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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 1, 1974, Lethbridge, Alberta Saturday, June 1, 1974 LETHBRIDQE HERALD-26 Bond redemption clips Ottawa cash OTTAWA (CP) -Thelatest figures on the redemptions of Canada Savings Bonds indicates Finance Minister John Turner's plan to boost yields to account for inflation has fallen flat. The Bank of Canada weekly report Thursday showed million worth of bonds were cashed in during the week ended Wednesday. More than million worth of savings bonds have been cashed since Mr. Turner brought in his budget May 6, representing a substantial de- cline in value of government securities outstanding. The only fiscal measure to survive the budget, on which the Liberal government was defeated May 8, was the move to provide a guaranteed yield of nine per cent for Canadian savings bonds. Trust companies now are of- fering 10 per cent interest rates on five-year term deposits. Savings bond yields are raised to nine per cent by pay- ing a bonus at maturity or on Nov. 1, 1979. Those who have to hold bonds until 1979 to get the bonus would be in the same position as those who now buy five-year term deposits, Broker collapse prompts stock exchange review LONDON (Reuter) The recent collapse of two London brokerage houses has raised some sharp questions about the effectiveness of stock ex- change procedures for ensur- ing the solvency of its mem- bers. No details have been re- leased of the circumstances which led to the failure of the two medium-sized Butler Priest and Chapman and Rowe. But an indication of the ex- change's concern about the fi- nancial health of its members was provided by its decision to ask brokers to submit details of their clients' loan accounts to its auditors. The reason for this decision was a growing tendency by brokers to act not just as middlemen but also as money- lenders for their clients. In theory, there is no rea- son why a stockbroker should get into serious financial trouble if he sticks to his basic business, which is to pass on stocks and shares from seller to buyer and earn a commission for his pains. Against these earnings, the broker should then only have to set his for his office, staff salaries and general overhead. But lately some stock- Schwartz Agencies (1972) Ltd. MORRIS PASHKOWICH. Sales During April people worry about Income spent his time curing housing pro- blems' He did so well he has his own tax problem next April, but that's a good pro- blem measured by con- fidence and success The "Action Agency" converts insurance and real estate pro- blems into success Call Morris or any member ol the Action Team iof pi service at 328-3331 brokers have been tempted to aim increasingly for higher rewards, not only by buying and selling shares on their own account but also by act- ing as financiers for their clients. Stock exchange regulations permit brokers to allow clients whatever latitude they desire before demanding pay- ment for shares. A common practice is for brokers to offer considerable credit to selected clients. The broker will buy shares for a client and finance him by bor- rowing from a bank, lodging the shares with the bank as security... This practice both attracts more business to the broker and enables him to make money by charging higher in- terest to the client than what he has to pay the bank. Difficulties can arise when, as in recent months, share prices fall sharply. The value of the security held by the bank falls accordingly and may need an infusion of addi- tional funds to match the out- standing debt. This can leave the lender exposed unless he enforces strict "margin" requirements on his client. Unlike the fed- eral reserve board in the United States, the London Stock Exchange does not stip- ulate minimum margin re- quirements. The flexibility of its rules is often justified by the unlim- ited personal liability of indi- vidual brokers for their debts. When a brokerage house is declared to be in default, the exchange's "official assignee" moves in and obtains powers to dispose as he wishes of the personal property of the directors or partners. Investors normally recover their money in full out of the stock exchange compensation fund. It is then up to the stock exchange and other creditors to get what they can by carv- ing up the broker's estate. Present stock exchange monitoring procedures de- mand that each partner in a brokerage house maintain a liquidity margin at all times of In addition, the stock ex- change demands audited ac- counts from firms once a year and a liquidity statement once every six months. It also makes spot checks on mem- ber firms. But it is widely thought that these checks are too in- frequent to keep pace with changes in stock market for-' tunes. Why pay an answering service when you can own your own We have a machine to make sure you never lose anolher cenl through a missed phone call or garbled message )n lad. we have a whole line of They re called Dictaphone telephone answering sys- lems You can buy one oulnght or possibly lease it for about what you're an answering service now And it works lor you 24 hours a day Seven days a week For a 1ree brochure describing how much we can help you. mail this coupon now M. I Telephone Answering