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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 2, 1974, Lethbridge, Alberta rush this spring predicted in B.C., Yukon VANCOUVER (CP) The president of Delta Smelting and Refining Co. Ltd. predicts the biggest gold rush since the Klondike will hit British Columbia and the Yukon this spring as bullion prices continue to smash all records on the world market. David Seed said he expects an army of amateur prospec- tors to head for the B.C. Inte- rior armed with frying pans in a mad search for gold. "I know a school teacher who made panning for gold last he said. "The way gold prices have shot up since then, I think there will be thousands of World economy outlook confusing MONTREAL (CP) The old conditions and assumptions of the world economy are no longer valid, which leaves the future "unpredictable and con- the C. D. Howe Re- search Institute says in its 1974 policy review and outlook. The study says its premise that the status quo established in the 1950s is gone is based on the fact that the world is going through a difficult transition period. "This is evident from dis- ruptions of traditional inter- national institutions and eco- nomic relationships and in changing attitudes towards economic growth and towards work. "This disappearance of the status quo has created con- fusion over the appropriateness of traditional policy measures, and there are many who would predict dire consequences for the world economy." Despite these uncertainties Canada s future is not dire "nor can it be improved through radical departures from sound principles of policy formation." SEEK NEW ANSWERS The main challenges are to apply sound principles and to try to understand the reasons why the old status quo has disappeared so that a more appropriate one" can be created in its place." The study, written by Judith Maxell, director of domestic policy studies, and Carl E. Beigie, said the key during 1974 will be to be "ready to counter any serious external shocks arising from the oil situation." "Where possible, the nation's resources of money, manpower, and materials should be devoted to investment rather than current consumption. "Apart from this investment priority, Canada will need more specific policies aimed at the particularly worrisome aspects of inflation, such as the levels of wage demands, the rate of agriculture production, the cost of energy and the supply of housing." _ It suggests the main; policy response to higher unemploy- ment should be to provide ei- ther incomes, training or jobs in community work for those locked out of the economic system. The institute is a private nonprofit organization specializing in economic policy analysis. It was formed in early 1973 through a merger of the Private Planning Association of Canada and the C.D. Howe Memorial Foundation. Quebec confident one-price system for oil by April people prospecting this year." Mr. Seed regularly buys nuggets from northern prospectors and says there's lots of gold left. He said sometimes employees in his smelting plant in nearby Richmond get as much as in a day from the Fraser River. Mr. Seed said he knows places where gold is lying on the ground in rock clusters waiting to be taken. "In most of those places, unless you're staking a claim, you don't even need a licence. We sometimes see some dis- appointed faces when people come back with what turns out to be iron pyrites but there's still plenty of real gold around." MOTHER-LODE Many prospectors believe there must be some kind of mother-lode in the Fraser River because nuggets keep turning up despite heavy panning over the years, Mr. Seed said in an interview. The B.C. and Yukon Chamber of Mines recently. finished its annual night school course for prospectors, which this winter attracted 200 persons. Mr. Seed has temporarily stopped selling gold to speculators so he can supply his regular customers, mostly jewellers and other commercial users. The company buys precious metals of all kinds in scrap form as well as gold nuggets and dust. "People come in with all kinds of gold jewelry, mostly rings, and sometimes even teeth containing gold he said. His company was buying gold Tuesday for an ounce and selling it after smelting for "Last year, our total sales were just over million. By the end of this year, we expect to reach said Mr. Seed. Bill Hankmson, owner of the Eldorado Hotel in Dawson City, Y.T., said the rush has started already. "People are restaking claims. The way prices are now is sure going to make it he said, adding that good finds continue to be made. "I know of one prospector who-took out a-little over ounces last fall." TORONTO (CP) The Quebec government is confident that a single price system for petroleum will be in pffect arross Canada starting April 1, Industry Minister Guy Saint Pierre said yesterday. He said the concept of the one-price structure for oil was agreed to at last month's fed- eral-provincial energy confer- ence and "workable mecha- nisms" are available to imple- ment it. Current discussions or dis- agreements involve other is- sues. Mr. Saint-Pierre said, particularly problems associated with calculating the single price and distributing "windfall reve- nues" from high international oil prices The Quebec minister, who next week heads a mission of 250 businessmen to Japan for a Quebec investment K. H. Smith Ltd. Customs Broker Home Office Phone 344-3822 symposium, spoke at a luncheon of'the Empire Club of Toronto. He said proposed language legislation in the province will not aim at implanting French in all the boardrooms of Quebec-based corporations. It will be the result of long and thorough study of all points of view and will deal "in a pragmatic way with this real problem." Anomalies that hamper progress in the use of the French language, he said, must gradually be removed. 