Lethbridge Herald, The (Newspaper) - January 6, 1975, Lethbridge, Alberta
Economists predict China may increase oil imports Monday, January 6, 1975 THE LETHBHIDGF HERALD 15 NEW YORK (AP) China, normally a cash-on-the- barrelhead trader, had its first big international deficit in 1974, United States finan- cial institutions say. New York's First National City Bank estimated it at about million. City Bank economists join- ed others in predicting that China may be counting on vastly-increased oil exports from newly-exploited reserves to close the gap. Some estimates put these reserves as larger than those of Saudi Arabia.. China long has insisted on cash deals. However, Foreign Trade Minister Li Chiang recently wrote that Peking will never "grovel for foreign but said that "methods of payment are negotiated by the two business parlies in the light of common international practice." But this innovation was not seen as reducing China's traditional self-reliance: a major reason, said a survey by City Bank, was the rising curve of oil exports. Japan extended export credits to China in 1972. In 1973 China sent Japan 7.1 million barrels of oil at a barrel and in 1974 another 28.1 million at a barrel. A major factor in the hew trade-payment pattern was the explosive boom of imports from the United States. Since the establishment of quasi-diplomatic relations be- tween the two countries, Chi- nese imports of U.S. products have shot up to billion in 1974 from zero in 1971. By con- trast, Chinese exports to the U.S. were worth million in 1971 and only million in 1974. This imbalance could righted, several econom noted, by sales of oil for hard currency which could be used to pay U.S. bills. Most Chinese oil at present comes from wells Taching in the Sunglaio basin of Manchuria and from the western provinces of Sinkiang and Chinghai. Herald- Business Market prices continue gains in light trading Contract awarded for six oil ships Accord CLEVELAND, Ohio (AP) Standard Oil Co. (OHIO) plans a fleet of at least eight ships to transport crude oil from the rich but cold north slope of Alaska, where an 800 mile pipeline also is being built. Sohio announced here a million contract with Avon- dale Shipyards Inc. of New Orleans for construction of six oil transport ships. A spokesman said Sohio will work out long term charters with American shipping com- panies for operations that will include use of American crews. The spokesman said design talks with Avondale Deepwater ports okayed WASHINGTON (AP) President Ford signed legisla- tion Saturday authorizing deepwater ports to handle supertankers carrying foreign oil. The deepwater port bill was hailed by Ford in a statement as "an important step in our national effort to provide an adequate supply of- energy at reasonable prices." The measure establishes the legal framework for federal licensing of the construction and operation of port facilities in the ocean beyond U.S. territorial limits. The facilities would allow super- tankers to unload their cargo into underwater pipelines. Sponsors of the legislation said this would reduce the danger of oil spills. that had been under way through the past year had stressed safety and anti pollution factors. The ships, scheduled for delivery in 1977 and 1978, will carry up to 1.2 million barrels of crude oil each, or tons. Each will be about 900 feet long with a 55-foot draft. Sohio also said it expects to have in operation at that time two vessels of thousand dead weight tons each that already are under charter to Sohio, along with two vessels of dead weight each to be built by Sun Ship- building and Drydock Co., Philadelphia. The vessels are to transs- port crude oil from Alaska to the west coast. A