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The Lethbridge Herald (Newspaper) - January 2, 1974, Lethbridge, Alberta bank stocks advance on TSE TORONTO (CP) The Toronto stock market's gold index led the ad- vance ait all sectors moved higher in moderate midmorning trading today. The gold index was up to 430.51, a new high. The index gained 18 points Monday and continued to respond to higher bullion prices. Dome Mines rose. 7 to Camflo Hi to fl4tt, Parnour to and Sigma 1 to The industrial index, considered the major indicator of market trend, rose .21 .to 213.88, base metals .47 to (4.27 and'western oils 1.07 to 249.06. 'Volume by 11 a.m. was shires, up from at the same time The exchange was clos- ed Tuesday, New Year's Day. Advances led declines 126 to 73 with 99 issues unchanged. Beverage, chemical, bank and real estate stocks were among sectors of the market recording gains while merchandising, oil refining, paper and forest and utility issues were lower. rose 1 to Sandwell Vt to Distillers Corp. to Noranda A to JSOVi and Scintrex 30 cents to 11.50. Crestbrook Forest fell Vi to Huron and Erie to and Pacific Pete to United Canso gained 1'A to and Canadian Export 10 cents to Ranger-was off V2 to VANCOUVER (CP) Prices were up in light trading on the Vancouver stock exchange Monday. The exchange closed 90 minutes early, and volume was Biggest trader was Northair in the mines, which climbed 17 cents to on a volume of shares. Brown- Overton was unchanged at .11 on Anglo Bomarc rose 1.5 cents to 20 on Northair warrants were up .15 to .48, Leemac rose ,02V4 to and Green Eagle was up 02 at .20Vi. In the industrials, Mercuria was un- changed at 44 on shares, EDP Industries remained at .19 on Captain International held at .60 on and Allacan B climbed a dime to on International Centura dropped .05 to .25 and Key Industries fell .02 to .13. Princess Ventures was the most ac- tive oil. rising .05 to .27 on 76.000. shares. Seneca was up .04 at on Chapparal dropped, a penny to .10 on Williams Gold was up R2 at .19, Comaplex held at 43 and August Pete was off .02 at .81. MONTREAL (CP) Prices in all sectors but papers moved higher In light trading on the Montreal stock mark'et today. It was the first day of trading follow- ing the merger of the Montreal and Canadian stock exchanges. Combined volume on the Montreal Stock Exchange at 11 a.m. was shares, compared with shares at the same time Monday. Issues previously listed with the Canadian Stock Exchange are now grouped with those on the Montreal Stock Exchange. The industrial index rose .48 to 238.45, the composite .37 to 221.86, banks .27 to 270.77, and utilities .07 to 137.42 while papers fell .07 to 132.84. Rio Algom Mines rose 1% to MICC Investments Vi to' Thomson Newspapers Vt to and Shell Canada Vi to while Multiple Access Ltd. fell 'A to Among junior mines and oils, Gold Hawk Mines -rose eight cents to 55 cents on a volume of shares. NEW YORK (AP) Prices moved lower today in the first stock market session of 1974. Brokers said the decline reflected continued worries over the energy situation and the economy. The Dow Jones industrial average was down 3.69 to 847.17 at a.m. But 'advances outpaced" declines by nearly 2 to 1 in active trading on the New York Stock Exchange. The NYSE's composite index was off .11 to 51.71, and the market-value index on the American Stock Exchange had slipped .04 to 90.29 at 11 a.m Kcnnecott, NYSE volume leader, was up to 4514 and paced an ad- vance in selected metals. Gold stocks were particularly strong, reflecting higher prices of the precious metal in European markets. Homestake Mining was up 4% to 75Vi; ASA Ltd., up 4% to 72 Vi; and Dome Mines, up 6Vi at 160. Automotives continued to feel the oil squeeze. General Motors slid to Ford dropped to and Chrysler dipped Vt to Among Canadians on the New York exchange. Dome Mines advanced 6Vi to