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Lethbridge Herald, The (Newspaper) - June 8, 1974, Lethbridge, Alberta 'Myths' plague Canada transport MONTREAL portation in Canada may be beset with more myths than any other economic sector, -members of the Canadian Manufacturers' Association were told. Howard Darling of Ottawa said one such myth is that freight rates are holding back the economic development of many regions of Canada Mr. Darling, a former federal government transport advisor now engaged in private consulting work, said no amount of adjusting freight rates could bring about the economic advantages that some regions seem to want "The idea that any town or village should have the possi- bility of becoming an industrial hub of the nation is harmless rhetoric much like saying that any child could become prime minister or that anyone could win first prize in the Olympic lottery." he said. Donald E Armstrong, head of the business faculty at McGill University, said it is wrong to believe that transportation would be improved if completely nationalized. If there is a shortage of rail capacity, new capacity would be installed if only the price of transportation services were allowed to rise relative to other prices, he said. Another fallacy, said John Eyre, president of Montreal- based Saguenay Shipping Ltd.. is that Canada is suffering from lack of a merchant marine. Competition among" shipping firms in several countries is intense enough to protect industry and snipping operations here, he said. "This may explain the fact that there is no real clamor from Canadian labor or in- dustry for a national flag mer- chant he said. NEED SMALL FLEET However, Mr. Eyre said un- certainties that are likely to crop up in cargo ship avail- ability at reasonable rates dic- tate that Canada should have "some nucleus salt-watar maritime activity" to go into use after 1980. A spokesman for the trucking industry identified the major transportation problem for the rest of the century as rebuilding the railway infrastructure. J. C. Carruth of Missauga, Ont., president of the Canadian Trucking Association, said the question is whether railways will be allowed to generate the capital necessary for reinvest- ment or whether expansion will be funded through "half- baked" government subsidies. He said, however, that tru- ckers will "fight like hell" to insure that subsidies are going strictly to rail operations and not to railway-owned trucking concerns. Mr. Carruth suggested a re- turn to the spirit of the National Transportation Act as an aiiernative to decisions "based on political expendiency or the wizardry of whatever policy advisors happened to hold sway in Ottawa at any given moment." Jamaica seeks talk on bauxite Imperial Bank revenues gain TORONTO (CP) Canadian Imperial Bank of Commerce reports balance of revenue after income taxes for the six months to April 30 of up 15 per cent from for the corresponding period a year earlier. The bank says in a report to shareholders that total assets at the end of the half-year were billion, an increase of 22 per cent over 3 billion a year earlier The bank said the growth in assets and earnings has been accentuated by inflation "and this cannot be expected to con- tinue indefinitely." "The rate of return on assets was lower in the second quarter of 1974 than in either the preceding quarter or the same quarter of last year, and the gain in earnings was attributable wholly to the higher volume of assets. "In the remainder of the fis- cal year, further increases in volume of business are ex- pected together with increasing pressure of operating costs." MONTREAL (CP) Prime Minister Michael Manley of Jamaica has notified aluminum companies that his government wants to reopen talks on ownership of bauxite lands and reserves, an Alcan Aluminium Ltd spokesman said this week. "They have said they wish to reclaim some of the land the company has owned but they do assure us access to said the spokesman, following the announcement of new Jamaican demands on the aluminium industry in a speech delivered in Philadelphia by John H. Hale, Alcan executive vice- president for finance. A proposal which would would increase Jamaica's production tax on bauxite by 800 per cent is currently before the country's legislature and is expected to receive final approval. The