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Lethbridge Herald, The (Newspaper) - May 25, 1974, Lethbridge, Alberta CM adds five small cars DETROIT General which saw its first- quarter profits reduced because of a big-car sales announced Friday it will introduce five new small cars during the 1975 model year. GM Chairman Richard Ger- stenberg said the new models will include a sporty sub-com- pact for each of the Buick and Oldsmobile divisions. Another sub- compact for the Pontiac Division and a smaller version of the luxury which will be introduced later in the. model also announced. The four-passenger sub- compacts are expected to be spinoffs from the Chevrolet GM's only existing entry in the North American sub-compact field. new cars with smaller engines will provide the most tangible affirmation of your company's and more its to deliver in quantity what the motoring public Gerstenberg said at the auto giant's annual stockholder's meeting here. He added GM's present line of compact Chevrolet Oldsmobile Pontiac Venturas and Buick Apollos will be restyled for the new model year. General Motor's domestic car and truck sales during the first quarter of this year fell 39 per cent from January- March with its large car lines hardest hit by the sales slump. Profits during the quarter fell 85 per cent to or 41 cents a from a record million a year -earlier. The auto industry as a whole saw sales decline since last November because of consumer concerns about the economy and fuel availability. GE still making electric kettles TORONTO Robert S. a vice-president ol Canadian General Electric Co. said today the company has not stopped production of electric kettles and has no intention ot doing so. Mr vice- president of housewares said CGE does not use lead solder in its kettles and there is no possibility of lead poisoning from them He rejected as incorrect statements made Thursday by a company manager at CGE's Barrie. Ont plant that kettle production had been halted. Thomas production manager at Barrie said Thursday that manufacturing ol the kettles had stopped pending the outcome of federal testing. Mr Thomson said Mr. Taylor's information was incorrect and the CGE production will continue. GE stopped using lead solder in its kettles in 1970 following warnings from the United States Food and Drug Administration about the possibility of lead poisoning Irom other types of cooking Mr. Thomson said. a spokesman tor Sunbeam Corp. Ltd said the company has its stocks of electric kettles pending the outcome of tests ordered earlier this week by the federal government. Herb federal minister ol consumer advised the public to stop using electric kettles because of the possibility of lead poisoning. Pembina announces quarterly earnings CALGARY Pembina Pipe Line Ltd. of Calgary has reported unaudited net earnings of or 4 9 cents a share lor the lirst three months ol 1974. compared with net income ot but no earnings a share for the same period last year. The company's oil and gas production and pipeline carriage during the quarter were slightly less than last but two miles of new pipeline were built and drilling activity increased Freight rates to rise MONTREAL The Canadian Freight Association has notified shippers who deal with Canadian railways on an agreed-charges basis that freight rates will increase 15 per cent effective Sept. a spokesman for Canadian National Railways said Thursday. The increase last year was eight per cent and the spokesman attributed the increase to substantial increases in labor and fuel costs The spokesman said about 20 per cent of the railway's freight 'agreed-charges which guarantees the carrier'a minimum amount ol business at a price individually determined with the railwav. Texaco cuts spending over proposed taxes By IRVING C. WHYNOT CP Buiinesi Editor TORONTO Texaco Canada Ltd. reaffirmed Thursday its decision to suspend planned 1974 spending because of uncertainty over proposed federal tax measures. Amoco Canada Petroleum Co. a smaller has also made a similar decision. the decisions ap- pear destined to become an is- sue in the campaign for the July 8 federal election although two oil company presidents and a cabinet minister said this would be regrettable. Other companies declined comment Thursday but several said earlier they will have to re-evaluate spending plans if the Liberal budget proposals which died when Parliament was dissolved are re-introduced after the election. In both the Texaco and Amoco cases not all spending Alberta has job surplus Road work in fail swing A heavy-equipment operator takes his rig up a hill overlooking Alaska's Yukon River as construction made its formal start.Monday on the Trans-Alaska pipeline project. In the'first a 360-mile state road will be built from the river north to Prudhoe Bay for use in ferrying materials and equipment north for pipeline construction. Most pipeline construction won't get under way until next summer. EDMONTON Alberta is suffering from a lack of skilled workers and its two-per-cent unemployment rate is equivalent to full say personnel and industrial relations officials. Gary a Sherritt Gordon said in an interview the employment situation can be classed as has a very tight labor we having trouble finding both skilled and unskilled labor and I consider that Alberta has 100- per-cent employment. Alberta there is a surplus of job openings as compared with the number of people who are looking for work. There are too many good jobs available in the province which leads to a high turn-over. ''We have bled Saskatchewan dry and it is difficult to get people out of he said. A spokesman for Johns- Manville in Fort Jim Wakefield said the company is finding it difficult to recruit employees and the turn-over is high because workers know they can find jobs easily elsewhere. Other personnel officers responded with similar answers and one said he understood Canada Manpower has two jobs for everyone who applies EXCHANGE HAS PROFIT SALT LAKE CITY The Intermountain Stock Ex- reporting its lowest volume in a says it has made its first annual profit in five President Ernest Muth told the annual meeting the exchange is in good shape for what he called the era of Alberta attracts money market office EDMONTON After 21 years of running a money market operation in Toronto and Montreal it is that Edmonton was selected as the site for expansion by Burns and Denton Giles Lamoureux of Toronto said today Mr. announcing the opening of an Edmonton money market said the current and future growth of Alberta's economy left no doubt is where it's making this move we will be ttie first national money market house to be represented in he told a news conference. A leading distributor of prime short-term the