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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 9, 1970, Lethbridge, Alberta Toronto Trading Mixed QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherty, Iloadhouse nnd McCualg) LAST BID Oil SALE a.m. Quotes) WESTERN OILS a.m. Quolesl TORONTO (CP) The To- ronto stock market was mixed in light mid-morning trading today. On index, industrials wer down .19 to 153.82 and base met- als .05 to 80.53. Golds were up .29 to 144.19 and western oils .36 to 134.93. Volume by lla.m. was shares, up from Magazine Indicates Baukrupcy OTTAWA in bankruptcy have been filed on behalf of three companies involved with publication of the magazine Sports Canada, it was announced Monday. D. F. McKechriie, trustee to bankruptcy, said assignments were filed with the Ontario Su- preme Court on behalf of Spro- can Agency Ltd., Morton Bas- law and Co. Ltd. and Canpubco (Canada) Ltd. He said Sprocan was responsi- ble for advertising in the maga- zine, Baslaw for mechanical work and Canpubco for publish- ing. Sports Canada suspended pub- lication early this year. A meeting to discuss the as- signments is to be held here June 18. Bill Van Burkleo, defensive halfback last year with Ottawa Rough Riders of the Canadian Football League, earlier filed suit against Red O'Quinn and Rick Black to recover said to have been loaned the men in connection with Sports Canada. Black, former Rider player, and O'qirinn, former Rider gen- eral manager, were involved in starting up the publication, which first appeared last "O'quinn now is general man- ager of Montreal Alouettes of the CFL. Dollar Value MONTREAL (CP) U.S. dol- lar in terms of Canadian funds up 5-16 to ?1.03Vi. Pound ster- ling up to NEW YORK (CP) Cana- dian dollar down 7-32 at 96 41-64 in terms of U.S. funds. Pound sterling unchanged at 61- 64. NET EARNINGS Canadian Imperial Bank of Commerce six months ended April 30; 1970, 54.6 cents share; 1969, 47.5 cents. General Distributors Can- ada Ltd., three months ended April 30: 1970, 73 Cents a share; 1969, 53 cents. G o d e r 1 c h Elevator antf Transit Co. Ltd., year ended March 31: 1970, 1969, YOU WILL BE PLEASANTLY SURPRISED HOW MUCH YOU MN SAVE BY LEASING A 1970 CADILLAC OLDSMOBILE CHEVROLET CHEVY NOVA CHEVELLE CAMARO MONTE CARLO ENVOY EPIC CHEVROLET TRUCK BENY Automotive Enterprises Ltd. Comort Borli KomhUilwv INSUMNCt LEASING UP. 1274147 at the same time Monday. Gains outnumbered losses G( to 58 with 126 issues unchanged. Analysts have noted a tend- ency toward increased concen- tration in blue-chip stocks, wit! many investors shying away from speculative issues. Largest declines were in bank, beverage and chemical is sues. Moderate gains were made in merchandising and oil refining issues. Among declining stocks, Nor- anda was down to 26, Walker Gooderham Vi to 41, Roya! Bank Vt to Toronto Domin ion Bank Vi to 18V4, Canadian Breweries Vt to 6-Ts and Alcan V, to 21 !4. Aimco Industries was up to 15V4, Sherritt to and Asa- mera 'A to 13. BANKS LOWER MONTREAL (CP) were slightly lower early today on the Montreal stock market while all other sectors advanced fractionally in light trading. Bank of Montreal was up to 15Vi following a decision to lower its prime lending rate to eight per cent from 8V4 per cent, effective June 15. Royal Bank eased to Commerce to 19% and Nova Scotia Vi to A block of shares of Crush International traded at off 54. Canada Cement gained 94 to 32V4 and Woodward