spokesman said only a small percentage of Alcan's land holdings in Jamaica are actively mined for bauxite. The company rents excess land to about tenant farmers, he said In his Philadelphia speech, Mr. Hale said the proposed tax increase would raise levies on bauxite mined by Alcan to more than a ton from about a ton "We understand the tax will be retroactive to the beginning of 1974, and for Alcan this means extra Jamaican taxes in 1974 of about he said. Soured dealer moves from Detroit DETROIT (AP) When Ronald Petin said he was fed up with being robbed and beaten and would move his business out of Detroit, he meant it. Fndav, embittered after 20 burglaries in the last 10 years and a robbery in March in which he was injured, the 67- year-old Petin no longer is a Detroit businessman. Petin turned his store, which he had occupied for 18 years, into an iron fortress, lining the windows with stell fencing and putting heavy bars and an automatic lock on the door. There's slso an elaborate burglar alarm system. But the security precautions did little to dispel fears. GRASSIE-FIRBANKS LTD. This long established and rapidly expanding B.C. owned and operated company has openings for fully qualified watchmakers with positions available for both bench and counter work. The applicant should have many years experience in all phases of his trade. Telephone collect: MRS. VAN DAAL 604 685-2271, evenings 604 277-8436 U.S. bank lowers prime rate NEW YORK (AP) First National City Bank on Friday became the first major United States commercial bank to drop its prime lending rate below the prevailing high of per cent. Citibank, which adjusts its rate every Friday, lowered its prime rate to 11% per cent from per cent. This was the bank's first reduction in more than three months, when the prime began its current rise. Citibank's move, which came after prime reductions at smaller banks earlier this week, was followed by Michigan (Lansing) National Bank's move to llVt from The prime rate is the interest banks charge their best and biggest corporate customers. Any sustained decline in the prime can affect rates for consumer loans, though the two are not directly related. First National Bank of Miami dropped its prime rate Thursday to im per cent from 11'i per cent. Citibank is the second- largest bank. Pollution fighter Cam MacNeil holds new information terminal. Telephone hook-up speeds spill answer By PETER MICHAELSON OTTAWA (CP) Today's pollution fighter is a man in a grey pm-stnpe suit carrying a suitcase. That is how Cam McNeil dressed this week when he opened his suitcase to fight an imaginary oil slick near Van- couver for the benefit of reporters and television cameramen. Mr McNeil, assistant man- ager of the federal environment protection centre, had in his suitcase a computer terminal that he plugged into a central environment computer in Toronto with a telephone call. Questions about the location and capability of special pollu- tion fighting equipment to handle the imaginary spill were fed into the computer on the terminal's keyboard and back came instant answers. That central computer has more than 200.000 scientific literature references, types and locations of equipment, information on unknown chemicals and records of past spills to satisfy anyone getting set to fight a pollution threat. This system is probably the most ad'vanced in the world, Mr. McNeil said of the com- puter network that will enable environmental agencies, as well as mining, oil and pulp- and-paper fact, anyone with a terminal and a get instant. advice on how to contend with pollution emergencies. In a news release, environ- ment deputy minister R.F. Shaw said the system enables authorities "to fight such accidents that do occur with greater speed and efficiency, and analyse past spill responses to do better in the future." SYSTEM EXPANDING Only the five regional offices of the environmental protection service now are using the system. But officials said major oil companies and provincial environmental agencies have indicated they want in. When that happens the whole system will become even more sophisticated and reliable because the location and type of practically all pollution fighting equipment in the country will be in the central computer, said Fern Hurtubise. director of the environmental emergency branch. There