Lethbridge Herald, The (Newspaper) - June 3, 1972, Lethbridge, Alberta
Saturday, June 3 1972 THE LfTHBRIDGE HERAID 11 Foreign exchange reserves rise Sudden upswing hits Nation fishes for seabeds policy on coastal shelves By PETER LEICHN1TZ Canadian Press Staif Writer A strong rally on major Cana- dian stock market late In the eek was not enough to offset sses suffered in earlier ses- ons as most markets ended with moderate de- le week inc. OTTAWA (CP) Canada's foreign exchange reserve rose million last month as the government intervened in for- eign exchange markets to ease the upward thrust on the Cana- dian dollar. They totalled billion at the end of the month on the old valuation of U.S. for an ounce of gold. But at the sarnt time, the government revaluec its reserves on the new Ameri can basis of an ounce of worth Tills boosted the tola reserves value another S133.7 million to produce a new tola figure of billion. U.S. dollar holdings in the re- serves rose to billion a the end of Mny from bi lion at the end of April. Financ Minister Jolm Turner said th most important influence on th on at the end of May, up from 10.9 at the end oE April. The revaluation of reserves to he equivalent of U.S. for an unce of gold affected ;old holdings and its position in IB International Monetary which is figured in turur f the U.S. dollar. GOLD HOLDINGS HIGHER Gold holdings rose to million at the end of May from 766.9 at the end of April, liu ;hen the new figure was re valued it became million IMF special drawing righ rose to million and, aftc revaluation, to million. Canada's reserve position the country's unques ioned right to draw out funds case of balancc-of-paymen need-declined to milh reserves was the purchase o U.S. dollars "in the conduct of the normal policy of maintai ing orderly conditions in the e change market." Other foreign currencies Analysts said most markets were going through "a period of consolidation" after enjoying one of the longest rallies of the year in May. Profit-taking and minor sell- offs during the first three ses- sions hampered market prog- ress and resulted in an over-all Quotas for grain delivery changed rye, WINNIPEG (CP) Changes n producer delivery quotas for flaxseed and rapcseed ____ announced here by the Canadian Board. A five-bushel increase, rais- ing the regular rye quola to K from 20 bushels a quota acre, from million at the end April. But revaluing this i serve position put the figure up to million. The monthly report of Can- ada's reserves will henceforth be issued in terms of the new value ot gold. TO SUBLET RETAIL SPACE LETHBRIDGE Approx. 4800 sq. ft. locoled In heart of downtown Lethbrldge business district at 322 5th St. S. (Alberta Available al once. For lease details and information, write to SAAN Stores Limited, P.O. Box 9400, Winnipeg, Mamloba R3C 3C3. Phone (204) 234-7160. has been authorized at all de- livery points in the designated area, A two-bushel increase, rais- ing the regular lloxseed quota 'o 15 from 13 bushels a quota acre, has been authorized for all delivery points. In addition, a special flax- seed quota has been introduced in order to maintain the flow of Jlaxseed deliveries to west- ern domestic crusliing plants. An additional increase of five bushels a quota acre in the reg- ular quota has been authorized for deliveries to domestic crushing plants. Deliveries on tills quota, based on areas as- signed now to the delivery of flaxseed to country elevators, can only be made to crushing plants at the present time. An increase in the special quota for rapeseed has also been authorized. As in the case of the special quota for flax. seed, the increase in the spe- cial quota for rapcseed, amounting to an additional five- bushel a quota acre, may only be used for deliveries to domes- tic crushing plants at present. Producers who take full ad- vantage of the additional de- livery opportunities for flax- seed and rapeseed will not be able to make any further de- liveries 'o country