Stores to 15Y4 while Du Pont slipped Vs to Inco advanced to while Noranda declined Yf to On index, industrials were up .34 to 154.35. utilities .18 to 124.03, the composite .24 to 150.37 and papers .07 to 87.43. Banks were off .40 to 168.37. Combined volume on the Montreal and Canadian stock exchanges was shares at 11 a.m. compared with at the same time Monday. SLOW TRADING NEW YORK (AP) The stock market was mixed in slow early-afternoon trade today. At the Dow Jones aver- age of 30 industrials was off 0.13 at 700.10. Advances and declines were about even on the New York Stock Exchange. At noon the Associated Press 60-stock average was off 0.2 at 241.8. Among Canadians, Genstar Ltd. was up Dome Mines V4 and Hudson Bay Mining Vi. Granby fell and Massey On the American Stock Ex- change, Scurry-Rainbow was up Brascan Ltd. and Canadian Javelin each fell Vs. Net Earnings Of Neonex Show Gain VANCOUVER International Ltd. of Vancouver today reported net earnings of for 1969, a gain of 27 per cent over the previous year. Earnings per s h a r e rose to 66 cents from 58 cents on sales of up from in 1968. "Over the last four years, our" compound growth in re- ported earnings per share has been 33 per cent, total assets have now climbed to 000, shareholders' equity has reached and return on equity rose to 19 per Ross J. Turner, president of Neonex, said in the company's annual report. Mr. Turner said a significant development was the com- pany's substantial investment in Maple Leaf Mills Ltd. last year. Although Maple Leaf Mills has not shown the internal grwth that has been a prime requisite of Neonex expansion. he said its growth opportuni- ties are "very real." Neonex International is a ma- jor industrial corporation en- gaged in the manufacture and distribution of consumer goods and services industries. Atmlnex Asinera Banff Can South Cdn Ex Gas Cdn Grldol Cdn Homcsta Cdn In Gas Oil. Cdn Long Is Cdn Super....... Ccn Del Rio Cnnrler Chleflon Dynamic Peto French Pele Gf Plains Mill City Numac 4.05 12.87'A 7.60 3.45 3.45 7.35 7.00 8.25 J4.00 6.50 8.0J 1.18 5.25 1P.OO 1.30 5.00 .79 1.07 Res Joulci KalSL'i Kam L Ont Port Cem Newconex Pacific Pete Rank org shell Inv Shell Inv Pfd Shell Inv WI3 West Cdn Seed Whllcpass Yuk 1.18 In 15.37'A In Mill 1.V5 2.15 5.30 20.50 12.00 24.00 54.50 9.80 2.3f> I OS Venture' Mut Ac Fund Mut Gr Fund Mut Income Mat Resources Prln Gr ___ Prov MUT Regent Fund Roylund United Ac Quotes! 3.39 10.27 4.iS 4.97 3.98 3.36 4.20 -1.6? 3.81 .1.19 4.15 .1.56 6.28 6.C6 3.63 3.99 3.73 6.37 7.13 1.11 4.59 4.73 -1.47 Labor Assistance [aim Business turiiday, 1, 1970 THE LE1HBRIDGE HERALD CANADIAN SCHENLEY APPOINTMENT Petrol Pinnacle Place Gas Ranger Scurry Rain Spooner Triad Wect Decalto MISCELLANEOUS INDUSTRIALS Atco In....... 8.75 Aqualoine 16.50 Brit Nwfld 4.55 Brew A Pfd 29.00 1.31 7.75 16.00 1.50 3.40 4.00 VANCOUVER I 11 Anuk............ 10 Arctic Mln Atins Ex 03 Dolh Copper "25 Blrnite Ridge '45 Block Brothers 05 BrenUa ,ia Brenmac '05iA B.C. Sugar Capt Inter Churchill Cop Cor Credit Crest For Ind Croyden Dolly Vordcn B Pfd Cdn Hydro Cdn Pdc in CPR Pfd Cygnus A Cyqnus B Cum Prop Gt Cdn Oil 5 Gt Cdn Oil S6-75 Home A Ho B 3S.OO 11.50 23.12W .8.25 5.00 5.00 8.50 4.20 96.00 15.75 Hud Bay Co 12.55 Hud Boy Oil 35.25 Hud Bay ofl Pfd -16.75 Husky Oil 8.12V Husky OH War. 2.95 Inter Steel Pipo 5.25 Jefferson Lake. 8.50 CALGARY Acroll Ann Pete Barons Oil North Con! Plains Pete West Wn'rner Lc-duc Cal Madison Qulnalta PIPELINE STOCKS Alta Gas Tr A 33.50 Alta Gas Tr 66.00 Inland Nat Gas 8.B7.. North and Cen B 25.00 Gai Metro 3.75 cISj Tr Cdn Pipe 25.55 Futurity Tr Cdn Pipe 2.80 36.00 Mascot..... Tr Cdn Pipe War 6.35 Westcoast Tr 15.75 Kov mdust Western Pacific 4.15 MUTUAL FUNDS Inter Brew A.G F. Special 2.10 2.15 Jericho All Cdn Com-.. 