Mclntyre 2 to Seagrams Vt to Canadian Pacific to and. Hiram Walker to Alcan lost to International Nickel Vs to Hudson's Bay Vt and Massey-Fergnson Vi to Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Wednesday from the Calgary public stockyards totalled about 420 head, mostly slaughter steers and cows. Trade was active with a good de- mand for all classes. Slaughter steers sold higher with sales to 48.30. Heifers were scarce sell- ing steady. Cows sold steady, quality and condition considered. Steers Al and 2 47-48.20, A3 45.75- 46.75, A4 44-45.50. Heifers Al and 2 41- 42, A3 39.7540.75. Cows Dl and 2 32.75- 33.50, D3 30.50-32.50, D4 25-30. Replacement cattle were practically all fleshy short keep steers weighing 900 pounds and up and selling steady. Good .feeder steers 900 pounds andJip.. ,43-47 50.-, No hog sales to 11 a.m. Hog prices EDMONTON (CPJ Average prices to 11 Wednesday provided by the Alberta Hog Producers Marketing Board with Monday average in brackets: Edmonton: 52.25 Red Deer: 52.30 Calgary: No sales (53.13) Lethbrtdge: No sales Total hogs sold to 11 a.m. 88, total sold Monday average 53.02. Sow average 34.30. By THE CANADIAN PRESS ..Sobeys Stores Ltd., six months ended Nov. 3; cents a share; 1972, 30 cents. Chicago markets CHICAGO (AP) Wheat futures ad- vanced 15 cents a bushel on the Board of Trade Monday, but other grains were relatively weak The advance in wheat marked a gain of 37 cents in the last three sessions. Soybeans were down 10 cents while meal lost a ton and oil was down around 30 points. Oats prices were un- even, but corn declined 2% cents. Trade in all pits was slow, except for the opening and closing. Sellers were scarce in the wheat pit. The wheat buying was influenced largely by a government report issued last Friday giving optimistic figures on export commitments, except for soy- bean oil. Commercial interests, including exporters, were good buyers of wheat futures.-especially in distant options. Prices in the soybean market were mixed on the opening, then moved progressively lower with little ap- parent sustained support. Corn futures came under some early commercial selling and thereafter moved in a narrow range The commitments report, however, appeared to have been encouraging for feed grains. Winnipeg grain WINNIPEG (CP) Rye posted ma- jor gains in moderate trading at mid- session today on the Winnipeg Com- modity Exchange, while oilseeds lost as much as eight cents. Rapeseed was generally down for both Vancouver and Thunder Bay con- tracts. Flax was easier in light trading and oats was unchanged with virtually no trading. Monday's volume of trade was bushels of flax, 768.000 of rapeseed, of rye, of barley and no oats. MID-SESSION PRICES Flax: May unchanged 10.04VS, July 5 lower 9.S6A, Oct. not open. Rapeseed Vancouver: Jan. 2 higher 6.05B, March 7Vi lower June 1 lower 5.08, Sept. R lower 5.80A. Rapeseed Thunder Bay: May 7 lower 5 75A, lower 5.74A, Oct. 1 lower 5.74A. Oats: May unchanged 1.56B, July un- changed 1.47'AB. Barley: May, July not open. Rye: May 12 higher 3.43A, July 11% higher 3.34V4A Natural Gas Production The Herald- Wedneadey. January THE LETHMHDOf HHULD-27 Business Stocks Miscellaneous Vancouver, Calgary, Montreal (Supplied by Doherty. McQuaig Ltd.) 11 A.M. QUOTES WESTERN OILS AND MINES Afton Mines 7.00 Albany OH -80 Alfninex 7.00 Asamera 16.00 Athland 11-00 Alia East Gas 6.37Vt BP Canada 12.25 Brenda Mines 7.12Vi Can South 5.00 Cdn Ex Gas 3.25 Cdn Homestd 6.87V4 Cdn Ihd Qas Oil 8.62V4 Cdn Long Is .17 Chieftan 9.87V4 Cdn Super S6.7S Dome Pete 36-50 Dynasty 9.25 Fort Reliance .22 Giant Mascot 2.40 Gibraltar Mines 10.75 Granisle 8.50 Gt Plains 27.00 Gt Cdn Oil S 9.87V4 Lochiel Ex 2.55 Lyttbn Mln 1.10 Noble Mines .73 North Cdn Oils 5.50 Numac 15.75 Pancdn Pete 13.25 pan Ocean 15.37V4 Petrol 1-70 Pinnacle -23 Place Gas .50 Ponder .54 Ranger Oil 32.75 Scurry Rain 21.00 Seibens 16-00 Spooner -33% Total Pete 6.50 Ulster 1.44 United Canso 21.3714 West Pete S.37Vi West Decalta 7.00 MISCELLANEOUS INDUSTRIES Acres Ltd 10.50 Aquitaine 25.12 W BC Sugar A Pfd 13.50 Block Bros 3.65 can Pac inv A Pfd 33.25 Com Cap Corp 2.35 Carling O'Keefe A Pfd 23.00 Carling O'Keefe B Pfd 26.25 CrestbrOOk Ind 10.00 Crowsnest Ind 25.00 Falcon Copper 11.25 F and M Trust 4.80 Genstar. 