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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 5, 1971, Lethbridge, Alberta Monday, Boccmbcr 6, THE IETHBRIDGE HERAIO 17 Oil rigs drill on frozen tundra billion Canada has big debt with U.S. Toronto market posts advances i OTTAWA (CP) Canada's i gross indebtedness to the rest of CALGARY (CP) The nil exploration game is back in Imperial Oil Ltd. has scliecl-1 uled an H-well program, three motion, thanks to the northern i of arc scheduled to spud Canadian winter. The frozen tundra in the north has enabled oil rigs to move into position for winter TORONTO (CP) Industrial and gold issues climbed sliarply higher as all sectors of the To- ronto stock market posted ad- vances in active mid-morning trading today. Analysts attribute the strong advance to investor speculation regarding the trade talks to be held between Prime Minister Trudeau and President Nixon later today. The industrial index was ahead 1.52 to and golds 3.04 to 148.37. Base mc-tals were up .12 lo 72.40 and western oils .33 to 202.73. Volume by 11 a.m. was shares, up from at the same time Friday. Advances outnumbered de- clines by almost three-lo-one, 180 to 65 with 161 issues im- Advances outnumbered de- clines by almost three-to-one, exploration programs more than 5100 million. in the next few days. Drilling in the delta, which will keep five Imperial rigs ac- live this winter, will take about i the world amounted to more lhan S-16.9 billion at the end of 11169. about three-quarters of it owed to the United States, Sta- tistics Canada reported Thurs- But offsetting (he gross in- debtedness, Canada had foreign assets totalling billion, about half of them in the U.S. The figures are contained in a new 187-page analysis of Can- ada's international investment position since the old Dominion Main centres of activity are the Mackenzie delta region and i (he Fort Norman area in the Hog prices EDMONTON (CP) Aver- age prices to 11 a.m. provided by the Alberta Hog Producers' Marketing Board. Edmonton: 24.60, average Friday, 24.97. Red Deer: 21.60, average Friday 24.94. Calgary: 24.50, average Fri- day, 24.69. Letbbridge: No sales today Friday. Lloydminster: No sales today or Friday. Total hogs sold 1.244. Total hogs sold Friday Aver- ags 24.85. Sows average 13.85. Hogs base price 24.50 180 to 65 with 1CI is changed. Pipeline, industrial .........0, merchandising, real estate and I Northwest Territories, general manufacturing issues I posted broad advances as II of j the industrial index's 17 sub- groups moved higher. Backing, oil refining and feed processing issues edged frac- tionally lower. Nova Scotia Light and Power was up 23i to The Nova Scotia government Iras offered i shareholders a share, in a takeover bid. Falconbridge was up 13S to f.KK. Maclean-Hunter 1! i to Shei-ritt to Inco "s to Supertest ordinary 34 to and Keeprite Products to SlOtt. worth million of the company's S40 million frontier budget for EARLY .MINERALS Coal in Nova Scotia and iron ore in Quebec were discovered and later mined in tha 17th and ISth centuries. -Ja By Gene Fawcette A SIMPtE ONE-MINUTE TEST CAN NOW DETECT MERCURY i CONTAMINATION IN FISH AT SEA. A SAMPLE OFFISH, NO LARGER THAN A RNHEAP, PLACED IN A NEW INSTRUMENT QUICKLY TELLS A FISHERMAN. IF HIS CATCH G MARKETABLE WITHOUT