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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 15, 1972, Lethbridge, Alberta JWMwry II, TMI lllWMMf WttU Business outlook much brighter HALIFAX (CP) Arthur H. Crockett, president of the Bank of Scotia, said here Can- ada's business outlook has im- proved greatly since the settle- ment of the international mone- tary crisis list mcntii. The importance ot the settle- ment "caanot be overesti- mated" because Jt resolved a major uncertanty in the minds of businessmen around the world. He told the bank's annual meeting: "We can now look forward to a period of relative stability in the monetary system of the eastern but even more than that there is now a ttnu- wbat improved mechanism for exchange rate adjustments which should help to prevent the series of international money crises which have occurred in recent .years. Canada had emerged from the with its options open. It has succeeded in win- ning the agreement of aU its major trading partners to con- tinue to allow the Canadian dol- lar to float for UK time being. "In achieving tin's notable success at the Washington diav cufskms, tfae Canadian govern- mnt avoided the danger of fil- ing the value of our currency at an unrealistically high value while still not impeding a gen- eral settlement within a group of Mr. Crockett said. For Canadian business and in- dustry tfae continuation of flatting rate "Ibe best out- come" that could have oe- HIGH RATE HARMFUL "Tfae alternative would have been a relatively Ugh pegged rate that would have added to the difficulties of our exporters and our domestic producers oompetaag witti exports." IN EDMONTON Stay At the RIVIERA THE HOTR WITH MORE TO OFFER AND WE NOW HAVt COLORED TV For Your Convtnitnn In Making Rmrvatlm CALL AND ASK FOR LONG DISTANCE ZEnhh 0-7155 no coil VM IOTOB HOTEL Calgary Trail EdntMhin, Alberta (401) 434-3411 037-2510 The annual meeting opened Witt an expression of the bank's "profound sorrow" at the Jan. 4 of F. WilUan Nicks, board chairman and chief exec- utive officer. A report he bad prepared, dealing largely with the value of foreign invvsiujtpi, was presented to the sharehnJd- ers. C. E. Ritchie, chief general manager, told the meeting that after-taxes profits for the year ended Oct. 31 were million for a yield of a share. The figures, made public ear- lier, compared witfr mil- lion or a share in tfae pre- vious year. The annua mleeting here opened with an expression of the bank's "profound sorrow" over the death Jan. 4 of F. Wil- liam Nicks, chairman of the board and chief executive offi- cer. A report wbicn Mr. Nicks bad prepared prior to his death was presented. The annua sltatement snowed total assets at Oct. 31, of compared with a year earlier. Deposits totalled billion, bans billion, balance of profits outstanding shares 16.875 million and share- hoMers LOANS UP General hens to Canodbvi bustoeas and industry-climbed more than expected in. a year of "relatively moderate e x p a n- sta." The bank incearsed to .share of the commercial and in- dustriaj toarj market. Other developments in 1971: bank increased its share in Central Covenants (Holdings) Ltd., a Toronto- based commercial and in- dustrial mortgage-lending firm, to 49.9 per cent. bank undertook a rede- velopment project in Vancouver in partnership with Henry Birks ud Sons and Famous Flayers. -A