Systems 9 Ave. N Medidne Hoi Afberto Phone I toil''. N.t. MHWONSHAT AUx-tlrr Phone526-471? which also would mature in 1979. But the 10-per-cent interest rate on term deposits when compounded provides a yield of more than 12 per cent. The redemption total last week of million compared with million the previous week and million during the week ended May 15. For the week to May 8, bonds cashed in were worth million. During the first quarter of the year, redemptions of savings bonds average million a week. First-quarter redemptions averaged about million a week in 1973 and million during 1972. Savings bonds come on sale during November of each year and the total outstanding usu- ally declines week-by-week after the initial spurt in sales when payroll-savings-plan drives are held. The total outstanding now is billion, below the low point for 1973 of about billion. The peak last year was about billion. Redemptions of Canada Savings Bonds has been one of the factors affecting the government's cash position. The Wednesday total of million was billion below the level of a year ago. Rubber profit up TORONTO (CP) Goodyear Tire and Rubber Co. of Canada Ltd. reports profit for the quarter to March of or 91 cents a share, up more than 35 per cent from or 66 cents a share for the corresponding period a year earlier. Sales for the first quarter totalled against a year earlier. President H. Gordon MacNeill said earnings for the period were unusually high and could not be expected to continue at the same rate for the balance of the year. He said earnings were high because of unusual circum- stances, partly related to the energy crisis, which are un- likely to continue. New dollar released OTTAWA (CP) The newly designed note, the fourth in the series of new- Canadian currency, will be released to chartered banks Monday, the Bank of Canada announced Friday. The design includes the same engraved portrait of the Queen as appears on bills. The scene on the back of the note shows Parliament Hill from the Quebec side of the Ottawa River, with pulp industry activity pictured in the foreground. Current notes will continue in use until withdrawn from circulation as being unfit for transaction. Gas export elimination suggested TORONTO (CP) A gradual elimination of all exports of Canadian oil and gas to the United States has been advocated as the cornerstone of a national energy policy by a resources management consultant to the federal and British Columbia governments. Ian McDougall, professor of oil and gas law at Dalbousie University in Halifax told delegates at the annual convention of the Specification Writers As- sociation of Canada that exist- ing export commitments make the exhaustion of low- cost supplies imminent. He said the gradual elimina- tion of exports, at a rate of about 10 per cent every three months, would assure Canada of a relatively cheap source of supply until about the year 2000 and defer the need for the Mackenzie River pipeline 26 years. Prof. McDougall said the National Energy Board has not protected Canadian oil and gas reserves for future needs and has not obtained "a fair and adequate economic return for (he volumes that were being sold." Maple Electric car An unidentified man tests an electric-powered car displayed in Montreal this week. An overnight charge on household cur- rent gives the car a range of about 40 miles at up to 45 miles per hour. VW plans American factory WOLFSBURG (Reuter) West Germany's Volkswagen automobile combine, faced with losses for the first time in its history, has announced plans to start producing vehicles in the United States at a cost of more than billion. Volkswagen chairman Rudolf Leiding told the company's annual news conference here that VW had suffered worldwide net losses of about million in the first three months of this year. Replying to questions, Leiding said the only way to overcome currency and transport problems in selling to the United States. Volkswagen's biggest foreign market, was to produce cars there. Leiding said final plans would be discussed by the board later this summer. Heavy mud slows Peace River seedin SPIRIT RIVER, Alta. (CP) Farmers are working almost round the clock in the central area' of the Peace River region to plant their crops after virtually abandoning all of last year's grain production in the fields. But with the weather against them so far, the hopes for this year are not bright. They have been hampered by mud as they attempt to use combines, heavy tractors and seeding equipment, and valu- able time is being lost when the machinery becomes rnired in the still wet ground. The problems started last fall when rains and an early snowfall resulted in most of the crops having to be the fields. The situation was compounded this spring by abnormally-high rainfall and cold weather. Bill Rayner. provincial dis- trict agriculturalist who serves about farmers surrounding this community, admits the majority of last vear's crop has been "written off." "And those farmers that have managed to get some crop off, are getting the lowest grades He said his office has not ad- vocated wheat planting in the area for some time and adds that grains needing a shorter growing season such-as barley, oats and rapeseed probably will make up the bulk of seeding. Mr. Rayner