16.25 Global Com Unit 40.00 Home A 49.50 Home B 44.00 Hud Bay Co 18.00 Hud Bay Oil 43.50 Hud Bay A Pfd 48.00 Hugh Russell 50.50 Husky Oil 22.00 Husky B Pfd 39.00 Husky 0 War 6.87'A Husky E War 9.37tt Hys of Canada 2.90 Inter Prov Pipe Inter Prov Steel Kaiser Res 4.25 Loblaw C Pfd 25.00 Magnasonics 5.87V4 Pacific Pete 29.87% Pac West Air 7.62V4 Gram close: Wheat- Mar 5.44, Mayi.18; Jul4.57; Sep 4 57. Corn: Mar 2.68'A; May 2.72'-4; Jul Sen 2.66Vj; Dec 2.45; Mar 2.53.. Oats: Mar May 1 4.1 VI, Jul Sep 1.39'A. LONDON (AP) Closing metals bid-ask in pounds sterling'a metric ton; silver in pence a troy ounce: Copper-spot 866-867; futures 845-846 Tin-spot futures 2620 Lead-Spot 299-260; futures 262-263 Zinc-spot 585-590; 554.5-555 Silver-spot 1431-143.3; 3 months 148-148.1 Currencies Wednesday's mid-day foreign exchange nominal selling rates supplied by the Bank of Montreal: Australia dollar 1.50 Bermuda dollar 1.02 China renminbi .5050 Denmark kroner .1630 France franc financial .2090 Germany mark .3755 Italy lira commercial .001695 Japan yen .003600 Mexico peso .0810 Spain peseta 0178 Switzerland franc .3120 United States dollar .9985 United Kingdom pound 2.34 U.S.S.R. ruble 1.3395 Quotations in Canadian funds Dollar yalua MONTREAL (CP) U.S. dollarln terms of Canadian funds at noon Wednesday down 1-25 at 99 14- 25. Pound sterling was down 1 83-100 at 27-50. In New York, the Canadian dollar was up 1-25 at 0011-25. Pound sterl- ing was down 1 17-20 at 11-20. Gas production Re-Ben Oilfield Ser Rainier Inc Royal Trust Sandwell Tetedyne Trlmac Ltd West Cdn Seed Westfieid Min Weston A Pfd Yukon PIPE LINE STOCKS Alta Gas A Alta Gas Pfd Alta Nat Gas Inland Nat Gas Gaz Metro Gaz Metro A Pfd N and C Gas N and C B Pfd Pacific Trans Trans Can Pipe Tr Can A Pfd Tr Can B Pfd Tr Can War WC Trans WC Trans Wts CALGARY Acroll .56 Barons Oils .04 N Continental .01 tt West Warner .26 VANCOUVER MINES Atlas Explkor .37 Bath Norse .94 Dankoe 2.05 Davenport .29 Dolly Varden .21 Equitorial Res .13 Lornex 9.75 Primer .08 Pyramid -11V4 Sllv Standard 1.80 Valley Copper 9.25 INDUSTRIALS Colum Brewing 2.80 Key Industries .12 Wardair- 1.55 OILS August Pete -81 Plains Pete .20% Pond Explor .70 Stamp Intl Res .75 MUTUAL FUNDS All Cdn Compound 6.64 7.22 Stick Eulaifi MUM Tmiti Stick Eicfcugi lidcm to Dec. 7.12Vi 4.12V4 26.50 5.50 4.20 7.62V4 4.50 1.12 59.12V4 9.12Vi fib. link April Itj Jm MI lif. Silt. Oct. Hit. Die Ju. ftk. lmk April It) Jm MI Atj. Sift. Oct. to. OK. Available oil reserves total in U.S. unknown All Cdn Dividend All Cdn Ventures Amer Grow F Special Cdn Invest F Com Inter Com Leverage Com Venture Corp Investors Corp Invest St F Dreyfus Fund US Grpd-Income Growth Equity Invest Mutual Mutual Accum Mutual Grow F Nat Resources NWCdn NW Growth Principal Grow ROyfund Temple Grow Unit Accum Unlver Sav Vanguard 7.00 7.61 3.30 3.59 5.15 5.66 2.59 4.98 5.46 13.40 14.73 3.30 3.53 5.80 6.90 6.28 6.90 4.88 5.36 10.92 11.97 3.02 3.32 6.97 7.66 5.66 6.18 5.99 6.59 3.07 3.38 4.79 5.26 5.31 5.84 4.53 4.98 4.36 4.78 6.71 6.99 7.30 8.00 4.67 5.13 7.83 8.61 5.85- 6.41 WASHINGTON (AP) They'll give you billion barrels, 11 years of neither the government nor the industry really knows how much oil is available in United States reserves. An industry Insider said in an interview that the often- quoted estimates actually de- pend on oil company profit goals. That is information the companies apparently do not Toronto mines, industrials (Supplied by Richardson Securities of Canada) MINES Acme .10 Advocate Asb 1.26 Akaitcho 1.50 Bralorne 1.55 Broulan .50 Bethlehem 15.00 Bovls 1.75 Brunswick 4.80 Can NW Land 7.37% Canada Tung 2.93 Cassiar 9i37Vk Central Pat .86 Chimo .93 Conwest 3.90 Cons Rambler 2.62 Coin Lake .18 Cochenour 1.01 Craigmont 6.37V4 Dickenson Mines 4.60 Denlson Mines 49.00 D'Eldona .40 Dome Mines 158.00 Discovery Mines .90 East Malartic 5.12% East Sullivan 2.35 Falconbridge 63.50 Frobex .23 First Maritimes .56 Giant Y. K. 11.62% Granduc 3.20 Holllnger 43.00 Hud Bay M S 26.37% Hydra Ex .36 Iron Bay 3.80 ISO 1.60 Joliet Quebec .20 Kerr Addison 11.12% Key Anacon .27 Labrador 41.00 Lake Shore 3.95 Langis Silver .06 Madsen R. L. 1.95 Malartic G. F. 1.05 Martin McNeely .34 Maclntyre 53.00 Meta .13% Midrim .15 Intern Mogul 8.50 Nu West Homes 9.00 New Athona .12 New Calumet .23% Noranda 50.25 Northgate 4.55 Norlex .28 Pine Point 30.25 Placer Dev 22.50 Pax Exp 1.15 Quebec Man .13 Rayrock 1.00 Radiore .28 Rio Algom 34.25 Roman Corp 13.12% Sherrin Gordon 14.12% Steep Rock 1.81 Tek Corp 3.25 Texmont .18 Upper Canada 20.75 Western Mines 2.95 WH Copper Mines 2.90 Wright Hargreaves 2.00 Willroy 1-10 Windfall .14 YAllowknlfe Bear 5.12% Zenmac .07 11 A.M. QUOTES INDUSTRIALS Abltlbl 13.00 Alcan 39.12% Aigoma Steel 20.12% Atco Ind 16.00 Jannock 5.75 Agra Ind 10.00 Bell Tel 40.12% Brascan 16.62% BCTel Burns BC Forest BC Sugar A Bow Valley Ind Cable CAE Ind Carling O'Keefe Chemcell Cdn Cellulose Cal Power Coron Credit OWN Gas Pfd Cdn Industries Cdn Marconi Cdn Vickers Chrysler CPR Cominco Cons Bathurst Cons Gas Dlst Seagrams 'Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Dofasco Glen Mobile Grt Cdn Oil Sands Gen Motors Grt Lakes Paper Gulf Oil Cda Greyhound Hawker Sid Hiram Walker Huron 4 Erie Imperial Oil Imasca int Nickel Int Pipe Inv Grp A IU Intern'l Indust Accept Kaps Kelly Douglas A Laurentide Loeb Loblaw A Metropolitan Massey Ferg McMillan Bleed Moore Corp Molsons A Molsons B Nachurs North Cent Power Corp Price Co Rothmans Shell CDA Simpsons Simp Sears Steel Canada Selkirk A Texaco Traders Grp A Trans Mtn Pipe Trans Can Pipe Union Carbide Union Gas union Oil United Siscoe Versatile Mfg Westeel Westons Woodwards A West Cdn Seed Zenith Elec Cdn Imperial Montreal Nova Scotia Royal Toronto-Dom BANKS New York (Supplied by Richardson Securities of Canada) Arm. TAT Anaconda Steel Chrysler Natural gat production in Alberta is expected to reach trillion cubic feet in 1973 up from trillion in 1972. Estimate for 1974 is trillion cubic feet. Alberta producers supply an average of 75 per cent of all Canadian gas to Canadian 'consumers. Dupont Gen Motors Gulf int Htrvmnr Copper Montflornery Exxon TtxMQun Wix CorportOon even tell each other and the government has no indepen- dent reserve estimates of its own. In fact, almost all govern- ment information about energy supplies comes direct- ly or indirectly from the com- panies. Since the Arab oil cutoffs emphasized the U.S. energy crisis, the energy industries have renewed their lobbying for tax incentives, price Sugar price increase to hit other products 49.50 14.50 19.50 21.00 28.25 14.25 8.75 3.60 5.50 6.12% 23.50 2.25 10.25 19.12% 3.25 13.25 15.25 15.62% 33.75 27.87% 15.62% 42.50 36.00 22.25 8.62% 12.37% 36.25 29.00 5.75 9.87% 45.50 24.75 30.75 17.75 4.80 53.00 31.37% 39.75 28.25 34.50 20.25 7.87% 16.12% 17.37% 4.30 5.75 8.75 3.80 5.00 11.00 18.25 32.12% 52.75 22.25 21.75 13.25 10.25 10.50 1600 12.75 17.75 8.37% 11.00 29.25 12.25 43.00 15.87% 15.12% 30.75 17.00 9.75 13.62% 6.25 6.12% 19.37% 1837% 17.75 4.50 300 28.00 19.37% 36.25 36.00 37.12% TORONTO (CP) Officials in the sugar industry say a surge in the wholesale price of sugar has lifted the price to consumers and is expected soon to cause increases in the entire range of sugar-based products such as cakes, -can- dies, jams, soft drinks, fruit juices, canned fruits and ice cream. The increases are attributed to a