redevelopment project is planned for Calgary in partner- ship wttfa Famous Paykn. development wss being planned in partnership with Trizec Corp. in Winnipeg. bank opened 23 new branches in Canada and three abroad. UjS. INCREASES AID PHNOM PENH (Better) The United States and Cam- bodia have signed an accord for increased U.S. aid in (he form of surplus agriculture produce, the official news agency Khmere de sejd Friday. The aid consists of cotton, to- bacco, flour and vegetable oil. H. H. Smith Ltd. Customs Broker LETHBR1DGE CONCRETE PROD. LTD. P.O. BOX 647 IETHMIDOE THEPHONE 31M151 TRANSIT MIX CONCRETE LIGHTWEIGHT AND CONCRETE BLOCK SANDS AND ORAVHS SHALE 75c cu.yd. Toyota firms buy shares TORONTO (CP) Toyota Motor Co. and Motor Sales Co. of Japan announced Friday they one obUJaed ap- proval from tfae Japanese gov- ernment to buy a 30-per-cent in- terest in Canadian Motor Indus- tries Holdings Ltd, of Toronto. Canadian Motor Industries is the Canadian distributor of Toy- ota iutomobUeg. The Toyota firms will buy the shares from Mitsui Co. of Japan, which controls 80 per cent of Canadian Motor Indus- tries. The remaining 20 per cent is held by Canadian interests. i Bond prices Supplied by Doberty Roadhouse and McCuaig Bros. aOVHNMINT OF CANADA KINDS Sept. 1, '72 100.15 100.25 Oct 1, '75 100.50 101.00 Jul. 1, "X 109.50 110.50 Sept. 1, '63 86.50 86.75 Perp. 3 Sep. 15 41.00 43.00 Apr. 1, '75 103.00 103.50 Jul. 1, '75 105.75 106.25 Sep. 1, '92 89.00 91.00 PROVINCIAL MVIRNMCNT OF CANADA GUARANTIED MNDI '80107.00109.00 Ontario 7 '88 97.00 98.00 Out Hyd 9 '94 111.00 113.00 New Br 9V4% '90 109.00 111.00 Nfld '74 101.00 103.00 N. S. 6V4% 89.00 91.00 Quebec '74 101.00 103.00 Alberta '90 109.00 111.00 Man Hyd 8 '91 101.00 103.00 Sask '90 108.00 110.00 Nfld 9V4% '90 107.00 119.00 AGT i '74 1M.OO 106.00 Man Tel '74 104.00 106.00 INDUSTRIALS Alta G T '90 105.00 107.00 Alcan '91107.00 109.00 B.C. For '92 106.00 108.00 B.C. Tel 9tt% '90 106.40 108.00 Bell Tel 9H% '79 107.00 109.00 Bell Tel '93 109.00 111.00 CPR '89105.00107.00 OP Sec '90103.00106.00 Cdn Util '91 106.00 108.00 OWNG '90 107.00 109.00 Gull Oil m% '90 105.00 107.00 Inter P P '90 107.00 109.00 Massey Vk% 104.00 106.00 Noranda '90 106.00 101.00 Int Nickel 9tt% '90 107.00 109.00 N and C G 914% 105.00 107.00 St of Cdn '90 107.00 109.00 Tr Cdn P '90 106.00 110.00 Tr Cdn P 10% '90 110.00 112.00 CONVEftTIILII Alia G T 74454 'JO 132.00 137.00 Cons Gas 514% '89 100.00 101.00 Scur Rain '88 90.00 92.00 Tr Cdn P 5 '19 99.00 101.00 WC Tr C '88 97.00 99.00 WC Tr 714% '91 124.00 126.00 Dynasty 7 '82 77.00 82.00 Actlands TA% '88 86.00' 88.00 FAST, COMFORTABLE AIR CHARTER SERVICE vjac owa-adtattale tar durter aovioe ..tor routine boon or ftet- nddcti ucxpcetnl otnioo. Modora, qoiet, fortahle Piper or twin-enctiK.. flown by expert pUota. Quite often the time aad of fj too. Nut oot-of- town trip let vj take joaj in yoor awn pumil Te Khednh t trip or for more de> LETHBRIDGE AIR SERVICE LTD. P.O. lo 150 Hanger Ne. 7 Kenyan Field, lethbridfe Phene 337-15.1 CHIEF ACCOUNTANT Position the? direction and'co-ordination of day to day accounting functioni of a rapidly growing manufacturing plant. Responsibilitlat Include tuperviiion of accounting staff, preparation and completion of all financial Applicant! ihould 2nd or 3rd year R.I.A. or C.C.A. student! with know- ledge of itandard cost system and hove a minimum