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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 27, 1972, Lethbridge, Alberta Socreds closed door on oil dollars-Dickie By GREG McINTYHE Herald Legislature Hnrcail EDMONTON The provin cial government would h a v i liked lo raise (he lo mil jion "fair and reasonable re turn" from Ihe oil industry in through an increase in roy- alties, but the former Social Credit government closed that door by putting a ceiling or royalties in a long-term agree- ment wilh the industry, mines and minerals minister Bill Dickie said here. At a news conference Ing thcee days of hearings into the oil revenue issue, Mr.Dickie eaid increasing royalties would have been more desirable than Ihe lax on reserves in I h e ground, the government has pr posed as an alternative. Judging by opposilion com menLs since the Conservatives came lo office last fall, Mr. Dickie said even former Social Credit cabinet ministers such Top man replaced at brewery TORONTO (CP) The presi- dent of Canadian Breweries Ltd. was replaced Friday. The com- pany declined to say why. Wilmat Tennyson, 45, pre- viously president of Rolhmans of Tall Mall Canada Ltd., was named lo Ihe posilion. Paul Erasmus, 40, held Ihe Job from August, I960. John H. Devlin, chairman of Bothmans nnrl Canadian Brew- eries, made the announcement in a statement following a meet- ing of the boards of both compa- nies. Robert H. Hawkes, vice-presi- dent and general counsel of Jiothmans, was named lo re- place Mr. Tennyson as presi- dent of Eothmans. Rothmans owns slightly more than half the shares of Cana- dian Breweries. ROYAL BANK APPOINTMENT as Jim Henderson were appar- ently not aware lhat limits had been written into oil agree- ments. Despite Its second Iwsl sta- ture, Mr. Dickie said his gov- ernment will do its best to make Ihe lax plan as fair as possible. The absence of alternative suggestions during Hie hearings leaves the government likely to have Ihe lax in effect by Jan 1'of next year. A bill the Mineral Taxa- tion Act 1972 has been in- Middle East oil is answer lo future PARIS (Router) The West could be 20 million barrels of oil a day short of Ms requirements by 19BO, with the Middle East the main source to cover the deficit, John Irwin, U.S. under- secretary of state said Friday. Irwin was speaking on the final day of a three-day organi- zation for Economic Cc-opera- tion and Development minis- terial council meeting in sup- port of a proposal by Emil van Lennep, OECD secretary-gen- eral for a study of the world's energy resources. He said Ihe OECD's 26 mem- ber countries may need 26 mil- lion more barrels a day by 1980 increase almost equal la the combined present consump- tion of the U.S. and the Euro- pean OECD countries. "Most of this oil can como (rom only one source, the Mid- dle Irwin said. "Some eslimales put Ihe 1980 shortfall at close to 20 million barrels a day." lie said these estimates look inlo account an expected two million barrels production a day from the Alaskan North Slope fields, plus a further three mil- lion barrels a day from the North Sea. Irwin said although U.S. im- ports from the Middle East are neglibable today, unless effec- tive measures are taken, they could enlail seven million or more barrels a day by the end of the decade. "Thus what is regarded today by many OECD members as an uncomfortable degree of de- pendence on the Middle East will by 1980 be far he said. W. R. HERTIEIN Tha Royal Dank of Canada Is pleased 1o announce Ihe ap- pointment of Mr. W. R. Herllein as Manager of lethbridge, 1660 Mayor Magralh Drive, Branch. Mr. Herllein succeeds