6.02 6.58 Kam Copper All Cdn DIV 7.01 7.66 Lornox All Cdn Ven 3.13 3.43 Mount Wash Arner Gr F 4.22 4.64 Madrona Cdn Gr .1.72 5.19 Ne'.v Cronln Cdn In Fund 3.92 .1.30 okanogan Hel ___ Coll Mut 5.00 5.49 Primer Commonwealth lo.BJ 11.83 Pyramid Com'wealth Lev 2.21 2.97 Silver Std....... Corp In 5.18 T.C. Ex Dreyfus F U.S. 9.72 10.65 Trojan Northwest Fin 3.40 3.74 Western Mines Northwest Gr 3.92 4.31 Weslcoast Res Growth Equity 5.32 5.85 West Ex Gr In Shares 2.71 2.97 Utica .2-1 .23 1.10 15.50 17.25 2.90 By IRVING C. WHYNOT Canadian Press Business MONTREAL (CP) Bound Jjy volunlary apreerrrent to hold I clown prices a-nd badgered by 'falling profits, Canadian manu- facturers say they need co-oper- ation from labor" if they are to 3.70 .09V: TORONTO MINES, INDUSTRIALS Supplied by Richardson Securities of Canada LAST BID OR SALE a.m. Quotes) a.m. Quoies) a.m. Quotes) INDUSTRIALS Ablflbl...... Alcan Algoma Steel Atco Ind Allan Sugar Bel! Braxll Trac B.C. Tel Burns B.C. Forest B.C. Sugar CAE Ind Cdn Brew Chemcell' Col Cellulose Cal Power Coron Credit CWN Gas Cdn Indust Canada S S Cdn Marconi CPR Cdn Vickers Chrysler Cons Bath Cons Gas Dlsf Sea Dom Bridgs Domtar Dom Textile Dom Stores Dome Pete Fam Play Fd of Amer Gt Cdn Oil Gen Mofors Gi Lakes Pap Gulf Oil Cda Hawker Sid Huron, Erie Hiram Walk Imperial Oil Imperial Tob Int Nickel Int Pipe Inv Gp A Int Utilities Indust Accepf LaureMide Kelly Doug A Metro Sotres Massey Ferg McMillan Moore Corp Molson's A 21.50 12.00 8.25 42.00 13.75 55.JO 7.63'A 23.50 17.12 Vi 4.10 5.37'A 5.12'A 1.20 10.00 9.25 20.00 2.90 57.00 6.25 22.87 V'l 23.37V2 13.75 14.50 44 50 12.75 13.37'A 12.R7Vj 9.87 V'j 33.00 3.60 17.00 15.12Vi 1.90 15.75 41.75 15.75 13.12'A 40.00 19.00 6.37'A 22.50 13.62TA 4.15 5.50 6.50 18.00 10.75 3J.OO 30.50 Molson's B North, Cent Pemblna Pp Power Corp Price Co..... Rothmans Shell CDA Simpson's Simp Sears Steel of Can Selkirk A Texaco Traders Gp A Trans Mtn Pp Trans Cdn Pp Union Oil Versatile Mfg Westeet Union Car Weston's B Woodward's A West Cdn Sd Zenith Elec BANKS Con Imperial Montreal Nova Scolia Royal Tor-Dom MINES Acma....... Advocate Asb. Akaitcho Area Mines Belcher Iron Black Bay Bralorne Broulan Bethlehem Brunswick Canada Tung. Casslar Central Pat. Chlmo....... Conwest Cons. Rambler Coin Lake Cochenour Cralgmont Dlckenson Mlns Denlson Mines Deer Horn D'Eldona..... Dome Mines Donalda..... Discovery East Malartlc East Sullivan 13.00 11.00 17.50 7.00 8.75 9.25 34.00 16.00 19.75 10.00 21.00 9.25 25.50 12.75 30.25 2.95 9.75 21.00 15.00 2.35 1.40 13.62V2 21.25 18.25 1.83 .40 1.70 .22 15.37Vi 5.23 1.65 18.50 2.26 1.31 9.20 .85 .14 .45 11.50 1.65 25.00 .67 .71 51.50 .26V 1.30 1.05 5.70 Falconbrldge Frobex First Maritlmes Giant Y.K..... Goridrum Grnnduc Headway R.L. Hollingsr..... Hud. Bay M-S Highland Bell Iron Bay Iso.......... Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Leitch..... Langis Silver Macassa AAadsen R.L. Malarlic G.F. Martin McNeely Maybrun..... Mscliityre Mela Midrim Intern Mogul New Alnona New Calumet New Imperial Noranda Northgate Opemlska Osisko....... Patino....... Pine Point Placer Dev. P.C. Exp...... Quebec Man Rayrock RBdiore 'Rio Algom Roman Corp. Silverfields Sherritt Gordon Silver Miller Steep Rock Siscoe....... Tek Corp..... Texmont..... Uoper Canada Western Mines Wright Har. Willroy....... Windfall..... Yellowknlfe Br. Zenmac 133.00 .31 1.27 7.40 3.80 1 75 7.W 9.00 24.75 22.62'A 2.70 2.50 1.60 10.00 .29 27.CO 3.25 1.57 .07 1.31 .91 .S3 14.50 .31 iso.no .19 .21 2.05 26.12V2 12.00 13.25 .30 29.5Q 29.50 .70 .21 1.52 .30 16.87ft 6.50 2.25 17.62ft .08 3.05 2.00 5.75 1-70 1.19 .13 4.65 ,11 NEW YORK STOCKS Supplied by Richardson, Securities of Canada Amr T and T Anaconda 3th Steel Chrysler Comsat bupbnt Gen Motors Int Harvester Kenn Copper Mont Ward 25.00 23.87'A 22.25 31.50 llfi.OO 25.25 44.25 44.50 Sears 58.35 10 Base Metals 50.47 off .11 Std Oil of NJ. 54.50 Texas Gulf 114.50 Texas Co 26.75 Woplworth 29.50 West Eelec 62.50 U.S. Steel 33.35 IS West Oils 135.JO up .83 Volume UBUI vnBb- NEW Y0.RK AVERAGES 30 Indust 69-6? off .5J 20 Rails U3.41 off .12 TORONTO AVERAGES IS Utilities 100.78 off 54 20 Industrials 15-1.22 up .21 65 Stocks 227.30 off 36 .36 Volume 20 Golds 144.26 up Eastern Europe Thirsting For Oil VIENNA, Austria (Reuters) The Communist governments of Eastern for oil to fuel their growth in the 1970s and rapidly ex- panding their ties with Middle East oil states. In the last year or two practi- cally every Arab or Persian Gulf state has negotiated a barter deal with one or other of the East European govern- ments. It appears to be the be- ginning of a long-term trend. Iran, Iraq and Libya head the list of oil producers looking more toward Communist mar- kets. The Soviet Union is invest- ing heavily in pipeline and pumping capacities in the Mid- dle East and Czechoslovakia is building a refinery in Iraq in return for oil. Oil agreements in recent years between Iran and Com- munist European countries other than the Soviet Union rtp- e s e n t a total of around by Western calcula- .ions. Oilmen have concluded hat in five years Iran could supplant Russia as the major supplier of oil to the states of Eastern Europe. American and West European SERVICE STATION FRANCHISE AVAILABLE An ppportunity to own your own business in the City of lethbridge Applicants requir9 A Managerial ability Approximately All replies kept In strict confidence WRITE BOX 37, IETHBRIDGE HERALD oil marketing companies, who for 50 years have nearly monop- olized "Middle East oil outlets, do not view the arrival of Com- munist traders as necessarily disruptive. On the contrary, they believe it could be a long-term stabiliz- ing element. Communist gov- ernments will be equally con- cerned with peace in the area to preserve their growing invest- menjs. Although counting on a oil output of its own by 1975, Russia has advised its Eastern European allies to look elsewhere for supplemen- tary oil supplies. The Russians know they are sitting on top of mammoth der posits of oil and gas. But these vast reserves lie for the most part beneath feet of rock, earth and ice, in (lie perma- nent-frost regions of central and northern Siberia. j The problem is to extract the I oil in the harsh conditions of the j frozen North. j Similarly large deposits in i Alaska give North American oil- men the same kind of challenge. The. new techniques being de- vised may take a decade to master. Meanwlulc, oil deposits in southern and centra! Russia are shrinking as most Communist states, with the exception of coal-rich Poland, are phasing out uneconomic coal mines and moving to oil and gas fuels. help