Lethbridge Herald, The (Newspaper) - December 3, 1974, Lethbridge, Alberta
Tumday, 3, 1974 THE LtTHBRIOOE HERALD 17 Kuwait buys big share German motor firm BONN (AFP) The West German economy ministry to- day identified Kuwait as the buyer of a major stake in the Daimler Benz motor firm. The ministry said it had been informed about the deal by the Dresdner bank, a leading West German bank which arranged the transac- tion and will look after Kuwait's interests in the firm. First news of the deal came Friday, when it was disclosed that the Quandt group, a fami- ly holding, had transferred a large part of its nearly 15-per- cent stake in Daimler Benz to a Middle Eastern oil produc- ing country. The total value of the family's Daimler Benz shares was believed to be worth about million. Daimler-Benz produces Mercedes cars, trucks and buses. Last year it was second behind Volkswagen in total sales with a turnover of billion and a profit of million. Copper price sliced again TORONTO (CP) Hudson Bay Mining and Smelting Co. Ltd. announced Tuesday a further cut in its copper prices, the third in three months. The company said in a statement it has reduced its price for electrolytic copper wirebar sold in Canada to 73 cents a pound from 75.5 cents. The reduction is effective im- mediately. Other North' American producers recently announced similar cuts. SMART EXECUTIVES LUM TWr Bttims at PmoMl dn BICAUM... LftMlng can IMS than buying to tlim Mvlng and convenient Leasing your tax No cash Investment required Forttwc i on toMlng contact MVtttlMfl KOHMHINKOV, And IMWWKM (top. BENY CHEVROLET OLDSMOBILE LIASINO AND INSURANCE DIVISION 2nd Ave. and 8th St. S. Phone 328-1101 Fate of mining industry rests in provincial hands With all the clamor about the federal budget's effect on the petroleum industry, lit- tle has been said about the fate of Canada's other major resource sector, the mining in- dustry. Moss Lawson and Co. Ltd., a Toronto invest- ment firm, says with the federal government reaffirming its stand on resource taxation, the health of the Canadian mining industry now rests in provincial hands. The company advised in a recent investment letter that investors avoid mining com- panies based in British Columbia or operating in Manitoba. Just as it applies to the petroleum industry, the federal budget proposals will not allow the mining industry to deduct from their federal income tax, royalties or taxes paid to the provincial governments. In British Columbia the government has introduced what some have caled a "super royalty." In Manitoba, a tax scheme whuch has been proposed and con- sidered somewhat un- workable has been withdrawn to be in- troduced again in the coming year. The investment firm says, and the mining in- dustry concurs, that the combined effect of the federal and provincial taxes for companies operating in either of these provinces may be so severe as to prevent them from earning a satisfactory profit. The investment firm advises avoiding B.C.- based producers and International Nickel Co. of Canada Ltd. and Sherritt Gordon Mines Ltd., both of which operate in Manitoba. In Ontario, the mining companies do not have to worry about royalties. "However, the new provincial tax structure is harsh and loaded with modifiers which tend to favor companies with processing facilities in northern the firm says. Quebec is still work- ing out its tax structure. It's expected to closely parallel Ontario's. As for the 100-per- cent write-off on ex- ploration costs granted by the federal gov- ernment, the company says it will have little effect, except for the smaller exploration companies. The firm concludes that mining companies will continue to operate in B.C. and Manitoba only as long as the profit picture is adequate. Exploration in B.C. and Manitoba will cease. Emphasis will shift to the Yukon and Northwest Territories. Offshore exploration will continue to increase. Finally, larger com- panies will diversify into non-resource in- dustries both inside and outside Canada. The company says it is unfortunate the min- ing industry cannot raise the prices of its commodities to offset the effects of the provincial-federal taxa- tion squabble. Instead, "they must compete in fragmented international markets." Cheap transportation Electric car owner happy ALBUQUERQUE, N.M. (AP) Dick Bassett took a basket of surplus military electrical parts and a junk auto body and turned them into a little electric car that hums along at 40 miles an hour for up to 50 miles. "My wife and daughters drive it said Bassett, a 49-year-old engi- neer at Sandia Laboratories. "It's an awful lot cheaper than a gasoline-driven car. "The idea of an electric car isn't anything new, but put- ting one together and driving it around town sure is." Bassett said the car costs a little over half a cent a mile to operate, based on the current price of electricity. He said he has about invested in it. Nearly three-quarters of the cost is in the 10 lead-acid storage batteries, five each in what had been the car's engine and trunk spaces. "It's a weird feeling, sitting at a stoplight in the car. When the accelerator isn't de- pressed, there's no sound. No power is consumed. You al- ways wonder if you're really YAMAHA ORGANS !New and Used COLLEGE MALL tf 328-3694 going to move when you hit the pedal. "My wife has a problem with it while shopping. People in parking lots constantly walk in front of the car, be- cause they can't hear it com- ing." The idea of the car had been in the back of his mind a long time. "I really decided to do something about it when the energy crisis came. The car body had to be light and boxy so I bought a 1963 four-door foreign compact. I began by stripping everything out of the radiator, heater, hoses, the works. "It weighed about pounds to begin with. I stripped about 300 pounds off it." 300 SUNGLASSES) to choose from AVAILABLE IN YOUR RX NOTICE! Due to shipping delays some of the items advertised in our flyer, December 5th to 7th have not arrived. Zellers regrets any inconvenience to our customers. Rain checks will be given for mer- chandise not available during the Sale. The fabulous FUTURA sewing- ultimate in sewing- gifts' Singer's amazing convertible that goes from flat to free-arm (tubular) sew- ing- surface instantly. It simplifies sew- ing- with Singer-exclusive features like built-in professional one-step button- hoier, front drop-in bobbin with see- through window, easy lay-in threading and slant needle desig-n Give her Singer's best because she deserves nothing less. sewing machine now with built-in elastic stretch stitch. It's our go-anywhere portable with Its own glide-on carrying case and Singer-exclusive front drop-n. bobbin Select built-in zig-zag, multi-stitch, blind hem and the new versatile elastic stretch stitch at the flick of a lever Sew any fabric from stretchy knits to heavy denims ease Make buttonholes, too! pretty, pleaee gift to make thisf Christmas a lasting one __ giffbocdd make this Christmas goon forever... Here's the machine and cabinet combination she wants to start her own Singer home sewing centre1 Our popular Fashion ZIG-ZAG sew- ing machine with 3 needl e positions lets you sew buttonholes, sew on buttons, overedge and without attach- ments. Also features Singer-exclusive front drop-in bobbin and snap-on pres- ser foot. Put it in the handsome Sher- brooke contemporary cabinet and you have an absolute winner of a gift. Singer's Junior child's sewing machine will make that young lady's face light up like a Christmas tree1 Moving- parts are designed for safe simple sewing with foot control and real tension dial Sews a regular lock stitch, comes complete with carrying- cover Operates by crank, AC or batteries A( win urtxmu Credit terms available SINGER Sewing Centres and participating Approved Dealers. ForChristmas, from Singer Gift Wrapping, Home Delivery and Instruction -AT NO EXTRA CHARGE Mill PIlOfM This Christmas, live ric Lottery More than a possible winners million apprize prize n prizes including 5 prizes of each. 'Buy your tickets now! Available at Trust Companies. 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