Mr. C. f. Scoll who has been appointed Manager of Edmonton, Univer- lily Dislricl Branch. A native of Russell, Manitoba, Mr. Hertlein joined the bank ol Edmanlon on August 5, 1950 and has since held various posi- tions throughout Alberla. FOR SALE Three bedroom bungalow, 815 15 SI. S., by original owner, near shops, No. 1 bus route. Large livingroom and spacious hall have wall 1o wall, fireplace with radiant, drapes and blinds. Admiral air condilioner. Large bright kilchen wilh lols of cupboards, Beach electric range, Wes I ing house washer and dryer, ceiling fan. Base- ment wilh tile floor and ihird bedroom, pins re r walls, oak floors, slorms and aluminum screens. 220 wiring, ouiside electric oulfels, ad weather carpel on front entrance, garage, light, heat, and al- traclive grounds. Phone 327-2359 for Appointment CONESTOGA MOTOR HOME by McDONElL MANUFACTURING 1502 2nd AVE. 5. IETHBRIDGE, ALTA, NEED A MOTOR HOME? SEEI PRICEI AND RIDE IN THE smooihcsl riding Motor Homo mado today. THE Home willi thr> loaxl noise while travelling. IHE only Molor Hnnio available today wilh Ilifl quality of n hicj rnr. WE iiwili; you to 101; our 22 ft. and 23 fl. capacily iomii uLtr-il in is moro room inmlu Mi nvnrcrjo Molor Homo of this siie. OUR 22 li. cnpacily modnl is so conslruclcd thai It parked Irgnlly, onglo or curb, in cilici when nrn parking motors. AMPir- slorago and cupboard space. SECOND liand Irailcn and cnmpori aval la bin, TRY OUR RENTAL PLAN Tiding models can bo J (hero traduced In Ihc legislature one is expected lo be passed nt the spring session so lhat Ihe oil industry can be informed ol plans by the prom- ised deadline of July 30. Another bill Ihe Mines anc Minerals Amendment Act 1972 removing Ihe ceilings on roy- alties in future leases, is also expected to be law by the em o[ tho year. The proposed tax on oil re- serves has been criticised as an "administrative nightmare" and as posing a hardship on small companies that tend to be more heavily involved in explor- ation for new wells than the big firms. Mr. Dickie said with informa- tion gathered during the hear- ings, Ihe plan will be modified to minimize adverse effects. "Now we can look at those areas and lake a look at our plans to see if there is a detri- mental effect. If there is, wo can perhaps remedy that by further nmendmenls or regula tions our desire is not in any way lo advrersely effect the little he said. Mr. Dickie said the million or more to he obtained through Ihe proposed lax in 1973 is a fair and reasonable return on crown oil reserves in the ground and not money lhat would other- wise have had lo be raised through a sales tax. Some oil companies during the hearings suggested if the government needed the million, it should impose a sales tax. Alberla Is currently the only Canadian province without a general retail sales tax. Asked to speculate what the Socreds would have done Ihis year as oil revenues are up for a 10-year review, Ihe minister predicted Ihey would have left things prclty well alone rais- ing less revenue. He said Ihe Conservatives de- cision to hold public hearings on the question was a first in Alberta and the Socreds would likely have reviewed the issue behind closed doors as they did in and simply waited until leases with the oil companies expired before raising royalties. Dividends By THE CANADIAN PltESS Vcrsafood Services Ltd., five cents June 30, record June 9. By Gene Fawcetle REMEMBER? A TECHNIQUE DEVISED OVER 2000 YEARS AGO IS BEINS USEP TO TREAT AIEMORV LOSS OR WEAKNESS. IT'S KNOWN THAT ASSOCIATIONS ARE EFFECTIVE, BUT FEW REALIZE THATTHEANOMA- LOUS OR RIDICULOUS