worldwide supply shor- tage and to the breakdown of the International Sugar Agreement last October. "I can see a global shortage of sugar till at least the mid- dle of next said M. W. Davidson, vice-president of Redpath Sugars Ltd., which refines about 40 per cent of the sugar in Eastern Canada. "1 can see a ray of sunshine in the situation, though, because Brazil seems to be increasing its sugar produc- tion he said. "We're also hoping for larger sugar-beet crops in Europe and Australia." "All the refiners have just about run out of agreement sugar right now, so the effect of the higher prices will be fairly said an of- ficial of St. Lawrence Sugar Ltd. Stock trading in '73 declined 50.00 Wootwortn 18.75 2.66'A WntinohouM Elec 24.87V4 32.25 U.S Steel 37.25 Gen Te) Elec 24.87V, 30.50 TORONTO AVERAGES U4.00 20 Industrials 213.29 down .38 45.87Vt 20 Golds 443.26 up 32.00 23 75 10 BAM 95.11 up 1.31 26.A2vt 1S Western Oils up 1.07 Volume 20.t2H NEW YORK AVERAGES 80.00 20 Industrials 847.55 down 3 30 94.75 20 197.03 up .88 3025 15 UBMWt 90.29 up .92 29.37'A 85 Stocks 212.82 .11 5.410.000 TORONTO (CP) Volume of trading on Canadian stock exchanges during 1973 declin- ed 17 per cent to 1.565 billion shares from 1.885 billion. Value of trading, however, rose 3.2 per cent to a record billion from billion. Figures on the six Canadian exchanges, compiled by the Toronto Stock Exchange, show the value of trading on the Toronto market reached billion and represented 71.1 per cent of the total value World gold, U.S. dollar prices soar LONDON (AP) The United States dollar rose sharply today on the West European money markets because of uncertainties over oil supplies. The gold price also soared. In Frankfurt, the dollar opened at 2.7215 marks, up from Monday's close of 2.7030, in the wake of Libya's deci- sion to more than double the price of its oil. Libya is West Germany's oil supplier. In Paris, the dollar hit a post-devaluation record of 4.780 commercial francs. The financial franc was quoted at 4.94 against the dollar, up from 4.MS. In London, the pound fell by more than a cent and was quoted at 2.3130 in early deal- The price of gold was fixed at its highest for nearly five months on the London bullion market. The official morning price of 1114.75 U.S. an ounce compared with Monday's clow of The cost of a kilo bar rote in Paris to record IMM francs, ip francs. on all exchanges. Volume in Toronto was 42.4 per cent of the total. The Montreal and Canadian stock exchanges accounted for 23.1 per cent of billion of the value traded and 18.9 per cent of total volume. Market spokesmen said 1973 was a volatile year with sharp swings in negative and positive forces influencing in- vestor confidence. President J. R. Kimber of the Toronto exchange said the first quarter was marked by a high level of activity and sustained strength .in the economy. But international monetary instability, Watergate hearings and higher interest rates touched off an unsteady decline increases and delays or waivers of environmental, health and safety regulations. They say these moves are needed to enlarge reserves and-speed up production. Debate over such policies must revolve around the statistics describing and predicting reserves and production, available only from the companies themselves. Petroleum reserves, still in the ground, can only be esti- mated. The only real sources of re- serve estimates are two in- dustry groups, the'American Petroleum Institute and the American Gas Association, which survey most but not all oil and gas companies. The U.S. Bureau of Mines, the primary government com- piler of energy data, gets part of its petroleum information from these two industry groups. The Bureau fills in the gaps with data relayed by the oitand gas-producing states. The two industry groups re- port impressive statistics. The latest estimates, now one year old, said