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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 8, 1973, Lethbridge, Alberta Businessmen predict 1974 economic outlook 'good' TORONTO Despite short-term uncertainties about supplies of many in- dustrial speakers at a business seminar Thursday generally predicted 1974 will be a good year for Canada. The energy shortage was just one of the supply problems discussed and there was general agreement that market forces could over- come supply problems. The seminar was sponsored by the University of Toronto's faculty of management studies. The current domestic eco- nomic situation was described as unique in that demand in most areas is great. Most businesses can sell as much as they can if they can find materials. External forces may have a more significant impact on Canada. there will be some reduction in the supply of energy available in we do not anticipate that in will significantly reduce industrial activity in said John an economics professor at the university. His assessment was based in part on data from two computer models at the university. EXPECTS DECREASE is the reduction in indus- trial activity in the United States and the rest of the world due to the shortage of energy that will affect markets for Canada's exports and induce a reduction in real output in the Canadian economy. contrast to the forecast of almost no growth in the United we are forecasting an increase in real gross national product in Canada in 1974 of about four per Many industries in Canada are producing at or near capacity and most speakers anticipated a boom in capital spending for plant expansion. Peter vice-presi- dent of Wood Gundy said that if current trends continue the following scenario is a of self-sufficiency in energy with minor disloca- tion and distribution Canada would be the only country in the Western world in a position to produce at full capacity levels a wide variety of products that trade internationally. In this a recession in Western the United States and Japan could possibly mean phenomenal boom for Canada's export in- dustries rather than induced as the conventional wisdom William vice-presi- dent of the First National Bank of said he dis- agreed with economists predicting zero growth in the U.S. next year and bank predictions -are for an increase in real output of about two per cent. Observations on sectors of the Canadian economy PETROLEUM Arnold Husky Oil Operations The industry for the next several years will be characterized by de- mand at rising prices for anything it can Prices could not be predicted because of Mideast uncer- tainties. Major investments will be needed to develop Canadian sources. AUTOMOBILES William American Motors There were economic primarily of the step must be to recognize all over again the law of supply and Television sets found defective WASHINGTON -The Consumer Product Safety Commission said Tuesday it has received notification of potential shock or fire hazards in color television sets in the United States. The commission said that all of the potentially affected sets have been or are in the process of being when necessary. In an attempt to pinpoint the the commission plans a public hearing early next year to determine whether design defects are in- a spokesman said. The commission said manu- facturers have warned of pos- sible shock hazards in inch RCA 13-inch Admirals and 23-inch Montgomery and possible fire hazards in 19-inch Zeniths and 18- inch Philco-Fords. At least one electrical shock death has been attributed to a television and a number of fires are being investigated to determine whether TV sets were the commis- sion said. Shortage of bunker oil .l.fi Canadian Construe- threatens lumber Association Totai A massive shift to small car purchases is ex- pected. FOOD AND BEVERAGE Logan Robin Hood Multifoods Next year likely will be a year as the industry adjusts after a period of rapid price rises. Prices will not rise as quickly but consumers probably will be spending 20 to 21 per cent of disposable in- come on compared with 17 to 18 per cent in 1970. FINANCIAL MARKETS Mr. Campbell of Wood Gun- Bond yields likely will decline but stock prices are due for im- SECONDARY MANUFACTURING J. P. G. senior vice- Molson Companies A surge in capital spend- ing is expected probably not as great as the situation warrants owing to an inherent activity will be high in the first half but a slowdown may appear in the summer as delivery perfor- mance improves. Inflation likely will affect profits but there is no reason to an- ticipate a recession. CHEMICALS Owen vice- Dow Chemical of Canada A strong de- mand in 1974 and beyond presents an opportunity to the industry. Shortages will be fact of and export production will begin to be diverted to the Canadian market. He was because Canada has the raw materials to expand production capabilities. RETAILING Alec vice-presi- Simpsons-Sears The current year is expected to be a record for retail sales. spending in 1974 will be somewhat less dramatic than the spectacular growth of the past two STEEL John executive The Algoma Steel Corp. Plants are operating at or near capacity and this will continue through 1974. Demand now exceeds supply and inventories are below average. MINING H. R. Hudson Bay Mining and Smelting Co. Industry climate now is since certain tax concession expire this year. metals prices are at historically high levels and this situation likely will con- tinue at through the first which probably will mean maximum possible pro- duction. CONSTRUCTION Henry de VANCOUVER Two major British Columbia lumber firms report that ex- ports are being threatened by the world-wide of bunker oil. Seaboard which ships half the province's water borne lumber and MacMillan Bloedel B.C.'s largest