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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 2, 1975, Lethbridge, Alberta 10 THE LETHbRIDGE HERALD Thursday, January 2, 1975 Economic rebound in 1975 for British Columbia unlikely VANCOUVER (CP) no new disasters arc in- Ltd., called the Council of Forest bothered mining com- Businessmen and lifted oh export markets, In the year ended March "the worst in 25 protested that the most, however, was immersed in the gloom of comprise 55 per cent of natural gas exports 60 per cent of a move to take over world markets. They ob- bad last half of 1974, give annual provincial com- tailed million and is shipped to but was to a series of provin- British Columbia economy product. price increases since markets, a slowdown when the acts designed to generate tle hope for a 1975 said he is confident the may more than double construction there amended the bill to revenue, particularly Forestry and mining of tax revenues from the figure in the current for most of the forest products as Mineral Resources Act af- hard-hit by slumping business slump will be ills and any wood chips copper. markets and, in B.C., by government policy The premier had good would not show here the last two Barrett said the those two giants hurt the son to be concerned about least six months, government purchased the royalties are realistic and percussions are felt in the premier covering potential tax Falls pulp and companies have taken a struction, shipping, the B.C. Petroleum In the fiscal year 1973-74, Timmis, chief (which lost money stance by ment revenues and a provincial province had record officer for a controlling interest about seven-year agency handling of billion, up Ltd., says layoffs Cellulose at of 9.8 per cent which Premier Dave Barrett sales of natural gas or 26.5 per cent from the by April, 1975. Plateau Mills at the most optimistic seer, the United will vious fiscal his own firm plans to and Kootenay dicting that the economy new profits to offset But provincial capital investment in near Nelson. begin to recover in from traditional tax in the same period climbed 1975 by least one-third three made money The best to you from Palm, utiiiuii, UJJ lllluiim vi 29.3 per cent from the previous fiscal year. Most of that went into Crown corporation programs which will demand more money year s total of million, a development echoed by other major companies. The province's Timber Products Stabilization Act, passed in mid-November, was unsettling to the industry. and Plateau and Kootenay are planning expansions. The province's second-largest industry, mining, was beset by tax woes in 1974. Total mineral resources production in 1973 generated I G( for Jap( 1 allows the government an upward trend revenue outlook is most grim in forestry, where the price paid sawmills for their wood chips and until mid-1974 when world copper prices began (AP) The Japa- the industry's employees have been laid for a forest products board to advise on an important factor in B.C., where some seemed to be getting inflation under control in late Doman, president of and other pounds of copper but a number of trends Doman this hard times ahead contrasts markedly with the "reasonable" attitudes toward tax changes shown by forestry and petroleum com- panies. The continuing federal-pro- vincial battle over resource taxation worries the com- panies, too. They feel they will be the eventual losers, a B.C. and Yukon Chamber of Mines spokesman said, taxed at maximum rates by both levels of government. B.C.'s construction industry followed the general pattern, reporting a good first half of 1974, and a downturn reflect- ing the wider business slump later in the year. This industry's problems, spokesmen said, have been worsened by continuing labor disputes, particularly with boilermakers and elevator in- stallers. Year outlook bleak ODDS 'N ENDS PREFORMED due ID i mistakes. A? AMTICO FLOOR TILE COUNTER TOP C89 ind laded floors n vith this outstanding largain. Comes stone pattern in thrt colours. Reg. 23c DISTINCTIVE POLE LAMPS while prii Choose !rc pole lamp: reduced. Perfect (or leading or to add thai special ligMing BOARl cork board ci usid a! in accent will or lull a bulletin board. Reg- S1.89 3 stasis 12" x 36" Rag. 3.69 OOFF COMPLETE WITH MARBLIQUE TOP VANITIES TYPE M RIDGID COPPER PIPE per tt. 12' ien We have a huge assortment of vanities on display i extra bath. EXAMPLE: 21" x 25" 2 Drawer _rt _ _ Reg.S99.95 NOW i OFF Westinghouse LIGHT BULBS You get your selection of'-lO. 60 or 100 wait bulbs al this low pcico. x SQUARES MOSAIC CERAMIC TILE Just the thing to add that special touch to B your bathroom or kitchen area. Many colors to choose from. 12" Grids. Regular S1.39 09 Laundry 195 iEXTRA! This laundry tray resists stains and scratches and can be used for everything from laundry chores to washing your dog. Va HORSE POWER GARBAGE DISPOSER !Z9" Avoid kitchen smells with this powerful disposer. Every kitchen should have TURN YOUR BATHTUB INTO A SHOWER BATHTUB SHOWERALL- 95 THIS HIGH-QUALITY HOUSE WIRE With ground comes in 250 coil. WIRE one. BB30. 