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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 10, 1973, Lethbridge, Alberta Markets strengthen at end of dull week By MIKE WILLIAMS Canadian Press Staff Writer . It Was a dull week on major Canadian stock markets but most sectors closed slightly higher in moderate to active trading. The markets opened the week on a downhill course with most prices dropping fractionally. Tuesday, however, several sharply increased earnings reports were released by major companies and the market enjoyed strong gains. At Toronto, its largest daily advance since Aug. 3. For the remainder of the week, the markets fluctuated within a wide range with no sig- nificant changes recorded in either direction. At Toronto, the industrial index, considered a major indicator of market trends, was up 2.14 points on the week to 223.90. DOW LOWER At New York, the Dow Jones industrial average of 30 key bluechip issues fell 1.36 to 979.45. An increase of 12.27 in Friday's session erased most early losses. On the Montreal and Canadian exchanges, the story was much the same with the composite index rising 1.73 to 234.53. Gold issues, which in the previous week recorded their best Soviet-American trade increases by $400 M. I By HEDRICK SMITH New York Times Service MOSCOW - Soviet - American trade increased more than $400 million in 1972 to reach a record level and apparently put the United States among the Soviet Union's five major western trading partners for the first time in two decades. American officials disclosed that the total volume of two-way trade in 1972 was $642.1 million, nearly triple the 1971 volume, which was $218.1 million. American exports to the Soviet Union rose much more sharply than Soviet exports to the U.S., confu-ming fears of some American trading specialists that in the long-run there will be a serious imbalance in the RIVIERA MOTOR HOTEL Welcomes you to Edmonton To help make your stay more pleasant-we would like to introduce you to all our facilities. MORI PEOPLE STAY AT THE RIVIERA- BECAUSE THE RIVIERA OFFERS YOU MORE! Write or Telephone IVIERA MOTOR HOTEL 5359 CALGARY TRAIL 43-43-43-1 trade unless large deals for importing Soviet oil and natural gas to the U.S. can be consummated. At present, hopes for a $3.7 billion deal to exploit West Siberian natural gas deposits with the help of American technology and capital credits are in abeyance because Washington is reviewing them. RESERVATIONS Nixon administration officials have indicated privately that they have reservations about the huge deal, primarily concerning the high costs of gas involved, but that it will probably get administration approval during the first half of 1973 Congressional opposition to government - backed credits, in reaction to Soviet education taxes imposed on Jews and others seeking to emigrate, could pose another serious obstacle. Credits from the American Export-Import Bank for the sale of $220 million in industrial goods reportedly helped increase last year's trade. Large Soviet purchases of pipeline-laying machinery from International Harvester and Caterpillar Tractor, as well as foundry equipment for the projected Kama River plant from Swindell-Dressier contributed to the jump in American exports, gains since mid-May, 1972, closed sharply lower on the week. Analysts said renewed pressure on the dollar on European markets was probably the cause of Toronto's gold index dropping 7.24 Friday, its largest single-day loss since Sept. 18. Foreign exchange dealers said the monetary crisis was due to fears that the West German mark will either be floated or revalued. Others said it stemmed from speculation that the Japanese yen will be revalued or the U.S. dollar will be devalued. Toronto's gold index closed the week at 215.61, down 6.32 points on the week. Trading at Toronto was moderate to active with 14.99 million shares changing hands compared with 14.18 