of 2 years experience with a manufacturing firm. Candidate must be Interested and capable of advancement within this ex- panding company. f_ Reply in nfiTivvim ra. CONTROLLER P.O. Bex 760, L.thbridgt, Alberta Bank president slams Ottawa MONTREAL (CP) Busi- ness must await government de- cWons expected early in the year before it can predict how 1172 will shape up, complains the head of the Royal Bank of Canada. Uncertainty in fenerai Is not new to business, W. Earle Me- Laughlta told the annual meet- ing, "brf what business can- not is the addi- tiofi of arintrary government decisions to the ordinary forces of the market place. "If the major deosiooc res- tore. Indeed inspire business confidence, then the Indicators will have been found to be right after all and we can look for- ward to a period of strong eco- nomic growth In Canada in the forthcoming year." J. K. FnUayson, vice-presi- dent and chief general man- ager, told more than 500 share- holders in the jammed audito- rium that the bank continued to achieve significant growth in 1971. Total assets reached a record billion it the end of the year and represented a 13.9- per-cent increase over the pre- vious year. Despite a monetary crisis and unsettled political and economic conditions, said Mr: Fmlayson, the bank's interna- tional operations continued to make an important contribution to earnings. MANY FOREIGN DEPOSITS "While our prime purpose Is to serve Canadian depositors .and buii Wat as well as our shareholders, our great interest and stake in the world outside Canada is evident from the fact that of our total depos- its, about 35 per cent an in non-Canadian currencies." M r. Mclaughlin criticized federal government policies which, he said, "seem to be working at ciofts purposes." The rising (raid of national- ism ii not new, nor is die move- ment to keep foreign investment out of Canada. "But those who teemingly be- lieve in policies such as these contradicted themselves by ap- plauding when, for example, Ca- nadian emissaries rushed to Washington in 1963 to obtain aa exemption from Die Interest Equalization Tax." Th.at tax, said Mr. Mc- LaugUin, would have resulted in the very thing Canadian na- tionalists were reduction of the flow of foreign money Into Canada. Bakery closes at Saskatoon SASKATOON (CP) McGa- vin Toastm aster announced hen that It will close its Sas- katoon bakery on Feb. 27. Company .products will be supplied to the city from the company's plants in Regina and Prince Albert. George .GiUis, manager of the Saskatoon bakery, said 22 em- ployees will be affected by the closure but some will be pick- ed up by the Regtna operation. Strong trend continues %INGT CEXTENDED %TS' five comecutive weab. One analyst uid investors' desire to remain active in the market after a long absence has "discounted any minor news which would normally have an adverse effect on market prices." At Toronto, the market's in- dustrial index, a major indica- tor of market activity, climbed 2.18 points to 194.11. On Wednes- day the index closed at 195.39, its best level since June 3, 1969, and only 3.36 points below the all-tune high of 198.77. At New York, the market closed fractionally lower on the week, interrupting four consecu- tive weeks of advance. Trading was active, On the Montreal and Cana- dian exchanges, the composite Index rose 1.13 points during the week, closing