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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - January 9, 1971, Lethbridge, Alberta Saturday, January 9, 1971 - THE LETHBRIDOE HERAID - 21 iii sim .v iim\(i; Wardair flights not cancelled OTTAWA (CP) - Wardair Canada Ltd. charter flights have hot been cancelled by the Canadian transport commission as the result of an order adding new conditions to Wardair's international charter licence, the commissi jn said Friday. The commission said in a news release that it was making Bond prices Supplied by Doberty Roadbouse and McCualg Bros. OOVHNMINT OF CANADA IONPI eOVHNMINT Of CANADA UARANTIID BONDS Cm. I 6. % 4Y4% .5%% 8 % 4%% Perp. 8 % 6V4% 7V*% 5V*% Apr. Sept, Oct. Jly. Sept. 3% Oct. Apr. Jul. Sep. Sep, '71 99.85 100.60 '72 98.65 99.50 '75 98.25 99.75 78 106.25 107.75 '83 84.25 85.75 15 42.25 44.75 '86 109.00 110.50 '75 102.25 103.25 '75 104.50 106.00 '92 85.75 88.25 Ontario 7 % Ont Hyd 9 % Man Hyd 9 % Sask 7V*% Nfld 9Vi% AGT 8 % Man Tel 8 % MOVINCIAl '88 88.75 91.25 '94 108.75 '90 105.75 '88 90.75 '90 102.00 '74 102.25 103.55 '74 101.75 103.25 INDUmiAl Abitibi Vk% Abitibi 9%% Alta Gas 9%% B. C. Tel 9%% Bell Cdn 9% CP. Sec 9V4% C. P. Rail 8%% G of Cdn m.% Hud B A 9Vz% Imp Oil 8V4% tot Nick m% Indust Ac 9%% Labatt m% Massey 9%% Noranda 9<4% North C 9%% Simpsons 9%% Sears A 9%% Traders 9%% Tr C P 10% '87 84.75 87.25 '90 104.25 106.75 '90 104.75 107.25 '90 104.25 106.75 '89 105.75 108.25 '90 101.50 104.25 '89 103.75 106.25 '89 104.00 105.05 '89 104.75 107.25 '89 103.25 107.55 '90 106.75 109.25 '92 103.75 '90 104.00 105.50 '80 101.25 103.75 '90 104.25 106.25 '91 103.75 106.25 '89 103.25 105.75 '90 104.75 107.25 '90 100.75 103.25 '90 105.75 108.25 this clear in response to a num ber of inquiries about the effect of the order issued earlier this week. Wardair has until Feb. 15 to comply with a new provision that it file and maintain in good standing an agreement of guarantee or a performance bond acceptable to the commission securing the advance payments made by chartering groups for flights scheduled to depart after Feb. 15. The requirement would apply to all Wardair overseas charter flights originating in Canada, Maxwell Ward, president of Wardair, said in Edmonton Friday that his company would appeal the order, asking Transport Minister Don Jamieson to reverse it. He said if the order were not reversed he would go to the courts. Mr. Ward said no cancellation of charter flights is being con templated, and if necessary his company would meet the commission's ruling for a performance bond. The commission said that general charter regulations require a carrier to deposit advance charter payments in. a trust account. The carrier can withdraw 50 per cent of the amount after the group has been delivered to its overseas destination and the remaining 50 per cent following the return flight. The commission order said Wardair did not in the past maintain the required amounts in trust until completion of charter flight contracts. Bond prices climb TORONTO (CP) - Prices climbed higher in active trading on the Canadian bond market this week. The market pushed higher during all five sessions, recording its biggest' advance Thursday. Short-term issues were unchanged to better by about five cents while mid-term bonds gained about three-quarters of a point. Long-term issues were up as much as two to three points and corporate bonds jumped about 1% points. A cut in the prime rate Friday by the five major chartered banks to seven from 7% per cent had little effect on the market. Observers said the move had been anticipated by investors and generally discounted on the market. Manitoba Hydro came to market with the only major new issue of the week. The issue, totalling HO million, carried an eight per cent coupon and was dated April, 1991. The 20-year sinking-fund debentures sold at $99.50 to yield 8.05 per cent. Midland-Osier Securities, bond traders, reported the issue was a complete sell-out. Day-to-day money was tight throughout the week, closing Friday at 5V� per cent. Some dealers were forced to go to the Bank of Canada for funds Tuesday. Three- and six-month treasury bills traded at 5.50 and 5.57 per cent, respectively. Markets rally sharply POPE MAY RETIPJ - Mlchele Cardinal Pellearino, a noted liberal and considered a friend of Pope Paul VI, said in an interview in an