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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 10, 1974, Lethbridge, Alberta Monday, June 10, 1074 THE LETHBRIDGE HERALD 19 Barrett against pipeline project TORONTO (CP) Building the proposed Mack- enzie Valley natural gas pipe- line would have drastic effects on the Canadian economy, British Columbia Premier Dave Barrett said Saturday night. "We are past the stage of wanting big projects for their own sake and we must not be persuaded of the benefits by those who stand to make prof- he told the annual meeting of the Committee for an Independent Canada Twenty-six petroleum corporations, many of them American-owned, have lined up behind the pipeline application. Mr. Barrett said Canadians "will not need this expensive Arctic gas" until at least the 1980s. To develop it earlier would dislocate production in the south and leave most of the gains to United States produc- ers and consumers. The capital required for the project would put "heavy up- ward pressure" on Canada's exchange rate, Mr. Barrett said. Employment benefits derived from the project would be minimal because "the construction would last only about three years and it takes very few men to operate a pipeline." The CIC said that because none of the parties has pre- sented a stand on foreign own- ership, none will be supported by the CIC in the July 8 federal election campaign. "We're not saying any one party is acceptable because so far none of them said Pauline Jewett of Toronto, a political science professor and former member of Parliament. She told the 100 delegates that they should make foreign domination of the Canadian economy a "hot issue" in the election. "At present it is simply not being treated as an issue in this election. Because it isn't being flaunted as a hot issue, even if it comes up at a candidates' meeting, the press doesn't report it." Miss Jewett told CIC mem- bers to "interview all the candidates and publish their policy statements on foreign ownership." "It's the ignored issue we have to bring to the fore." World bankers advised inflation may slow BASEL, Switzerland (AP) The world's leading central bankers were told today that the threat of full-fledged international recession seems over for the time being and that inflation rates may slow in the second half of 1974. Jelle Zijlstra, president of the Bank for International Settle- ments, the centre for co-operation among Western central banks, said it would be wrong to relax restrictive policies to stimulate total demand. Addressing member from about 30 countries at the annual meeting of the settle- ments bank, Zijlstra said there are no signs that the downturn caused by the quadrupling of oil prices is going to -go further this year. "On the contrary, the level of activity seems to be being well maintained and it would be a mistake to give a major stimulus to total demand by policy measures." he said. "Thus, the adjustment of our expenditure patterns to the new level of oil prices seems to be proceeding without undue difficulty, now that the initial shock is wearing off." U.S. contains world's largest coal resources PITTSBURGH (AP) -The United States sits atop the free world's largest coal bin with more than one trillion tons of recoverable resources still in the ground, federal officials say. But still, many producers remain skeptical about plans -to increase production. Wheat quota change made WINNIPEG (CP) The Canadian Wheat Board has announced a number of quota changes, including a new quota for soft white spring C. The board said that effective June 10. the quota in all shipping blocks for soft white spring C will be 10 bushels a quota acre. The board also announced the following quota terminations, all effective June 28: hard red spring wheat A. B and C. five bushels a quota acre, in the 10 remaining shipping blocks; barley A. 10 bushels a quota: Alberta red winter A and B. five bushels a quota acre; and soft white spring A and B, five bushels a quota acre, in all shipping blocks. Gold contract trade started WINNIPEG (CPl Trading began Monday in 100- ounce gold contracts on the Winnipeg Commodity Exchange The Exchange Board of Governors has authorized trading in contracts for delivery in August and November. 