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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - January 17, 1974, Lethbridge, Alberta 5 r�iiif-'i(�*w�w>�*rp-3r%�v4.j* fiore spots showing A shopper moves through aisle of bare shelves in a Center Line, Mich., supermarket Wednesday afternoon before a midnight strike of Teamster Union warehouse men and truck drivers of five chains involved in a contract dispute. Natural gas reserves may be overestimated OTTAWA (CP) - Canada's natural gas reserves may be vastly overestimated by optimistic petroleum companies intent on raising capital investment in their industry, a distinguished scientist said Wednesday. The issue of estimating reserves led to a squabble last year among geologists, following which testimony before a House of Commons committee might have been erroneous, Dr. J. Tuzo Wilson, principal of Toronto's Erin-dale College, told the Cana- dian Club of Ottawa. The squabble developed when senior geologists of major oil companies asked the executive of the Canadian Petroleum Geologists Association to make an estimate of Canada's natural gas reserves, he said. Members of the executive not employed by the oil companies objected, saying the proposed estimate of between 170 trillion and 620 trillion cubic feet in proven and potential reserves was not supported by test drilling. Alberta examines to aid industry EDMONTON (CP) - The provincial government is examining several alternatives to serve a^ catalyst for the development of Alberta industry, one of them being a provincial adaptation of the Canadian Development Corp. , Premier Peter Lougheed in an interview said the government is examining a development corporation type of agency for Alberta, adding that the study so far is confined to what type of agency could best be developed. With three options for public participation in the ownership of major industrial ventures in Alberta, the cabinet is Farm prices show drop OTTAWA (CP) - Farm prices fell a little more than one-tenth of one per cent in November but were still 26 per cent higher than a year earlier. Statistics Canada said Wednesday. "Though livestock prices continued to decline across the country, small increases in the prices of other farm commodities were sufficient to offset these, thus producing little change in the over-all index," sad the report on prices in November, latest month for which figures are available. The index stood in November at 183.3 based on 1961 prices equalling 100. This means agricultural products that sold for $100 on the average a dozen years ago cost $83.30 more in November and $38.90 of the increase was in the past year alone. Recall cars WINDSOR, Ont. (CP) -Chrysler Canada Ltd. said Wednesday 25,859 of its 1974 full-size Plymouth, Dodge, Imperial and Chrysler cars are being recalled to check a possible suspension profaJem. Chrysler Corp. in Detroit said the total recall in Canada and the U.S. is 159,149 units. The company said that under certain conditions a control arm in the front suspension could break and cause a loss of steering control. getting ready to make a decision on the style of agency this spring, the premier said. One option is Interprovin-cial Steel and Pipe Co., on which the province has an option to buy 20 per cent. Dow Chemical of Canada Ltd. has offered the province the chance to buy into a proposed $400 million petrochemical project for Alberta, and the province also has the opportunity to obtain up to 40 per cent of a new $31 million Simpson lumber development at Whitecourt. The government has given no firm indication whether it will become involved in these options. Nevertheless, the majority of the executive, employees of foreign owned companies, approved the estimate following a stormy meeting, said Dr. Wilson, former president of the International Union of Geodesy and Geophysics. In testimony before the Commons natural resources committee on May 10, 1973, these estimates were given as the country's proven and potential reserves, said Dr. Wilson. But it was seven times more than what has been discovered