Italian newipaper that speculation that Pope Paul may retire should be taken seriously. The Sunday Times in London said the Pope wants Jean Marie Cardinal Villot (right), Vatican secretary of state to be named successor. If the French Cardinal were to be named successor, ho would be the first non-Italian Pontiff since 1523 when Dutch Adrian VI was Pope, the Sunday Times said. Boyle's column CONVMTUUs AcMsfids 7%% '88 77.75 82.25 Alto G T 7%% '90 121.00 125.00 Con Gas 5%% '89 93.25 95.75 Dynasty 7 % '87 64.75 75.25 Scur Rain 744% '88 92.50 94.50 Tr Cdn P 5 % '89 92.75 95.25 W Coast Tr C '88 83.00 W C Tr E 5%% '84 85.00 H. H. Smith Ltd. Customs Broker KINOSOATC 104-.424-5458 / \LETHBRIOG 3284141 conns �hone 3444822 Air Canada to float loan LONDON (CP) - Lazard Brothers, London merchant bankers, report that Air Canada will obtain a loan of about �12 million ($30 million) from a consortium of six British banks to finance the purchase of Rolls-Royce engines for Lockheed Tristar aircraft. The 10-year loan, bearing a special low interest rate of 5V4 per cent, is being provided under Britain's export credit guarantee arrangements. Repayment will be guaranteed by the Canadian government. Air Canada is reported to have agreed to purchase at least 10 of the 255-seat Tristan between 1972 and 1974. Powered by Rolls RB211 jet engines., the 600-mile-an-hour planes will have a range of 3,260 miles. France lowers lending rate PARIS (Reuter) - France lowered today its prime lending rate to 6% from seven per cent effective immediately. The cut, announced by the Bank of France, was the third successive reductionofthe French rate in less than six months. NIXON IS 58 SAN CLEMENTE, Calif. (AP) - President Nixon is 58 today. By HAL BOYLE NEW YORK (AP) - Things a columnist might never know if he didn't open his mail: Each year the earth is bombarded by 2,000 tons of meteorites, most of them made up of particles the size of a grain of sand. It would take about 5,000 years, however, for this "stardust" to add one inch to the earth's girth. Those good old days: In 1919 Oregon imposed the first motor fuel tax in the U.S.- one cent a gallon. Alcohol and cigarette smoking don't mix. A survey in Japan found that heavy smokers who also drank alcoholic beverages regularly died of cancer of the esophagus at the rate of 27.1 per 100,000. The death rate among non-drinking smokers was 5.1 per 100,000. You'll never sleep well if you have a panic fear of earthquakes, because there is always an earthquake in progress somewhere. In an ordinary year an earthquake belt, such as the one that rims the Pacific Ocean, will generate several million tremors. NO ANTIDOTE KNOWN What is the world's most deadly creature. The National Geographic Society says it may well be the five-inch-long sea wasp, a small jellyfish found in the waters off northern Australia. A swimmer who brushes against its trailing tentacles may die within five minutes from its venom, for which there is no known antidote. Rear view: An insect that would rather see where it has been than where it is going is the ant lion, often called the doodlebug. It has the odd habit of always walking backward. Parents in every country have the problem of teaching their children to eat properly. In Korea, a mother warns her small sons they' will marry ugly girls if they persist in holding their chopsticks in the middle instead of at the ends. The United States is gradually becoming a vast dump. Each American now discards an average of 4% pounds of garbage or other refuse a day, and this is growing at a rate of four per cent a year. The daily figure in San Francisco has already risen to eight pounds. Colorless: You needn't buy a color television set just to make your pet dog happier. Only apes and some monkeys share man's ability to see colors fully. Most other mammals-including dogs, deer, horses and cows-perceive the world only in various shades of grey. By ART JOHNSON Canadian Press Staff Writer Canadian stock markets rallied sharply this week in anticipation of reductions in prime bank interest rates. By Friday, the Toronto Stock Exchange's industrial index a prime indicator of market movement, was up 2.07 points to 176.51. At the Montreal and Canadian exchanges, the composite index rose 1.59 to 174.46. Advances outnumbered declines 216 to 141 The anticipation was justified Friday when several chartered