1974. and February, May and August. 1975. Delivery months for standard gold futures contracts for 400 ounces are July and October. 3974. and January. April and July. 1975. Some coal operators are gloomy over President Nixon's Project Independence, designed to wean the country from for- eign oil and make it energy self-sufficient by through use of its coal reserves. "Project Independence is dead, buried and mortified un- less someone at the top in Washington does something about the uncertainty within the industry." one executive said recently. Restrictive environmental laws, labor problems, a lack of investment money and mettlesome safety- regulations are only a few of the production bottlenecks, industry leaders say. Tonnage has slipped from a peak of 602 million in 1970 to 591 million last year. And the federal government's goal of 650 million tons in 1974 has been dismissed by coal spokesmen. Uncertainty over air pollution standards appears to be the immediate stumbling block in getting more coal to the surface. "We have to know what the rules are before we can play the game." said Hazlett Coch- ran of Consolidation Coal Co.. the second largest producer in the U.S. "We certainly don't want to invest million in a new un- derground mine only to wake up next Monday to find out our customers are not going to be able to burn that coal." Congress is considering legislation to require surface miners to restore stripped land to its original contour, something that some states already require. Underground mining has its own set of those with labor. Output has dropped 28 per cent in the last four years from 15.61 tons per man'day in 19fi9 to 11 20 in 1973. Foster said. Wildcat strikes. absenteeism and a lack of skilled workers are blamed for part of the decline. The Herald Business Moderate mid-session trade Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERTY LIMITED WESTERN OILS AND MINES Afton Mines 5.37V? Albany Oil ...................41 Alta East Gas 5.75 Alrnmex 5.75 Asamera 9.25 Ashland Oil 8.37'A BP Cana 14.50 Brenda Mines 5.87V: Cda Southern 3.60 Cdn Export Gas 2.65 Cdn Homestead 4.60 Cdn Ind Gas 7.87V, Cdn Long Island .26 Cdn Superior 40.00 Chieftan Dev 7.25 Dome Pete 28.50 Dynasty 8.25 Ft Reliance .21 Giant Mascot 1.16 Gibraltar Mines Granisle 8.00 Great Plains 38.25 Grt Cdn Oil 7.50 Lochiel Explor 1.72 Lytton Mm 1.60 Noble Mines .56 North Cdn Oil 4.20 Numac Oil and Gas 12.12% PanCdn Pete Pan Ocean 11.12V4 Petrol 1.45 Pinnacle .31 Place Gas .42 Ponder .46 Ranger Oil 30.25 Scurry Rainbow 21.50 Seibens Spooner .30 Total Pete 8.50 Ulster Pete -97 United Canso Westcoast Pete 3.90 West Decalta 6.25 MISCELLANEOUS INDUSTRIES Acres Ltd Aquitame 26.50 BC Sugar C Pfd...........11.50 Block Bros 3.25 Cdn Inv A Pfd 30.50 Carlmg A Pfd 17.75 Carling B Pfd 21.25 Commerce Capital 2.45 Crestbrook Forest Falcon Copper 10.50 F M Trust Co 4.80 Genstar 18.75 Home Oil A 38.00 Home Oil B 36.50 Hudson Bay 17.25 Hud Bay Oil 30.00 Hud Bay A Pfd 40.00 Hugh Russell C Pfd 79.00 Husky Oil 16.75 Husky Oil B Pfd 34.00 Husky Oil D War .70 Husky Oil E War 7.00 Inter Pipe War 4.00 Inter S P 16.25 Kaiser Res 4.50 Kaiser Res War 2.00 Loblaw C Pfd 24.50 Magnasonics 2.30 Pacific Pete 22.00 Pac West Airlines 9.00 Pe-Ben Oilfield Ramer Inc 3.75 Royal Trust 25.25 Canbra Westfield Weston A Whitepass PIPELINE Alta Gas Alta Gas Alta Nat Gaz Inland Nat N C 37 Vi N C B Pac Gas Tr-Cda Tr-Cda A Tr-Cda B Tr-Cda