15% OFF ALL OTHER DISPOSERS ATTRACTIVE! LIGHT 1 99 MODERN QUIET SWITCH Avoid fhnl bolhersom click-click you got wit old-lflshioned switches. 'TORCAN. PORTABLE' 'BASEBOARD HEAT Convector type baseboard healer 1500 watt modern slimline design. Built-in safety tip-over switch disconnects heater if i overturned. Reg. S24.95 19" EXTENSION CORDS This grounded superflex cord is made to withstand the toughest abuse. 0'. Reg. 7.89 KfO'. 549 Q95 See the Experts at Thunderbird for Free Advice and Estimates! ALL 1C07 MEDICINE CABINETS OFF IN STOCK! STORE HOURS Mon. lo Wed.. 9-6 p.m. Thui ind Fri 9-9 p.m. Sat. 9-5 p.m. We rtjsnrvo Iho lo limit quantities. Prices good Him Mond.iv, J.inuarv 6, 1975. Hfpii I WE WELCOME 2020 Mayor Magrath Drive YOUR CHARGEX! Phone 329-3188 CHARGKX for the once-booming econ- omy. The Japanese got over the direct effects of skyrocketing petroleum prices better than expected but the fight against inflation knocked the economy into a recession. The fiscal year ending in March, 1975, was expected to be Japan's first post-war year of economic contraction. Inflation had been gaining power for some time before the oil crisis helped boost the annual rate of consumer price increases to nearly 25 per cent for much of 1974. It took a long time before the government's tight-money policy began to show results. By late in the year it looked as though the inflation rate fi- nally was headed downward toward a comparatively mod- erate 15 per cent annual gain. Import prices had begun to decline. Also, domestic whole- sale prices steadied in early autumn, which should lead to a decline in consumer price increases. Spending cut The government's anti-in- flation drive forced banks to limit loans and in other ways all excess money was squeez- ed out of businesses to cool the economy. Concern about the future ap- parently frightened con- sumers who cut their spend- ing and caused a further de- cline in business. Consumer spending accounts for about half of the gross national product. The combination of tight money and lowered consumer spending resulted in a decline in industrial output. Unem- ployment reached about two per cent by late in the year, an unusually high figure in Japan where labor traditionally is scarce. The business slump did aid Japan's international pay- ments. The flow turned from deficit to surplus in Septem- ber as import demand de- clined and companies pushed exports to make up for slump- ing domestic sales. Most experts predicted the Japanese economy would soon become a growth economy again, although some said the stagnation may continue well into the new year. May hurt economy Nearly all agreed the days of a 10 per cent annual growth rate were over. Most predic- tions said growth over the next decade would average five to seven per cent. Some economists have been doubtful as to how well Japa- nese firms can manage with this relatively slow growth. They say major companies are uniquely growth-oriented because of their huge debts which are best handled with sharply rising output. Japanese firms also are fac- ing stiffer international com- petition and their exports may be hurt by rising costs at home, says the Mitsubishi Re- search Institute. the institute said inflation and growing labor costs weaken the Japanese busi- nessman's ability to sell abroad in 12 important indus- trial areas. Exports were like- ly to remain strong in the im- mediate future but would weaken during the coming two years. "The Japanese industries will lose their traditional edge of price competition over the United States and West Ger- said another study by the Sumitomo Bank. "In 1975, Japan will see its competitive position deterior- ate in all sectors of world trade except basic industrial materials as a result of the decreased competitiveness in the machinery markets, in- creased competition from the developing countries in tex- tiles and sundry goods and the high wage increases in Japan." Wages have been going up sharply for a number of years and last April most workers received increases of more than 31 per cent. The average Japanese worker now makes the equivalent of about an hour plus substantial fringe benefits. Season's Greetings Fill up the holidays with many happy memories. Our thanks for letting us serve you. From Martin, Jim, Malcolm, Bill, Hector and Len NORBRIDGE 66 SERVICE 7-6766 740 23nl St. N. Lrtibridge Martin f. Hudecck ;