is strong motivation for private companies to join the network, called the National Emergency Equipment Locator System, said Mr. An oil company, for instance, that had. an emergency breakdown and needed certain equipment might find through the computer that the equipment could be rented or borrowed nearby. The environment department is anxious to have private companies on the THE ALBERTA LAND SURVEYORS ASSOCIATION (1-3 Year Term) GUARANTEED SAVINGS CERTIFICATES Interest payable monthly, quarterly, aemi-annually or compounded to maturity. Member Canada Deposit Insurance Corporation Depositors can purchase Olympic coins FARMERS MERCHANTS TRUST weposntHS Fm 309-7th Street Phone 328-5548 Radium hunt LONDON (API The National Westminster Bank, one of Britain's biggest banks, is putting radioactivity checks on safe-deposit boxes in its 3.300 branches following discovery of radium deposits in one of them, the bank announced today. It refused to say how the radium was discovered or in which branch FIND STOLEN VERMEER LONDON Two disabled steelworkers have filed identical damage charging nine of Ihe largest asbestos manufacturing companies in thr United Stales wilh not of the dangers in their product James Derocco. 60. and Andrew Monessen. 61. claimed they contracted pulmonary diseases while working with asbestos at the Monessen plant of Wheeling- PiUsburgh Steel Co The sin! contends thai Ihe 1wo were permanently disabled when they contracted pneumocomosis and other jriilmonan diseases while working with the product The suits were filed this week in Allegeny County common pleas court Thomas Henderson, one of the lawyers representing the men said the asbestos firms did no! prescribe protective apparel or breathing equipment Companies who are alleged to have supplied asbestos products to Wheeling and are named in the suit are Forty- Eighi Insulation. Inc Vimasco Corp Guslin-Bacon Division. Certain Teed Products Corp.: Eagle- Pitcher Industries. Inc Minnesota Mining and Manufacturing Co Pittsburgh Corning Corp Johns-Manville Corp Owens Corning Fiberglas Corp and Benjamin Foster Division. Amchem Products Inc R.J. WATSON, A.L.S. Mr. R. J. (Reg) Watson of Edmonton was elected President of the Alberta Land Surveyors Associ- ation at the 65th Annual Meeting held in Jasper on April 25 and 26. 1974. Mr. Watson has been active in Association af- fairs since being com- missioned as an Alberta Land Surveyor in 1959. Reg is also a member of the Association of Pro- fessional Engineers of Alberta and is a partner in the firm of Slewarj Weir, Stewart. Walson and Hemrichs. Lane' Surveyors and Profes- sional Engineers Other members of Council include Vice President Mr J W Hill President Mr VI L Sexauer Members o1 Council Mr. J. Deyholos Mr 0 M Gram Mr J C Horn Mr T P Skmberg Mr. A Hiltel Mr. G K Allred Secretary- Treasurer Mr. R F. Baker Saturday, June LETHBRIDGE Letter requests business education hook-up because terminals would then be located at key places around the country, said Mr. Hurtubise. A terminal hooked into the system would get plenty of use by a team seeking scientific advice while fighting a large pollution threat in a remote, area, he said. Under the environment de- partment's direction, the sys- tem was developed by I.P. Sharp Associates, a Toronto computer firm, in co- operation with the 11 major oil companies that are members of the Petroleum Association for the Conservation of the Canadian Environment By WENDY ROSEN TORONTO (CP) Cana- dian industry is in danger of becoming the scapegoat for "cop-out" politicians unless a concerted effort is made to educate the public, Moss, Lawspn and Co. of Toronto says in an investment letter. Inflation has caused the cost of living to soar and has sent corporate profits higher. But, Moss Lawson says, reported profits and real profits are different. Inflation of more than 10 per cent brings in over-stated earnings best exemplified by the price-earnings relationship between stock prices and earnings per share. In Toronto the levels are the lowest since the early 1950s. Consequently, record" profit levels are misleading. Over-statement of corporate earnings is due to outdated methods of evaluating inventories and inadequate depreciation charges, Moss Lawson says. The shortfall of depreciation charges, the company says, enhances earnings but does not