said so far his office has handled more than applications for provincial assistance on unharvested crops this spring. Tony Markovich, who farms acres at nearby Rycroft, says he has the equipment, but getting manpower to operate it is a problem. Lester Hemingway, who operates a dairy herd of 23 animals on 460 acres, said it was the latest spring he'd experienced since arriving in the area in 1939. Mr. Hemingway, who lost all last year's crop, faced the added problem of having to buy feed during the winter. It marks the third year in a row that he has had harvest prob- lems. "Last fall, I got a ad- vance on the crop that was laying under the snow and there's no way I can pay this back within the designated one-year he said. "It's been used through the winter to buy feed for the cows and while I may get some compensation for the crop this spring, it won't pay" off the loan." He said an alternative would be to sell off his livestock, but this would mean the end of his dairy operation and his life as a farmer. At Wanham. Alta.. Bill Provincial Income and Outgo Revenue Expenditure Ont Oue B.C. Alta Budgets Graph shows revenues and expenditures propos- ed by nine of Canada's 10 Scotia's budget has yet to be an- nounced. The bigger bud- gel was announced by Ontario, with expendi- tures estimated at billion on revenues of billion. In sharp contrast is Prince Ed- ward Island, with project- ed spending a! mil- lion on revenues of million. Experienced Baker Required Full-time for new bakery located in Jasper National Park. Benefit from the availability of year round recreational facilities. Contact Jasper Bakery, Box 1497 Jasper. Atberta or telephone 852-3247. FOR SALE As a result of the cancellation of "The Sight. The Sound and The Fury" ihe following equipment is for sale. model General Electric 60" 6 million candle power electric arc Searchlights together with some spares including carbon rods, operator's and main- tenance hand books. 5 K.W. D.C. Generators, gasoline motor driven Purchase is F O S Lethbndge. Alberta. For arrangements to view contact: Mr. George Brown, President, Association for Historic Productions, P.O. Box 986, Lethbridge, Alberta Sallis was fortunate in having two older sons at home to help. They, with one neighbor and two men he was able to hire, were using two combines Thursday in addition to seeding. Mr. Sallis did not get any crop off last fall and, although able to salvage some barley, has run into problems with that. "We've had three loads of barley rejected because it was loaded with manure from mice that wintered in the swaths." he said. "In fact, if prices right now were not so good, we'd not even bother to try and take last year's crop off." PUMP FIRM PURCHASED TORONTO (CP) GSW Ltd. announced Friday it has purchased EPM Manufacturing Co. Ltd. of Winnipeg for an undisclosed price. EPM makes pumps and electric controls for industry and agriculture. H. H. Smith Ltd. Customs Broker Pkm 3ZMH1 COUTTS Home Office Phone 344-3822 increase forecast HALIFAX (CP) New pro- grams are under way in Nova Scotia to change the tedious dribble of maple tree sap into the sweet sound of success. Researchers are already as- sessing the results of a new program which, if successful, could prompt a 10-fold increase in the province's maple syrup production. Undertaken at Lynn Moun- tain, N.S., this year, the old spike and bucket method of collecting sap is being replaced with a vacuum pipeline collection system. A series of plastic pipes are run from the trees and feed directly into strategically lo- cated collection tanks. Vacuum pumps are located at the base of the pipelines to speed up the sap flow. "We hope that the vacuum process will double the rate of sap says Peter Stewart, a resource develop- ment representative with the agriculture department. The system can be installed in a 3.000-tree stand for about he said. "This is well below a tree. Not bad if you can double your production." Other technological in- novations aimed at cutting the cost of refining and handling would create a great deal more interest in the industry, he said. Although the demand for maple syrup in North America is double current production, the industry in Nova Scotia has developed only about 10 per cent of its potential, he said. "The province has a potential for a year industry." Already financial assistance is being offered by the govern- ment to help producers modernize facilities and crown lands can be leased to expand operations. Courses in maple syrup pro- duction are also being offered at the provincial agriculture college in Truro, N.S. ANNOUNCEMENT HARRY NEUBAUER Phone 345-4889 Mr. Tom Seines, Sales Manager of Astro Realty Ltd.. is pleased to an- nounce that Harry Neu- bauer has joined Astro's sales force. Harry invites his many friends and cus- tomers to give him a call for any of their real estate needs, whether buying or selling. Call the friendly people ASTRO REALTY LTD. Phone Westmnster Mad 3000 SQUARE FEET FOR RENT Downtown Commercial Space Phone 328-1520 or 328-5309 (1-3 Year Term) GUARANTEED SAVINGS CERTIFICATES Interest payable monthly, quarterly, or compounded to maturity. Member Canada Insurance Corporation can purchase Olympic coins FARMERS a MERCHANTS TRUST Phone 328-5549 309 7th Street Lethbridge ;