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Lethbridge Herald {Newspaper} - 1974-01-12,Lethbridge, Alberta Export-import bank considers pipeline loan WASHINGTON (Reuter) -The U.S. Export-Import Bank is considering a flOO-million financing deal to construct an oil pipeline in Egypt, it was learned here. The agency refused to give out any details on the loan and loan guarantee plan except to say that it was scheduled for action by the bank shortly. A member of the House of Representatives banking committee, representative Dividend payments set record TORONTO (CP) - Dividend payments by Canadian companies during 1973 were the highest in history, Pit-field, Mackay, Ross and Co. ,Ltd reports. The 1973 total of fl,861,825,-000 is 12.2 per cent above the record $1,633,953,000 during 1972. Payments for 1973 were about six times the 1938 prewar high of $313 million. Bell Canada again was Canada’s largest dividend payer with disbursements of $117.1 million, compared with $110 million during 1972. Bell dividends represent more than 38 per cent of total payments by Canadian utility companies. The next largest payer was Imperial Oil with $103.6 million, up from the $77.5 million during 1972. International Nickel Co. paid $89.4 million compared with $74.5 million in 1972 and $97 million in 1971. Pitfield, Mackay, Ross said all sub-groups recorded advances over the previous year, and with the exception of mines, set new individual records. Texaco ends credit card use TORONTO +CPk— Texaco Canada Ltd. is Ending the use of its credit cards for hotel and motel accommodation and car rentals effective Jan. 31. James Tannian, assistant manager of public relations at Texaco, said today in an interview the withdrawal is “tied m with the energy crisis" and is intended to "discourage non-essential travel.” The policy was designed especially for Eastern Canada and other countries where petroleum is in shorter supply than central and Western Canada. After Jan 31 the Texaco card still will be honored for purchases of gasoline, oil, brand name tires and accessories, car repairs and services But the card no longer will buy accommodation or food at the 10 hotels listed or rent cars from the three auto rental agencies listed. Shell Canada discontinued. its credit service to hotels, restaurants and car rentals in 1971, the company’s credit office said Thomas Rees, Dem. Calif, said in a statement that this was an inappropriate time to provide wnat he called “a necessary weapon of war" to Egypt. Rees said be learned that the loan and loan guarantee package to construct a new pipeline was a joint venture with U.S. oil companies. The financing deal apparently was considered controversial within the ad* ministration also since the Export-Import Bank sent the proposal to a high-level advisory committee to get an opinion on whether the bank should go ahead. The U.S. National Advisory Council apparently has given a go-ahead to the bank to move forward on the loan. The advisory council includes State Secretary Henry Kissinger, Treasury Secretary George Shultz, Federal Reserve Chairman Arthur Bums and Commerce Secretary Federick Dent. Rees said the bank would be “arming Egypt at a time when our policy has been to establish a status quo in this area as the basis for equality of bargaining m talks between Egypt and Israel.” The congressman also questioned why U.S. oil companies should be getting financial • help through the government at a time when their profits are soaring. Construction booming in Montreal MONTREAL (CP) - How big is Montreal’s construction boom? The building surge has been making headlines for many months and the Montreal city council ‘is scheduled to take action soon on new municipal legislation imposing more stringent restrictions on land use for apartment buildings in the city core. “We are getting back to the boom years that preceded Expo 67 but this time it is going to last,” Mayor Jean Drapeau declared in a year* end statement. “Montreal is en route to becoming the first city of the world.” The mayor cited the 1976 Olympic Games and the extension of Montreal’s subway system as catalysts of growth. Other authorities speak of a greatly improved politicalsocial climate and a backlog of demand resulting from the troubled years after Expo, culminating in the kidnap-murder crisis of 1970. “The present boom is bigger than the Expo period,” says Jacques Dery, research consultant for the Metropolitan Montreal Home Builders Association Mr. Dery said in an interview Wednesday current construction has mushroomed “in all directions” and covers all sectors, industrial, commercial and residential as well as government and institutional At least 10 major new hotels were under construction or planned. Mr. Dery said $4 billion is