IS REMEMBERED BEST.., MMBCKINS TffWOS UKEA SKIIN0 GIRAFFE OR A pomm-LAYiNa CHICKEN.? THE HOTEL WITH MORE TO OFFER AND WE NOW HAVI COLORED TV For Your Convenience In Making Reservation! CALL AND ASK FOR LONG DISTANCE 7Enilh 0-7255 or no coir to you IV1ERA MOTOR HOTEL 5359 Cafgnrv Troll Edmonton, Alberta Phono: (403) 434-3431 Tclox: 037-2510 Salurdoy, May 37, 1972 THE IETHBRIDGE HCRAID 21 Bond prices Supplied by Dohcrty McCuaig Limited GOVERNMENT OF CANADA BONDS Sept. 1, '72 99.90 100.10 Oet. 1, '75 UC.bO 97.00 8 July 1, '73 104.50 HT..5U 4K% Sept. 1, TB 79.U2 80.12 Perp. 3 Sept. 15 40.50 6V4% April 1, '75 100.50 101.00 714% July 1, '75 102.00 JO.'i.OO Sept. 1, '92 12.00 83.00 PROVINCIAL OOVERNWIENT OF CANADA GUARANTEED BONDS Alberta 'SO 103.00 105.00 Ontario 7 '08 S9.00 Ont Hyd 9 '94 107.00 109.00 New Br '90 108.00 11000 d 8 '74 100.00 102.00 N. S. '32 85.00 87.00 Issues complaint COALDALE HNS) Town council recently learned Peter Siebert, a farmer west of town, says excess irrigation water, which the town does not need, Is being drained on his land and is saluraling his crops. The ditch is on town properly. Councillor Earl Foxall of the Water and sewer department will discuss the silualion wilh the town's public works and water and sewer supervisors and report back to council. I Quebec Alberta Man Hyd 8 Sask 83'i% Nfld DM AGT a Man Tel 0 Alia G T Alcan For K% B.C. Tel 914% Bell Tel 914% Ben Tel 9M CP Ltd CP Sec Cdn Util CVVNG Gulf Oil Inter P P Massey Noranda Int Nickel N and C G St of Cdn Tr Cdn P Tr Cdn P 10 r. TO GET AWARD EDMONTON (CP) Dr. Marion Jenkinson of the Univer- sity of Alberta will receive the International Reading Associa- tion's citation of merit in Bue- nos Aires this August, Dr. Jen- kinson, a professor in elemen- tary education, gets the award (or contributions lo interna- tional knowledge in reading. She arranged the first World Con- gress on Reading at UNESCO in Paris in 19C6. '74 100.00 102.00 :90 IM.OO 106.00 '91 97.00 99.00 '90 105.00 107.00 '90 107.00 109.00 '74 101.00 103.00 '71 101.00 103.00 'M 105.00 107.00 '91 105.00 107.00 '92 107.00 109.00 '90 105.00 107.00 '79 104.50 106.50 '893 107.50 108.50 '89 104.00 106.00 '90 104.00 106.00 '91 10G.OO 108.00 '90 107.00 109.00 '90 103.50 105 50 '90 105.50 107.50 '80 104.50 106.50 '90 105.00 107.00 '90 106.50 103.50 '91 105.00 108.00 '90 105.00 107.00 '90 108.00 110.00 '90 110.00 112.00 CONVERTIBLES Alia G T '90 137.00 142.00 Cons Gas 5Vi% '89 94.00 96.00 Dynasty 7 '82 110.00 115.00 Acklands 71i% '88 9C.50 93.50 Ecur Rain '08 07.00 (19 00 Tr Cdn P 5 S, '89 111.00 114.00 WC Tr C '88 97.00 99.00 WC Tr '91 95.25 96.25 Net earnings By THE CANADIAN PRESS Beaver Lumber Co. Lid., i three months ended March 131: 1972, 10 cents a I share; 1971, nine cents. Wardair Canada Ltd., Ihreo monlhs ended March 31: 1971, loss; 1971, loss. Weslfair Foods Lid., 12 weeks ended March 25: 1972, 1371, Sell-off predicted By PKTRtl I.EIC1INITX Canadian I'rcsn Slnlf Writer Although llio rally laultcred late in the week, major Cana- dian slock markets moved up tills week ns buyers dominated the market lor the third consec- utive week. Some analysts predict a minor sell-off soon as investors begin to lake profits won during the recent advance. Shares of manufacturing, pulp and paper, chemical and steel companies continued to gain, largely due to tax cuts an- nounced in the federal budget earlier this month. At Toronto, one of the longest rallies of the year came to an end Friday when tho market closed fractionally lower. Pre- viously, invostors had enjoyed II consecutive advancing ses- sions. During the week tire in- dustrial