Pipe West West Trans CALGARY Acroll 38% Barons Oils .06 N. Continental .02 Western Warner .27 VANCOUVER MINES Atlas Explorations .23 Bathurst Norsemmes 1.47 Dankoe 2.10 Davenport 77 Dolly Varden .21 Equitorial Res. .10% Lornex 7.50 Northair Mines 2.43 Primer .05 Pyramid .09 Silver Standard 2.12 Valley Copper 6.75 INDUSTRIALS Columbia Brewing 4.65 Key Industries .06 Wardair 1.70 OILS August Petroleum .32 Plains Pete .15 Ponderay Explorations .75 StampedeMnt'l Res 65 MUTUAL FUNDS All Cdn. Compound 5.67 6.16 All Cdn. Dividend 5.90 6.42 All Cdn. Ventures 3.02 3.28 Amer Growth Fund 4.36 4.79 A.G.F Special 2.23 Cdn. Invest Fund 4.64 5.09 Collective Mutual 4.66 5.12 Corp. Investors 5.70 6.26 Corp Invest Stock Fund 4.32 4.75 Dreyfus Fund U.S. 10.07 11.04 Great Pacific 4.12 4.51 Grouped In Shares 2.71 Growth Equity 6.18 6.79 Invest Growth Fund 11.0912.12 Mutual Accum 5.65 6.21 Mutual Growth Fund 2.85 3.74 Nat. Resources 4.21 4.63 N.W. Cdn. 5.22 5.74 N.W. Growth 4.33 4.76 Principal Growth 3.95 4.31 Provident Mutual 6.82 7.46 Royfund 6.29 6.55 Templeton Growth 7.36 8.07 United Accum 4.25 4.67 Universal Savings 7.32 8.05 Univest 5.45 5.97 Vanguard 5.32 5.83 Toronto mines9 industrials (Supplied by Richardson Securities ot Canada; MINES Acme Advocate Asb. Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung Cassiar Central Pat. Chimo Conwest Cons. Rambler Com Lake Cochenour Craigmont Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Maiartic East Sullivan Falconbridge Frobex First Mantimes Giant Y.K Granduc Hollmger Hudson Bay Hydra Ex. Iron Bay Iso Johet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malariic G.F. Martin McNeely Maclntyre Meta Midnm Intern Mogul Nu West Homes A New Athona New Calumet Noranda Northgale Norlex Pine Point Placet Dev. Pax Exp. Quebec Man Radiore Rio Algom Roman Corp Sherrm Gordon Sleep Surmmadale Tcti Corp A Texmonl UnrteS Canso Weslern Mines WH Cooper Mines Wnghl Haroreaves Wtliroy Wmd1all c Bear (INDUSTRIALS Abrtibi Alqoma Sleel Alco Ind Jannock Acjra Ind Bell Tel Brasesn A BC .10 1.00 1.70 1.55 .56 12.50 1.80 4.30 6.12% 3.95 7.00 .90 1.12 3.50 2.70 -20 1.59 5.00 8.25 41.50 .39 47.50 2.05 2.60 48.00 .19 .49 14.75 2.25 33.00 21.00 -72 4.55 1.35 .24 11.12'? .30 33.00 4.20 -12'-i 1.85 1.41 .34 36.50 .17 .14 7.50 6.50 23 .23 41.25 5 75 .21 30.50 20.75 1.6C .16 1 15 23 28 75 9.871! 10.00 1.57 7.00 3.55 .20 1S371.- 261 345 1 70 1 56 .12 3 15 ,O81j 28 14 75 6621.- 7 25 4? 00 1 6 75 52 00 Burns BC Forest BC Sugar A Bow Valley Ind Cable CAE Ind Carling O'Keefe Chemcell Can Cellulose Cal Power Coron Credit CWN Gas Pfd Cdn Ind Cdn Marconi Cdn Vickers Chrysler CPR Cominco Cons Bathurst Cons Gas Dist Seagrams Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Dofasco Glen Mobile Grt Cdn Oil Gen Motors Grt Lakes Paper Gulf Oil Greyhound Hawker Sid Hiram Walker Huron Erie Imperial Oild A Imasca Int Nickel Int Pipe Inv Grp A ID InO Ind Accept Kaos Kel Douglas A Laurentide Loeb Loblaw A Metropolitan Wiassey Ferg McMill Bleed Moore Corp Molsons A Moteons B Nachurs North Cent Power Corp Price Co Peylo Rolhmans Shell CDA Simpsons S'mp Seats Steel Can A Selkitk A Texaco Ttad Grp A Trans Mln Pipe Trans Cdn Pipe NEW Union Catbide Union Gas United Siscoe Versatile M1g Westee! Wessons Woodwards A Canbra "Foods Zen.ih Bee Can Impetial Wlonlreal Nova Scotia Roval Tor Dom BANKS 11.25 16.12% 20.00 21.75 13.75 8.75 2.65 6.12% 5.25 23.25 2.30 9.00 20.75 3.25 16.50 16.37% 14.25 27.00 27.75 15.12% 38.75 45.00 26.50 11.37% 15.12% 28.25 32.75 4.15 7.50 50.25 21.25 29.25 16.25 6.00 47.00 25 25 29.50 28.62'i 28.00 16.00 7.50 13.37% 16.57'.- 2.25 4.75 9 62% 3.40 7.00 12.00 17.50 27.50 51 75 22 87' 20.25 6 75 11.25 11.87''.- 14 00 6.25 12 25 14 75 8. 12'.- 11 3237'.- 13.12'.- 38.0D 11.00 1312'.