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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 18, 1973, Lethbridge, Alberta IM SIM SS i: Western loans exceed deposits My It, THI UTHMHPOI NIRAID TORONTO (CP) Far from draining resources from the western provinces, Canadian chartered banks serve the area disporoportionately to western deposits, population and other criteria, the Canadian Bankers' Association says in a brief. The association says bank loans exceed deposits in each of the'four western provinces. The "positive difference between assets and liabilities-were billion for the western provinces at the1 end of the last banking year at Oct. 31, 1872, the brief says. Toe brief released today was prepared for a Calgary confer- ence Jury 24-26 on western eco- nomic opportunities. It appears to draw much the sama conclusion as a federal government brief released last week which said the traditional western lament that the region is short-changed by eastern fi- nancial interests appears unjus- tified by facts. The bank association brief says the positive balance by province was Manitoba million; Saskatchewan mil- lien; Alberta million, and British Columbia million. OUTWEIGH! ARGUMTNTS On regional banks, the associ- ation says the of the present branch-banking system "outweigh conclusively any ar- guments put forward on bthalf of small localized regional in- stitutions." The brief says the banks un- dertake to support further de- velopment of the money market centred in Vancouver. "We see there could be some advantage in the co-operation of the banks, the investment ers and the Bank of Canada to extend and broaden the scope of this market____" Aside from the positive bal- ance figures, the brief says "a survey of other infor- mation also reveals that in a long list of financing activities the banks' record in Western Canada is very favorable to that region.1' It gives these figures: A total of 30.4' per cent of bank branches are in Western Can- ada, compared with a popu- lation of 26.6 per cent; 27.2 per cent of bank are in the four provinces; and of 279 bank directors, 24.7 per cent are westerners. The association says its fig- ures refute allegations that the banks favor the region where their head offices are located. Miscellaneous quotations Vancouver, Calgary, Montreal fejr Dekerfr. MeCMlg MSI BID OR SALE Soviet cattle feeder About head of cattle can be fed from these five transparent spherical vats in this plant at Tbilisjkaya in the U.S.S.R., say Soviet spokesmen. Chorella is cultivated in them. Chorella, says a dictionary, is "a gsnius of nonmotile green algae potentially important as a cheap source of high grade protein and B-complex The staff here numbers 17. New U.Si cars won't start unless you buckle up By BRUCE EASSON Canadian Press Staff Writer "Buckle up for safety" still may be an annoying choice on most 1974 model cars sold in Canada, but in the United States the new cars won't start unless seat belts are fastened. U.S. federal regulations stipulate 4 sequential inter-lock device on all-new cars which go on sale in 'that country, begin- ning'in the early fall. (11 a.m. Quotes) WESTERN OILS AND MINIS 1.19 7.JO Almimx Asamara Ashland Oil Gas BP Canada BnmM Mints Albany East CM Can South Cdn Export Gas Cdn Homestead Cdn Ind oil Cdn long Is) Cdn Superior (11 a.m. Quotas) Cygnus B 7.75 Fiicsn Copper F and M T Genstar Global Can's Home Oil A Home Oil B Hud Bay Co. Hud Bay Oil Hud Bay A Hugh Ruuell C Husky Oil Husky Oil B Husky oil D Wr Husky Oil E Wr Hyt Canada Inter Prev Giant MtKot Granlsla Grt Plains Git Cdn OK Leehlci Explor Lytton MIn Noble Mines North Cdn Oils Nimac lUnCdn Peie Pan Ocean Patrol Place Gas 1030 12.50 15J5 7.35 4.10 3.25 4.85 1.00 .20 55 JO 4.00 11.00 Inttr Prov S tM 'Kattar r M UMaw C 245 Pacific 30.00 Pac West Air Pa-ben 2.2S Rainier 1.M Royal Trust 1.23 Commerce S.S5 Sandwell Tetadyne 1430 west Cdn seed. Wectfietd Min Weston4% A Ynten 14.00 tja 14.00 41.00 42.2S 1125 47.00 41.00 44 JO 24.00 41.12Vi 9.20 (11 a.m. Quotes) Mints Afton Atlas Explor Baft Norse Davenport DoHy-Varden Equltorial Res Gieraltar Lornex Primer Silver Standard Valley Copper INDUSTRIALS col Brew zso 1.25 .45 .IS .OS 2.00 .43 31 12.59 .11 .12 Pete Pandaray Expire- tJN Stampede inn Res .ft 5.00 7-2 Ranger Oil Scurry Rain Saltens Spooner Total Pete UMar Pete Wattcoast Pete Wast Decalta MISCILLANMM INDUST1IIIS .20 .39 tllll n.7s MUTUAL FUNDS All Cdn Com JM 7.65 All Cdn Divid 7J3 1.18 All Cdn Vent 3-a SM Amr Gr.