index at Toronto, a prime Indicator of market movement, climbed 2.4 points to 206.24, the best level on record. At New York, the markcl scored strong gains for the sec- ond consecutive week in active trading. INDEX DP 3.4 On the Montreal and Cana- dian markets, the composite index was up 3.4 poinls, closing Friday at 210.51. Combined volume on the two exchanges was 5.99 million shares, compared with 7.89 mil- lion last week. Trading was moderate during most of the week in Toronto, with a tolal of 11.08 million shares changing hands, down from 12 million shares last week. However, Canadian mar- kets were closed Monday, May 22. Golds made slrong advances, reflecting a continued demand for gold and higher prices on international bullion markets. The gold index in Toronto gained 0.46 poinls during the week, closing Friday at 207.15. Tuesday, the index closed at 207.51, its best level since July 24, 19G9. DOW CLOSES AT S71.25 On Wall Streel, the Dow Jones industrial average of 30 key blue-chip Issues gained 9.71 poinls, closinag et 971.25, its best level Kince Dec. 19, 19GS. Total volume at New York was 81.52 million shares, up from 70.22 million shares last week. Markets In tho U.S. ra- mained open Monday. Western oils recorded some of the best advances during the No swearing COALDALE (HNS) The Squirts and Pec Wee Soft- hall League (or the Lelhbridna Counly 26 soulhem regional rec- reation area has DOW been or-1 gamzed. The Squirts Is open to all boys and girls who were eight, nine and 10 years of age as of January, 1972. Coaches; Mrs. Liz Ens. Gary Thomas, Mrs. Marilyn Filgas, Mrs. '.vvonne Osmond, Mrs. L y d 1 a Boras, and Mrs. Diane Boulton. Boys' coaches: Bill Litousky, i Bill Bill Engel, Jack I Twitchen, Mrs. Joyce Seiersen, Jerry Virpinillo, Leonard Bile- j dean and Albert Bourassa. The Pee Wee League is for j boys and girls aged 11 and 12. I No swearing is permitted. Consult the recreation office al Coaldale for further infor-' mation. i week. Traders said there was some evidence of bargain-buy- ing, particularly of issues which had touched lows for the year earlier in the month. On Ihc week, Ihe western oil index in Toronto rose 6.29 points 10 223.33. Base melals suffered the major losses during the week, reflecting investor concern over firsl-halt earnings of several major producers. On the week, the base melal Index in Toronto slipped .53 points, closing Fri- day at 97.51. H. H. Smith Ltd. Customs Broker LETHBBIDGB 32B-BI4I CCUTTS Phone URGENTLY REQUfRED USED CAR RECONDITIONING FOREMAN TOP WAGES TO PER HOUR you handle the reeona'ilioning of used cdrs? -Can you direct the duties of a junior clean-up man? you experienced? If you arc, we need you immediately Phone: BILL SITTER, General Sales Mgr. Collect at 223-3537 TABER ALBERTA CrOSSWOrd By J. P. Campbell FAMOUS PLACES AND PEOPLE ACROSS 1 Sheltered recesses 6 Czech nama oMheEIbB If) Defect 14 Burial vehicles 21 Benefit 22 Soviet sea 23 Verdi opus 24 Relating lo planet's path 25 Stona lema ns in Arizona 28 Green grap9 29 Silkworm 30 Verbal 31 Type of fuel 32 Fencing swords 34 Vietnamese New Year 35 Run swiftly 37 Interwoven anew 39 Pleads 40 Cornish seapnrt 41 Military camp 43 Mother of Perseus 1 Pranced 2 Gormandized 3 Church seat A Teutonic goddess ol healing EErr 6 Denned 7 Wee spaces B S, Dakota regjon 9 Sprite 10 Unit of capacilanca 11 Prevaricates 44 Animal skins 45 Golf peg 46 Silk unit Sullivan and McMahor 49 Dugout 50 Orinoco tributary E3 Irish tribal group D5 Italian port 57 Shorter 5B Labrador airport 62 Gruff 03 Hawaiian volcano 6-1 Inquire 65 Tree branch 67 Card gama 63 Primary 69 Hostel 70 Entrcatv 