Sohio spokesman said a study was under way to determine where the ships would dock but that no decision had been made. Ports from San Diego to Puget Sound were under consideration. near on gold, oil Start drive PEKING (Renter) While the Western world grapples with economic problems, China is embarking on a drive to boost industrial output. report carried by the of- ficial Hsinhua news agency Saturday gave a further push to a movement which has been gathering momentum in the provinces in recent weeks, aimed at starting "a new up- surge in revolution and production." Observers here see the drive as an effort to make up for the industrial production lost during the 1974. 100 000 LIFE INSURANCE I W W W (Initi.l Amount) Level Term Option (Inititl Amount) (20 Year decreasing Convertible Term Insurance) ANNUAL PREMIUMS Age 20-155.00 Age 35-228-00 Age 25-160.00 Age 40-321.00 Age 30-167.00 Age 45-475.00 KEN BELSHER OCCIDENTAL LIFE ot California HOLIDAY VILLAGE Phone 328-0944; 321-0994 Give us 30 minutes, and we might talk you out ofan R.R.S.P How's that for a switch? While others are probably trying to talk you into a Registered Relirement Savings Plan. why would Metropolitan Lile talk you out of one? Because, for many people an R.R.S.P. is a great investment. For others, it's not. It would take us maybe a half hour to find out your needs. So, before you make a decision, invest 30 minutes with us. We'll analyse your present circumstances, discuss your future prospects, and give you an honest answer. Then, if we don't think an R.R.S.P. is a good idea for you. we'll tell you. Phone any Metropolitan Life office and arrange to see one of our representatives. He can give you all the facts about R.R.S.P.S. The straight facts. Where the now Metropolitan Life C. Stan Verlinden Sales 414-2UI Strut South Lithbrldge Phont 327-3550 LONDON (Renter) The European Common nine meet here Tuesday to prepare joint positions on gold and the reinvestment of Arab oil themes at next we Washington conference world monetary reform. The nine have come close to agreement on both issues in the past and informed sources say the hope is that despite international developments since they last met, finance ministers can reach a broad measure of accord in London. At their last session in Brus- sels in December only West German hesitations over U.S. plans for recycling oil sur- pluses prevented t ministers from adopting draft resolution backing international recycling system centred on the Inter- national Monetary Fund German Finance Minister Hans Apel said after the Brus- sels session he expected agreement' could be reached in London. The resolution gives pride of place to the IMF in recycling operations but refers to the need to co-ordinate other rec- ycling facilities, including the so-called Kissinger plan, put forward by U.S. State Secretary Henry Kissinger. This plan cuts out direct participation by the oil ex- porting countries, leaving the industrialized countries raise funds by themselves for relending to participants the scheme who encounter severe payments difficulties. Bill opposed CARACAS (AP) Presi- dent Carlos Andres Perez has attacked the new United States foreign-trade law as a "clear act of economic aggression and political pressure." The U.S. bill would permit exclusion of members of the Organization of Petroleum Exporting Countries (OPEC) from tariff preferences. MOORE BUSINESS FORMS ANNOUNCEMENT J.H.WELCH A. G. Hulbert, Moore Business Forms' Western Regional Manager announces Iho promotion ol J. H. Welch to Supervisor, in which capac- ity he wili be responsible for the company's, operations In its Leth- bridge, Medicine Hat and Cran- brook. B.C. sales olfices. Moore has had a sales