forest com- expressed concern about the situation. Seaboard has sought federal government assistance to ob- tain fuel for five charter ships stranded in Japan. The five are among about 100 vessels from around the world stranded without fuel in Japanese harbors'. MacMillan Bleodel said it is having in shipping exports overseas. bunker oil is scarce and difficult to said an MB spokesman. a result we have ex- perienced some delays in shipping products. The outlook is not very A spokesman Japanese consul's Vancouver ment has for the office in said his govern- no rationing of KEITH CONSULTING ENGINEERS APPOINTMENT supplies to foreign ships in Japan. He said the multi-national oil companies decide which ships will receive oil in Japan. iN EDMONTON Stay At the RIVIERA K.H. SIKA Mr. Grant T. is pleased to an- iounce the appointment of torry Sika as Structural Design Engineer. Mr. Sika will assume his duties n the firm's Regina 766 Saskat- ihewan. Sika comes to Keith Con- .ulting Engineers after 24 years vith the branch of the Saskatchewan Dept. of Agriculture where he was Senior ingineer. THE HOTEL WITH MORE TO OFFER AND WE NOW HAVE COLOR TV For Your Convenience in Making Reservations CALL AND ASK F.OR LONG DISTANCE ZEnlth 0-7255 no coil to you IVIERA MOTOR HOTEL 5359 Calgary Trail Alberta 434-3431 037-2510 spending expected to be about up from an es- timated billion during 1973. A decline in construction is possible but a gain of one-quarter to one- third is possible in industrial construction. FOREST PRODUCTS Knut vice-presi- Fraser Companies Pulp and paper producers should have a satisfactory but inter- national price competition and pollution control costs may be limiting factors. With a slowdown in housing for at least the next six months the situation be very for lumber and plywood producers. Wholesale prices in U.S. climb WASHINGTON Ig- nited by record costs for wholesale prices in the U.S. leaped sharply in the department of labor said today. The department said the wholesale price index rose 1.8 per cent last month on a sea- sonally-adjusted basis and 1.6 per cent on an unadjusted reversing a two-month trend in which wholesale prices had declined. Wholesale prices of and other energy products jumped 19.3 per the highest on record for one month. It surpassed the previous high of 4.1 per cent in January 1948. Despite the increase in fuel prices for farm products ana processed foods and feed dropped fall- ing 1.5 per cent below Oc- the report said. The leap in fuel prices push- ed up prices for industrial commodities by 3.2 per the highest on record on a seasonally-adjusted basis. Wholesale prices of con- sumer finished goods rose 3.5 per with increases in the prices of heating oil and gas- oline responsible for most of Ihp rlimh Alaska Existing or Under Construction Edmonton Montreal oronto wecemDer ivra THE LETNBHIDQE HERALD 31 West faces oil rationing by 1980 gas pipelines At speeds of three to six miles an hour. Alberta oil moves through pipelines to the west coast and southern Ontario. Pumping stations at intervals along the route keep the oil but it still takes 30 to 40 days for a gallon of crude oil to move to Ontario from Alberta. The map shows proposed Mackenzie Valley pipeline from the Arctic the Alaska route to Valdez from Prudhoe and a Toronto- to-Montreal route. Below picture shows natural gas pipeline map which stretches more than miles and carries an average of 3.1 billion cubic feet of natural gas daily. The map shows all major lines but omits some small lines around Edmon- ton that collect gas from the Alberta fields and feed it to cross-Canada pipes. inclines Existing Proposed or Under Construction T- 4rMontreal- U.S. fuel crisis to cost income loss for millions By HARRY B. ELLIS Christian Science Monitor D.C. Millions of Americans are likely to suffer some loss in in- come because of the fuel particularly if the Arab oil embargo persists 40.to 50 days or This is one consensus emerging from talks with industry and trade union officials. They also pointed industries are dependent on nonessential are very few ways to curtail energy without affecting the All sources that two im- ponderables winter weather and duration of the Arab oil squeeze will deter- mine the severity and extent of hardship. Several sources warned against the im- pact of the energy crisis on jobs. all analysis so said Leif H. senior vice-president and economist of the First National City bas- ed on guesswork. year from he con- we look back on I think we will find we absorb- ed the shortfall more comfor- tably than we A similar view was express- ed by John Lichtblau of the Petroleum Industry Research who foresees major dramatic from the energy squeeze this as the wholesale closing of fac- But along the of the Mr. Mr. and other experts ex- pect some job reduction of and other negative effects. Ski country inns and the pleasure boat camper vehicle makers all depend on up Sunday commented one be quite right and proper. But what does it do to people who live on weekend or processors of petrochemical nrnHimtc P senior vice-president and economist of the Manufacturers Hanover Trust not be at the top of the priority if the government rations fuel. in Mr. Gaines workers in petrochemicals synthetic the garment makers of plastic products may be among the first to feel the pinch of job or reduced income through shorter work- ing hours. The aerospace he also will be if airlines reducing the number of their flights by 10 percent or more cancel new aircraft orders. All sources put transporat- tion high on the list of in- dustries bound to be hurt by rationing of gasoline and diesel fuel. Reducing highway speed to 50 miles per hour will slow down freight delivery schedules throughout the na- tion and cut into truckers in- come. noted Nat