million the previous week. Trading on the Montreal and Canadian exchanges totalled 8.37 million shares compared with 11.13 million a week earlier. Toronto's base metal index climbed 1.18 during the week to close at 98.99. Western oil stocks suffered a slight setback with the index dropping 2.09 to 284.26. An increase, of 2.78 in Friday's session erased more than half the earlier loss. $6 million coke plant planned KITIMAT, B.C. (CP) - The Aluminum Company of Canada Ltd. announced today it will build a $6.5 million petroleum coke calcining plant near Edmonton. J. S. MacKenzie, vice-presl dent of Alcan Smelter Services Ltd., said the plant, to be located six miles east of Edmonton, will be in operation by 1975. The plant will take raw coke from oil refineries and turn it into pure carbon used in aluminum smelting. It will handle 180,000 tons of coke annually. Bond prices Supplied by Doherty McCuaig Limited GOVERNMENT OP 4y4% Sept. 1, 5%% Oct. 1, 8 % July 1, 4%% Sept. 1, Perp 3% Sept. &h% April 1, 7%% July 1, 51/4% Sept. 1, CANADA BONDS "72 Matured 75 100.00 100.50 '78 107.00 108.00 '83 82.00 83.00 15 40.00 42.00 '75 102.00 103.00 '75 105.00 106.00 '92 84.00 86.00 YOUNG, PARKYN, McNAB & CO. 1003 4th AVE. S. CHARTERED ACCOUNTANTS are pleased to announce The admission to partnership of KENNETH M0RIYAMA, C.A. 9%% 8 % PROVINCIAL GOVERNMENT OF CANADA GUARANTEED BONDS 8%% '90 105.00 107.00 7 % '88 92.00 94.00 9 % '94 108.00 110.00 '90 109.00 111.00 '74 101.00 102.00 6%% '92 84.00 86.00 7%% '74 100.00 102.00 87/s% '90 106.00 108.00 '91 100.00 102.00 �90 106.00 108.00 '90 108.00 110.00 '74 100.00 102.00 '74 100.00 102.00 Alberts Ontario Ont Hyd New Br Nfld N. S. Qubece Alberta Man Hyd 8 % Sask 8%% Nfld 9%% AGT 8 % Man Tel 8 % Germans shield exchange rate By DAVID BINDER New York Times Service BONN - Karl Otto Pohl, the West German government's No. 2 financial official, declared this week that "we are- defending the exchange rate and we can continue to do it as long as it is necessary." Pohl, 43 years old, became state secretary in the finance ministry only a month ago. In an interview, he went on to say that there was deep concern over the impact on V/est Germany's already inflationary economy of the flood of dollars coming into the country during the present monetary crisis. Price increases here are running close to 7 per cent on an annual basis. Pohl took pains to explain that he wanted none of his remarks to be misunderstood in a way that could even faintly stimulate the already booming money market here. "It is a bad day and this is very delicate stuff," he said. The gist of his remarks was that West Germany remained INDUSTRIALS Alta G T 9Y4% '90 107.00 109.00 Alcan 9%% '91 106.00 109.00 B.C. For 9%% '92 108.00 110.00 B.C. Tel 9y8%'90 1CS.00 108.00 Bell Tel 9y8% '79 106.00 109.00 Bell Tel 9%% '93 109.00 111.00 CP Ltd 8%% '89 103.00 105.00 CP Sec 9%% *90 105.00 107.00 Cdn Util 9%% '91 106.00 109.00 CWNG 9%% '90 107.00 109.00 Gulf Oil 8%% 'P0 104.00 106.00 Inter P P 9%% '90 107.00 109.00 Massey 9%% '80 105.00 107.00 Noranda 9V4% '90 106.00 108.00 Int Nickel 9%% '90 107.00 109.00 N and C G 9Yz% '91 107.00 109.00 St of Cdn 9%% '90 106.00 109.00 Tr Cdn P 93/4% '90 109.00 111.00 Tt Cdn P 10% '90 111.00 113.00 CONVERTIBLES AJta G T Vk% '90 170.00 175.00 Cons Gas 5y2% '89 91.00 93.00 Dynasty 7 % '82 99.00 104.00 AcMands 7%% '88 105.50 107.50 Scur Rain 7%% '88 91.00 93.00 WC Tr C 5&% '88 89.00 93.00 WC Tr 7%% '91 108.50 110.50 I* Public Service Canada Fonction publique Canada FIELD OFFICERS Salary to: $11,107 Indian Affairs Branch Department of Indian Affairs and Northern Development High Prairie and High Level, Albtrta THIS COMPETITION IS OPEN TO BOTH MEN AND WOMEN DUTIES: The primary functions of the job include; assisting Indian bands in the development of various aspects of self-government, such as administration, and financial planning, with involvement in social welfare and economic