FIRST HAViNBTO RETURN TO SHORE... Pine Point dropped to CP Ltd. Vs to As- bestos Corp. to Bow Valley Vs to Cygnus A '.s to Dofasco '.4 to and Husky Oil Vs to S16U. LIGHT TRADE MONTREAL (CP) Industri- als and utilities led moderate advances in light morning trad- ing on ths Montreal stock mar- ket today. Combined volume on the Montreal and Canadian slock exchanges at 11 a.m. was shares, compared with at the same time Friday. On i n d e x, industrials ad- vanced 1.48 to 176.38, the com- posite 1.35 to 170.56, Utilities 1.20 to 149.73, banks .59 to 224.24 and papers .54 to 73.64. Highlighting gains on Uie! Montreal Slock Exchange, Nova I Scctia Light and Power rose i-.-l'tnil 111'lPPe to Falconbridge SI to cl111 P11L-CB and Newfoundland Light and Power to Up each Winnipeg Grain were Inco at Interprovin- i rial Pipe Line at and WINNIPEG (CP) The Westcoast Transmission at rapeseed market was as much Among declines, Royal Trust as three cents lower at mid- session on the Winnipeg Grain Livestock report Lethbridge Livestock AFTERNOON SALE Calgary livestock CALGARY (CP) Receipts or the Calgary livestock mar- ket lo 11 a.m., about 400 bead; practically all gocd and choice slaughter steers and cows. Trade was active. Slaughter steers were steady, heifers scarce and steady with no strictly choice kinds, cows mostly medium and caTmer kinds at steady prices. Bulls were steady. Choice slaughter steers 33.50 to 33.90, good 32.35 to 33.25, medium: 31 to 32. Good lo low choice heifers 30.25 to 31.70, medium 2H.75 to 30. Good cows 22.50 to 23.25, medium 20.50 to 22, canners and cutters 17 to 20 Gocd bulls 23.50 to 25. Insufficient replacement cat- tie or stock calves offered to establish a market. the 1971-72 winter. In the Fort Norman where Imperial has area. been for drilling this winter, II is expected the Fort Nor- man area could account for twice as many wells in the next five months rs were drilled in the last Iwo years. Operators now involved in the Fort Norman flurry arc: Atlan- tic Richfield Canada Ltd., fmir wells: Western Decalta Petro- leums two wells; Amoco Canada Petroleum Ltd., Aqui- laine Co. of Canada Lid., Cana- dian Delhi Oil Ltd., Imperial and Standard Oil Co. of British Columbia Ltd., one each. The Canadian Association of Oilwell Drilling contractors rig activity map shows 145 rigs drilling, 23 rigs moving, and 148 lying idle of the 321 rigs avail- able for work. This is more than three times the number active last May when drilling slipped to a 14- year low of 37 rigs. Alberta leads with 105 drill- ing followed by 22 rigs now drilling in northern Canada. The Meekwap area 30 miles northwest of Whitecourt and the foothills region along the east slope of the Rockies are the most active areas in Alberta. Eight provinces plan Iiike automobile insurance TORONTO (CP) Antonio-[ In Ontario, the indicated aver bile- insurance premiums in eight Canadian provinces arc expected to increase by an av- erage of 4.8 per cent in 1972, indicated premium changes computed by the Canadian Un- derwriters Association show. Bureau of Statistics began put- t ing such figures together in 1926. While complete detail is only available to 1907, some of the figures have been brought up to the end of They deal with the so-called book values of in- vestment. In the stock, the book value means the