banks reduced their prime rate to 7 per cent from 7% per cent. The prime rate is the interest charged on loans to a bank's best customers. The reductions are effective next week. Several institutions also announced reductions in National Housing Act and conventional residential mortgage interest rates. The prime rate reduction among Canada's five major chartered banks followed similar reductions among banks in the United States. Volume was 10.82 million shares compared with 7.50 million last week. However, the exchange was closed Friday, new year's Day. At the Montreal and Canadian exchanges, combined volume was 6.04 million shares compared with 4.86 million last week. Proposed power legislation report not for public DOW-JONES DOWN On Wall Street, however, the Dow-Jones average of key in d u s t r i a 1 issues slipped 1.91 points to 838.92. Analyst blamed the loss on profit-taking after several weeks of sharp advance. By Friday, Canadian markets had extended advances to four consecutive sessions. The Toronto market posted its best one-day advance Friday in more than a month. It was the third consecutive week that Canadian markets had moved upward. On index at Toronto, golds rose 7.29 to 169.10, base metals 1.39 to 92.74 and Western oils 3.06 to 194.90. EDMONTON (CP) - Opposition leader Peter Lougheed said here the provincial government should make public a report on propc-ed power legislation in Alberta. The Conservative leader said "any document of the magnitude and importance" of the Burton report should be made available. Mines and minerals minister A. R. P a t r i c k said the study was never intended to be made public. A committee, not a commission, was set up to evaluate and advise the cabinet on legislation which was being prepared in draft form, but which was never presented to the legisla ture. The study was made "for our guidance," Mr. Patrick said. During the committee's study, public hearings were held, and apparently these were "misinterpreted" by some groups that appeared before them to mean the report was to be rncde public. This was "unfortunate," Mr. Patrick said. First meeting in 50 years PORTLAND, Ore. (AP) -Sigfried Olson, 66, showed up unexpectedly here at the homr of his brother, Oscar. 70. "I know you," said Sigfried. It was their first meeting in 50 years. ICY ROCKS Modern astronomers say that moonlets consist of ice-coated rocks and dust. U.S. jobless ranks swell Wheat-for-food drive launched WASHINGTON (AP) - A new farmer-financed research and promotion organization wants Americans to eat more wheat and is launching a cam- Beef futures WINNIPEG (CP) - Contracts at 30 points above previous levels were completed in January as the Winnipeg live beef futures market experienced moderate trading Friday. There were bids in other months but no offers. Only four contracts were completed Thursday, Sask. potash dominates markets to promote the bread [offers the best chance for farm- cently has enjoyed a brisk feeders to dispose of more of the ing market in some areas. grain. And, partly because of higher feed prices and the corn-blight situation, wheat re- Jan Mar May Close Thur. 30.90 30.60B 30.80 30.50B 30.80 30.60B Salesman Required Immediately! An agressive talesman it required for permanent tal.i position with one of Lethbridge's top dealerships. We offer you a wide range of quality products and heavy advertising to give you busy year-'round sales with such popular items as American Motors Automobiles, Jeep Trucks, Mobile Homes, Travel Trailers and Used Cars. If you qualify we offer generous travel expenses, a profit sharing plan and other company benefits. Apply direct to UNITED MOTORS CO. LTD. Cor. 3rd Ave. and 3rd St. S. COUNTY OF VULCAN NO. 2 require* SUPERINTENDENT OF SCHOOLS The County of Vulcan No. 2 employs 89 staff members in nine schools. Enrolment is made up of 940 elementary students, 500 junior high students and 400 high school students. High school facilities are mainly centralized in Vulcan. POSITION: Chief Executive Officer of the School Committee SALARY: To be determined considering qualifications and experience COMMENCEMENT DATE: To be arranged. Expected to be March 1-April 1, 1971. CLOSING DATE: January 18, 1971. Applicants are requested to submit a written resume of their training and experience, references and salary expected to: Selection Committee Chairman, Superintendent