to date. Oilmen might have vastly overestimated the reserves, partly because they favored high estimates to encourage capital investment in the industry and encourage the government to continue tax concessions for. exploration, he said. - "In contrast, the Geological Survey of Canada has been steadily reducing its estimates so the notion that we have vast untapped resources in the Arctic waiting to be given away should be com-batted." Government figures show the quantity of natural gas produced in Canada rose to 1,-400 billion cubic feet in 1972 from 370 billion cubic feet in 1960. Exports to the United States increased to more than 1,000 billion cubic feet in 1972 from about 110 billion cubic feet in 1960. Dr. Wilson said the dispute among the geolbgists shows that Canadians working for American subsidiaries in this country are placed in awkward conflict of interest situations when the goals of their companies seem to be to Canada's disadvantage. Halt to gov^t spending^ labor wage hikes urged VANCOUVER (CP) - Rising government spending and excessive wage demands by labor must be halted or Pound registers slight hike LONDON (CP) - The round sterling was slightly ligher on the London foreign exchange today and trading was less hectic than Wednesday when the pound at one point hit an all-time low. The pound opened today at $2.1810 U.S., up from Wednesday's close of $2.1760, and then slipped to $2.1785. Battered by labor troubles, the pound fell to an all-time low of $2.16325 at one point Wednesday. Sterling also gained ground in Frankfurt. It opened at 6.1200 marks on the West German money market compared with Wednesday's close of 6.1000. The United States dollar opened marginally firmer in Frankfurt but sagged in early trading to about 2.7960 marks- below its closing price Wednesday of 2.8000 marks. Canada is due for "more serious economic squalls than any we have run into ... these many years," a spokesman for the. manufacturing industry said today. Keith Rapsey, president of the Canadian Manufacturers' Association, said there are limits to what can be afforded in a competitive world. "The free-spending policies of governments are one reason why inflation is as serious as it is in Canada today," he told a meeting of the association's British Columbia branch. "Excessive wage demands, and settlements wrung from employers who know full well that they are both unjust and unrealistic, are another reason." He said these were the two main reasons for domestically-induced inflation. Mr. Rapsey, president of Allen-Bradley Canada Ltd. of Cambridge, Ont., said the proportion of national income being spent by the three levels of government is fast approaching the record reached during the Second World War-62 per cent by 1980 projected on the basis of present trends. "No nation which depends on the competitive-enterprise system as we do can possibly sustain such a burden without suffering a sharp decline in its standard of living." Tlic Herald- Thurtday, January 17, 1974 - THE LETHBRIDGE HERALD-19 Business WESTERN OILS AND MINES Afton Mines Albany Oil Almlnex Asamera Ashland Oil Alta East Gas 9P Canada Brenda Mines Can Southern Cdn Exp Gas Cdn Homestead Cdn Ind Gas Cdn Long Island Chleftan Cdn Superior Dome Pete Dynasty Fort Reliance Giant Mascot Gibraltar Mines Great Plains Gt Cdn Oil Sds Lochiel Exp Lytton Minerals Noble Mines North Cdn Oils Numac Pancdn Pete Pan Ocean Petrol Pinnacle Place Gas Ponder Ranger Oil Scurry Rainbow Seibens Spooner Total Pete Ulster Pete Unit Canso WC Pete West Decalta MISCELLANEOUS INDUSTRIES Acres Ltd Aqultaine BC Sugar A Pfd Block Brothers Cdn Pac Inv A Pfd Com Cap Corp Carling O'Keefe A Pfd Carling O'Keefe B Pfd Crestbrook For Ind Crowsnest Indus Falcon Copper F and M Trust Co Genstar Home Oil A Home Oil B Hudson Bay Co Hudson Bay Oil Hud Bay Oil A Pfd Husky Oil Husky Oil D War Husky Oil E War Hys of Canada Int Pro Pipe War Int Pro steel Kaiser Resources Loblaw C Pfd Magnasonics Pacific Pete Pac West Airlines Pe-Ben Oilfield Royal Trust Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited Sandwell Teledyne 8.12'/j West Cdn Sd Pro .70 Westfield Min 6.75 Weston A Pfd 12.75 While Yukon 11.00 PIPE LINE STOCKS 7.12Vj Alia Gas Line A 12.00 Alta Gas Line Pfd 7.62'/2 Aila Nat Gas 5.25 Inland Nat Gas 3.50 Gaz Metro 7.37'/2 Gaz Metro A Pfd 9.12'/2 North and Cent .18 N and C Gas B Pfd 10.37'/j Pac Gas Trans 58.00 Trans-Can Pipe 40.50 Tr-Can Pipe A Pfd 8.75 Tr-Can Pipe B Pfd .22 Tr-Can Pipe War 2.45 WC Transmission 11.50 WC Trans Wts 27.00 11.00 CALGARY 2.75 Barons Oils 1.10 fsl Continental .78 VANCOUVER 6.37'/2 MINES 16.25 Atlas Explor 12.87% Bath Norse 16.75 Dankoe 1.05 Davenport .20/�, down 1. On the American exchange, the market-value index at noon was up .73 to 95.41, while the NYSE index was up .39 to 51.77. Other NYSE prices included Heublein, up 1% to $45 V4 after a 143.000-share block traded at $44'/2, up l'/�: U.S. Steel, up % to $40%; and Ford, up '/4 to $43%. On the Amex, a block of 199,900 shares of Airwick Industries traded at $7'i, down 1%. Among Canadians on the New York exchange. Hiram Walker gained "A to $48^ , International Nickel % to $37, Hudson Bay 'A to $26'A, and Alcan 'A lo $37%. Canadian Pacific lost % to $16%, Dome Mines % to $179V8, and Mclntyre ��>/, to $55%. Massey-Ferguson was unchanged at $17. On the American exchange, Brascan was unchanged at $16, Canadian Marconi at 3%, and Scurry Rainbow at $21%. Hog pricaa EDMONTON (CP) - Average prices to 11 a.m. Thursday provided by the Alberta Hog Producers Marketing Board with Wednesday average in brackets: Edmonton: 47.10 (47.43). Red Deer: 47.10 (47.57). Calgary: 47.10 (47.44). Lethbridge: Nil (47.74). Lloydminster: Nil (46.55). Fort Macleod: Nil (47.25). Grande Prairie: Nil (47.70). Total hogs sold to 11 a.m. 305, total Wednesday 3,654, average 47.48. Price of sows 35.05. Chicago markata CHICAGO (AP) - Commodity futures on the major United States Exchanges fluctuated uncertainly in most cases and closed either lower or on an uneven tone Wednesday. However, there were some limit moves - up and dswn. Wheat futures on the Board of Trade fell the daily limit of 20 cents a bushel early in the session but^closed with the loss halved. Oats advanced the limit of six cents, then fell back. Corn gained two cents and soybeans lost four. Wool futures fell the limit of 10 cents a pound and world sugar was down the limit of 50 points. Pork bellies fell as much as 110 points on the Mercantile Exchange and cattle and hogs closed mixed. Profit-taking motivated some of the sellers but as prices fell there were reports that buyers were backing off. Wheat price-falls were swift and generally influenced weaker prices in other board of trade commodities. Late in the session when wheat rallied the other major pits also strengthened. Grain close: Wheat: Mar 5.69; May 5.44; Jul 4.89; Sep 4.87; Dec 4.91. Corn: Mar 2.89; May 2.91%; Jul 2.93'/.; Sep 2.88'/2; Dec 2.71%; Mar 2.73'/2. Oats; Mar I.581/2; May 1.61; Jul 1.58; Sep 1.5m. Gold pricaa LONDON (AP) - Closing gold prices in U.S. dollars an ounce: London - 128.75 Paris - 127.85 Frankfurt-128.20 Zurich-129.50 Hong Kong-I26.B8 Beirut-4,1D3 a kilo. Wallace kisses daughter Alabama governor George Wallace kisses his daughter, Peggy Sue, moments after she was married to Mark Kennedy in the St. James Methodist Church in Montgomery. Matala LONDON (AP) - Closing metals bid-ask in pounds sterling a metric ton; silver in pence a troy ounce: Copper-Spot 890-894; futures 880-882 Tin-spot 3,020-3,030; futures 2,854-2.836 Lead-spot 249.5-250.5; futures 253-254 Zinc-spot 575-576; futures 335-336 Silver-spot 164.8-165,3 ; 3 months 170.8-171 Qold futuraa WINNIPEG (CP) - Gold futures, U.S. funds, Winnipeg commodity exchange close Wednesday. Jan 74 - 127.50B; Apr 74 - 133.00A; Jlv 74 - 137.90B; Oct 74 - 143.20; Jan 75 - 148.25. Tuesday's volume: 385 contracLs. Dollar valu� MONTREAL (CP) - U.S. dollar in terms of Canadian funds at noon Thursday was down 1-50 al $0.99 17-30. Pound sterling was down 19-100 al $2.16 19-25. In New York, the Canadian dollar was up 1-50 at $1.00 33-100. 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