at 197.9V. Combined volune on the two exchanges was 7.19 million shores compared with 4.22 mil- lion last week. Prices on Canadian exchanges were higher during four of five trading sessions. Thursday, prices dropped sharply lower under a wave of profit-taking but managed to recover most of the decline in a moderate ad- vance Friday. One analyst said markets now may enter a period of readjust- MONARCH LEASING LTD. A new constructive way for businessmen of all areas including farming and related industries to expand and gain immediate working capital. For further information contact GEORGE IRVING Dist. Manager Ph. 318-5037 All Rtpllti In Strict Confident.. meat with some invertori tak- ing t profit tod Ktretdnf to nMiacc. However, he idded, ttw mar- ket bu ibown i finn hue in weeks ud htu been able to overcome several minor sell- efts. Trading wai tctive through- out the week on ttie Toronto market with 17.41 million stares changing hands, up from 13.17 million last week. Gold issues were mixed in ac- Sign trade pact OTTAWA (CP) The signing of a commecrial agreement In continue trade regulation be- tween Canada and Venezuela was announced yesterday by the external affairs department. The agreement was first signed in 1950 and has been renewed annually since then. It assures Canada most-favored-natioii status in trade with Venenwla. live trading u ttojrict of (old ooaUnwd to fluctuMv w tater- bullion mvMi. Fri- day, after a mid-week flump, the price of joU on the London bullion market dlmM to MS (U.S.) .ounce, the tot level since the two-tier syitetn wm introduced ta 1M. At Toronto, however, the (oU index slipped .01 points, daihaf at 158.88. Ban metal iseua canUautd to move higher, based on pre- of higher metal pricei in increased demand durlnf tht new year. The Toronto market's but metal Index gained 2.55 poiota during the week, dosing at 85.78. Western oil Issues dropped sharply lower after the National Energy Board decided to reject a request by the Alberta gov- ernment for a review of board's method of akubUnc Canada't natural gai require- ments. The Toronto market's western oil index dropped 4.19 ports, closing Friday at 225.90. APPLICATIONS ARE NOW BEING ACCEPTED FOR EXPERIENCED MANAGERIAL PERSONNEL IN RETAIL FIELD Excellent future with Canado'i faitest growing depart- ment Hon. Salary to commeniuratt with experience. Apply in pereen nr oddrau resume, PERSONNEL DEPARTMENT WOOLCO DEPARTMENT STORE, 202S MAYOR MAGRATH DRIVE Crossword By Bert Beaman POTPOURRI 1 Aspect 6 Daxenpon 10 Small H-----Road 19 tor 70-B 30 Irvin Faul, for one 3? Showman 23 Took U east 24 Satlifyins 76 Benefi, ei tf 27 Voracity 28 Ohio city 79 Kind ol agg 30 Photograph- fir's Bbbr. Like a spil- bfll 32 Double bass 33 Chemical compounds: suff. 35 Ibsen character X Moil light- neenad 38 New and lull 39 KM of make 1 Laissez 3 California locality 1 In the----- soundly) 4 Uncfcs: dial. 5 Youngster 6 Moat seeura 7 t Supply nourishment I Timetablt abbr. K) Detects 41 House----- 42 Makts up 43 One kind of ranch 44 Furniture style 46 Jerk 49 Hard-shelled fruit 51 Allotted 52 Lion'i prkta 53 Indultina. S5 Vaults (transfers) 57 Commotions 58 Soft drinks 59 Humbugs 60 Some plays 61 Kindof 62 Virile onei 63 Houston footballer 64 Golfer's problem! G5 Itinerary 67 Stan 69 Winter 70 Pertumet 71 Phobia ACROSS 72 Gasd 74 Good for toma rides: 77 Baked item 7B Tuck 79 