value at which the stock was is- far less than the value at which such stock is bought and sold en the stock markets. I CANADA IN DEBT i "Canada is one of the major debtor nations in the case of corporation age premium increase is 6.5 per the hurcau said, cent, but motorists m metropoh- Net earnings By THE CANADIAN PRESS Bowes Co. Ltd., nine months ended Sept. 30: 1971, 90 cents a share; 1970, 96 Mines Ltd., nine cents. B r e n A a months ended Sept. 30: 1971, 11.4 cents a share; 1970, figures unavailable. Canadian Javelin Ltd., nine months ended Sept.. 30: 1971, 1970, Craigmont Mines Ltd., year ended Oct. 31: 1971, 58 cents a share; 1970, National Drug and Chemical Co. of Canada Ltd., 40 weeks ended Oct. 5: 1971, 56 cents a share; 1970, 36 cents. j Aim Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Dolicrty, Roadhouse and McCuaig) LAST BID OR SALE a.m. Quotes) a.m. Quotes) a.m. Quotes) WESTERN OILS Hud Bay Oil 43.2S Mutual Ac _ 5.06 to Dominion to and Iirasco dropped Textile !H fo On the Canadian Sleek Ex- change, James Bay Mining pained two cents to 22 cents on Exchange today. Following the trend of the C h i c a g o soybean market, which is d o w n nearly two cents, the rapeseed futures Ashland BP Oil Gas Can South Ex Gas Cdn Hor ;sld fil.OOO shares traded and RRD werc on a io lower prices. Ltd. ro.se to S end L I The main activity came from Diversified dropped .to SfFu and Belgium Standard to PRICES SLIP NEW YORK CAP) Slock market prices, after shooting ah sad at the slairl tcday, slipped back as mild profit taking de- relcped. Trading was active. The Dow Jones average of 30 industrials, ahead more than 8 points earlier, was up 3.58 at I 863.17 by noon. Advances on the New York Stock Exchange led U.S. houses selling the nearby and buying the deferred fu- tures. Other commodities were quiet with extremely light trad- Friday's volume of trade was bushels of flax. 392.000 of rye and of rape- seed. AI id-session prices Flax: Dec. ]2 higher May unchanged 2.4G'j, July ij Cdn Home Pfd Cdn Ind Gas Oil Cdn Long Is Cdn Super Cherter Chieftan Dome Pete Dynamic Peie Gt Plains Gl Cdn Oil Lochifil Mill City New Con1 North Cdn Oil Numac Pan Cdn Pel Pan Ocean Permo Petrel Pinnacle Place Gas Ponder Ranger Scurry Rain Spooner Seibens Total Ulster West Decalla 5.10 5.60 17.00 6.-10 5.70 8MQ 15.75 V.25 .50 39.12', 2 5.10 8.10 29.CO 1 01 28.75 .'..70 1..15 J.CO Hud Bay Oil Hud Boy Oil Pfd Hugh Russell Husky Oil Husky Oil B Husky Oil War 43.2S Mutual Ac 53.00 Mutual Gr f 19.6J.Vj Nat Res 16.55 N W Fin 44.00 N W Gr 6.40 Principal Gr nter Prov Pipe 13.00 Royl Prcv Steel 6.B7W Tei 4.10 RPS Lake Dulault MGF Manage Pacific Petu Rainier Inc Teledyne West Cdn Seed White Yukon CALGARY Acroll Oil ip Gr ted Ac 10.37V2 Universal SBV 6.87 1.75 Vangt-ard 9-98 VANCOUVER MINES 3.95 4.3.1 5 40 5.62 5.D9 5.56 2B.GO 2.75 4.00 4.55 tan areas can expect to pay slightly liiphcr premiums. In the over-all increase was 12.4 per cent. Tlie association is the largest one of aulo insurance compa- nies in Canada and its premium rates generally set the standard for the industry. Quebec is the only province to show a reduction in indicated car insurance premium levels. The average rate-cut is indi- cated to be 4.7 per cent, com- pared with a rise of 5.2 per cent i half, increases Bul Anuk Mini .02 11.E71 .39 