restore a healthy economy. In speech after speech at opening sessions Monday of the annual convention of the Cana- dian Manufacturers' Association this point was stressed. Retiring president L. F. Wills said at a news conference: Livestock Lefhbridge Livestock (Supplied by Canada Department of Agriculture) On offer to 11 a.m. 125 cattle. Receipts mostly s 1 a u g h ter cattle. Trade active. Good and choice butcher steers meeting good demand. Prices strong to 25 cents higher. Medium grades steady. Good and choice butch- er heifers meeting only fair de- mand. Prices 50 cents lower. Medium and good cows meet- ing very good demand. Prices 50 to 75 cents higher. Medium and good heavy feeder steers scarce and selling steady. Choice steers 30.50 to 31.20; good 29.25 to 30.50; medium 27 to 28. Choice heifers 27.50 to 28.10; good 27 to 27.50. Good cows 22.50 to 23.40; me- dium 21 to 22; canners and cut- ters 17 to 20. Good heavy feeder steers 30 to 32; medium 27 to 29.50. Butcher hogs sold Monday f.o.b. Lethbridge 29.75 to 30.30 base price. Good spring lambs 30. HOG SALES Monday sales hogs. Wearier and feeder hogs were once again under pressure. Prices generally steady for heavy lots falling to lower for lighter kinds. Weaners were selling about lower. Light and heavy feed- ers were steady to SI lower. Weaners 12 to 18.50; light feeders under 100 Ibs 20 to 24.50; heavy feeders 100 to 130 Ibs 29 to 31; light feeders over 130 Ibs. 34 to 35.50. All prices per head. Light feeders under 100 Ibs. sold between 29 to 35 per hun- dredweight. Heavy feeders over 100 Ibs 21 to 25 per hundredweight. Calgary Livestock CALGARY (CP) On offer to 11 a.m. head, mostly slaughter cattle of mixed qual- ity. Trade moderately active on steers and heifers, with slightly more action on cows. Slaughter steers sold 50 cents lower with choice kinds scarce. Cows met a good demand at steady prices. No bulls on offer. Choice steers 30.25 to 31, good 29 to 30; medium 27.50 to 28.50. Choice heifers 28 to 28.50. Good 26.75 to 27.75, medium 25.50 to 26.50. Good COWS 21.75 Imperial Bank Net Profits Up MONTREAL (CP) Cana- dian Imperial Bank of Com- merce reports net profit of or 54.6 cents a share for the sis months ended April 30, compared with or 47.5 cents in the same period last year. Gross revenue was up from a year earlier. Gross expendi- tures were up from Hog Prices EDMONTON (CP) Prices today provided by the Alberta Hog Producers Mark e t i n g Board: Edmonton: Quoted 29.80, sell- ing 29.80. Average Monday 29.90. Red Deer: Quoted 29.80 to 29.35, selling 29.80. Average Monday 30.08. Calgary: Quoted 29.80 to 29.95, selling 29.80. Average Monday 30.46. Lethbridge: Quoted 2-9.80 to 30.10. selling 30.10. Average Monday 30.05. Lloydminster: No sales to- day. Average Monday 29.85. Grande Prairie: No sales to- i day or Monday. Sows 21.75. Hogs sold to 1! a.m. 1.711. Hogs sold Monday at a provincial average of 30.03. to 22.50. Medium 20.50 to 21.50. Canners and cutters 18.50 to 20.25. Replace ment cattle con- tinued to be in s h o r t supply and prices were steady for quality. Good feeder steers 30 to 30.40, depending on weight. Good stock and feeder cows 20 to 23.50. No stock or slaughter calves on offer. Portland Livestock PORTLAND (AP) Cattle and calves, 800. Slaughter cows 50 to 1.00 low- er, other slaughter classes firm to 50 higher. Slaughter steers, choice, 975 to Ibs., 31.25 to 31.80. Slaughter heifers, choice, 800 to 925 Ibs., 28.50 to 30.00. Slaughter