-F 5.28 5.80 AGF Spatial 2.65 Cdn In Fund 537 Col Wuhal 532 14.W K.3S 15.00 .47 7.15 5.25 Acres Ltd Aqiriiatne BC sugar PW Block Cdn Brew A Cdn Brew B Cdn Pac Inv Cratt Forest Crows Indus Cronus A 1230 2330 15.00 3.00 24.50 Alfa Gas A Ada Gas AHa Nat inland Nat Gas North Cent Gas N f Gas B PM Pac Gas Trans Gaz Metro Gaz Metro A TransCan Pipe TransCan A TransCan ft TransCan War Watt Trans West Trans Wr CALCARY 12.75 1MO Acroll ftsrans Oils North Co-Ttinentel 3030 Western Warner 7.75 VANCOUVm Cmnw Inter Cmnw Lev 3.15 5.23 Cmnw Vent 7.35 S.ot Corp invest 6.15 4.75 Cerp m St F 5.C2 5.52 Dreyfus F U.S. 10.94 ll.w 5.01 in Shims 147 3.81 Equity IM H.M1341 SM 5.H 4J7 3.4? M4 SJ2 4.07 4.S6 5.34 4.30 4.7J 4.40 4.17 5.0S 538 t.42 440 7.01 32.75 WJX _____ Gr F Invest Mutual Mutual Ac Mutual Gr F Nat Res N W Cdn N W Gr Principal Gr Royfund Tamp Gr United Ac .OU4 Univtrsal Sav .45 Univest Vanguard Toronto mines, industrials SeearMtf et CeaMe) (it a.m. Quotes) MINKS Acme Advocate Asb. AkaHche AMona eralernt LAST OK SALE (11 a.m. CHiotss) OStsfca .99V2 Pine Point 1.20 iJ.OO 31.7J M Brunswick Can. N.W. Land Canada Tung. Caaslar Cantral Pat. Chi mo Cenwest Cans. Rambler Cell) Lake Cochenovr JO 5 JS 7.30 2.03 84B 17.75 4J5 Mft Oicfeenson Mints Oanlson Mines Oacr Horn 0-EMona Mints Discovery Mines East MaterHc East Sullivan Falzonbrldge ______Dev. RayrocK Railere Rio Algsm Roman Corp. SherrHt Gordon Stew Rack Tek Corp. Texmont Upper Canada 9L3P W H Cop IWilies 3JO Wright Haroraaves 1.00 Willroy windfall .11 Bear Zenmae .11 INDUSTRIALS Abttibi Alan AlrofRB SiWi Ind Atlan Scpar tnd (11 a.m. Quotes) Glen MA Homes f.59 Ot Cdn Oil SOt First .47 Giant Y.KK Hudson Say V-S HySra Ex. )ror> Bay 130 OotMc Kerr ASdtttn Kev Anacon Dome Pele .25 Defcico 2.70 EDMONTON (CP) Aver- age prices to 11 a.m. provided by the Alberta Hog Producers Market Board: Edmonton: 57.80. Average1 Tuesday 57.96. Calgary: No sales. Av- erage Tuesday 57.56. No sales. Aver-' age yesterday 57.41. Total bogs sold to 11 a.m. 672. Total Monday's volume: 48 con-; will consider making it man- tracts. datory in he said. Grain price review Western discrimination 'Bias necessary' CALGARY (CP) There is discrimination against Western Canada in freight rates but this is necemtated by the in- terplay of market forces, says A. F. Joplin of Montreal, CP Rail vice-president for market- ing and sates. But be said proposals that secondary industries can be de- veloped in the west purely by lowering certain freight rates don't make Muse. In a briefing to newsmen on CP Rail's pricing structure, Mr. Joplin noted transportation trill be a major issue for discussion at next weekfe Western Econo- mic Opportunities conference in Calgary, to be attended by Prune Minister Trudeau and the four western premiers. "There is a very importani change in what the western provinces want in freight rates. They used to be after a trans- portation policy whkh would enable them to ship out their primary products. Now the em- phasis is to develop secondary industry in the west." Mr. Joplin said basic steel products and canned goods are two categories of freight which can be shipped from Eastern Canada to Vancouver cheaper than from Eastern Canada to an intermediate point, say Cal- gary. "Rail rates to both Prairie points and Vancouver are com- petitive rates. To the Prairies, they are based on carrier com- petition -from trucks. To Van-, couver, they are based on mar- bat competition from foreign imports laid down by water at the pacific coast Market com- petition via water transporta- tion is more intense than truck competition in this case." Mr. Joplin said CP Rail con- ducted a survey of retail prices of -comparative consum- er goods in various Canadian centres. In most cases, the re- tail prices are cheaper in On- tario and Quebec than tbs other provinces, sales taxes ex- cluded. But efforts to pinpoint the behind the retail price differences have been effortless. He said in studying these dif- ferences, it must be taken into consideration that white salers and manufacturers have more customer in Ontario and Que- bec and can afford to sell more at less and still end up with good