elevators un- til the regular quotas for both grains go above 20 bushels a quota acre. decline. A sudden upswing Thursday was followed by broad gains in all sectors during the final session of the week. During the week, the In- dustrial Index of the Toronto market lost .61 points, closing Friday at 205.63. On Wall Street, prices dipped moderately lower in quiet trad- ing, interrupting three consecu- tive weeks of advance. MARKETS RECOVER The Montreal and Canadian stock markets moved moder- ately higher during the final two sessions after suffering losses earlier in the week. Combined volume on the two exchanges was7.82 million shares compared with 5.91 mil- lion last week. At Toronto, trading was mod- SALESMEN! Our Strength Can Be Your Good Fortune! Because we l. roduct been able to offer mulliple product iB W6 flOVB PCBII uuiu iv r _ line" our growth, year after year, hai been dynamic. A. a ?esuV, aur "salesmen have been able lo .arn incomes far above the average for allied fields. ,_l.sman An opening now exists in this area for a coreer salesman with an eye toward broader horizons. If you qualify, you can expect to enjoy an ever-expanding tales potential because you have people to see, and more, important, a comprehensive product line la sell. Here tire five more reaions why it will be worth your time to find out about a soles career with our Internationally from to a mnth. 2. First year bonus over 3 Complete training program al company expense. i. Product backed by extensive national advertising, eluding TV, Radio, Newspapers and Magazines. J. Leader In Its field In the insurance Industry. MEDICINE HAT COLLEGE MEDICINE HAT, ALBERTA REQUIRES the services of on ACCOUNTANT Duties: To maintain College ledgers. To record cmd account for cash To supervise accounts payable To supervise payroll To prepare financial statements at month-end and year-end Other duties as may be assigned Duties lo commence as icon at possible. Qualifications: Chartered Accountant preferred, will accept applications from experienced and qualified accountants. PLEASE REPLY TO: W. G. STEWART VICE-PRESIDENT MEDICINE HAT COLLEGE MEDICINE HAT, ALBERTA Bond prices Supplied by Doherty McCuaig Limited GOVERNMENT OF CANftDA BONDS Sept. 1, '72 99.90 100.10 Oct. l! '75 S5.25 97.25 July 1, '78 105.50 Sept 1, '03 79.50 80.50 I Perp 3 Sept. 15 40.00 42.00 6V'2% Apr. 1, '75100.25101.25 7V4% Jul. 1, '75 102.25 103.25 Sept. 1, '92 81.50 83.50 PROVINCIAL GOVERNMENT OF CANADA GUARANTEED BONDS I Alberta 8: Ontario 7 ODt Hyd 9 New Br 9H> Nfld 8 N. S. 6H Quebec "1V> Alberta Man Hyd 8 Sask Ntld 9V2% ACT Man Tel 8 Fish accord reached By PETER BUCKLEY WASHINGTON (CP) Can ad a was defeated Friday in its attempt to have an immediate end to salmon fishing in the North Atlantic. But it won agreement from the Interna- tional Commission for Korth- west Atlantic Fisheries on a system of national quotas for erately active throughout most of the week with 13.11 million shares changing hands, up from 11.08 million a week earlier. Gold issues continued their steady advance, scoring strong gains in active trading. The broad advances follow in the wake of record prices for gold on international bullion mar- kets. Analysts said a strong speculative and industrial de- mand for gold has resulted in the higher prices. During the week, the gold index on the Toronto stock mar- ket gained 5.72 points, ending the week at 212.87. At New York, the Dow Jones industrial average of 30 key blue-chip issues fell 9.66 points, closing Friday at 961.39. One analyst said investor con- cern about a possible increase in interest rates and renewed in- flation erased much of the fa- vorable impact President Nix- on's summit meeting in Moscow had on the market. N.Y. VOLUME DOWN Trading was light on the New York market with a total OTTAWA (CP) Canada is on the verge of a national oceans policy that could make her the fishmarket, as well as the breadbasket, of the world. Informed sources said here a study Is being prepared