1.32 .e.5 l.M .55 12.37' 15.12' 1.20 8.15 6.25 Barcns Madison North Co West Wai PIPELINE STOCKS Alia Gas Tr L A a.IT Alia Ges Tr L Pfd 75.00 Alia Nat Gas 30.50 Inland Nat Gas 11. "5 N and C Gas 14.25 N and C B Pfd 29.00 Pacific Gas Tr 12.75 Gaz Metro 550 G3i Metro Pfd A 6i.75 Atlns Explor Bain Norse Brenda Cliurchill Copper Croydcn Dankoc Dolty Varden Dynasty Fort Reliance Giant Mascot Lome Lyttci Prir 3.ips Copper i V.inerals in 1971. Indicated premium in ths other provinces sho1 up an average 3.7 per cent, compared with a 13.3- per-cent increase in 1971; Columbia up an av- erage 5.9 per cent from an in- crease of 12 per cent this year; Scotia up an average 4.1 per cent from a reduction of ].4 per cent in 1971; Edward Island up an average of 15.4 per cent com- pared with a reduction of 3.4 per cent this year; Brunswick up an aver- age 4.7 per cent from an in- crease of 2.9 per cent this year; up an aver- age 5.3 per cent, compared with an increase of 7.9 per cent in 1971. Premium changes in the gov- ernment-run car insurance plans in Saskatchewan and Manitoba aren't expected to be available until early in 1972. D. D. McKay, chairman of the association's auto department executive committee, said the rate increases are needed bR- cause of continuing inflation and an increase in the number of car accidents in Canada in the 1970 statistical year. The net indebtedness of 2 billion at the end of 1969 com- pares with a net of only bil- lion at the end of the Second World War when gross liabili- ties were S8.2 billion and Can- ada's foreign assets were bil- lion. The big increase since then has been in direct invest- ment in Canadian business by foreign firms. Statistics growth of Canada said the foreign investment slowed down in the first half of the 1960s, but picked up again and "rose rapidly in the second over the whole period since 1926, the bureau said, the tional indebtedness has amount- ed to only slightly more than four per cent a year. "In the light of the great ex- pansion of productive capacity and changes in price levels which have taken place in the last half-century, the relative burden of Canada's debtor posi- tion has been substantially re- duced." Most of the Canadian invest- ment abroad in the late 1960s was in manufacturing, and own- ership was highly concentrated in a few large Canadian enter- prises. At the end of 1967, about Canadian concerns were con- trolled by non-residents, and foreign capital was invested di- rectly oi' indirectly in about Canadian concerns. The largest part of U.S. long- term investment in Canada was in U.S.-controlled enterprises. The proportion of foreign own- ership of Canadian industry re- mained practically unchanged at 35 per cent from 1961 to 1967. The largest incidence of foreign ownership was in petroleum and natural gas, 62 per cent, and in mining and smelting, 61 per cent. About 52 per cent of Cana- dian manufacturing industry is foreign-owned. But the ratio of ownership and control in these highlight indus- tries is not indicative of foreign ownership and control of the whole national wealth of Can- ada, the bureau said. Social in- vestment, agriculture, residen- tial real estate and personal property is almost wholly Cana- dian-owned. Chevs called in for engine work French drug report PAHIS (AP) Interior Min- ister