development; stimulating interest in education and recreation and the interpreting of legislation and policy to bands. QUALIFICATIONS: University graduation with concentration in psychology, sociology or community development, OR evidence of haying achieved good results through work history directly applicable to the requirements of the position. Forward "Application for Employment" (Form PSC 367-401) available at Post Off ices, Canada Manpower Centres and Offices of the Public Service Commission of Canada, to: Public Service Commission, 300 Confederation Building, 10355 Jasper Avenue, Edmonton, Alberta. TSJ 1Y6. Pleas* quote competition No. 73-E-502 determined to protect the 3.15-1 exchange rate of marks to dollars. "Our hope is that our actions can bring the dollar speculation - let's use a more neutral word, inflow - to a standstill very soon," he said. "The only other alternative would be to float the Deutsch-mark and the government is not ready to do this. Our basic balance of payments is in balance and there is no need to distrub it." Tourist office at Vancouver VANCOUVER (CP) - The government of Mexico has opened an office of the Mexican National Tourist Council here. The office, intended to attract tourists to Mexico and to distribute films and literature on the country, will cover British Columbia, Alberta, Saskatchewan and Manitoba in Canada, and the States of Alaska, Washington, Oregon, Montana, Idaho and Wyoming. CAREER OPPORTUNITY THE LETHBRIDGE NORTHERN IRRIGATION DISTRICT REQUIRES THE SERVICES OF A GENERAL MANAGER Knowledge of irrigation practices and ability to communicate essential. Must be capable of relegating orders and supervising office and field personnel. Engineering qualifications and experience in business administration and public relations would be an asset. Salary commensurate with qualifications. Applications to be directed to: BOARD OF DIRECTORS, LETHBRIDGE NORTHERN IRRIGATION DISTRICT, 334-13th ST. NORTH, LETHBRIDGE, ALBERTA Closing Date February 17th, 1973. Saturday, February 10, 1973 - THE LETHBRIDGE HERALD - 21 Speculative corporations drag dollar value down LONDON (AP) - Speculators dragged the U.S. dollar down again Wednesday, as they have done every day for the last 10 days in the latest international monetary crisis, and there appears to be very little anyone can do about it. Foreign exchange dealers who run the world's money markets seem as confused as anyone over the turmoil. Even the governments of the most powerful nations in the non-Communist world have no agreed formular for controlling the speculators and restoring order to the money markets. Speculators are not only shadowy professionals making money with a knowledge of international exchange rates and the ability to use a slide rule. Many are the treasurers of huge international corporations. And many of these corporations helping to drag the dollar down by their currency speculations are U.S.-owned. A reason for this is that a devalued dollar can actually help the United States firms. MAKES GOODS CHEAPER Devaluation makes U.S. goods cheaper abroad. U.S. exporters therefore sell and earn more. Devaluation also makes imports into the U.S. more expensive. This too helps U.S. firms by discouraging imports of foreign rivals. So devaluation actually can help U.S. business twice. The U.S. government, however, is prevented from devaluing by itself. The country's allies would object. The move would make their exports more expensive end hurt them. They might retaliate by devaluing as well, or by imposing trade restrictions. Competitive devaluations and trade-war psychology are the two things the U.S. and its al- lies have been trying to avoid by working to reform the present international monetary system. But they have yet to reach agreement on how this should be done. H. H. Smith Ltd. Customs Broker .EOMOftTON 4#w796 �  CAt&'Aft* �,.,-t.t 26*80801' �\LETHBfttDGI Snqsoate X�* 3z$8Ut H2