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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 23, 1974, Lethbridge, Alberta Saturday, February 23, 1974 THE LETHBRIDGE HERALD 27 Crops damaged by winter thaw MOSCOW (AP) The Soviet government moved today to counter fear among Wage rate increases to continue TORONTO (CP) The rate of wage increases will probably continue rising over the next few months but that trend does not mean the country is headed for runaway or galloping inflation, a federal labor economist said today. Harry Waisglass, director- general of research and development for the labor department, told a Conference Board in Canada meeting that he could not see any prospects for moderation of pressures for high wage settlements in the next few months. But he added that he felt confident that more stable price conditions will return soon. A return to stability could depend, however, upon the ability of governments to strengthen international monetary and trade institutions and to meet food- shortage, energy and housing problems, he said. Mr. Waislgass noted that in 1973 negotiated wage settlements averaged 9.2 per cent, well above the average eight per cent of 1967 to 1972 inclusive Upward trends in wages recently were following the lead of prices and profits, Mr. Waisglass said. H. H. Smith Ltd. Customs Broker MIGHT 263 SOW Utbbriilp 3ft 8141 W4-424 545! COUTTS Home Office Phone 344-3822 farmers that their grain crops were imperilled by a "once in 50 years" winter thaw. Noting many strategic grain-producing areas were plagued by a melting snow cover or flooding or a "dangerous" ice crust, the government newspaper, Izvestia, declared on its front page that "at the moment there should be no special grounds for alarm and concern." Izvestia's lengthy description of conditions, however, in the Ukraine, the black earth region, Kazakhstan, European Russia, the Baltic States and western Siberia made it evident that some concern was indeed warranted. It sought to assure the farmers and then issued orders for the "immediate" drainage of flooded fields and preparations for possible severe frosts that would kill those crops deprived of the essential protective snow covers. In 1972, weather ruined much of the winter crop and parched spring crops. The subsequent shortfalls that year forced Moscow to make massive grain purchases in the United States and western Europe. Ford plant to layoff workers OAKVILLE, Ont. (CP) Ford Motor Co. of Canada Ltd. will close its large car assembly plant here for two weeks next month because of lagging sales in the United States. About workers will be affected by the shutdowns for the weeks of March 4 and 18. The plant produces about cars a week, most of inter- mediate size and 80 per cent destined for the U.S. market. Franchise available Lethbridge McLeod area from owner Excellent opportunity to participate in Canada s fast- est growing franchised camp- ground chain Enquiries to box 79 HMAID. Registered Retirement Savings Plan 'B' Now at HIGH INTEREST i. TAX SAVINGS PLAN No Administration Charges 'A" SELF ADMINISTERED NOMINAL FEES Fni MERCHANTS TWIST 309 7th St. S., Lethbridoe Phone 328-5548 If you are unable to get to our office during regular butinew hours please call and we will arrange a time to discuss the opening of a plan for you. LEO DAVIDSON SHARON GMSMH ROSS NBLSEN 328-4161__________327-5656 3274345 Mine executives predict slowdown in exploration Popular in hard times Anthony Daniel Burneski can be the most popular man in western Manitoba when an uncommon replacement part is needed. His Brandon shop has become famous for having the parts no one else carries, and thus bails out many individuals or small industries from time-wasting predicaments. Several reasons behind grain shipment backlog NOTICE WE WILL BE OPEN UNTIL P.M. Wednesday 27th February Thursday 28th February To accommodate HIOM wishing lo make last minute contributions to RETIREMENT SAVINGS PLANS ROYAL TRUST 740-4tn Ave. S. 328.5516 WINNIPEG (CP) Even if more grain can be delivered to country elevators there is no assurance of quick movement from there because the railways now are behind in their shipments, says a Canadian wheat board official. Mike Martin, director of block shipping, said in an interview the railways were more than cars behind in shipments to Thunder Bay and the west coast during the period from Jan. 7 to Feb. 15. He said the reason for the backlog