'DEEP CONCERN' "The slow rise of French- Canadians to senior management responsibility in corporations operating in Quebec is a matter of deep concern." Mr. Saint-Pierre said. "We do not believe that gov- ernment legislation would produce any long-term, worth- while result. If we are to see more French-Canadians assuming managerial responsibilities within large corporations. the responsibility rests squarely on the shoulders of the top business decision-makers." The former Quebec education minister said new initiatives in the province's education system might stimulate potential French- Canadian entrepreneurs. He wondered whether the education system had tended to produce "post-industrial undergraduates" at a when most of Quebec is stii! in the initial stages of industrial development. Low price for crude oil denied EDMONTON (CP) The president of Great Canadian Oil Sands (GCOS) has denied that the company is selling synthetic crude oil to its parent company at artificially low prices. Chris Harder, a nominated Liberal candidate in Calgary for the next provincial election, claimed that GCOS is "engaged in a clever manipulation of the price to deprive the people of Alberta out of a fair return on their natural resources." GCOS president Kenneth Heddon said the company sells its crude to companies other than the parent firm. Sun Oil Company, "and it is correct to say that no purchaser pays a higher price for its synthetic crude than does Sun Oil." GCOS has always tried to obtain the highest possible price for its synthetic crude whether selling to Sun Oil or to any other purchaser. Mr. Heddon said. Mr. Harder had alleged in a letter to Mines Minister Bill Dickie that GCOS ships three semi refined products to market which are worth about double the per barrel that S-jn Oil is paving to GCOS Saturday, March 2, 1974 LETHBRIOQE HERALD Textile industry picture brighter MONTREAL (CP) The Canadian textile industry seems to be moving out of the slump and indications are the improved trend will continue. Moe A. Schwartz, executive secretary-director of the Textile Trade Association, sees the brighter picture as one of the causes for the sharp decline in bankruptcies among textile wholesalers and manufacturers. The associ- ation, which began is' 1928, is composed of 100 wholesalers and manufacturers. Its func- tion, says Mr. Schwartz, is "credit guidance" by providing information to the membership across Canada. "We have about 200 balance sheets on file sent to us from customers of our members. When we ask for balance sheets, so that we can assess the standing of particular firms our members do business with, there are a few resisters. but most are very co-operative.'' he says. Schwartz, who at one time was "the youngest licensed trustee in bankruptcy in Mon- admits he initially hated the trustee business. After a brief stint in the ex- port business, however, he joined the textile association. Mr. Schwartz feels the textile situation in Canada is likely to continue its momentum. Among those who go bankrupt today, he says, are some who don't listen." A continuing problem plaguing the textile manufac- turing business is the shortage of natural fibres. Orders have to be placed overseas months in advance. "There has been some im- provement, but there's still a f. scarcity of fibres made from oil byproducts and prices are rising all the time. "Some of the smaller guys cannot finance these purchases and that's another of our them out with their merchandising problems." Meat price increases; beef shortage predicted It's finished. well almost Last concrete was poured early Friday morning atop Toronto's million CN Tower at the foot level after nine months of work. Scheduled to be open to the public in 1975, it will be the world's tallest free-standing feet steel communications mast, communications facilities and restaurant are finished. Railways expect record potash cargoes in 1974 OTTAWA (CP) Railways expect a record number of rail cars will move record potash cargos this year after co-ordi- nated efforts with the industry to ease the pressure tor rail equipment that built up last fall. Railway sources say they now are working on potash transportation problems with Canpotex Ltd., an organization representing the potash industry. Potassium, an ingredient of potash, is used in fertilizer. Canadian bank shares good buy TORONTO (CP) Cana- dian bank shares offer a sound defensive hedge as well as potential for capital appre- ciation in spite of some short- term problems, Canadian Business Service says. Although bank stocks are considered conservative in- vestments, they have done better than many so-called fast-moving issues. While banks are recom- mended as high-quality, read- ily marketable and minimum- risk investments, they do face problems, the service says. A slowdown in the rate of expansion in the banking sys- tem is likely with only mar- ginal growth in 1974 earnings. "It would be remarkable for the banks to keep up the expansion rate set last year. During 1973. the financial sys- tem grew rapidly, largely be- cause of a 17-per-cent in- crease in the money supply and a heavy inflow of foreign funds. Demand kept interest rates high." Circumstances will be dif- ferent in 1974. Both a slowing' in economic growth and high rates of unemployment are expected, the service says. While a decrease in demand for consumer loans might be offset by increased business loan demand, it still means an over-all slowdown in the demand for bank funds, Cana- dian Business Service says. Interest rates should also de- cline this year. The service