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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 19, 1974, Lethbridge, Alberta 12 THE LETHBRIDGE HERALD Thurtdiy, 1974 Stock exchanges to cease takeover bids operation MONTREAL (CP) The Montreal and Toronto Stock Exchanges have announced that, pending the publication of new rules, their facilities will not be available for takeover bids when the amount of stock to be ac- quired exceeds 20 per cent. Michel Belanger, president of the Montreal exchange, said Monday the new rules, reached after discussions between the two exchanges and the Vancouver Stock Ex- change, will be announced shortly. The proposed rulings follow criticism of recent takeover bids conducted through Cana- dian stock exchanges. In one such takeover last month, Abitibi Paper Co. Ltd. of Toronto used facilities of the Toronto and Montreal ex- changes to gain control of The Price Co. Ltd. of Quebec City in a succesful share offer. Some market sources have Wheat protein content expected to be normal WINNIPEG (CP) The protein content of better grades of wheat harvested this fall on the prairies is ex- pected to be about normal, the Canadian Grain Commission said today. The Commission estimates the average protein content for western Canada red spring wheat at 13.5 per, cent, up slightly from the 13.3 per cent average last year and just below the 20 year average of 13.6 per cent. Saskatchewan wheat had the highest protein content, estimated at 13.7 per cent. The Manitoba average is ex- pected to be 13.5 per cent, while Alberta wheat is rated 13 per cent. criticized the Price and other takeovers, noting that trading halts announced with the offers reduced pressure on the successful bidders to raise their price. Mr. Belanger said there have been recent changes to handle various takeover bids but that there is no clear policy. Such a policy was necessary for a situation where there are two bidders for a company, as in the case of The Price Co. when Consolidated-Bathurst Ltd. made a counter-offer, and the delay period between the announcement of a takeover and the acceptance of shares must be consistent. Meanwhile, the United States justice department is investigating Abitibi's takeover of Price to deter- mine whether any U.S. laws were violated. The two companies involved have U.S. subsidiaries and sell most of their newsprint in U.S. markets. The anti-trust division of the justice depart- ment is trying to determine whether U.S. laws against restraint of' trade might'have been violated by the merger. Debtors9 board official warns wage earners Shedding light for charity Elia Elieff, an 80-year-old Galena, beekeeper, is framed among candles he produces for charity. Elieff has contributed to the March of Dimes, his favorite charity, from 15 years of making honey and beeswax candles. Oil drilling ship to cost million GIBSON GUITARS AT PRUEGGERS 'LARGE SELECTION TO CHOOSE FROM 530 5th Street South Phone 329-3151 CALGARY (CP) West- burne International Industries Ltd. of Calgary have announc- ed that it is joining Bj. Ruud Pederson of Oslo, Norway, in the construction of a deep water drilling ship. The contract, valued at Sir! million, has been awarded to Nippon Kohan KK of Tokyo, and delivery is scheduled for October, 1976. The Oslo company will initially own 100 per cent of the ship, with Westburne later picking up 40 per cent. Opera- tion management will be on a 50-50 basis. Westburne, Canada's largest drilling contractor, now has interests in 63 drilling rigs operating in North America. You can still get her that Singer ZIG-ZAG sewing machine for under 1 (carrying case or cabinet extra) Surprise her with a Singer ZIG-ZAG Anyone would think you spent months dreaming up such a great gift! The Fashion ZIG-ZAG sewing machine has 3 needle positions to sew buttonholes, sew on but- tons; plus, overedge and without attachments. She'll love her new sewing machine. And you'll love Singer's surprisingly low price! Take advantage of this holiday value-it's another way Singer helps you sew and save. 26 95 (Batteries, AC adapter extra) And don't forget that little lady in your life... Singer's Junior Miss" child s sewing machine will make that young lady's face light up like a Christmas tree! Moving parts are designed for safe, simple sewing. Sews a regular lockstitch and comes complete with carrying cover. Oper- ates by hand-crank, AC or batteries. SINGER Sewing Centres and participating Approved Dealers For Christmas, from Singer: Gift Wrapping, Home Delivery, Sewing Instruction-AT NO EXTRA CHARGE. At Singer, you get what you pay for... and a little bit more. Consult the yellow pages of your directory for the address of the Singer Sewing Centre or participating Approved Dealer nearest you. Trademark of Si! iger Company ol Canada Ltd CALGARY (CP) Business usually falls off at the Debtors' Assistance Board just before Christmas but a spokesman says he believes the work load will be back to normal within a few weeks. People tend to over-extend themselves at Christmas, .says Wally Bolton, board ad- ministrator, who warned in an interview that nobody should take on debts totalling more than 20 per cent of take home pay. "We get people in here with take home pay of mak- ing payments of a he said. "They just don't sit down and plan what they're going to do." Mr. Bolton said one of the functions of the Debtors' Assistance Board is to ad- minister orderly payment of debts. A person beyond his depth in debt might be able to get a court order if necessary to keep his creditors at bay. Then he would be able to pay debts with a charge of five per cent a year, not 18 per cent as would be the case if a finance company agreed to "consolidate" his debts. Mr. Bolton said about 60 per cent of the debtors who come to the board actually finish paying their obligations. "That's pretty good when you consider they were beat before they came in." Mr. Bolton said even those with dismal credit ratings can find new places to get credit. "There's always somebody willing to take a chance and give them credit and that real- ly puts a noose around their neck." miners jobless VICTORIA (CP) There are more than un- employed mine workers in British Columbia and the number could increase if there is no change in the world price for copper or taxation policies, a spokesman for the Mining Association of B.C. said today. Secretary manager P. R. Mathew said an association study shows that there are 073 mining employees laid off out of a total mining work force of which includes the office staffs of mining firms. "These layoffs are the cumulation of rising costs, lower copper prices and the provincial government he said in an inter- view. fircstonc STORES TRACTION.. GUARANTEED TO GO OR WE PAY THE TOW. fircstonc SNOW CHAMP A big, wide drift- fighting tire with super-husky nylon strength! The Snow Champ really lives up to its name. Built to go a long, long way with a traction tread GUARANTEED TO GO! FREE INSTALLATION We have so much confidence in these premium quality retreads that we back them with the same guaran- tee as our new tires. ft rc stone WINTER RETREAD GUARANTEED TO GO at half the price of new tires. 7 can replace FREE INSTALLATION PRICES TO MAKE IT If you keep your car for five years ten years or twenty years, this written guarantee stiil works for you. If your Lifetime Supreme Battery doesn't hold a charge, we'll replace it... free. GUARANTEED STARTS For as long as you keep your car! S45.50) WINTER JACKET This heavy winter jacket is made to last. Styled with detachable hood, warm neck and ruHs. and a heavy duty zipper. Water resistent HOCKEY STICK Features a Vi" curved laminated blade. Double fibreglassed for extra strength. Made in Sweden. Assorted colours We make it easy at USE OUR Stores Corner 3rd 8th St. S. Phone 327-8548 _. CREDIT PLAN "SSt on... ;