profits. "There is de facto discrimina- tion against toe west necessi- tated by economics but there is nothing the railways can do about it. The rate structure is not the unilateral action of the railways." Mr. Joplin said the railways will be "only too happy" to help secondary industry develop in the west but this must be done on sound economic prac- tices. The very fact of population concentration in Ontario and Quebec makes them the prim- ary market targets for manu- facturers. .The Japanese Car manufac- turers realise this, and Japan- ese can are not being gold in Ontario at higher prices than in Vancouver. The Japanese absorb the cost of moving cars from Vancouver to Ontario and pass it onto buyers in other provinces. Watchful on Bertha worm eyes EDMONTON (CP) Alberta agriculture officials now are keeping a wary eye on an ex- pected outbreak of Bertha army worms in rapeseed crops as a predicted infestation of grasshoppers failed to ma- terialize. Joe Gurba, bead of the pro- vincial pest control branch, says the over-all grasshopper threat .'has dwindled although some local areas still are threatened if there is continued dry weather. wet, cold weather sort of stomped them said Mike Dolinski, insect science supervisor. They estimated that acres of rapeseed could be at- tacked by the worm this year in an outbreak that would match the size of the infesta- tion during the last two years. However, enough insecticide now is in storage to cover the acreage and 35 of 53 crop- spraying aircraft in the prov- ince are ready to operate on snort .notice with more avail- able if required. Mr. Dolinski predicted the hardest hit areas could be around Edmonton, including Lacombe, Stettkr, Sedgewick, Vermilion and Moririville, the area around Fairview in the northwest and an area north of Lethbridge through Vulcan and Strathmore. A change this year will have private firms, not the govern- ment, handling supplies of the insecticides, Lannate and Lors- ban, to combat army worms. It will cost farmers to an acre for'the chemical and an additional to an acre for the crop-spraying, Mr. Dolinski said. He said the Bertha army worm problem started in 1971 when the largest rapeseed crop to that time was planted on the Prairies. The crop provided an almost unlimited food supply and en- abled the insects to rapiffly reproduce. Two-price gas system fis no real protection9 EDMONTON (CP) A two- price system to protect Cana- dians from the international rise in prices of crude oil and natural gas would create sub- stantial problems, says Walter Dingle, chairman" of tte Cana- dian Petroleum Association. The concept of the two-price system was one alternative put Forward in the federal Gtaen Paper on Energy. The paper said in face of rapidly rising energy prices, Canadians could use their vast domestic reserves in one of two ways. They could sell these re- sources to world markets and domestic markets at the inter- national prices. They would then benefit from the increased activity and high royalty reve- nues -which high prices would bring to federal and provincial governments sharing in the erage Dollar value MONTREAL (CP) u.s. demur in terms-of Canadian at noon Wedresdav was up 1-25 at ItW 1-30. Pound ster- fing up 2-25 at OM 63-100. In New York, the Canadian dollar was down at 49- 30. Pound sterling down 1-50 at Winnipeg groin WINNIPEG (CP) Rape- js'eed futures were under sell- ling pressure today and prices I were down somewhat in an ac- j live market at mid-session on the Winnipeg Commodity Ex- change. Rapeseed was down as much as 15 cents from yesterday's dose, with tbe best performer Jly being Thunder Bay November Oct futures at an unchanged per bushel. Among feed grains. Decem- ber oats was up several csnte. but other months were down by about the sama amount. Rye Barley: July higher 2.36te: Oct. 1'a lower Dec. lower Rye: July 6 lower 2.57A: Oct 2U lower 2.56B; Dec. 2 lower 2.57A. WINNIPEG (CP) Grain quotes Tuesday (basis Lake- High Low dose Flax SSD1: 876 JSSO1 sources. On the other hand, the re- serves can be used to protect Canadian consumers from the rising price of energy by- di- rect controls which would con- centrate on using Canadian re- sources in Canada at prices telow those on world markets. The paper notes, however, that substantially higher prices win required to make frontier i and oil sands development eco- nomic. Mr. Dingle says the oil indus- try certainly does not favor the interference with the was down as irajch as six 829 758 7M 7.4JI4 Cdn 14.80 Kovi Stella 3J.5S Ji aT14" Teronta. Dem New York stocks earnings By THE CANADIAN PRESS Ud.. six months Arrr li T eni T Rfet 71.3 Gulf 11? Kenn Msrvtaler SS5J ZZ.TS X-HOT Girtf Texas Co WlcVes Corp aw 20 2J.03 3121 1I.7S 3KM up _______ _. IS W OtlJ 237.15 Up 241 Volomt l.TWXW mw YORK AvctAecs 23 ended May 31: 1373. its cents a share; 1S72. 