Lethbridge Herald, The (Newspaper) - March 14, 1973, Lethbridge, Alberta
Wedneiday, March THE U1HBRIDGE HERALD 27 GNP tops billion mark for first time Canadians earned and spent at record levels during 1972 r mu_______ in m.iM. .wimTvIa ViftucTntf SnArrfUncr for ttMSenfleT But. linermilovmenr insurant Nnn-vpsidpnlirll ruff inn T.alvii' Wt Q hilltnn -it Mm r.T 10 By TOM MITCHELL OTTAWA (CP) Canadians earned and spent at record lev- els during 1972, pushing the country's gross national product billion for the Jirst time. But high Inflation added a heavy head ol froth to the eco- nomic brew. The GNP, valua cf goads and services produced, stood at an estimated billion at the end of 1972 compared with billion in 1971, Statistics Canada reported Monday. Inflation included, the in- crease of more than billion amounted to a hefty 10.6 per cent. Taken into account, how- ever, the increase in real eco- nomic growth was 5.5 per cent, the same growth rate as the previous year, And although the stepped-up economic pace created real gains iu employment, the bulk it was offset by an increase in the size of the labor force, leaving the country at year's end with unemployment still topping six per cent cf the work force. Features of, the GNP jump, largest percentage increase since 1966 without discounting for inflation, were strong in- creases in consumer spending in line with solid growth in their disposable income, particularlj for housing. Government spend' ing stayed at high levels. There was a decline in much farm production because of bad weather and som'o severe inter- ruptions to the economy as a result of labor disputes. But there were over-all sharp increases in bolh labor income and corporation profits. Tiio inflation factor, however, ermeated virtually every soc- or of economic activity. For example, housing starts during the year came close to and represented a whop- ping increase in spending of lfl.8 per cent over 1971. But most of this represented straight price increases. Consumer spending increased to billion from billion in 1971, a jump of 11.6 per cent compared with 7.8 per cent the previous year. Speeding for new passenger went up 15.5 per cent. Fur- niture and household appliance sales mounted hand in hand with the boom in housing. Outlays for food climbed 13 per cent but much of this could be laid at inflation's doorstep. Spending by governments, mostly provincial and municipal increased by almost 12 per cent, about the same Increase as 1971 over 1970. But unemployment insurance benefits more than doubled. The federal government, with spending increasing faster than revenues when programs such as (he contributory Canada Pension Plan are added into the usual budgetary accounts, saw a surplus of million at the end of 1971 turn into a deficit of just more than si billion by the end of 1972. Non-residential construction represented an outlay of only 2.7 per cent higher than 1971. Taking inflation into account, (his represented a decline in real dollar terms. Corporate profits appear to have climbed about 20 per cent over 1971, largest year-to-year jump since 1955, mostly due to gains in the value of in- I ver.iaries. Labor Income hit billion, an increase of 10.9 per cent or billion from 1971. Public administration wages led the way, climbing 14.6 per cent for the second year in a row. Service industries of all categories showed a 13-per-cent increase. Goods and services flowed in faster than exports flowed out. A narrow surplus of million at the end of 1971 disappeared and was replaced by a lion deficit at the end of (he lat- est year. Most of the swing occurred in the merchandise account, spurred by heavy imports of machinery. Canada usually records a surplus on merchan- dise trade, which disappears once such things os tourism and dividend payments to Investor? abroad are counted in. Alberta grain steady CAI.GA.RY (ACM) There been little fluctuation in feed grain prices this week, the