special round of bargaining if an existing contract already contains provisions for consultation and agreement between the parties on changes. "Just a clause would the minis- ter said. "I've always argued that we have to accept the latest in technology if we're to com- pete in world mantels. But we also have to deal with the feelings of resentment and in- security that workers may feel about changes." Critics of the bill are not yet ready to accept the minister's prediction that business will roon be thanking him. 1 ,ey have alreat'y made '.heir objections known, not ily to Mr. Mackasey but also I- such "inistere as Trade Minister Jean-Luc PC i and Tr-isury Board President C. M. Drury. Their hope is lhat if the cabinet cannot be persuaded to reconsider the bill entirely, it might at least agree to in- sert "some alleviation" for those who will be sitting across from the unions when the time comes to bargain on new technological change provisions. However, it appears that the campaign's chances for success aren't bright. Mr. Mackasey maintains that opposition to the bill is not widespread and that, at any rate, he Intends no amendments I- the section on technological change. To have any impact, those seeking modification in C-253 are faced with the problem of persuading other members of the business community that their interests vill be directly affected. "The major gold producers are politically expendible." The two main producers are South Africa and Ihe Soviet Union. The value of Canadian gold production has declined steadily for several years. In 1960, pro- duction was valued at mil- lion. By 1970, value of produc- tion had dropped to mil- lion and production for the cur- rent year likely will be about million less. FEWER MINES There were 75 gold mines in 1960 and now there are 26. Cur- rently about 20 per cent of Ca- nadian gold production comes from, base metal mines produc- ing gold as a by-product. E. J. Andrecheck, an execu- tive with Campbell Red Lakes Mines Ltd. and Dome Mines Ltd., both large gold producers, says he believes current world production rates are below con- sumption rates. D. R. DeLaporte, president of Giant Yellow-knife Mines Ltd., another major producer, says "there's a very real industrial market building for gold." Gold is non-corrosive and malleable: It can be drawn into were thinner than most other types of wire and it can be formed into a thin plating. The gold producers are watch- ing for developments at an in- ternational Monetary Fund meeting scheduled for next month A higher price for gold is a possibility but one trader noted: "Because of the fact lhat Rus- sia and South Africa have huge quantities of gold, they (the U.S. monetary authorities) are not anxious to do anything that would raise the price for them." MAY ASK CONCESSIONS Mr. Peters said the U.S. may use resumption of convertabilily in bargaining for concessions with countries having large gold reserves. France has about billion worth of ge.d, the U.S. about 510.5 billion, Germany about S4 billion, Canada about S792 mil- lion and Japan about S650 mil- lion. If the U.S. does not resume convertability and gold becomes unimportant as a monetary re- serve, trading in gold would ul- timately depend on supply and demand lor Industrial use. About two thirds of current production in Canada is sold to the Canadian government. The government pays U.S. an ounce and it provides support payments for gold mines of up to an ounce. The Emer- gency Gold Mining Assistance Act is scheduled to expire in mid-1973. The tree market price for gold currently is about The maximum in assist- ance is not paid to all mines and some find it more profitable lo deal in the free market. Base metal mines producing gold as a by-product do not receive the subsidy. lutlday, Aujuit 31, 1971 THI LErHMIOGE HERAIB IT Stocks decline in slow trade TORONTO (CP) Gold Is- sues dropped lower for the sec- ond consecutive session as prices in all sectors on the To- ronto stock market registered declines in slow mid-morning trading today. On index, industrials were down .46 to golds 1.85 to 166.84, base metals .28 to 88.43 and western oils .89 to 235.99. Volume by 11 a.m. was shares, compared wilh at the same linie Monday. Declines held a vjcle margin over advances, 114 to 69, with 155 issues unchanged. Weakest sectors were bever- ages, food processing, real es- tate and industrial mining. Twelve of the industrial index's 17 sub-groups moved lower. Merchandising, pipeline and oil refining issues edged frac- tionally higher. Rank dropped 'i to In-, ternational Utilities Vi to ?3B, Dome Mines, IVi to Tara Vi to Bow Valley Vt to and Great Lakes Paper to ?M 8. Alcan fell U to Inco ,Vi to Great Plains Develop- ment Vi to S34Vz and Opemiska to siou. Scottish and York Holdings was up Vz to Dominion Stores to Consumers' Gas to Royal Bank IVa (o and Imperial Oil to Supertest ordinary climbed '.i to Na-Churs Va to United Oanso 10 cents to ?4.00 and Hayes Dana to PRICES SLIP MONTREAL (CP) Prices slipped in all sectors in light morning trading on the Mont- real slock market today. Combined volume on the Montreal and Canadian Slock Exchanges at 11 a.m. was shares, compared with at the same lime Mon- day. On index, the composite dropped .35 to 180.50, industrials .49 to 183.41, utilities .04 to 152.14, banks .04 to 203.8! and papers .23 to 78.11. Among losses, International Uili'ues dropped 51'.i to Du Pont li to Moore Corp. 'k to Noranda to 533, Shell Canada 'i to and Brascan ii to Highlighting gains, Falco- gridge z'Gso to S96, Dominion Stores to and Genslar to Sll'4. On the Canadian Stock Ex- change, Pan American Mines plunged lo 55 on shares and James Bay Mining rose cent to 33 cents on shares. D.JA DOWN NEW YORK (AP) _ Stock market prices eroded further m slow trading today as profit-tak- ing pressures remained in force. The nbca Dow Jones average of 30 Industrial stocks dropped 5.M to Among Canadians on the big board. Distillers Seagrams was down 3.s to and Dome Jlines fell 3i to fW'j. Mclntyre Porcupine was up !i to S35. On the Amex. Brascan Ltd. was down to and Scurry Rainbow Oil fell U to SIT'i. Hog prices EDMONTON (CP) Aver- age prices to 11 a.m. Tuesday provided by (lie Alberta Hog Producers Maikciug Hoard. Edmonton1 22.45. Average i Monday I Red Deer: 2.M5. Average j Monday 22.62. Calgary: 22.45, Average Mon- day 22.20. LetJibridge sales. Aver- age Monday 22.2G. Lloydminsler: No sales. Av- enge Monday 22.83. Tolal hogs Eclcl 85G. Sow pnce 13.11. Dividends By THE CANADIAN PRESS Beaver Lumber Co. Lid., 12'i cents; class "A." 25 cents; pfd. 35 cents; all payable Oct. 1, record Sept. 10. FOR SALE POLY FOAM RUBBEf Assorted sizei and shapes I PER BOARD FOOT Call at 443 10th Street North Friday 8 a.m. to 4 p.m. Lethbridge Kiwanis Clubs' ANNUAL APPLE CAMPAIGN BASKETS of FANCY B.C. MclNTOSH APPLES SO-50 Now thru Sat., Sept. 4th Hera ore a few of the projects iponiorcd and supported by The Kiwanit Clubt of Lethbridge Hardfeville Boy Scouli and Girl Guides Hall Girls Guides and Browniei Camp at Fort Macleod Lethbridge Sharp Shooters Gun Club for young Kiwanis Playground 71 h Ave. and 4th St, S. 3 Tourist Hull at Henderson toko Assist minor iportt with grants for equipment Sponsored award winners oF the 4H Clubs Proseni high ichool scholarships annually for high scholastic ability Scholarships to the outitanding music festi- val participants Manages and supports the Kiwanii Junior Band DONATION ARE ALSO WELCOME Sponsored by the Downtown and Gree Acres Kiwanis Clubs of Lefhbridge. If you have a large family, order two or three baskets.