a “very conservative” estimate of construction under way or projected in 19731974 in the Montreal region. WASHINGTON (AP) -Two Senate subcommittees have charged that control of many of the largest United States corporations is hidden from government regulators and concentrated in the hands of a few institutional investors, especially large banks. In a 419-page report, two government operations subcommittees said they found “a massive cover-up of the extent to which holdings of stock have become concentrated.” Over-all, the report said, Chase Manhattan Bank Is the New airport in Tokyo may be opened in Nov. TOKYO (Reuter) — The corporation building the new Tokyo international airport hopes it will finally open for operations    in November—about four years behind schedule. The new airport at Narita, 38 miles east of Tokyo, has' been plagued by problems since its inception-including police battles with angry farmers and radical students, which resulted in the deaths of three policemen. Officials of the semigovernmental New Tokyo International Airport Corp. say two main problems remain to be solved: the method of transporting aviation fuel to the airport, and the destruction of two steel towers erected by radical students to block the runway approach. The original fuel plan was to run an underground pipeline to Narita from the port of Chiba 27 miles away. This has been temporarily shelved due to opposition from residents of towns and villages along the route who fear an explosion if the pipeline is breached. An alternative plan to .ship the fuel by rail has run into similar opposition. But negotiations with municipal authorities are under way and corporation officials believe an agreement can be reached. The destruction of the steel towers, one a 203-foot structure less than a mile from the south end of the only completed runway, is likely to be more difficult. Corporation officials fear further violent confrontations with farmers who feel they have been forced off valuable land, and with radical students, 150 of whom are still living around the airport. Three policemen were beaten and stabbed to death in battles with students and fanners in late 1971. The airport had been orginally scheduled to open in April that year. (. Â f/i ‘Estate By BOB DUVAL KEY REALTY & INSURANCE REALTOR Whole sale prices show increase BUSY PROSPECT BEST Once you list your home with a Realtor, it’s up to him to find a buyer. Normally, he'll arrange appointments to view the home which are convenient to both parties’ That’s always nice. Sometimes, however, prospects are on tight schedules, requiring your Realtor to make lastminute appointments Don't get annoyed. I'd like to have a dollar for every sale consummated on a last-minute appointment. Belive me, these are the best ones Why'? O^en, prospects who are transferring into your a.ea, are on short househunting visits They dgn’t have the luxury of time on their side And they want and need a house now * not in a year. The busy prospect is also more apt to make an immediate offer to buy than one who has all the time in the world. So, if you really want to sell your house in a hurry, treat the last minute appointment as an opportunity - not an inconvenience If there is anything we can do to help you in the field of real estate, please phone or drop in at KEY REALTY & INSURANCE. 1524 9th Avenue South, Lethbridge. Phone 326-6671. We’re here to helpl OTTAWA (CP) — Wholesale prices rose one per cent in November and industry selling prices increased almost that much, Statistics Canada reports. Wholesale prices over the previous year were up a total of 26.5 per cent and industry selling prices 15.7 per cent, it said. Largest November increase in wholesale prices was a 3.5 per cent rise for non-metallic minerals, followed by a 2.2 per cent increase for iron products and two per cent for wood products, the report said Minerals were up 16.6 per cent over the year, iron U 3 per cent and wood 11.6 per cent Vegetable products rose four-tenths of one per cent and animal products declined eight-tenths of one per cent, but they were up 54.8 per cent and 25 per cent respectively over the year because of sharp price rises earlier in the year In other commodities, textile products rose 1.4 per cent for the month and 36.2 per cent for the year, non-ferrous metals were up five-tenths of one per cent and 32.5 per cent respectively, and chemicals rose 1.2 per cent for November and 10.5 per cent for the year, the report said. The over-all nine-tenths of one per cent rise in industry selling prices included 3.9 per cent for paper and allied products, particularly a 4.9 per cent rise for pulp and paper; 1.7 per cent for metal smelting and refining, 1.4 per cent for steel mill products and 3.8 per cent for refined