appears to be the availability of locomotive power, the weather and the number of lines that have had to be plowed. The board official was commenting on statements by the Palliser Wheat Growers Association that immediate action is required to avert a crisis that could leave million worth of wheat lying unsold on Prairie farms. Fruit price increases to continue WASHINGTON (AP) The United States agriculture department bad further bad news for consumers Wednesday fruit prices are going to keep climbing. "Average retail prices for most fruit are expected to advance at least until the 1974 season begins." the department's outlook and situation board aid. Alan Coulter of Rosetown, Sask., vice-president of Palhser, said unless the grain is moved now, 100 million bushels of wheat could be left .unsold at the prevailing price of a bushel. Washouts and road bans that accompany spring, plus seeding operations by farmers, could seriously hamper deliveries later. The Palhser group had been meeting with grain industry officials and proposed open delivery quotas and a 20-cent- a-bushel premium to encourage more deliveries. Fred Holloway, wheat board director of country planning, said in an interview the Palliser proposals would have to be studied. The changes proposed could not be implemented overnight. HALF CAPACITY Mr. Holloway said it is hoped the current good weather will help increase grain deliveries. On the average, country elevators have been running at about half capacity. He said regular reports this week from elevators will indicate the type and quality of grain in elevators. The grain then must be tied in to the board's sales commitments and rail cars positioned as required. Canadian Grain Commission statistics released this week reported visible stocks of all not including farm-stored stocks stood at 344 million bushels during the week ended Feb. 13 That total was just bushels less than the previous week but more than 100 million bushels less than at the same time last yar. Exports in the same week for all grains totalled 3.6 million bushels, down from the six million in the week earlier and almost seven million bushels less than the same period last year. The board last week issued an urgent plea to western farmers to speed up their deliveres to meet sales contracts and protect Canada's reputation as a dependable grain supplier. D. H. Treleaven, the board's assistant chief commissioner, said deliveries of about 200 million bushels of all grains were needed by the end of April for sales already committed. VANCOUVER (CP) Closer scrutiny of British Columbia's new Mineral Royalties Act has shaker mining executives, and many are predicting a drastic slowdown in mineral explor- ation in the province as a result of the five-per-cent royalty levy on production and the additional excess profit tax. Mining stocks took a pasting on the Vancouver Stock Ex- change (VSE) Wednesday and Thursday as investors bailed out in the wake of legislation introduced by Mines Minister Leo Nimsick Tuesday. Selling orders have predominated in the mining list and by the end of Wednesday's trading session, millions of dollars had been chopped off the market value of stocks'. Prices of mining company shares continued to drop Friday, but losses weren't as drastic as they were in Wednesday's trading. The new act provides for a basic five-per-cent annual tax on mineral production in the province starting in 1975. This year producers will pay a per-cent royalty. The bill also allows the New Democratic Party government to take ad- vantage of rising world prices by permitting the cabinet to set a designated value for minerals. If the price in a year increases more than 20 per cent above the designated level, the government gets half of the increase. Lower basic royalties are provided for in the legislation if the price falls 10 per cent or more below the five-year average, and a reduction of one per cent would be allowed if the mineral is shipped to a smelter or refinery in the province. This windfall profit surcharge appears to be causing the most apprehension among mining executives. CAME AS SURPRISE "It's a disaster for the in- said W. J. Tough, president of the Mining Association of B.C. "We hadn't expected the excess profit tax." Robert Matthews, acting managing director of the association, said: "It seems obvious that no new mines will be developed under these conditions." A Cominco executive said: "This