- 10 00 19 871 8 10 25 6 12% 20.50 23 00 23.25 3 35 3 00 27 25 17 75 35 50 35 00 3E 37" New York (Supplied bv Richardson Securities of Canada? Amr T S T 47 Woolworlh 1637 Anacc-nfla 2362'? Westing house Else 1525 Beih filoel US Sleel Ml? Chrysler 17 121.- Gen Tel 00 Comsal 3000 TORONTO AVERAGES Duponl 17275 20 Industrials 19" up 02 General Motors 52 50 20 Golds 26 up A 02 Gull 21 25 10 Base Meiate SB uo 39 In1 Harvester 26 15 Western Oils 198 38 down 35 Volume B90.266 Vlonlgomery Ward MEW YORK AVERAGES Sears 8850 Industrials 851 Monday's mid- day foreign exchange selling rates supplied by the Bank of Montreal Australia dollar 1 4400 Bermuda dollar 1.02 China renmmbi .5100 Denmark kroner 1685 France franc .2030 Germany mark .3965 Italy Jira 001545 Japan yen .003480 Mexico peso .0789 Spain peseta A .0171 Switzerland franc 3350 United States dollar 9655 t'nited Kingdom pound 2 3450 T.S.S K. ruble 1.2781 Quotations in Canadian funds Gold prices LONDON (AP' Closing gold prices in U S dollars an ounce- London 158 75 Paris 163 54 Frankfurt 158.71 Zurich 158 50 Hong Kong 154.08 Beirut 5.018 a kilo. Hog prices KIJMONTON Average prices to 11 a m Mondav provided by the Alberta Hog Producers Marketing Board Friday's prices in brackets Eamonton 35.00 134 001 Red Deer- 3500 (3402i Grande Prairie- 3375 i3275i Lloydminster 34 25 (Nil i Hogs sold to 11 a m. 3.102 hogs sold Friday 3.310. average 34 99 sows average 18 50 443.97. base metals .13 to 84.72 and western oils .16 to 198.89. Volume by 11 a.m. was 000 shares compared with 955.000 shares at the same time Friday. Advances outnumbered de- clines 131 to 81 with 158 issues unchanged. Daon Development lost to i. Walker-Gooderham to Bank of Nova Scotia to Alcan to and Inco to MICC Investments rose 1 to Metals ounce 1.140-1.145. futures 1 078-1.079 Tin-spot futures 3 98U- 985 Lead-spot 253-255. lutures 2605- 2B1 5 B56-660. lutures 2205-2215; 3 months 227-227.5 Earnings Moneco Ltd.. three months ended March 31 1974. 47 cents a share. 1973 24 cents Niagara Wire Co.. three months ended March 31. 1974. S502.000. SI 03 a share. 1973. 72 cents Peoples Jewellers Ltd'., three months ended April 27 1974. M40.797. 45 cents a share. 1973. S136.073. 43 cents Pine Bell Mines Ltd., year ended Dec 31. 1973. S688.000: 1972. loss Ram Petroleums Ltd.. ended Dec .11 1973. S284.000 loss. 7 9 cents a share. 1972. S224.000. 82 cents Sunlite Oil Co., six months ended March 31 1974. S270.000 11 cents a share. 1973. 32 cents L'nion Acceptance Corp. Ltd.. three months ended March 31. 1974. 5205.000. 20 cents a share 1973. .5389.000. 40.5 cents. United Westburne Industries Ltd.. ear ended March 31 1974. S3.304.000. si 99 a share. 1973. SI.921.000. .51.19. Westburne International In- dustries Ltd.. year ended March 31 1974. SI 51 a share: 1973. .54.044.000. .51 17 North Sea oil An oil worker examines a sample of oil discovered by British Petroleum's drilling platform "Sea Quest" in the North Sea. 110 miles off Aberdeen, Scotland. The recent oil shortage and increase in oil prices has provided new incentive for exploring energy re- sources in the North Sea. z. Algoma Steel 1 Power Corp. to BP Canada 'i to and Jvaco Industries 4 to Dickenson gained '2 to Camflo to International Mogul to and Brunswick Mining 15 cents to United Canso was up '4 to Republic resources 15 cents to 70 cents and Siebens 'K to Giant Yellowknife to Sherritt to and Total Pete to Market trends MONTKKM, Prices were mixed in light trading on the Montreal Stock Kxclunye today Volume at 11 a m uas 121.500 shares compared with 173 900 at the same time Fndav Banks Ml 08 to 2fi3 46 and the composite 03 to 200.07 while industrials rose 07 to 209 47 and utilities 02 to 133 32 Papers uere unchanged at 125 13 Hio Algom Mines rose to while Bank ot Scotia fell to International .Nickel to Calgary I'owei i to and Genstar to Among speculative issues Chihex Ltd rose live cents to on a Mtlumc' ul 7.000 shares traded iCPi Prices