cows, utility, 18.50 to 21.75. Slaughter bulls, several prom- ising attractive (dressing) per- centage, 30.25 to 31.75. Grain Prices Winnipeg Grain Prices WINNIPEG Trading was light throughout the day in all commodities with prices generally steady to strong at the close of the Winnipeg Grain Exchange today. Rapeseed had some shipper buying on light speculative sell- ing, but offers in both rape- seed and flax were light. Oats nnd barley Inac- tive. Rye had light offers and a light strength in all futures. Export Canadian wheat load- ings Monday consisted of 063 bushels to China. Monday's volume of trade In- cluded bushels of rape- seed, of flax and 000 of rye. Prices for class two wheat for export to countries outside IGA: 1 Nor 2 3 4 1 Durum 2 3 IGA prices: 1 Nor 2 3 1.61 4 1 Durum 2 1.70 3 1.60 High Low Close Flax Jiy Oct Nov Dec Jly Nov Jan Mar Oats Jly Oet Dec Barley Oct Dec Rye Jiy Oct Dec "Wo some assistance and some co-operation to carry on with voluntary restraint. "We think we have done that which had been asked of us we hope labor will do the "If we get some reasonable we have a bet- ter cluince of creating a more buoyant labor market." PROFITS FALLING In his presidential address earlier, Mr. Wills, chief execu- tive officer of Honeywell Con- trols Ltd., Scarborough, Ont., said the corporate profit decline meant business had to take a tougher stand on wage de- mands. Business, he said, was looking "for a little realism" from un- ions and "there can no longer be any question" of accepting hefty wage settlements such as those of the late 60s. In a panel discussion, speak- ers attacked federal labor legis- lation wliich they said had placed the balance of collective bargaining power in the hands of labor. H. J. Clawson of Steel Co. of Canada Ltd., Toronto, described collective bargaining as carried out today as "damn sick." He said unions had gained such power by federal legislation that it is impossible to work out fair agreements. Prof. Neil Chamberlain o! the Graduate School of Business, Columbia University, New York, said a similar meeting of the labor leaders would claim that management held the bal- ance of power in bargaining. BENEFITS EQUAL R. V. Hicks, a Toronto lawyer who specializes in labor law, re- ported on a survey of members which showed little difference in the total wage and benefits package received by union and non-union workers. He said the survey of 214 em- ployers with workers showed some differences on in- dividual items but the ova-all difference was not great. The employers surveyed had both union and non-union shops. "Non-unionized employees are somewhat ahead on vacation, health benefit and pension he said, "but lag on em- ployer contributions to medical- surgical-hospital plans." He said unions could argue they had made significant eco- nomic gains for their members. But tins would be difficult to evaluate, he said, because of the cost of union representation and the loss through strikes. H. W. HEIDE The appointment of Mr. E. VI. Heido aj General Sales Man- ager, Prairies Division for Ca- nadian Schenley Dstilleries Ltd. is announced by Mr. John H. Cochrane, National Sales Man- ager. Mr. Heido hos previously held senior sciet positions with Schenley in Albt-rlo Ond Mani- toba and most recently As- sistant General Seles Manager, Ontario Division. Mr. Heide will be headquartered in Calgary, Alberta, effective immediately. 