office in Lethbrfdge for the past 25 years and Mr. Welch has been re- sponsible for this office for the past 15 years. Moore, a Canadian Company since 1882 is the world's largest manufacturer of business forms. to Shell Can- Gold four cents to 29 cents and ada to Massey- Pursides three cents to Ferguson to and Stelco East Malartic lost 20 cents to A to and Discovery eight Cadillac Fairview fell to cents to Weldwood Yt and Ranger Canada was up Vii to Cominco to Wt. and Pan Ocean to Craigmont Mines gained Sunningdale dropped five five cents to Tundra cents to t of ul Stocks Miscellaneous lhe Vancouver, Calgary, Montreal "JJJ Midland Doherty Limited WESTERN OILS Hud Bay A Pld TORONTO (CP) The Toronto stock market extender its recent string of gains Monday as prices moved moderately higher in lighl mid-morning trading. Responding to continued strength on the New York market, Toronto's industrial index rose .71 to 160.69. The index closed higher the oe Alton Mines 2.75 Husky Oil 13.25 previous sessions. ard -Aiminex n'.w into Pipe 2J5 up .02 to 58.50 and western oils SPrl Asamfira 7 19IA 9 ft p 1 10 tn 1TI flf rrnlrt I.nrln., Ashland G.OO Kaiser Res 500 BP Canada 8.50 Kaiser Res War 2 45 Brenda Mines 3.15 Loblaw C Pfd 2100 ent Cda Southern 1.69 Magnasonics 120 und cdn Export Gas 1.93 pac pete 14 25 Cdn Homestead 2.24 Pe-Ben Oilfield 2.15 Sin Cdn Ind Gas 5.75 Royal Trust 20 62 the Cdn Long Island .09 Sandwell 3 75 Cdn Superior 22.50 Teledyne 3.75 Cbieftan Dev 4.50 Traders Pld 9 75 Dome Pete Trimac 340 Dynasty 7.00 Westfield Minerals 50 Nutort Resources .11 Weston A Pld 45.00 Giant Mascot .57 Whitepass Yukon 5.75 Gibraltar Mines 4.20 Granisle 11.25 PIPELINE STOCKS Grt Cdn Oil 5.50 Alia Gas A 10.62 Lochiel Explor .87 Aita Gas Pfd 50.00 Lytlon Minerals 1.25 Alta Nat Gas 15.00 North Cdn Oil 2.80 Gaz Melro 4 90 Numac Oil 9.12'A Gas A Ptd PanCdn Pete 8.62 Inland Nat Gas 7 00 Pan Ocean 7.12V, NSC Gas 8.87 Petrol 1.05 N S, C B Ptd 16.00 Paoma .52 Tr-Cda Pipe 862 Place Gas .24 Tr-Cda A Pld 47.37 Ponder 45 Tr-Cda B Pld 28 75 Ranger Oil Tr-Cda Pipe .50 L Scurry Rainbow West Trans 18.37 Seibens 5.75 West Trans War 1.89 Spooner 18 Total Pete 4.15 CALGARY he Ulster Pete .47 Acroll .28 rpt Lin ted Canso 6 75 Barons Oil 04' West Pete 2.32 N. Continental 01 10 West Decalta 3.10 Western Warner .15 MISCELLANEOUS VANfOIIVFH 30 INDUSTRIALS Sine Ba.hurs, NorseS 1.2, 'S BclugTrCPfd 2H On Block Bros 3.35 rXnnnrt I, 2Hk KhefMinBS Carling A Pfd 15.00 in Carling B Pfd 17.50 Com Capital 1.51 vaJIy 1.39 to 362.47. Advances almost doubled declines, 121 to 64, with 99 issues unchanged. Vl Volume by 11 a.m. was shares, down slightly from at the same time Friday. Home Oil A rose to Market trends MONTREAL (CPI Prices were higher in light trading on the Montrea Stock Exchange Monday. h Volume at 11.30 a.m. was shares compared with shares at the same time Friday. Utilities rose .77 to 122.58, industrials .SB to 161.14 and the posite .61 to 159.21 while banks fell .36 to 214.63 and papers .30 to 96.88. Home Oil A rose to Falconbridge Nickel to Cominco to and Algoma Steel 1 to while TransCanada PipeLines Ltd. fell 'A to ?30. Among -speculative issues. Silver Stack Mines rose one cent to 90 cents on a volume of shares. VANCOUVER (CP) Prices were up in moderate trading today on the Vancouver Stock Exchange. Early volume was shares. In the industrials, Sparlings was unchanged at .55. In the mines. Consolidated Beaumont was up .01 at .19. In the Rand A was unchanged at .72. On the curb exchange, shares were traded. Mark V was up .29 to SI .34. NEW YORK (AP) The stock market rang up another broad gain Monday on the strength of some early buying inspired by the Federal Reserve's reduction of its discount