says that in ret- rospect, few stocks have of- fered a better combination of quality and growth than have banks during the last several years. With the revision of the Bank Act in 1967. banks were able to remove the interest ceiling on loans and raise them on deposits to compete with near-bank and trust com- panies. "Banks today have largely rid themselves of their image of stodginess" and are more innovative and aggressive, the service says. Comput- erization has helped provide more comprehensive banking services. Statistics Canada says preliminary figures indicate a record 4.4 million tons of potash were shipped for sale last year, up about tons from the previous year. These figures refer to the potassium oxide content of potash and do not include potash stored for later movement. The Canadian potash industry is principally based in Saskatchewan. Railway sources said an un- usually late demand for potash last year helped compound rail freight car problems. The railways were already short of freight cars for lumber movements and there were strong demands for rolling stock for grain transportation. A spokesman for CP Rail said in a telephone interview from Montreal that the potash industry and the railways have been trying to work out ways to avoid heavy spring and fall peak demands for rolling stock. "Increasingly, over the past few months, the railways and the potash producers have been able to get much closer together to spread out shipments over the year so we may never have the sharp peaks we had he said. The two groups have been trying to develop a regular loading plan which will lead to better use of rail cars, he said. The industry was likely to lease more of its equipment from the United States with the Canadian railways charging them mileage rates for hauling potash. Most of the rolling stock now is provided bv the railwavs. EDMONTON (CP) Meat prices will increase dramatically and there could be a shortage of beef by fall, says Gordon Burton, Alberta's representative on the Federal Food Prices Review Boaard. The consuming public will only make matters worse if it decides to boycott meat in protest. Dr. Burton said in an interview "Boycotts are a bad business. I don't think they can really get us anywhere, and they can hurt us by discouraging production. Dr. Burton, who raises Simmental cattle near Claresholm in southern Alberta, said the review board could help forestall any such damaging reactions by publiciczing some of the factors that underlie price increases' Dr. Burton defended the board's critical stance on Egg Marketing Boards. "Most of our agriculture is geared.to function in a chronic state of over-supply, not in a situation of shortages such as we have now." PRODUCTION QUOTAS Production quotas were a perfectly legitimate form of supply management. To get the price up to the point that it covered the cost of production the marketing boards had to Michener re-elected chairman CALGARY (CP) Teck Corp. Ltd. announced here that former governor general Roland Michener has been re-elected a company director after a 10-year absence and will serve as chairman of the board. Mr. Michener resigned as chairman of the board of the mining company in 1964 to accept the appointment oi Canadian high commissioner to India and Ambassador to Nepal. DOFASCO SHARES PROFIT HAMILTON (CP) Dominion Foundries and Steel Ltd. has paid a record 510 mil- lion to members of the company's profit- sharing plan. President Frank Sherman said "we remain convinced that those who helped to generate profits should share in them." decrease the supply of eggs. This practice was fine when there was a surplus situation but its recent use in a situation of shortages had too critical- an effect on the consumers. Dr. Burton said that as a farmer he could understand the pressure egg producers have been under from increased input costs, particularly feed grains. But the consumer should also have a chance to express the kind of pressure he's under, something that could be achieved by placing consumer representatives on the Egg Marketing Boards. Dr. Burton said he hopes that in time the Food Prices Review Board can effect some changes in such major agricultural concerns such as the feed grains policy. He suggested the board act as an impartial mediator in shaping its design. "The board has the advantage in that it has no vested interests and can offer an independent judgment or at least I hope it can." IN IEDMONTONI Stay At the RIVIERA THE HOTEL WITH MORE TO OFFER AND WE NOW HAVE COLOR TV For Your Convenience in Making Reservations CALL AND ASK FOR LONG DISTANCE ZEnith no cost I? you IVIERA MOTOR HOTEL 5359 Calgary Trail Edmonton, Alberta I Phone: (403) 434-3431 037-2510 Becoming the darlings of Wall Street U.S. farm Gold stocks real popular OFFICE SPACE AVAILABLE For Immediate Occupancy 3 upper Floors sq., ft. For complete information call PAHULJE CONSTRUCTION LTD. PHONE 3274747 prices up WASHINGTON Prices of raw farm products rose 3 5 per cent from Jan. 15 to Feb 35. moving closer to the record IcveJ set last summer, the United States .agriculture department said Friday. The" increase pushed the price index to 203 per cent of its J967 base. Last August it had reached 207 per cent. Crop reporting board officials said higher prices for wheat, corn, dry beans, potatoes and lettuce contributed most to the increase Lower prices were reported for catUe, hogs and NEW YORK smaller, thrwng communities m Alberta; with strong established economies, and excellent prospect's of stability for future growth Financial and Management assistance Available reply in strict confidence to Manager General Motors off Canada 4220 Blackfoot Trail South Calgary, S.E. or Phone 243-4621 CALGARY ;