director of the research department of the pay schedules on Mr. Goldfinger foresaw a drop in automobile production as sales decline and possibly job if Detropit switches emphasis to small cars. labor wrote AFL-CIO President George Meany to Senator Henry M. Jackson of prepared to sacrifice as much as everyone else for a long as everyone provided the sacrifice is equal for all segments of On the basis of his past declared the labor President Nixon permit big business and in- dustry to use this emergency to increase profits while the American people sacrifice their and environmen- tal The AFL-CIO which now of- ficially demands the President's asked Congress to establish machinery to administer the energy crisis and to oversee its equitable operation. Quit pact WASHINGTON The International Monetary Fund announced Friday that it has decided to terminate an agreement dating back to Dec. under which South Africa was allowed to sell gold to the fund. The IMF said the decision was taken because South Africa wanted to sell its newly-mined gold on the private market to meet its current payment needs. WEEKLY-MONTHLY Dishes Maid Phones HILLSIDE PLAZA Apartment-Motel 9740 -106 Street 429-3353 EDMONTON Alberta and other provinces in western Canada face the prospect of oil rationing by says a University of Alberta petroleum engineer. J. T. Ryan .told the public advisory committee of Alber- ta's Environment Conserva- tion Authority that within three after Alberta oil is flowing in the proposed Sarnia-to-Montreal exports to the United States may dry up. Dr. whose specialty is computing oil reserves and the availability of oil said additional supplies of syn- thetic crude oil from the Athabasca oil sands in northeastern Alberta cannot be counted upon to take up the slack in time. Billion-dollar oil sands plants would be needed every 12 to 18 months but a two to three-year lag time was more probable because of labor and material supply problems. Dr. Ryan said the key to staving off a crisis is not the amount of oil that may be in the ground but how soon it can be put on the market. There an estimated 600 billion barrels of oil in the oil of which 300 billion barrels were considered but only 26 billion barrels were accessi- ble to known oil-extraction methods. Oil sands construction pro- Javelin trading reinstated MONTREAL The Montreal Stock Exchange said Friday shares of Canadian Javelin Ltd. will be reinstated for trading at the opening of business on the exchange Dec. 10. The exchange suspended the company's shares from trading Nov. 30 pending clarification of Canadian Javelin's affairs. Michel president of the said the deci- sion to reinstate the stock was reached after the company provided the exchange with the necessary information. .Mr. Belanger said members were reminded that all out- standing cash transactions must be settled by Dec. 10 or a 100-per-cent margin will be re- quired which means the shares must be paid for in full during trading. Securities of the company must continue to be margined on a 100-per-cent basis until further he said. The company's shares were traded on the Montreal ex- change Nov. 27 at jects would face severe com- petition for men and materials from various Cana- dian and world construction projects during the next 10 years. Planning and design of oil sands plants required several years and from an engineering point of view it was impossi- ble to meet the oil shortage with production from the sands. Mel chairman of the committee for an Independent said Canada would be importing one billion barrels of oil a year by 1985. To prevent an oil deficit in Mr. Hurtig oil sands plants and wells in the Arctic and offshore areas would have to produce an ad- ditional 1.5 billion barrels. of these targets can possibly be met and everybody in the industry knows Chartered bank sought WINNIPEG -Central Co-operative and Credit Union organizations in western Canada are reported ready to announce Monday the spon- soring of a petition to es- tablish a new Canadian chartered bank with a head of- fice here. Henry chairman of the Co-operative Society of Manitoba's Banking says in a society newsletter the organizations are committed to the max- imum investment of 10 per cent of total capitalization allowed by the Canada Bank Act. The society has been reported ready to invest million if the venture goes ahead. Mr. DeCuypere says the sponsoring group anticipates central credit unions and co- operatives will subscribe to about 60 per cent of the bank's the rest to be offered to the public. Further details of the peti- tion and its sponsors are scheduled to be announced Monday following publication of the petition in the Canada gazette. H. H. Smith Ltd. Customs Broker Lllhbndgi Ptioni 328-8141 COUTTS MI-424-5458 Home Office Phone 344-3822 ANNOUNCEMENT ALICE HAHN Mr. Tom Seines sales manager of Astro Realty Ltd is pleased to announce Alice Harm as sales representative of the month for November. This is the 4th time this year Alice ljas won this award. It Is sales people like Alice that are making Astro Realty one of the most pro- gressive real estate companies in Southern Alberta For any ol your real estate needs call Alice at 327-3708 or 327-77487 ASTRO REALTY LTD. FRIENDLY REAL ESTATE PEOPLE- HAVING PROBLEMS WITH YOUR JANITOR Enquire about our unique quality control TNI Shining Knight Building Cleaners PHONE 328-8408 INVITATIONS FOR DESIGN OF SENIOR CITIZENS FACILITY The City of Medicine Hat is inviting sub- missions from architectural firms for the design of a senior citizens facility of approxi- mately square feet to serve a city of population. Submissions will be accepted in the office of the undersigned until Janu- ary 1974. Further information may be obtained on request from MR. R. E. Preventive Social Department ;