of School* Competition County of Vulcan No. 2, P.O. Box ISO, VULCAN, Alberta. REGINA (CP) - Saskatchewan potash will dominate United States and European markets for the next several years, says a report by the U.S. -Bureau of Mines. Canadian producers will supply 60 to 90 per cent of the American market "and will continue to have an edge over the U.S. and European producers," says the report, a copy of which was received by the provincial department of mineral resources. Saskatchewan was account ing for 54 per cent of the potash purchased in the United States as of June 30 last year. The report predicts the world supply and demand situation should reach a balance by 1975, roughly the same co�',,"-)on reached three years ago by special government committee on potash. The world situation prompted the government to implement a volurntary pro-rationing system at the start of 1970 in attempts to steady prices. However, the report adds that the balance could be delayed until as late as 1981 if the Soviet Union brings about new production plans. patgn grain. It will be a huge job, admit officials of the new National Wheat Institute set up by Congress this year. Per-capita wheat consumptioninthe SeitoayKye1rsdrOPPed U.S. firm buys The program will be financed by a $4.2 million pool accumulated in 1968 from fees paid by wheat' exporters. The money technically belongs to wheat farmers under an "inverse subsidy" agreement administered by the agriculture department. Farmers, however, are being encouraged not to request the refunds-most would get only a few dollars-and to allow the money to be used by the institute for research and promotion. In 1930, Americans consumed about 169 pounds of wheat each. Last year the rate dropped to about 112 pounds. Thus, despite rising population, total wheat used for food has not increased much Wheat for food has varied between 500 million and 525 million bushels a year, or roughly about one-third of a big crop. The rest winds up as livestock feed, exports or surplus The new institute says utilization can be increased by stress ing wheat's potential as human food and by developing the possibilities of enriching and fortifying wheat flour. SAY MEAT PREFERRED Agriculture department ex perts-nsome at least-are skeptical. Americans are not cereal eaters, they say. Meat, particularly beef, is the favorite single food item and probably will continue to be. Also, some officials say, the use of wheat as livestock feed part ownership in 'Hat plant Nearly half of the ownership of the fertilizer plant at Medicine Hat has been sold to a Portland fertilizer distributing company. The Financial Post reports that Commercial Solvents of New York, which held 96 per cent of the shares, sold 45 per cent to Pacific Supply Cooperative. The other four per cent are held mostly by individual Canadians. The company, Northwest Ni-tro-Chemicals, was picked up by Commercial Solvents in 1963 in a share-trade deal. Operating losses have been reported for the last three years. But the purists who see wheat truly as the "staff of life" are not easily swayed into viewing the grain as just another animal feed. The human food advocates point out that converting grain into protein by feeding it to animals and then eating the steaks, roasts and chops is an inefficient way to boost nutrition. It takes about 10 pounds of feed to make one pound of beef; two pounds of it for one pound of chicken and about three pounds to produce one pound of eggs, the wheat people say No one suggests all these products be eliminated, only that more positive emphasis be put on wheat items as good sources of nutrition, WASHINGTON (AP) - Un-employmentinthe United States climbed to six per cent in December, the highest rate in nine years, despite the return to work of men displaced by the General Motors strike, the labor department reported today. The development contradicted the forecasTs of administration officials who had contended that joblessness, which hit 5.8 per cent of the labor force in November, would drop when the auto strikers returned to their plants. The report showed there were 4.6 million idle men and women in December. This was the same as in November, but the seasonal contraction of the labor force caused the adjusted rate of joblessness to rise by about 120,000 persons in the seasonally adjusted annual rate. Joblessness was