rate. The noon Dow Jones average of 30 industrial stocks was up 3.13 at 637.67, and gainers held a 6-to-l edge on losers at the New York Stock Exchange. On the American Stock Exchange, the market-value index climbed 61 to 63.47. The NYSE's composite common-stock index added .30 to 37.65. Winnipeg grain WINNIPEG (CP) Prices moved ower as activity picked up somewhat through mid-session Monday on the Winnipeg Commodity Exchange. Oilseeds suffered the largest losses, with feed grains generally off only fractionally. Friday's volume ol trade was bushels of feed wheat, of oats, 884.000 of barley, 10.000 of corn, .of rye. of flax and of REQUIRED CONTACT THRIFTWAY DRUGS V Counter Help Automotive and Industrial FOR INTERVIEW CONTACT MANAGER i ACKLANDSLTD. Lethbridge Phone te Crowsnest Indus 16.50 iwninsTrjiAi Q ?SSr IS -07 ir Genstar 15.25 da'r 35 a Home Oil A 1 8.37'A OILS in B 17iOQ August Petroleum 14 Hud Bay 12.25 Plains pGle 07 Hud Oil 18.75 stampede Infl.Res J1 s-f Toronto mines, industrials (Supplied by Richardson Securities of Canada e MINES BCTel 4625 3 Acme .05 Burns ?'so n Advocate Asb. 1.13 BC Forest n'25 Akaitcho 1.55 BC Sugar 1950 g Bra orne 1.50 Bow Valley Ind 10 r- Broulan .31 Cable Bethlehem g.oo CAE Ind 7 1214 u Bovis .95 Gal Power 21 75 Brur swick 3.90 Canbra Foods 2 40 Can. NW Land 2.40 Can Cellulose 4'45 ,r Canada Tung. 2.40 Carling O'Keefe 2 01 Cassiar 3.30 Chemcell 370 S- Central Pat. .78 Coron Credit d Chimo .90 CWN Gas Pfd A Conwest 2.10 Cdn Ind u Cons. Rambler 1.52 Cdn Marconi 280 Coin Lake .14 Cdn Vickers Cochenour 1.01 Chrysler s'25 ,f Craigmont 3.45 CPR 14'l2'A Dickenson Mines Cominco 25 25 g Denison Mines 37.50 Cons Bathurst 23'oo e D'Eldona .23 Cons Gas 1425 Dome Mines 43.50 Dist Seagrams 3200 Discovery Mines 2.01 Dom Bridge e East Malartic 3.00 Domtar is'25 East Sullivan 1.41 Dom Taxlile 650 1 Falconbridge 25.25 Dom Stores is'so e Frobex .n Dome Pete 1875 First Maritimes .37 Dofasco 23 Giant Y.K. 10.00 Glen Mobile i'eo Granduc 1.30 Grt Cdn Oil 550 Holl nger A Gen Motors 3400 Hudson Bay A 13.75 Grt Lakes Paper Hydra Ex. Gulf Oil 24'l2'A Iron Bay 4.20 Greyhound 1225 0 Iso .65 Hawker Sid 4 20 r Jollet Quebec .17VS Hiram Walker A Kerr Addison Huron Erie 23 l Key Anacon .21 Imperial Oil A 2275 r Labrador 23.00 Imasca A 23 50 Lake Shore 3.35 Int Nickel 21 >5 Langis Silver Int Pipe 1 1 Madsen R.L. .43 Inv Grp A 537W Malartic G.F. .92 IU Int'l Martin McNeely .26 IAC Ltd 1725 Macnlyre 29.8714 Jannock Mela Kaps 1 21 Midrim .n Kel Douglas A 4'40 Intern Mogul 2.30 Laurentide 600 NuWest Homes 5.25 Loeb 240 New Athona .15 Loblaw A s'oo New Calumet .13 Metropolitan 1100 Noranda 28.75 Massey Ferg 1475 Norlhgale 2.90 McMill Bloed Norlex .14 Moore Corp 4075 Pine Point 25.50 Molsons A 1525 Placer Dev. 14.00 Molsons B u'so Pax Exp. .92 Nachurs 7 12V4 Quebec Man .16 North Cent e'75 Rayrock .85 Peyto 250 Radiore .14 Power Corp 800 Rio Algom 19.00 Price Co 13'l2VS Roman Corp. 10.00 Rotbmans 850 Sherritt Gordon 4.75 Shell CDA 1250 Steep Rock .90 Simpsons 650 Sunningdale 3.30 Simp Sears g'oo Tek Corp. A 2.15 Steel Can A 2700 Texmont .14 Selkirk A n'oo United Canso 6.75 Texaco 26 25 Western Mines 1.50 Trad Grp A 10 WH Copper Mines 1.56 Trans Mln Pipe 9 Wright Hargreaves 1.25 Trans Can Pipe Wlllroy 1.43 Union Carbide 1400 Windfall Union Gas 7 50 Yellowknife Bear 1.80 Union Oil 775 Zenmac .05 Unljed Siscoe iso Versatile Mfg 5 oo Westeel 22 A REQUIRED FOR tfMtiisA OVERSEAS EMPLOYMENT Fully Experienced WW TOOLPUSHERS DRILLERS DERRICKMEN EMD MECHANICS ELECTRICIANS To staff most up-to-date equipment for new offshore and land operations. Competitive wages, tax advantages, generous overseas allowance and vacations. Year-round employment. Relocation of families and schooling for