Alberta Grain Commission re- ported Friday. Lethbridge shows high bids of 1.60 for wheat, 80 cents for oats and for barley. No oats were offered but some wheat sold at l.GO and barley at Bids in the Medicine Hat- Brooks region are as follows: wheat 1.80 oats 85 cents and barley 1.05. Some wheat has been offered at 1.80 and barley at 1.15. At Calgary, bidding remain- ed at 1.80 for wheat, 80 cents for oats and 1.05 for barley. Red Deer buyers advise bids of 1.75 for wheat, 75 cents for oats and barley increased to The exchange reported oats offer 75 cents and barley at Buyers from tha Vermilion district report bids remaining steady with wheat at 1.70, oats 75 cents and barley 1.10. Listed grain was offered as follows: wheat l.GO, oats 75 cents and barley 1.10. In and around Edmonton, wheat is bid at 1.85 with no offers; oats are bid at 75 cents with some offers at 65 cents, barley is bid at with offers at 1.05. The Peace Eiver district re- ports bids of 1.85 for wheat, SO cents for oats and 1.15 for bar- ley. Some wheat was offeree at 1.80. New record for ship visits set THUNDER BAY (CP) record 166 foreign ships visitec Thunder Bay Harbor during th J972 shipping season an Port Warden P. C. Findlay say the outlook for this year is jus as bright. "Ail indications are that ou prospects in the year ahea are as good and probably be: ter, because of the increase i purchase of diversified grains such as flax and rapesecd." Capt. Findlay said ships Hussian registry have bee given access to most Unite States ports along the St. Law rence Seaway and some Cans dian ports too. "This could lead to eve greater shipments in the futur if Russian ships were to com to Thunder Bay. Their ships d go to Montreal at present." He said huge amounts of rape seed destined for Banglades would ensure continued hig levels of exports fnr that grai The previous record numbe oC foreign ships in the p o r since 1959, when the St. La Seaway opened, was 1' ships in 1971. In the last shipping seaso ships from 20 countries too more than bushels grain, an increase of .bushels. The biggest increase in a si gle category was grain pellets which rose to 15.5 million bu- shels in 1972 from million bushels in 1971. 2025 MAYOR MAGRA7H MALL" 324 MAYOR fAAGRATH DRIVE 420 6th STREET SOUTH "DOWNTOWN" VALUES EFFECTIVE TIL CLOSING SATURDAY, MARCH 17, 1973. OPEN DAILY A.M. 6 P.M. THURSDAY AND FRIDAY A.M. 9 P.M. WE RESERVE THE RIGHT TO LIMIT QUANTITIES TO NOKMAl FAM- ILY PURCHASES. CHICKEN NECKS and BACKS 5 Ib. pkg. fo, THE BEST TO YOU FROM CALIFORNIA TRAWBERRIES SWEET AND JUICY-TEXAS GRAPEFRUIT CATELLI READY CUT MACARONI "SPAGHETTI 16> oz. net wt. pkgs. MEAT OR MUSHROOM CAIirC CATELLI 3HUI.E 14 01. tin...... CATELLI 14 fl. oz. tirti f) TOMATO SAUCE Z ASSORTED scon TOWEIS ft, C I BATHROOM. CASHMERE BRAND TISSUE fir BLUE BONNET SOFT MARGARINE C ,or I Ib. net wt. MISS MEW CAT FOOD O 89P PLANTER'S PEANUT OIL RUFF 'N REDDI GARBAGE BAGS PURI7Y 2 oz, wl, pkg. 33 fl. or. bottle 10't pkg. 20's pkg. vll29 rLUUK 20 Ib. nsl wt. bag____ PURITY OATS 5 net wl. bug........ MONARCH CHOCOLATE OR BUTTERSCOTCH Kt BROWNSE MIX 3 11 01. nel wt. pkg.________________ JOHNSON'S BUNCHED BAR-B.Q or SPANISH LIQUID DETERGENT 24 I hollies for CLOSE-UP RED OR GREEN TOOTHPASTE 18B JACK JILL PEANUT BUTTER 16 fl. CARNATION STRAIGHT CUT FRENCH FRIES GREEN GIANT CANADA FANCY GRADE FROZEN CORN, GREEN BEANS, CARROTS, MIXED VEGETABLES 10 for COOKED HAMS WHOLE, HALF or QUARTERS SWIFT'S PREMIUM SMOKED PRIDE OF ARABIA LAMB LEGS FROZEN IMPORTED-------Ib. COFFEE TURKEYS CANTALOUPE YOUNG CANADA GRADE B 8 10 Ib. civ. .___ 1 Ib. net wt. pkg. Ib. A TASTY DESSERT WITH "L" BRAND ICE CREAM CORNED BEEF BURNS SWEET PICKLED BRISKET POINT Cryovoc pkg......Ib, BANQUET FROZEN SIDE BACON SO.59 CREAM PIES BURNS SHAMROCK. SLICED, RINDLESS aVi Ib. 14 oz. net wt, pkgt. BANANA, COCONUT, CHOCOLATE BEEF STEAKETTES M'98 BULK......... 10 Ib. box 32 oz. net wt. pkg. SWIFT'S PREMIUM 1 Ib. Cryovac pkg.