for the prime minister's office that will contain the elements of a national policy for the seabeds of the continental shelves alonf Canada's coasts. A draft coul' be ready soon. Dr. Josephy Maclnnis, whi runs Under Sea Research Ltd and Is an internationally-known expert on undersea exploration and extended underwater living is preparing the study. A for mer diving partner of Prim Minister Trudeau, the Toront lasses off its coastlines-an I paled in Canada's first under area equivalent to about 40 per water lab project in the oreai ent its dryland mass. This Lakes a few years ago, believes rea is roughly equal to the the problems associated with ombined sizes of Quebec, On- man's living and workmgat ario, Manitoba and Saskatche-1 deplte for extended penMs JTILIZATION POSSIBLE Not only does Canada have one ot the longest coastlines, have been solved. The knowledge to conquer lha 'ocean frontier" is available. And several cabinet me UL me Lvttonuito, i Ann several but the land mass off the coasts I ters including the prime minis- slopes gently seaward and believed to support tha largely can be utilized with :dea idea. Canada has strongly ex- medical doctor and diving ex pert has been hired on a con tract basis by the new scienc ministry. Now taking part in a United States diving project in Brwth- bay Harbor, Me., he was in Ot- tawa May 16 to talk to a special seminar of department officials on oceanography. Dr. Maclnnis told the semniar that Canada has one of the world's largest undersea land gave up hunting mals for food and settled down to cultivation. In other words, man now has s arge scales, with arge scaes, w controlled as well as ensuring continued atclies. As well, there are pos- undersea "search ibilities of use of undersea A national policy would Help es o use o uners plants, some unknown until re- d, -'the :ently. I WIIL1UU1 -n----- And there are vast reservoirs royalties. It also could suggest of oil and gas-the potential in ways to overcome the divided the eastern Arctic alone has responsibilities. controls over drilling rights and weekly volume of 61.35 million shares, down from 81.52 million last week. However, U.S. mar- kets were closed Monday, May '90 104.00 106.00 '88 90.00 92.00 '94 107.00 109.00 '90 103.00 110.00 '74 100.00 102.00 i% '92 85.00 87.00 1% '74 102.00 system ui many of the major commercial fish catches in 1973. Canada had been seeking a ban on the salmon fishing on the high seas to protect dwin- dling salmon slocks. But the interaatinal commis- sion voted instead for a more gradual reduction o[ Atlantic salmon fishing. The communique wucn marked the end of the ICNAF meetings here said the confer- ence had adopted "diminishing catch limits" through 1975 for which the high-seas fishery ol West Greenland will cease." In addition, salmon fishing in Greenland's territorial waters, which accounts for at least haU of the catch in that area, will be limited. 29. Base metal 'ssues on Cana- dian markets lost further ground as investors continue to abandon this sector of the mar- ket. Some analysts have said the mining industry has not overcome many of the problems it faced in 1971. Breakaway union group plans meet QUEBEC (CP) A breaka- way faction from the Confedera- tion of National Trade Unions will hold a founding convention I for a new union federation June 8-10, it was announced here. Paul Emile Dalpe, former vice-president of Hie CNTU told a news conference the theme of the convention will be "union the beginning of a new era." He said a budget is being pre- pared based on an average jeen valued at and of minerals. Canada could lead the way, herding sea animals for food or fur and harvesting the crops of the sea. Dr. Maclnnes, who partlci- At least 10 major departments and agencies share responsibil- ities in this area. '90 103.00 107.00 '91 97.00 99.00 '90 105.00 107.00 '90 107.00 109.00 8 '74 101.00 103.00 '74 101.00 103.00 During the week, the base metal index of the Toronto mar- ket dropped one point