were mixed in moderate trading on the Vancouver Stock Exchange today First-hour was 279.315 shares In the industrials. Venture Properties led trading, down 03 at 40 on 1.175 shares In the mines. Consolidated Fortune Channel rose 03at .70on 55.700 shares. In the oils Co> nex was up 03 at SI 50 on B.500 shares On Friday prices were up in trading. Volume at the close was 3.687.856 shares. On the industrials board. Cornat rose 05 to 90 on 6.550 shares. tell 50 to on 4.640 shares. Venture rose 05 to .43 on shares EDP was unchanged at 12 on 1.500 shares Webb and Knapp rose .02 to 52 and Bankl ol British Columbia trust units was unchanged at 50. Most active issue in the mines was Consolidated Fortune Channel, up 03 at 67 on 596.100 shares Sonesta rose 13 to 96 on 482.800 shares Winnipeg grain WINNIPEG i CP' Prices moved in a narrow range in moderate trade at mid-session today on the Winnipeg Commodity Exchange. Flax and rye prices moved higher, while rapeseed was mixed Friday's volume of trade was 1.069.000'bushels of rye. 486.000 of flax, and 1.045.000 of rapeseed. Mid-session prices Flax July 3'z cents higher 953A. Oct. higher 938A: Nov eight higher 9.08B. Dec 10 higher 8 38B Rapeseed Vancouver June 53-j higher 8.12'2: Sept. 10 lower 7.24. Nov I1: lower 6.23'zB. Jan. unchanged 6 ISA Rapeseed Thunder Bay July one higher7 ISA: Oct 21 slower622A Nov unchanged 624A: Dec unchanged 600A Rye July 2': higher 2 71" A: Oct three higher 2.62. Dec 4' i higher 2 60. May not open Dollar value MONTREAL. iCPi -US dollar in lerrns of Canadian funds at noon today wasup 1-50 at SOW 8-25 Pound sterling down 9-100 at S2 31 51-100 In New York, the Canadian dollar was down 1-50 at SI 03 41-50. Pound sterling was down 3-20 at S2 40 3-10. Consolida ted Fortune Channel warrants A was up 0.) a! 36 on 222 900 shales Adonis rose Ol'j to 20'i on 212 500 shares Sonesta A was up 02 at 50 and Colby tell 03 to 67 Princes'- led trading m the oils ,ind was up 05 at un a volume ol Hj 500 shales lose 12 to HO on HI 000 shares was down a hall cent to 29 on 21 rose 02 to 43 on 17 BOO shares was up 14 at SI 47 and Petroleum was up 07 at 39 NEW YORK i Tin- stock market flattened out toiiax undei prof it-taking pleasures aftei lasi week's steep advance The 11 Dow Jones average of 30 industrials ua- down 2 19 a! S51 53 although gamers maintained a seven- to-six lead over losers on the New York Stock Exchange- Trading slowed down consider ably Irorn Friday active pace Semiconductor stocks which have been weak recenth posted some tut tiiei shaip dec lines Motorola the NYSK leader, was down 2-. at J52 Texas to National Semicondui tm 1'j at S14'j. and Falichiki Camera to ?43 Amona Canadian issues. Dome Mines was up one dollar at Seagiam-- al Ferguson at siii1-. Hiram Walker was down at Mclntvre at S37'j. Alcan unchanged at S29's and Canadian Pacitic at S15 CGA head R. Keith Kidd, was named new president of Canadian Gas Associatin in Ottawa. He said at the end of the association's two-day annual meeting government regulation of resources is inevitable. NEED RAIL? Square Feet (Bay from Square Feet) Wholesale, Warehouse, Commercial, Offices, Shops Call 328-1705 24 Hours xllberra Appointments OPPORTUNITY COMPANY LYLE NISI Branch DICKDEMERS JOHN KENNEDY Stanch DAN KELLY Branch ManfirK-r The Alberta Opportunity Company announces the following appointments: Lylr Nii' 15. namrd Branch Vrman-r. Erimomon Mt has. an background m linarif and managrmf m and has hr-id bn'h m Canada snri "he U.S. Dick is Branch Calgary Mr. Drnv-.Tj a Mronq background in Irnanr" dnd f'CrnHv his R 1 A John Kmnrdy >s ramr-d B'anrh Varagrr Mr Kpnnrdv has a fiachrlor p1 Commftrr degrr" IroTi 1br o1 A d-.f us ?iid u .era I rxnrrifr-cc i" lhf> Dan KrHy n nfJmrd Br.-.Tl- '.'a-agrr, Prainr. Vir. Kf'My has. f. MarVMing Diploma 1rom Aigonoum Collar Omarft. and a background <.airj ;