petroleum products. Decreases in the food and beverage group of seven-tenths of one per cent, mainly a 2.6 per cent drop for slaughtering and meatpacking and a 3.8 per cent decrease for feed manufacturers were the only significant declines, the report said. DRV REACTOR PLANNED ZURICH, Switzerland (AP) — Industrial groups from West Germany and Switzerland Monday signed an agreement for joint development of a nuclear power plant prototype which engineers say requires no water cooling and offers a lower rate of radioactive pollution Nuclear power generation receiving more attention MONTREAL (CP) - With oil prices on the rise and shortages looming, electricity generating companies and governments are looking more and more at nuclear power generation. And a Montreal company. Canatom Ltd., which specializes only in nuclear engineering, hopes to capitalize on the trend, “A nuclear power station is more expensive lo build but much cheaper to run than an oil-powered station but now that the price of oil is soaring, people are rushing around redoing their sums and coming up with nuclear as the answer,” says Robin Guard, a Canatom vice-president. In 19(7, three Montreal consulting engineering firms saw a place for a specialist in nuclear engineering and jointly formed Canatom with a staff of four. EMPLOYS 3M Canatom now has 300 of its own employees and can draw on the staff of nearly 3,000 employed by its three parent companies—Shawinigan Engineering, Montreal Engineering and SNC. It alio has an associated company, Canatom MotiMax, which is in charge of a crash program to correct the defects at the troublesome heavy water plant in Glace Bay, N.S. Canatom works alongside the Atomic Energy of Canada Ltd. (AECL) designing and building the power station that houses the AECL Candu nuclear reactor. It also provides consulting and management services for any nuclear power station. Its first consulting job was an ex-' tensive study for the New Zealand government on the merits and drawbacks of the different methods of nuclear generation. WORKSABROAD Canatom has already worked on research reactors for India and Taiwan, commercial reactors in India and Pakistan and on the Hydro-Quebec nuclear station at Gentilly, Que. AECL recently sold Cana. dian reactors to Kora and Argentina and Canatom expects to get some work from those countries. He*s just \fueling9 Dave Lafiosca of a Jamaica, New York City, gasoline station, hides behind a limousine as he pumps gas into the car of one of his regular customers. He was soon spotted, however, and it wasn’t long before a long line of cars waited at the station for gas. Report claims U.S. banks control most big firms Decision awaited on wheat import quota elimination “Canatom is the only company in the world with the expertise to build a Candu power station,” says vice-prcaldent Frank Foulkes. The Candu—for Canada deuterium uranium—reactor uses natural uranium and heavy water as a coolent and transfer agent to heat natural water into steam to drive generators. Such reactors are in use at the successful Ontario Hydro stations at Pickering and Douglas Point while other kinds of reactors, such as the U.S. system using enriched uranium, have encountered operating problems. “The Candu system is the most successful in the world and the fastest to come on line,” says Mr. Guard. One advantage it offers is that, unlike sane U.S. reactors, it does not have to shut down to 1» refueled. * “With Candu you simply take out a spent bundle of uranium rods and put in another,” said Mr. Guard, adding that the used uranium contains plutonium, considered a fuel of the future, and the used bundles are stored for future use. single largest stockholder in 20 companies; First National City Sank in nirfe; Morgan Guaranty in four; Bankers Trust and Chemical Bank in three each; and Bank of New York, Bank of America and First National Bank of Chicago in two each. The report issued here by the chairmen,' Senators Lee Metcalf, (Dem. Mont.) and Edmund Muskie, (Dem. Me.). “At least 28 institutions are known to manage investment portfolios in excess of $5 billion each,” the report said. The list of those 28 institutions included 17 of the largest U.S. banks and seven of the largest insurance companies. CONSEQUENCES NOTED The consequences of concentration of control are extensive, the subcommittees reported. “The role of institutional investors is of course not limited to the acquisition and sale of stock and the right, in many cases, to vote it,” the report said. "Some in' stitutlonal investors make loans to companies in which they invest, or provide insurance coverage. “Their representatives often sit on the companies' boards of directors. Sometimes institutional investors help facilitate or block mergers.” The