Raymond Marccllin re- affected by engine-mount sepa- porls that million worth] OSHAWA, Ont. fCP) Gen- eral Motors cf Canada Ltd. is preparing to notify owners of certain Chevrolet vehicles to take them to GM dealers for installation of restraints to limit the listing of the engine should an engine mount separate. The installation will be made at the company's expense, a GM spokesman said today. The notification may involve OAvners of about 600.000 ]9G5-to- regular-size Chevrolets and Novas, as well as 19G7-to-19G9 C a m a r o s and certain light trucks and other vehicles with similar V-8 engints. Only vehi- cles with V-8 engines are in-1 volvcd. If vehicle operation should be j driver should turn off the igni- tion key and brake the vehicle to a stop, the spokesman said. General Motors will begin no- tifying owners by mail as soon as current owners' names can be obtained from company deal- ers or provincial registration records. The restraints still have to be tooled, manufactured and deliv- ered to dealers. It is anticipated that the restraints should be available at dealerships in the latter part of February. Pyramid Stiver Standard Tex men! Troisn Valley Copper WC Res INDUSTRIALS 7.00 We1 Pete WHICH MEASURES MfKCURY i IH W PREPARATION OF declines by 3 to 1. higher 2.49A. Among Canadians on the Rapesccd Vancouver: Jan. 3 i lower March low- er June 2V4 lower 2.62's. Rapeseed Thunder Bay: Doc. :'.t lower 2.44SA, May IVi lower July Hz lower 2.51A. Oak: Dec. '4 higher 64H, May 's lower July un- changed Barley: Dec. ns higher 1.06'iA. May ?s higher 1.09, July not open. Rye: Dec. '2 higher May '2 higtier 1.01's, July Vi higher 1.02'AB. NYSE, Dome Mines gained Hi to S54. Distillers Seagrams gained ;k to S56'.j and Granby Mining rose to Mc- Intyre Porcupine was down 1 to On the Amex, Scurry Rainbow Oil was up to Off Vt were Brascan Ltd. at SI 7'., and Molybdenite Can at 2 Positive Thinking Salesmen Who are not afraid of hard work in a young, growing industry. Potential unlimited. All company benefits. FOR APPOINTMENT CONTACT: MR. ERNIE KOVACS SIDORSKY'S MOBILE HOMES LTD. Dividends By THE CANADIAN PRESS IJ.C. Sugar Refinery Ltd.. common 20 cents (plus extra of 20 pfd. 25 cents, both Jan. 31, record Jan. 7. MAJOK PART Fre.sii and processed fruits and vegetables account For more one-third oi' quantity of ;ill food consumed Canada. Cdn Brew A Cdn Brew B Cdn Pacific Crowsnest li Cygnus A Cygnus B Genslar 36.00 Tr Cdn P Ptd G J2.00 Tr Cdn P Pfd A 66.7.1 Tr Cdn P War WC Trans MUTUAL FUNDS B.C. Sugar 18.00 Cdn Com 799 R 73 B.C. Sugar Pfd 16.25 AH Cdn Divid 8.92 9.75 Capt Inter 5.75 All Cdn Vent 3.52 3.E4 Crestbrook For Ind 3.15 2.1.75 Gr F 595 6.53 Growers B 4.95 AGF Special 7.75 Key Indust 30.25 cdn Invest F -1.5! 4.95 Hys 2.t. 35.25 Cmnw tnlor 12.79 14.05 Interior Brew 3.65 Cmnw Lev 3.26 3.58 Intsr Mariner .70 25.03 Corp Invest 5.35 5.E2 Okanagan Helicop 5.37V4 of narcotics has been seized in j LuJUJZ France since August, Mar- j cellin wrote in a magazine ar-1 tide that a new emphasis on combatting the drug traffic hud resulted in the arrest since then of 983 drug pushers, including j 39 international drug smugglers, i the company said, the I modify. MAJOR EARXER The sale of cattle and calves in Canada contributes more to farm cash receipts than the sale cf any oilier single farm com- 5.00 Cc-p In St F 4.73 5.16 Pacific W Air 10.75 5.50 Dreyfus F U.S. 11.E? 13.03 Stampede Intl Res .67 11.25 Gr In Shares 3.32 3.54 OILS 59.12'.'