On: Scot. 80 Conrad colonnade 81 Wear. 82 Unrelated 83 Communi- cations, of a sort 85 Outrigger 86 American writer and family 87 Inlidels 89 Extend 90 For a----- 91 Gteasv deposit 92 Uptight 93 One kind of bliss 94 Organic 96 Found on certain greens DOWN 12 Pursues W-----up (prt- erranae) 14 Indonesia language 15 Results of: tuff. 16 Gaucho gear 17 Customc ISStarinSO-D 20 See 18-D 21 Skull pro- 25 Gibed 25 Soup 37 Rune 31 -----key 32 Invalid 34 Knobs 37 Boms: Enj. dial. 38 Philippine natives 40 French naturalist 41 Avnrd 42 In the bug 43 Courteous Curry favor 46 Aconogua'r locate 47 Chow 49 Ltttte men 97 Make (attempt 99 King conqueror 102 Choleric 103 Ca (hete and there: Fr.l W4 Highlander poet KJ5 Searrton'i org. 107 Mar 109 Give----- Utstenl 111 American playwright 112 Wine bucket 113 Humiliate IIS Field of endeavor 117 Foreordains 118 Divulges 119Telk foolishly 170 Dogma 121 Zither's ancestor 122 Bohemian 123 Breathes heavily 50 Eye 51 Word used with tool 01 dren 54 Drink 55 Menu item 56 Narrow margins 59 Pertaining to threads 60 Projecting rim 62 Outer coverings 63 Indian, tot one Loot 11 X 23, by Anthony Morse ACROSS 1 Look st 28 Trades 30 Stipend 31 Weapon M Latup 36 Gem. 38 Morass 39 Indian VIP 43 Caw 44 Baste 49 Gob1 47 Compasi point 48 Sane of Lee's last daftat 53 Easiern vtf SOLUTIONS OF LAST WF.KK'S PUZZLES 5 Love seat 9 Work 10 Bluish-green color 11 Mixture 13 Encricle 17 Bird pen 21 Rule in India 24 Long epic tale 25 Coronet 26 Tropical 17 Chits 54 Theater district 55 Lilv 56 Scold 58 Dry 59 VOW 60 Boo-boo 62-----Ababl 64 Booby prirt 89 Macaw 71 Galley! 72 Happy 76 Happy 77 Locations 78 Stage ploy 79 Roman goddess Container B1 Suit 82 Ribekah's son S3 Flower 88 Field: pref. 89 Frenchman's 90 Facial feature 91 Metal DOWN 1 Duda 2 Military address 3 Expensive container 82 Coincide 84 Lock B6 Helen Havei, for one 87 Hoi----- 88 One kind ol code 92 Maximi 66 Theater area 68 American Indians 70 Light and mild 73 Merit 75 Flower 4 San 5 Tmer 6 Skull 7 Pro SRiid 12 California fort 14 Voter: abbr. 15 According W 16 Women's----- 17 About: abbr. 18 Promisa 19 Journey 20 Work for II of rilles .22 Moslem garo 23 Happinesi 25 London galleiy 28 Bridle part 85 Recoid 66 Silkworm 67 Webs 68 Duck 69 Since 70 Knock 73 Cover 74 Drink 75 French preposition 78 Luzon port 81 Compesa point 82 English college B3 Ferry boat 84 Indian grunt 85 prefix 86 NumerA 87 Companion of ink aarja utiaa Saaas HUB14 DUDD unau aauQQ aauaa aaaiaa maaau OQQQB DBQBQ1 QuIBQirj BEJD9I3 anaiio aaaaaaaiaana naaaa DPJQ aurju aauHti uiiaQ Qaa uuuu tJDua HBQ fjniiia aaosatiD aaaaaaa mitiuLm HEmgoBHtao 0999011 aauBUua utjuaaian aorjuaaa aau QQDIJ uaaua QEICIB aaa LJUDB anau nan aaaa aaua aauaa aaaa uaiaaua Huatiu aau UUUUD saoaa taaa uuuuu uuuuuu aaaa auaati LIUHU uuiau QUO uuuu uuuu aau BDQU QBBDI] arjciu uau aBQDDQa annaana naanaaa IJUUIJ UUU aaaauaua r n unnn DHH HDQQ DEIDB Baaa nnnnn aaaa aau nnnnno lana Innnnn annran CRYPTOGRAMS 1. SUBNORMA MXSMYMSIOFG ROW QEMX1 AOROGREU7. PMA QBEDSUN RB ZEDYMOIGFW P M F O E M U I C. 7, O E R M D G By Edward S. Uojil J. APTTB GRIMVOK ME TALSTOP SELBK CRlMBYLOTSi -L YLO'P LOURPA." Nttiun W. Lost Week'a CrTptoplmt 1. Quirterbiek, dotiblTnf H pheekieker, eqoara top tcorlnf reeenl. I. Tight final budfet bencheil fa at aila In the aunart. I. Coal dint doe over coM l97PbvChicflrnTrihMno-N.Y. News Synd. Ine. World Rights Reserved ;