greates among construction workers, at 11 per cent. In manufacturing the unemployment rate in dura ble goods plants was unchanged from November but rose in soft goods production to 6.9 per cent in December from six per cent in November. Construction pay higher, jobs fewer OTTAWA (CP) - Average wages and salaries in the construction industry last October were 12 per cent higher than a year earlirer, but there were six per cent fewer jobs. Advance and incomplete figures on employment and pay in October showed that across a broad spectrum of Canadian industry wages and salaries were up 7.5 per cent while employment was down nearly 1.5 per cent. . The Dominion Bureau of Statistics reported Friday that the average pay in construction rose to $177.39 a week from $158.78 in October, 1969. In this same 12-month period, employ* ment measured as an index with 1961 employment equalling 100 declined to 125.4 from 133.S. The DBS index of industrial employment generally declined to 128.1 last October from 130.0 October, 1969. Average Potato futures WINNIPEG (CP) - The Maritime Potato Futures Market had only light trading with offers in all futures but no bids. There were 18 trades Thursday. Close Thur. Mar. Apr ' May Dividend* By THE CANADIAN PRESS Laurentide Financial Corp Ltd., $1.25 pfd- 31Y4 cents, March 1, record Feb. 10. INSURANCE IS JUST NOT PART OF OUR BUSINESS -IT IS OUR ONLY BUSINESS Phone 327-3009 CONN VAN HORNE JACK WARBURTON 507A 7th STREET SOUTH EDMONTON CATHOLIC SCHOOLS F. E. DONNELLY and H. M. MACDONALD will be at the Park Plaza Motor Hotel to Interview prospective teachers interested in employment with the Edmonton Catholic School District beginning September 1, 1971 on the following dates: January 28th - 7:00 p.m. - 10:00 p.m. January 29th - 7:00 p.m. - 10:00 p.m. January 30th - All Day Interviews will alto be held at the University of Lothbridge ont January 21th - 9:00 a.m. - 5:00 p.m. January 29th - 9:00 a.m. 5:00 p.m. DRUG DEPARTMENT MANAGER The Calgary Co-operative Association offers a challenging opportunity for a licenced pharmacist to manage a Drugs Department in a modern Shopping Centre. Applicants should have good merchandising experience and ability to organize and develop sales and customer service. Previous department management experience not essential. Employment Is to commence approximately mid February In new Drug Department in our Macleod Trail Shopping Centre. This position offers full benefits and regular store shopping hours. All applicants will be acknowedged. Please reply in confidence, stating full details of experience and salary required tot Personnel Manager Calgary Cooperative Association til Macleod Trail Calgary 13, Aha. in weekly wages and salaries rose to $129.98 from $120.71. The lowest paid industrial workers, in the services division, received an average $9it.87 a week last October, compared with $84.95 a year earlier. Employment in the service industries rose to an index of 180.0 from 179.3. Average manufacturing wages and salaries rose to $135.52 a week from $125.93 while employment declined to an index of 121.9 from 126.7. Orders freeze on civic jobs 2.55A 2.57A 2.68A 2.70N 3.00 3.00 REGINA (CP) - A freeze on new civic hiring has been ordered by Mayor Harry Walker in his promise to curb spending and effect savings. Mayor Walker said in his inaugural address to city council that "we must establish within the next two months those priorities which can bo carried out with the resources available to us." He said two assistants wffl be made available to the city manager and this will make it necessary for some reorganization and redefining of relet in the civic administration. want to make a change for the better! There's a plan that can solve your money worries at university. And some other worries too. It's called the Hegular Officer Training Plan. (ROTP). ROTP pays your tuition expenses while you earn your degree in Engineering. Sciences. Or Arts. ROTP solves your summer employment problems by paying you every summer between years. While you train to become an officer. ROTP guarantees you an interesting, well-paying career when you graduate. As a commissioned officer in the Canadian Armed Forces. Give some thought to ROTP. Contact your local Canadian Forces Recruiting and Selection Unit at; 115 8th Ave. S. W. (on the mall) Calgary 2, Alberta THE CANADIAN ARMED FORCES MS-�M ;