firm is engaged in introducing new borrowers to the either on an exclusive basis or in joint venture with other investment dealers. During 1972-73 total annual sales of short-term paper ex- ceeded a record for the Mr. Lamoureux said. Gordon Alberta's said the new office was a for business and industry in the province. He said proposed develop- ments in Alberta will require huge amounts of capital while at the same time there was of money floating around in the pleased that this firm has assessed the situation and decided to get in on the ground FIRM COULD COMPETE Mr. Miniely said the firm with other com- pete for government business and would be the vehicle through which Alberta borrowers and lenders could get together. Mr. Lamoureux said the firm has provided the service lor several years but clients in Edmonton now would have the opportunity for contact with a money market specialist rather than having to deal over a telephone with the Toronto office. He said Tim Manville has been appointed the money market representative at the firm's office here. Participants in the money market today include the fed- eral most of the some major all major financial institutions and more than 100 corporations representing a broad cross- section of Canadian industry. Commercial paper notes can be payable on or at a fixed future with normal terms ranging from 30. 180 or 365 days. These notes usually are sold in denominations of or either discounted or interest- bearing They can be regis- tered or in bearer form. Proceeds of commercial pa- per normally are used to fi- nance corporate increase working capital as a supplement to lines of allow for seasonal variations in cash flow or anticipate the proceeds of a senior securities issue. The firm was founded in 1932 and now has offices across Canada in addition to New Boston and London. Spending boom shows no sign of weakening is being deferred. Many projects are impossible to defer and Texaco would involve a penalty if suspended. for is proceeding with a planned refinery at Ont. Neither company gave a total cost of the work being deferred. Texaco's capital spending during 1973 totalled about million and this year's annual meeting was told by President John Mingay that the 1974 out- lay for exploration and producing be about double the amount spent for this purpose in REGRET ELECTION TIE R. G. president of Im- perial Oil and J. F. Book- president of Shell Canada Ltd.. said it would be regret- table if spending cuts related to petroleum exploration and development became an election issue. Energy Minister Donald Macdonald said it would be an in judgment on the part of the oil industry to take actions that could be construed as against the do not believe it is in the interst of the industry to make itself an issue in this campaign because popular sentiment is in support of the budget he said in an interview. Late issued a statement saying its decision was business and economic one and has nothing lo do with the elections or politics Texaco said it announced its freeze originally May day after the federal budget and before Parliament was dissolved for the election. INCREASE TAX BITE The budget measures would have increased the-tax bite on the oil and gas in- dustries. One estimate is that the measures would take an- other billion a year from the companies. Barney Danson. Liberal member of the Commons for York told a Toronto meeting that the freeze on spending is an intrusion on the election and an attempt to intimidate the government and voters. major oil companies have a great deal to account for both to the independent dealers and to the he told the Ontario Retail Gasoline As- sociation. are used to wielding a pretty big stick over govern- ments around the world I don't think we can tolerate this source of power over our economy any longer. ever bigger clubs will do little to endear them either to governments or people The ultimate losers will be their own shareholders unless they insist on more responsible action MONTREAL The consumer spending boom which helps support Canada's economic strength has shown few signs of weakening in the first quarter of a Royal Bank of Canada economist said Friday. is difficult to find any hard evidence of a slackening in demand in Canada at this said Ralph G. M. the bank's chief economist and assistant general manager. this national ac- counts for the first quarter of 1974 are not there is enough information available to suggest that the Canadian economy continued to grow very strongly in the first quarter of he told a meeting of the U.S. National Consumer Finance Association here. He said retail sales in January and February were 13.5 per cent higher than a year while gross national product was at least five per cent higher HOUSING BOOM starts have re- mained well above the record number of units a'chieved in 1973. Both orders and shipments in the manufacturing sector were 22 per cent higher in the first two months of the versus a year ago. the backlog of unfilled orders was 45 per cent higher over the same Indications are that pre- dictions of Canadian growth rate of 4.5 per cent this year are on he said inflation continues to bite into wage earners' purchasing Mr. Sultan said. may disrupt economic activity in the months ahead if labor disputes become more frequent in the Canadian econ- The rate of inflation for con- sumer prices should reach 10 per cent this but could fall off next he said. do continue to foresee a break in food and non-food commodity prices later this year and along with a better balance between Prestige Office Space FOR RENT Phone 327-6747 demand and supply on a worldwide should be reflected in more moderate rates of inflation in WANTED 5-10 sections of .good dryland in one block. A complete detcrip- tion of property and terms will be appreci- ated. Write Box 57 Herald H. H. Smith Ltd. Customs Broker LiitiDridgt 328-8141 S04-424-S45I COUTTS Home Office Phone 344-3822 Strip mining in Nova Scotia A payloader loads coal stripped from a field at Alder on to a heavy truck for transport to nearby Princess Colliery where it will be crushed. The strip mine is being developed under contract by a Sydney construction firm for the Cape Breton develop- ment Corp. After the coal goes to for use in a Nova Scotia Power Corp. thermal generating plant. Strip mine production exceeds tons of coal daily. HAIR Shaped the Way You Want it TOWNE HOUSE Men's Hairstyling 71 0 A 3rd Ave. South Phone 4 No appointment necessary across from Downtown or 2 year GUARANTEED SAVINGS CERTIFICATES Interest payable semi-annually or compounded to maturity. Member Canada Deposit Insurance Corporation Depositors can purchase Olympic coins FARMERS MERCHANTS TRUST Fm 309 7th Street Lethbrldge Phone 328-5548 ;