to 95.91. Western oils moved moder- ately higher, aided by an an- nouncement that Panarctic Oils had made a further gas discov- ery on Melville Island in the Ca- nadian Arctic. The federal gov- ernment also said it will begin surveys of possible gas pipeline routes this summer. The western oil index-of the Toronto market rose 1.91 points during the week, closing Friday at 225.24. Total volume on the Toronto stock market during May was membership over the coming year of The organizers expected to start with less than that but build up the member ship sufficiently as time goes o to result in' an average over th year of Mr. Dalpe, Jacques Dion, for mer CNTU treasurer, and Ame dee Daigle, former CNTU direc tor of services, announced las week that they would form new union federation in Quebec IIULUU. Canada had argued that only countries preserving their luamvu salmon-spawning rivers should 50.6 million shares, up from 48.9 be allowed to continue the high million during April and 41.8 AHa G T V.'A Alcan B.C. For B.C. Tel _ Bell Tel 9Vs% BeTl Tel 9V4% CP Ltd CP Sec Cdn Util CWNG Gulf Oil Inter P P Massey INDUSTRIALS '90 105.00 107.00 '91 105.50 107.50 '92 106.50 108.50 '90 105.00 107.00 '79 104.50 106.50 '93 107.50 109.50 seas salmon harvest. The agreement which the con- ference adopted was essentially the same as an agreement reached earlier this year be- tween the U.S. and Denmark. '89 104.00 106.00 '90 104.00 10C.OO '91 105.50 107.50 '90 106.00 108.00 '90 105.50 '90 105.50 107.50 '80 104.50 106.50 Soap company to loan money to pave road GRANDE PRAIRIE (CP) Proctor and Gamble Canada million during May, 1971. Value of transactions totalled million, a 56-per-cent in- crease from the million recorded during the same month last year. During the first five months of the year a total of 289.1 mil- lion shares have traded hands on the Toronto exchange, up from 259.4 million in 1971. Value of the issues traded amounted to billion, compared with billion during the first five months last year. million in construction Home area WANTED LIMITED NUMBER OF HOMES THAT NEED CONSTANT PAINTING1 en In 1nii genera) be given Tha op- portunily of having tha new vinyl tiding mado from 8. Ft GooefricJge Geon applied to Iheir with ipecjol corativa work ot a low cost. Thii new articling product nas captured iho interest of home throughout Canada who are ffid up with constant pcinling end olher maintenance coils. earriei o wrillcn guarantee and pro- vide! iniulalion, winler and lummcr, as well 01 pro- tection. Our new product eon bo used over every type of house, including framo stuc- co, concrete block, etc. II comes ir> several cofoj-j and hat not taen obtainable in this area prior to thli tnlro- dirctory anouneement Your home can ba a showplaca En your vicinity and we will males it worth your whlti if can use your home, 40-YEAR GUARANTEE For uppoinlmenl plean wrile (including your name, ad- draw and number) Panther 8ldg. Suppliet lid., Box 44, UHibrWgB Herald. EDMONTON Stay At the RIVIERA Noranda 9V4% '90 105.00 107.00 Int Nickel Wi% '90 106.50 103.50 N and C G 108.00 St Of Cdn 9'A% '90 105.00 107.00 Tr Cdn P '90 108.00 110.00 Tr Cdn P 10% '90 110.00 112.00 CONVERTIBLES i Alta G T 714% '90 145.00 148.00 Cons Gas '89 93.50 95.50 Dynasty 7 '82 109.00 114.00 Acklands 7li'l '88 95.00 98.00 Scur Rain '88 86.00 88.00 Tr Cdn P 5 '89 109.00 112.00 WC Tr C 5Vt% Tr 714% Ltd. lend "announced today it will the county of Grande 97.00 99.00 '91 124.00 127.00 NOTICE COMMUNAL PROPERTIES STUDY By rcsolulion of the Alberta Legislature on May 19, 1972 a select commitlee of Assembly was established to investigale 1he cffecls of the communal wse of land on the economic ond social climate of Alberla and to recommend such changes in policy and relative to the communal use of land, as may decmer! appropriate. Wrilten briefs relating lo Ihis mailer are therefore invited from any inleresled individual, or group; for considerolion by Ihs commitlee. All submissions must be hond vwitlen