! Gr Equity 5.97 6.54 Albany Oils .42 Home B 2O7V2 Invest Gr F 10.50 11.49 Plains Pete .23 Hud Bay Co Invesl Actual 5.17 5.65 West Explor .12 Toronto mines, industrials (Supplied By Richardson Securities of Canada) LAST BID OR SALE a.m. Quotes! a.m. MINES TAX SHELTER PHYSICIANS DENTISTS Wo will buy your present equipment at full original value and lease back. Think what you could do wilh the money you have tied up in your office. PROFESSIONAL SUPPLIERS AND ALLIED TRADE REPRESENTATIVES THIS OFFER IS WORTH INVESTIGATION TODAY Phone 328-5037 LETHBRIDGE or 823-5811, DRUMHELLER DAY OR NIGHT MONARCH LEASING LTD. Stc. No. 1006 Board of Trade Tower 1177-W. Hastings St. Vancouver B.C. All REPLIES HELD IN STRICT CONFIDENCE Acme Advocate Asb. Akalfcho Broulan Bethlehem Brunswick Canada Tung. Cassiar Central Pat. Cons. Rambler Coin Lake Cochenour Craigmont Dickcnson Mine Dcnison Mines Deer Horn D'Eldona Dome Mines Donalda Fast Malm-tic East Sullivan Fa I con bridge Frofcex First Marllimes Giant Y.K. Bovis Granduc Nortngate .31ft Norlex 1.80 Opemiska Oslsko Patino .20ft Pine Point aresl a.m. Dom Stores .30 Dome Pete 7.25 Dofasco .21 Vi CAD 15.50 16.25 2.25 1.57 17.75 1.30 1.17 7.10 1.35 .09 .19 7.00 1-00 20.53 Placer Dev. P.C. Exp. Quebec Alan Rayrock l Radiore Rio Algom l: Roman Corp. SherrW Gordon 13 Silver Miller Steep Rock "t Tek Corp. t Texmont Uppfir Canada 1 Western Mines 1 Wriqlii Hargrcaves I Willrcy OJ VVindf.HI I .of Amer ui Cdn Oil Gen Motors Gt Lakes Psp Gulf Oil Cda Greyhound Hawker Sid Huron, Erie Hiram Walk Int Nickel Int Pipe Inv Gp A tn1 Utilities Indust Accept Laurcntide Kelly Doug A Loeli INDUSTRIALS Moi Corp 401 2nd Ave. S. LUTEFISH AVAILABLE AGAIN STAR A4ARKIET Phone 327-4393 Hudson Bay AV3 17.37' Hydra Ex. .16 iron Bay 3.05 Iso 1.13 Jclict Quebec. .25 Kerr Addison 6.611 Key Anacon .13 Labrador 33.75 Lake Shore 2.30 Langis Silver .05'. Madsen R.L. .63 Malnrtic G.F. 55 Martin McNeety 07' Maclnlyre Midrim .11 Intern Morju! 7.05 New WcM New Athona .11 New Caluniot W Morse Copper Norandft W.f't) Algoma Slee Atco Ind Allan Suqar Aqra Indus! Bell Tpt Rrazil Trac B.C. Tel Burns B.C. Forest R.C- Sugar Row Val'ey CAE tnrt Ctln Chsmcpll Cal Coron frpclit 60.00 17.00 18.15 6.50 A.iO 36.50 Molsons A Molsons B 1 North, Cent Power Corp Price Co Rothmans Simpson's Simp Sears Steel of Can Selkirk A Texaco Traders Gp A Trans Mtn Pp Trans Can Pp Uni 1 Gfl! Union Versatile Mfg West eel Union Car weston's B Woodward's A West Cdn Sd Zenith Elcc Tw BANKS Csn Imperinl 3fl.OO Montreal Nova Scotifl 11, IS Royal IS.25 Tor-Dom "f 36.75 17.55 York .storks Dupont GM Gnif In! flrvrMfr Kenn Copper Montgomery (Siipjilit-d lly Iticliardsnn Securities of Cnnnila) itirf 1 .ll.ll'j Sriirs 96.35 20 Golds Up 2.68 Std Oil nt N.J. 71.50 10 5nsn Met 73.54 up .16 :l Ift.W-t loxfls Gull 113.37'j 1.1 W Oils JOJ.92 Up .9A 1101'11 Co Volume Wid-os Corp 49.50 NEW YORK AVERAGES Woolwoitli .10 Indust nfi3.17 op 3 SO Wf.lincilir.use Hlfc R0.1IV) ?0 Rnils 233.43 up 1.71 U.E. Stppi ?fl.0i> IS Utilities 111.45 cfl TORONTO AVERAGES Stocks up 1Q Indust 1713? up Volumi 1-M.J.S 11 K FIREPLACE ACCESSORIES A GOOD SELECTION OF DRY BIRCH AND CEDAR FIREWOOD 17.25 I CEDAR 12.25 ;