subcommittee’s information was gathered from responses from 324 of the largest U.S. companies that had been asked to identify their top 30 stockholders. Of those 324, only 89 responded fully, the report said. In many cases, the report said, the true identities of the institutional stockholders were hidden behind nominee or street names. For example, Chase Manhattan Bank frequently appears under the names of Cudd and Co., Kane and Co. and Egger and Co. First National City Bank also is known by the street names of Gerlach and Co., Weber and Co., Thomas and Co., and King and Co. “The consequence of this continuing use of nominees in ownership reports to federal regulators is a massive cover-up of the extent to which holdings of stock have become concentrated,” the report said. WASHINGTON (AP) - A proposal by the Nixon administration to eliminate import quotas on wheat would permit United States mills to buy wheat from Canada or elsewhere to help make up deficits in supply, Assistant Secretary of Agriculture Carroll Brunthaver said today. President Nixon last Nov. 1 announced he had asked the U.S. Tariff Commission to investigate the possibility of eliminating import quotas on wheat and flour. The commission began a hearing on the proposal last Monday and expects to make its recommendation to the. White House by Feb. 15. Brunthaver said that even if quotas are eliminated, there still would be import duties collected on foreign wheat entering the U.S. They amount to about 21 cents a bushel on wheat and 52 cents a hundredweight on flour. Hie duties, he said, tend to keep U.S. products competitive on the domestic market. If imports appeared to be driving U.S. wheat prices below “target price” levels—the price guaranteed growers under farm law—the government could take emergency action and reimpose the quotas, he said in an interview. The National Association of Wheat Growers is opposing the quota suspension. Jerry Rees, executive vicepresident, said the absence of -quotas would affect U.S. farm prices. Rees said the quotas allow about 800,000 bushels of wheat to be imported annually, nearly all of it allocated to Canada. The flour quota of around four million pounds also is filled mostly by Canada. Bread bakers want immediate curbs on U.S. wheat First cargo COME-BY-CHANCE, Nfld. (CP) — The 31,000-ton tanker Frank D. Moores left here Thursday for Quebec City with the first cargo of heating fuel from a new refinery. Loading of 110,000 barrels of home heating oil was completed overnight following a series of delays caused by cold weather. The $200 million refinery, owned by Newfoundland Refining Ltd., went into production two weeks ago. exports, claiming that bread prices could rise sharply—up to $1 per loaf—jf the export drain remains unabated. The estimated U.S. wheat reserve next summer will be down to 210 million bushels, the smallest since 1948, but enough to'prevent real shortages. However, the bakers are alarmed by higher flour prices. H. H. Smith Ltd. Custom« Broker EMHfftH in-iui Ä COUTTS U< 424 HU Homt OHI» Phon« 344-3822 IN EDMONTON Stay At the RIVIERA THE HOTEL WITH MORE TO OFFER AND WE NOW HAVE COLOR TV For Your Convwitonc* in Making Rwervationa " CALL AND ASK FOR LONG DISTANCE ZEnith 0-7255_ M no coat to you mJSm I VIERA MOTOB MOTH 5359 Calgary Trail Edmonton, Albert* Phon«: (403) 434-3431 Talam 037-2510 6,500 Feet Retail Space Ready for Occupancy by Mid 1974 Brand new air conditioned space near the business centre of Lethbridge. Most suited for bank, trust company, drug store or other retail outlets. For Enquiries Writ* to BLADEN HOLDINGS LTD. 2772 - On* Calgary Plac«, S.W. Calgary or Box 100, Lathbrldg« Harald Announcement Due to the heavy demand for Freezers, and the industry shortage of materials, we regret to announce that many of the freezers offered on page 27 of our January brochure are not avail-aibe at this time. Please check with your local Sears store for information regarding freezers that are available. Registered Retirement Savings Plan ‘B’ Now at HIGH INTEREST 9vs%+ TAX SAVINGS ,    No Administration Charges PLAN “A" SELF ADMINISTERED — NOMINAL FEES r_fa tm FARMERS & MEROUHTS TRUST 309 7th St. S., Lalhbridga Phono 321-3341 Please send me information on Plan A’ □ Plan ‘B’ □ NAME    • address CITV MEMBÊR CANADA DEPOSlT INSURANCE CORPORA ION SPECIAL NHL and WHA f HOCKEY WEEKEND TO VANCOUVER -w» * JANUARY 25 and 26 •    JANUARY 2S NHL HHMESOTA NORTH STARS ft VANCOUVER SMOCKS •    JANUARY 29 WHA MMHTON AIMS «M I**. 1*1) ail Iffk Nm* tt VMGR0VH SLAZERS RMurn air Kr« L*1hbrldg«-Vancouver 2 mght» Accommodation* « ih* &*û<giâ Hot* 2 brMk-rit'3 — i Dinrmrt at Hy'», RnervM 9wu for 2 gimn and Ground Irantftr* In V*ncûuv*r fiM at %m hr Pma CONTACT ART WILLIAMS IMVEL PHONKMS-3M1 Or Y«r UmN TiM Afart ;