provide for the increased future expenses of replacing worn-out equipment and facilities. PROFITS ARE INFLATED The 1973 United States in- ventory profits increase of 143 per cent would have been cut by a third by utilizing better bookkeeping methods, Moss Lawson says. The corpo- rations paid taxes on these il- lusionary profits by not charging adequate deprecia- tion expenses and by using previous inventory costs rather than current replace- ment costs. The investment firm says a U.S. study shows that ad- justed (for depreciation and inventory costs) corporate profits in 1966 were four per cent below reported levels while in 1973 they were 26 per cent below. Similarly, re- ported earnings rose 36 per cent since 1966 while adjusted earnings rose only five per cent during a period when the cost of living increased 37 per cent and total U.S. industrial production increased 28 per cent. The company says a paral- lel situation likely existed in Canada during the same pe- riod In addition Canadian corpo- rations, especially in the re- source sector, it says, are being caught in a tug of war between the federal and pro- vincial governments. Moss Lawson says it is only because business in general abrogated its responsibility of informing the public about profits and how they are used that some politicians could capitalize on the public's gen- eral misunderstanding of eco- nomics Reserves decline OTTAWA (CP) Official Canadian reserves of foreign currencies and other monetary holdings declined slightly during May The total at May'31 was 230.440.000. calculated in U S dollars, compared with at the end of April The total for U S the major component of Canadian at May 31 and at April 30 Holdings of gold were un- changed at TREES MAY BE SAVED Experts believe controlled ice storms would save fruit trees from frost damage. H. H. Smith Ltd. Customs Broker EDMONTON PHONE 424 9796 1 CALORY PHGNE 263 8050 I Letltbridgt Phoni 328-8141 604424-5458 COUTTS Home Office Phone 344-3822 3000 SQUARE FEET FOR RENT Downtown Commercial Space Phone 328-1520 or 328-5309 DIRK AND JAKE TUINDER VULCAN Auction Sale At the farm located 1 mile North of Vulcan and 5 miles East SATURDAY, JUNE 15th A.M. SHARP Household Antiques Canadiana Collectors Items 4 round oak tables: 2 square oak tables: Mahogany corner chain cabinet with bow glass front: Old hardware scale: Quantity of odd wooden chairs: Oak arm chairs; Oak buffet. Wicker rocking chair; Oak side board. Oak dresser complete with oval mirror: Oak buffet with mirrored back: Uphostered base rocker Very old Majestic coffee pot; "Very old clock with solid oak case: Spinning wheel; Steamer shaving mug. Carnival glass bowl; Brass vase: Iron bank; Collar box; Carved diamond willow cane: Model A wheels: Model T car body: running gear, fenders: Quantity of wagon wheels: Single trees; Selection of collars; TV radio record player: Floor polisher; Vacuum cleaner: Horse garden cultivator: Old horse shoes: Old trunk; Flat irons and gas irons: Frigidatre auto- matic washer and dryer; 2 wringer washing machines. Quantity of old milk, beer and misc. bottles. Plus many more items of interest and value BRADBURY-OLDHAM LEATHER SEWING MACHINE (Over 100 old) Oak Writing Desk with Bookcase and Glass Front Oak China Cabinet with RoundGlass Front. Roll-Top desk. Oak Side Board FARM MACHINERY AND EQUIPMENT 1953 Jonn Deere 55 self-propelled (combine. Ford 1-lon. runs good. 1952 2-ton Ford, needs a motor. 12 fl Cockshutt pull-type swaJher. '69 Case 330 heavy duty baler; Massey Ferguson 26 12-ft. discer. 135-gal slip tank: 2-wheel trailer: wooden camoer TOOLS AND MISCELLANEOUS 28 11 Alum ext Sadder; Cooey .22 repealer Title RoloWier. Sirnpsor lable saw; Cement mixer; 1 H C oump erpine Head gale. Blacksmith forge. Post drill Gas lawn rrower Rubber lire running gear. 20 CATTLE 20 10 mixed cows and calves these are fall and spring calves 50 Bushel Capacity Hog Self-Feeder AUCTIONEER'S NOTE Havina tec? vd n.M'ur' r-s D and Jake Tuindei we will above b> siitl'f- will be some consujned 1o s-ate Thp ma'Pr'U 01 ihp I.J'P by This is onlv a osrl ai I Or-p I'le-p w M much more Please plan lo attend LUNCH WILL BE SERVED BY LOCAL LADIES OWNERS: DICK ft JAKE TUINDER, phone 485-6762, Frank Mclnenly. Auctioneer Lie. No. 675 (100-15) Arrowwood Ph. 534-3810 Clerk: MARION HUMPHREY "SELLING FOR YOU BY AUCTION ;