932. 50 Ctmls Foods .cenis i Tuesday's vohune of trade I was 625.000 bushels of flax. 1.- bushels of rye and 331.00 bushels of rapesccd. JGd-session prices: FTax- July higher 8.90A: Xov Dec Rapeseed Vancouver Sep 741'2 712 727 ICov (S9U fi93 J2H 661 677 Mar 651 673 Raptured Tlrandrr Bay 702 CK7 660 660 __ 650 Oct Nov Dec 643 .71 ended March Ltd., .year 33. 1973, 1872, Heyal Trust Ltd.. six months ended June 30: 1973. cents a share, 1972, 8! cents. Oct. 3! higher 8.40A: Nov. 16 higher S14A; Dec. 10 higber 794A. Rapeseed Thunder Bay July 6 lower 6.96A: Oct. 2 higber 6.62; Xov unchanged 6.50A: Dec. 4 higher 6.24. Oats: July 2 lower 1.57A; Oct. 1% lower 1.43A; Dec. 1% higber Oct Dec 14 Barlf? Jly Z Oct Dec Rye Jly Oct Dec Mfi 233' t 238-4 266 620 159 344-4 243 223S4 6J4" 359 343 235' 4 263 258 263 259 ket place which a two-price sys- tem would require. "A two-price system for oil and gas would be extremely dif- ficult to be sa3. lie added flat lower prices in Canada -would reduce cxplor- J atiiH said Tf a two-price system limited ;he profit potential on Cana- Grain quotes CHICAGO (AP) Grain quotations Tuesday: Wheat: Jul 2J1; Sep Dec Mar 2.CT: May 2.62. Corn: Jul 2.46; Sep 221; Dec Mar May Oats: Jul dian operators. Ox investor could easily find greater prof- its in tbe North Sea. "Broadly speaking the Green Paper on Energy was a very good of tbe prob- lems we face today. "ft was realistic with: regard to reserve tad prob- lems of development. "I do not see it as govern- ment policy, but it will bs tbe basis for policies down the road." Mr. Dingle said it is extreme, ly significant that this paper stressed that Canada had ade- quate reserves'for its own re- quirements as well as for addi- tional exports. Stocfe prices show decline TORONTO (CP) Prices on the Toronto stock market were lower in moderate nod-morning trading today. The industrial index, consid- ered the major indicator of market trend, fell .45 to 214.78 and base metals .96, to 106.70. Golds nee 1.28 to 303.18 and western oils .76 to 235.53. Volume by 11 a.m. was 000 shares compared with 619r 000 at toe same time Tuesday. Advances were sugbtly ahead of declines, 102 to with 164 issues unchanged. Oil refining, merchandising, industrial minng and commu- nustion stocks were among sec- tors of the market recordng losses while pipeline, chemical, beverage and trust and loan is- sues gained. Imperial Oil fell to Wajax to SHU, Simpsons- Sears to and Inco to to S5.75. Kerr Addison to and NBU Mines 10 cents to Denison was up to and Roman Corp. 25 cents to Chieftain gained "s to Pan Ocean to and Kabors Drilling rose to Toronto Star B to Imasco to Walker-Goo- derham to S331: and Bow Valley to VnttedSiscoe was off 65 cents United Canso 15 cents U> Asamera lost to MONTREAL (CP) All ser- tors declined in light trading on the Montreal stock market Wednesday. Combined volume on the Mon- treal and Canadian stock changes at 11 a.m. was shares, compared with shares at the same time Tues- day. Industrials dropped .63 to 241.16, the composite .47 to 224.84, banks .24 to 239.06. pa- pers .06 to 121.18 and utilities .03 to 147.63. On the Mostreal Stock Ex- change, Hudson's Bay Oil and Gas gained 1 to Imasco 1 to Walker-Gooderham and Worts to and Moore Corp. lr to 4 vrhile Falcon- bridge Nickel declined PRODUCTION FOREMAN MOBILE HOMES Major mcmufotfurer of mobile homes is seeking on outstanding individual for the above position. Reporting directly to the production manager, he will be responsible for the supervision of o minimum of 50 people. Ability to organize and direct, plus previous mobile home experience, will enable this individual to master the foreman's posjJion and progress to fur- ther management positions. Reply in confidence, providing detailed written re- sume, to: ttx H-1939, Calgary HeraU ;