children at company expenses. SOUTHEASTERN DRILLING INC. 304 Royal Bank Building Edmonton, Alberta T5J 1W8 Tel: prices: Thunder Bay rapeseed: May two lower 8.31A; July two lower unchanged 7.65V4A. Vancouver rapeseed: Jan. 9% lower 8.46A; Mar. life' lower June lOVi lower 8.19A; Sent, five lower 7.96A. Flax: May 10 lower 10.36A; July 11 ower 9.89A; Oct. unchanged 9.60Ar Feed wheat: May 'A lower 3.78; Jul. and Oct. not open. Corn: Mar. five lower 3.75; May three lower 3.80A; July two lower 3.67A. Barley: May one lower 2.99; July and Oct. not open. Oats: May M; higher 1.90A; July not open. Rye: May fe lower 3.03; July 14 ower Oct. not open. Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Monday from the Calgary public stockyards totalled about "650 head, mainly slaughter cows. Trade was dull. There were too few s aughter steers and heifers on offer to establish a market. Cows sold steady while there were no bulls offered. Cows Dl. 2 18-20.50, D3 16-18, D4 12-16. Good feeder steers over 750' pounds 39-42. There were no hogs sold to 11 a m PROFESSIONAL SALES i REPRESENTATIVES Are you a Sales Representative in one of the j following Industries: AUTOMOTIVE !l REAL ESTATE. AGRICULTURE INSURANCE DIRECT SALES i: Are you finding it difficult achieving your goals, i' ambitions and high income? We offer you the opportunity to achieve your goals, ambitions and high earnings in a rapidly growing mobile and modular home retail industry. High commissions, incentive programs bonuses excellent working hours and conditions, and the opportunity for advancement as well as full company benefits are available to you. All inquiries are strictly confidential. COUNTRY WIDE HOMES LTD. i Suite 200-325-6lh St. S. Lethbridge, 329-0566 Contact L. E. Wright, President Abitibi Woodwards A 1862VS Alcan 20.50 BANKS Algoma Steel 25.50 Can Imperial 22 50 Atco Ind 11.00 Montreal Agra nd 4.75- Nova Scotia 34 87Vi Bell Tel 44.00 Royal 2600 Brascan A 10.50 Tor Oom 33.00 t New York (Supplied by Richardson Securities of Canada I Amr T S T 46.50 Woolvrorlh 10 Anaconda 14.62K Weslinghouse Elec 10.12V, Beth Steel 25.62Vi US Steel 39 87'A Chrysler 8.25 Gen Tel Elec 1862Vi Comsat 30.37VS TORONTO AVERAGES Dupont 96.25 20 Industrials 160.16 up 18 General Motors 34.50 20 Golds 360.55 down 3.31 Sulf 18.87'A 10 Base Metals 58.12 up .14 Inl Harvester 20.87V, .15 Western Oils 120.84 up 2 17 Kenn Copper 36.37V, Volume Montgomery Ward 15.25 NEW YORK AVERAGES Sears 20 Industrials 637.51 up 3.04 68.00 20 Rails 149.50 up 2.66 Texas Gulf 26.00 15 Utilities 75.37 up 99 Texas Co 23.75 65 Stocks 208.98 up 1.99 Wix Corporation 9.00 Volume Earnings By THE CANADIAN PRESS Scurry-Ralnbow Oil Ltd., year ended Becker Milk Co. Ltd., .six ended Oct. 31: 1971 858 30: I9M' W.1'000' starc cents a share; 1973, 60.8 figures available; 1973. no per cents. share figures UAHccn IN REALTOR i REAL ESTATE SALES 1 1974 was a record year for us. and 1975 will be bigger and better yet! Want to join us? Royal Trust Real 1 Estate is Canada's largest coast to coast realtor, and offers Non-competing management I Coast to coast referral system linked by telex through our 92 sales offices 1 Complete mortgage facilities including a special 2nd mortgage program at 1st mortgage rates 1 Transfer agents tor over 50 major corporations Xerox professional selling skills course New modern office facilities 1 If you are Interested In making above average earnings, are young and aggressive and interested in 1 helping people, let s talk it over, make an appointment by calling Bob Butchart 328-7761 or write to 1 Royal Trust Real Estate, 914 3rd Avenue South, Lethbridge. All enquiries confidential. I ROYAL TRUST REAL ESTATE I 'Decide what you want We can help you'