279% 278V4 279 273V8 264 272 272% 266% 256% 263V4 263 308% 304% 308 256 252'A 243 245% 242 243% 244 101 105 7514 76% 7654 109% 11014 1101'i IdOTs lOIVs 104% 104% 10614 Beef Futures WINNIPEG (CP) The Win- nipeg live beef futures market was inactive Monday with no contracts and few bids at pre- vious close levels. Open High Low Close Jly 30.60 30.60 30.60 Sep 29.00N 29.00A Nov 28.80N 21.80N Jan 29.00N 29.DON McMalion Resigns CALGARY (CP) -Frank M. McMalion of Vancouver today resigned from the board of di- rectors of Westcoast Transmis- sion Co. Ltd. W. H. Tye of Calgary, vice- president the company and treasurer of Pacific Petroleums Ltd., will serve the remainder of Mr. McMahon's term, West- coast said. Pacific Petroleums, one of Canada's leading oil and gas producers, has a 28 per cent interest in Westcoast, and is the largest individual share- holder in the Vancouver-based natural gas pipeline firm, founded by Mr. McMahon more than 20 years ago. "Mr. McMahon's resignation from the Westcoast directorate is part of a planned reduction of his many business activi- ties." The company said. "Last year, in addition to relinquish- ing the board chairmanship of Westcoast, he resigned his di- rectorship of Pacific Petrole- ums Ltd., another major firm of which he was the founder." MONTREAL (CP Effec- tive Monday, June 15, the Bank of Montreal's prime lending rate will be reduced to eight per cent from181 a per cent. The bank also announced Monday that interest payable on its "true savings accounts" will be reduced to six per cent from 6Vz, effective July 1. The bank said it would adjust its interest rates for both loans and deposits at a later date if it became necessary. None of the other chartered banks has yet announced simi- lar plans. Spokesmen for Toronto Do- minion and the Provincial Bank of Canada1 said they have the prime rate situation under closa study but neither institution planned an immediate an- nouncement. Canadian Imperial Bank of Commerce declined to com- ment, but Royal Bank said prime rate has been "under study for some time." The lowering of the prime rate affects only companies with "prime" credit or individu- als borrowing on collateral which entitles them to the low- est rate of interest charged by the bank. If other banks follow suit In reducing the prime rate, the ef- fect will eventually be passed on to Hie average borrower in the form of lower Interest rates on consumer loans. BEFORE TRUCKLOAD STORE FOR RENT GOOD LOCATION ON 5th STREET SOUTH Suitable for shoe store or ladies' wear stors APPtY: Starts Men's Wear 321 5th St. S. COLOR TV AT A SENSATIONAL SALE PRICE Thurs. thru Saf. June 11, 12 and 13 BIG INDUSTRY More than 170 companies in Canada are engaged in Miami- facturing some worth of pharmaceutical and medicinal preparations an- nually. Potato Prices WINNIPEG (CP) Trading j ivos extremely light at the Mar- i itini.e potato futures market Monday with some bids at pre-: vous close levels, but no offers. Open High Low Close j Nov 2.30A 2.30A 2.30A i Mar2.60B 2.60B 2.60B I Smftfy's Pancake House Franchise Available Excellent localion In Marathon Development in Cily of Lethbridge to be open about Octo- ber, 1970, Cash required approximately Capital investment returned in ap- proximately four years. For further information please write or phone SMITTY'S PANCAKE HOUSES LTD. 709 8th Avo. S.W., CAIGARY, Alberta. 263-5683 (403) Perfect for palio, den, kitchen bedroom. GRAIN IN TRADE 236 13lh St. N. Pl-.o.-.e 328.2235 Alain Street, Cooldals Phono 345..1J7? ;