or typed, musl be signed by Ihe initiating the Brief, and must be received by the Commitlee Chairman, al the address below, not later lhan 1972. Hon. R. W. Dowling, Chairman Communal Properties Study Room 228 Legislative Building, Edmonlon GOVERNMENT OF ALBERTA Prairie million to pay for a paved road to the new com- pany mill eight miles south of the city. The proposal, made by com- pany president George Wil- liams of Montreal, has been ac- cepted by the county, a spokes- man said, It is expected to be paid olf within 10 years, starting in July, 1974, at seven per cent interest. A bylaw authorizing the move is being prepared to go before the local authorities board for approval. permits issued CALGARY (CP) The city issued construction per- mits worth million last month compared with per- mits and million during the same period last year. In the first five months thi year, building permits valued at million were Issued down from million. Housing starts to the end o May were valued at mil _______ lion, up from million dur CALGARY rCP) _ Kenting N lhe comaponding Ltd. of Calgary announced to- day the purchase of Technical Enterprise (Electrical) Ltd. of Edmonton for an. undisclosed cash price. Technical Supplies Electric, pneumatic and hydraulic equip- ment for oilfield, airfield, and general industry use and man- ufacters specialized electrical systems and components. Renting provides services to the petroleum industry includ- ing well drilling, air transpor- tation and seismic acd other surveys. Purchase firm 1971. GAS PLANT OPERATOR A Plont Operator wilh al leasi years' of experience in cjas processing is required for shift work at a planl near Carstairs, Al- berta. A valid 3rd class Alberla steam certi- ficate is required. Bass pay rate will be or per hour, depending upon qualifica- tions. Interested applicants are Invited to reply by confidential letter outlining iheir and employment history to: Mr. D. W. Groves Employee Relations Department Canadian Superior Oil Lid. Three Calgary 355-Xth Avenu. Calgary, Alberla T2P OJ3 H. H. Smith Ltd. Customs Broker cotm 344-362} THE HOTH WITH MORE TO OFFER AND WE NOW HAVE COLORED TV For Your Convenience In Making Resarvation. CAU AND ASK FOR LONG DISTANCE ZEnith 0-7255 at no cost to you IVIERA MOTOR HOTEL 5359 Calgary Trail Edmonton, Alberta Phone: (403) 434-3431 Telex: 037-2J10 CONESTOGA MOTOR HOME 1502 2nd AVE. S. LETHBRIDGE, ALTA. McDONELL MANUFACTURING THE MOST COMPACT MOTOR HOME ON THE MARKET TODAY. 19 22, and 24 ft. capacily Motor Homes THE smoothest riding Motor Home made today THE Home wilh the least noise inside while travelling THE only Molor Home available today with the riding quality of a large automobile THE Manner of construction of lhe 22 ft. capacity molo Home with recessed bumpers is lhe only Motor Home known today with twin gaucho beds and goucho dinette thai can be lawfully parked at a parking meter of any cily THIS Motor Home has more upper cupboard and stor age space than most other makes CALL al our factory and see for yourself, check the construction and make comparisons TRY OUR RINTAV PIAN Junior Accommodation Planning Officer Term Poiition (until qpprox. October Salary Department of Public Works Edmonton, Alberta Underlakei specific assignment in occomodolion planning ond recommends lolurion. lo problems of ipoce ollocalior. by lioson wilh client deportmenls and lessor, ond preparation of floor plans, review! feasibility itudies on lease or new bidding proposals and recommends tourse of action) answers correspondence on behalf of senior Accomodation Officers regarding leases and odminis- Iration of rental tharoei to other Federal Departments and Agen- cies. Forward "Appllcallon for Employmenl" (Form PSC 367.401) avail- able at Post Office., Canada Manpower Centres, and Office, of Ihe Public Service Commission of Canada lo: Employment Officer, Department of Public Work, of Ccmoda, 10th Floor, On. thorn- ton Court, Edmonton, Alberla. Quote Compelilion No. 72-PW.WR-22.