the U.S. had resources totalling 136.3 billion barrels of crude oil, 6.8 billion barrels of natural-gas liquids and 266.1 trillion cubic feet of natural gas. The reserves have dwindled steadily in recent years and the latest estimates represent only enough oil to last 11 more years and enough natural gas for 12 years at current produc- tion rates. But what are proved re- serves? The industry groups define them as the. estimated quan- tities of petroleum that can be produced "under existing eco- nomic and operating condi- tions." In other words, they list only those petroleum reserves that companies are willing to produce at prevailing prices. Their willingness, in turn, depends on the size of the profit they demand. Heads board VANCOUVER (CP) President elect of the Van- couver board of trade for 1974 is H. P. (Budge) Bell- Irving. His nomination, which will give election by acclamation, was announced Monday. He is manager of A. E. Lepage Western Ltd. 1.2 Million Vehicles 1.1 h-1- .9- .8- .7- -.6- .5 Canadian Motor Vehicle Sales 196364 65 66 67 68 69 70 71 72 73 74 Slowdown expected Although Canadiart demand for cars and trucks will remain high in 1974, a slowdown in production is expected after three years of records. The buying switch to compact cars after the Arab oil embargo resulted in extensive changes in U.S. auto pro- duction as plants converted from rnedium-and- large-car assembly lines. The 1973 sales of new North American-made vehicles in Canada are expect- ed to be more than including record of about cars. Sales estimated for 1974 are expected to reach Stock trends While there was rel- atively little domestic news in 1973 to upset Canadian markets, in- ternational and particu- larly United States prob- lems produced reactions on the Toronto and Mont- real Stock Exchanges. The Toronto market's in- dustrial index, considered the best gauge of Can- adian trends, carried its strong upswing of late 1972 into the early part of 1973 before dropping in May. The Montreal in- dustrials -followed suit. Gold stocks had the most dramatic gains in the year as political arid economic" uncertainties caused to turn to that traditional store of value. Propane price cut indicated EDMONTON (CP) At least one major propane producer has indicated it will reduce propane prices to within the provincial govern- ment target of 8% to 10% cents a gallon. Gulf Oil Canada Ltd. says it has informed the Public Utilities Board that it will sell propane to retailers for less than 10ft cents a gallon. Its present wholesale price ranges from 15 to 17 cents a gallon. Premier Peter Lougheed recently set a Dec. 31 deadline for the return to the wholesale levels in effect last October. Some producers had raised their wholesale price to 17 cents a gallon. The government said that a new act to fix the price would be proclaimed if propane producers did not reduce prices to the October levels. The act was passed by the legislature earlier this month and, if proclaimed, would em-. power the Public Utilities Board to control propane prices. A Gulf Oil spokesman said he expected the propane in- dustry generally will co- operate with the government call for a price reduction. Meanwhile, propane retailers said they had not yet received any indication that prices would be reduced Jan. 1. One retail spokesman suggested producers were probably waiting for one of their group to take the first step. The public utilities board said it will wait until tonight before deciding whether the government will become in- volved. Volkswagen hikes retail car prices TORONTO (CP) Volkswagen Canada Ltd. an- nounced today new suggested retail prices for its cars, effective Wednesday, to replace previously-announced 1974-model prices. The price for a Beetle is in- creased to from The Super Beetle goes to 315 from At the top end of the scale the Porsche coupe is increased 1500 to ;