is basically a tax on in- flation. The effect of the sur- charge (on higher mineral prices) would be onerous." Estimates by industry sources on the government's take from mining royalties this year ranged as high as seven times the million estimate made by Mr. Nimsick Tuesday. Mr. Tough said the mil- AVAILABLE IMMEDIATELY Authorized Dealership For Leading Advertising Specialty Company SHeadquartera to be LETHBRIDGE ALBERTA and EAST KOOTENAYS TO CRESTON Excellent Remuneration Based on Straight Commission Payments Good Present Sales Volume Reply Box 121, Lethbridge Herald REMOVAL CONTRACT Bids will be accepted for the REMOVAL of the STARLITE MOTEL located at 10th Avenue and Mayor Magrath Drive Lethbridge For further information contact: DENNIS KJELDGAARD Phone 328-8861 DEAD LINE MARCH 74 To Start A CANADA TRUST REGISTERED RETIREMENT SAVINGS PLAN Even if youVe short of cash, you can still take advantage of tax savings. Ask us for a low cost loan. The interest is Jax deductible. We're open for friendly personalized service Saturday, Feb- ruary 23, 9 to 5 p.m. and February 28 and March 1st to 9 p m. Sfthirlind, dm Hill or Brm MwKmziiaf 327-8581 Evenings 327-5319 For 1 or 5 Year Term GUARANTEED SAVINGS CERTIFICATES Interest payable Monthly, Quarterly, Semi-Annuafty or Compounded to Maturity. Member Canada Deposit insurance Corporation FARMERS ft MERQUNTS TOST rth St S., Lathbrtdge Phone 328-5548 lion figure is based on inter- pretations by government offi- cials. He said his inter- pretations show that copper producers alone would pay more than million 1975. "This is right put of the million. My God, we don't even make that much money except when copper is over a pound." VSE president Cyril White said after studying the legisla- tion: "If changes are not made to this bill, I don't believe we will see a new mine opening in B.C. in the foreseeable future." Mr Tough said uncertainly about the B.C. government's plans has already forced exploration for new mines to move out of the province. "There is no such thing as windfall profits, regardless of he said. "The mining industry operates in cyclical market prices which are established not in B.C. but in the world Michael Ryan, president of Ryan Investments Ltd. and former chairman of the VSE, said mineral production in B.C will become considerably more expensive than in other areas, and the industry's ability to generate high profits during cyclical upswings in metal prices will be substantially lessened. Tony Hepburn, head of re- search at Odium Brown and T. B. Read Ltd., predicted the 50- per-cent added royalty over and above the basic rate may become punitive for some mining companies. "The bill is very bad for small exploration Mr. Hepburn said. "Because of the risks involved, the mining entrepreneur needs an attractive carrot, otherwise he is just not interested." Mr. Hepburn said his firm advises investors to avoid shares of mining companies that operate in B.C. The mining companies themselves have not yet put into dollars and cents for the impact of the royalty on their operations. 'TIME REALTY CO. LTD. Appointment NICK BORlSOW Mr Ian Hamilton President of Time Realty Co Ltd is pleased to announce that Nick Bonsow las joined the Company as a Sales Consultant Mr Bonsow has had many years of exper- ence in the Automobile. Real Estate, and Business Manage- ment field Sales have never been better at Time Realty Co Ltd Now may be the time to buy or list with Nick IN EDMONTON Stay At the RIVIERA THE HOTEL WITH MORE TO OFFER AND WE NOW HAVE COLOR TV For Your Convenience in Making Reservations CALL AND ASK FOR LONG DISTANCE ZEnith 0-7255_ at no cost to you IVIERA MOTOR HOTEL 5359 Calgary Trail Edmonton, Alberta Phone: (403) 434-3431 Telex: 037-2510 FOR SALE BY OWNER Revenue property home, fully furnished with drapes, .bedding. 5 fridges. 1 deepfreeze. 1 washer and dryer. garage. Full mam floor with 2 bedrooms, free yet showing over per month revenue. down Apply 622 10th Street S. SCHWARTZ AGENCIES (1972) LTD. LETHBRIDGE ATE BOARD Multiple Listing Service Salesman of the Month During 1973 the "Action Team" received the above award six months out of the year this means that one of our team led all city sales representatives We are proud of the results achieved and thank you for the confidence you give us We are experienced, professional and we produce results If you have any real estate decisions to make, call the Action Agency at 328-3331 ;