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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 15, 1975, Lethbridge, Alberta Giant patient Raymond Johnson, at 7 feet 5 inches, has no difficulty adjusting the television set hanging high on the wall in his room at Morningside hospital in Los Angeles where he's getting periodic treatment for arthritis and curvature of the spine brought on by his unusual frame. Adjusting to life among normal sized people is a problem he's had all his life and one he'll never be able to solve. He wears custom made size 18 shoes costing With him is nurse Mattie Adams, 5 feet 4 inches. Diamond business in current slump By PAUL KEMEZIS New York Times Service ANTWERP The general economic downturn has brought a slump to the dia- mond business, and it is a somber period for the diamond traders and cutters in this rich old port city. Retail prices for diamonds, which soared in the spring, began to stagnate in the summer in Europe. And by late fall retailers were reporting declines in sales volume. This falling demand, coupl- ed with tight has squeezed Antwerp's traders-, who must pay high rates to finance their purchases at a time of declin- ing sales. While industry sources say that the dealers, who trade diamonds in the four large diamond exchanges on the busy Pelikaanstraat, are not yet cutting prices in most deals among themselves, they concede that some types of stones have lost value. PRODUCTION DOWN The slump has also brought a drop of as much as 20 per cent in production in the city's diamond cutting plants, which supply half the world's polish- ed stones. Some plants have gone on a three day week and most extended the holiday vacations by a week or two. About diamond workers in_lhe city are jobless or only partly employed. Despite these problems, the mood in Antwerp's diamond centre is "caution, not panic" says Jan Heiremans, vice president of the Antwerp Diamantclub, the city's oldest exchange. Heiremans, who owns a medium sized trading and cutting business, says that the present sales slump has been limited to some types of stones and that the holiday sales figures, which are beginning to come are Dromising. While wealthy persons, who .night invest heavily in diamonds, are now hesitant to jpend freely because of slumping stock markets and business profits, consumption by small buyers appears to be steady. Normally a solid investment, diamonds are not able to hold their own when banks are offering very high interest rates for funds, Heiremans says. Although there are rumors of oil sheiks buying "boxfuls of rough industry sources report no solid buying trend has developed recently in the Mis-east oil countries. According to Diamantclub estimates, the over all tur- nover for the Antwerp dia- mond industry in 1974 will show a .slight gain over 1973 because of the bullish market in the first half of the year. PANIC STALLED A major factor that has staved off panic among Antwerp's diamond traders is a cutback in supplies offered by the De Beers Co., the great British South African trust that supplies 85 per cent of the world's rough diamonds. For the highly skilled Antwerp diamond workers, the 1974 slump follows a dif- ficult five year period when industrial jobs were phased out. Rough work on low grade stones proved too expensive at European wages and was shifted to Asia, main- ly India. The workers who have been made idle by the new down- turn get 60 per cent wage com- pensation from the Belgian social security system for days not worked. The main aim of the two diamond workers' unions in Antwerp, according to one union of- ficial, has been to get fac- tories to put all workers on short hours instead of resorting to selective dis- missals. While no one in Antwerp thinks an end to the slump is around the corner, traders are also hesitant to speak of a real recession. Most recall, however, that the depression of the 1930s cut diamond production in Antwerp in half. But Heiremans says, "during the boom of the last few years we understood that it couldn't last and many of us built up strong reserves." Steel prices raised HAMILTON (CP) Price increases averaging 4.9 per cent on flat rolled steel products were announced to- day by Dominion Foundries and Steel Ltd. The move follows a Jan. 3 increase of about 14 per cent on steel plate by Steel Co. of Canada Ltd. Bill Simon, DOFASCO sales manager, said today's boost will put his firm's pricing structure more in line with prevailing prices in the Cana- dian steel industry. W.dn.id.y, J.nu.ry 15, 1975 -THE LETHBRIDGE HERALD Zel lens J FURNITURE CLEARANCE 3 Days Only Thursday, Friday and Saturday, January 16, 17 and 18. Limited 2 PIECE Chesterfield Suite "Sy 5 A A A Reg. 5 PIECE Dinette Suite Reg. ONLY Colonial Chair Reg. 1 ONLY Chrome Chairs Green V 11 Reg. 1 U 3 PIECE SPANISH Bedroom Suite Reg. PIECE Dinnete Suite Reg. 1 ONLY Night Tables Reg. ONLY N, Hexagon Commode Slightly 0 damaged V m Reg 00 U 2 ONLY Hexagon Commode Reg. PIECE Dinette Suite Slightly damaged 1 Reg. Hutch Reg. 1 PIECE Chesterfield Suites Reg. aCUU Tables .Without Chairs 2 only Reg. VELVET Swivel Rocker Reg. 1 im Rocker Recliner Slightly mt A damaged V Reg. 1 1 PIECE Chesterfield Suite Reg. adUU 2 ONLY Hexagon Commode Reg. I ONLY Square Commode Reg. Buffet Reg. Denim Chair son Reg. WW 1 ONLY Bookcase Reg. I ONLY Hexagon Commode Reg. ONLY Recliner Black 0 Vibrator 1 Rao SI 29 88 ONLY Square Commode S90 Reg. V U BRADFORD Component Set player __ __ radio, >O A A 4 only XI III Reg. ONLY Step Table Reg. eV Step Tables 4 only V 4 %l Rao S5996 ONLY 3-Way Bed scjn Reg. U U 2 ONLY Space Savers Reg. DAMAGED End Tables Reg 96 M ONLY Night Tables Reg. ONLY Fold-fl-Bed scjn Reg. U U 1ONLY Square Commode Reg. 3 Piece Stereo radio C1 Rag. 1 Console Stereo radio O M M 2 only Reg. Component Set stand, radio 0 A afiA 1 only 9 Rag. UUU VICTORIA 20" Color TV Rag. Component Set radio Car) 2 only V J f J Rag. Component Set radio OAAafl ioniy Rag. Component Set radio 6 A A A 1only Rag. UUU FLEETWOOD 26" Color TV Rag. Radio Rag. Component Set radio l> Aft Turntable, 1 only V I Rag. 1 fa Component Set radio 8-track, 1 only V Rag. 1 b BRADFORD Washer Slightly damaged CAAift Rag. 5" Black White TV V Gobal Stereo Rag. 1 ta Console Stereo radio f> 4} A 1 only V 1 H U 1 W ZELLERS COUNTY FAIR Located in Zellert Shopping Centre on Mayor Magrath Drive. Open Daily a.m. to p.m. Thursday and Friday a.m. to p.m. Telephone ;