72 Puget Sound seaport 74 Former Scotch coin 7G Parsley, e.g 78 Couches BO Auction 81 Grew old 83 Considers Hebrew month 83 Heavy weights 90 Strikes severely 32 Golfing hazard 93-----Fernando 95 Canadian peak D7 Japancsa pagoda 39 Ancient Nile kingdom 101 ArliclQ 102Balkcn native 104 Fundamental 10G Examined cfosely 108 hometown 109 Home of iictional thief 111 Abound 112 Dresses Up 113 Hornless cow: var. 114 Edge 116 Shot from ombush 120 Vetch 121 projections 122 SGndatona griddle 124 Deep mud 175 At lirst 127 Hanging loosely 128 African country 130 Epochs 73] American chemist 132 Ancient Asiatic country 133 Purposa 134 Waif 13G Tropical bird 137 National Park 139 Pillar of Hercules 143 City near Los Angelet 144 Girl's nami 145 French river 146 Ancient Egyptian 147 Quell 148 Ones 149 Lively tourist 150 Curved DOWN 12 Selling 26 Remols 47 African notices 27 Type of capital 13Nanoleonio molding 49 Mackerel defeat 33 Top of the, 50 Overwhelm 14 Sweethearts head Bllneitgas 15lroquois 36 Iliad and O2 Modern 16 Syrian Odyssey Persia jackets 38 Mexican 54 Hotlenlols 17 Oil-drilNng houses 56 Gill's name struciure 39 Cent 57 Prohibit 16 New York Kentucky 58 Clefts monument college 53 European 19 Auricular 42 Fisherman capital 20 Candidate tj Living room 60 Pojo's list 45 Spoiled homa Diagramless 21 x 21, by Janet C. Flory ACROSS 1 Splendid Sphruer 4 Funny Cocser 7 Demure 10 Oil, whal'i the-----? 11 Also 12 Raw mineral 13 Operated 14 Boring tool 15 Pad 16 Hard? or meg? 17 Fireman's elcmlor 21 txcusa 23 OUT. on a 27 tiesi person on earth? 29 Old Norsa letter 30 port in a storm" 32 Relation of likrncss 34 Dicncl limes On Hpi 27 Vauli 3D And 41 Spac.igl Mistoi 43 Outsmarted 45 Follies, or escapades 06 Stanford 47 vilo hrevis flB The mo i her of us all fl9 Con's ilandoff 50 Imilnts 51 Lasicf lha Tuans 51 Hill rlrtdW 65 Fisli that might keep B saloon 5G Larboard 58 Granridadd. of Ihcm nil) 69 American bobby 60 Mercy killing 61 Mexican stale 63 Old Asia Minor city EG Statesman 6S Oliver Twisl chaiacler 71 Indian mulberry 73 Checker places 63 Wisc.bii spicy 6G Make inlo lav G3 Passed 70 Permit 71 Fasting season 17. Hindu titla 73 Ntu'ica 74 Inter- connection 7R .Ichnny's hat 80 Tank 82 Arjo 83 Dry? or Tommv? 84 Ono 85 Nick nama 75 Edible tuber 77 Soak flax 79 Turkish rulers start 84 Seychelles island C5 Rnccd 87 Meat cuts Acting plallorms 8G Fire 87 Haggard heroing ES Antique E9 Fleur-do------ 90 Apoda DOWN 1 (dirrnx) 2 Edom 3 Depression 1 Track down D Hawkcve Stale 6 Ho hums 7 Trancs 90 Port 91 Fathers 93 Old English bard 94 Sandarac tree 96 Wander 98 Pale 100 Flowering 103Viflilanc B test 9 Abominablfl snowman 18 Create sound effecll 19 Direction 20 Color 71 Sheepisrt remark 23 Vpg35? or Cruccs? 24 Sort of medic Defaced ?6 Fair 27 Urge on T04 Stubborn 105 Billiard shot 107-----Zoli 109 Balkan nation 110 Dom or Joa 113 Wise men 115 Feelingof depression 117 Sea-robbing 28 by Ham- mcrsicin 31 Alpine waiblc 33 Two halves 34 Mountain pass 36 Shiver in Scotland 33Conida cheer 40 Called, by King Alfred Possess 45 Sarcastic 47 In lino 118ISSU9 119 Yearned 121 Framewoiks 122 Perry----- 123 Flexible 125 Trimmer 126 Hermit of Hamplnn 127 Vegetables 723 Japanese deer 129 Melody 132 Type of explosiva 133Ppak 135 Acronautio agency 133 Heart 140 Killer whale 141 142 Gibbon 49 of 6-1 Elegant seme slates 65 Season in 50 Pollen Franco conioinor GG Pixy 51 G7 Porn 52 Myslciy 03-----so forth (hers 72 Snlinics F3 Calyx part 7-i Simnge 54 Daft P'f''M 55 Accommodate 7GRuss'un 56 From (n mountain 57 Not al homa 77 George Memorabilia 79 Famous old Gl MisFMcGnw NYiheamr SO Um 62 Cornmoiion Bl CRYPTOGRAMS SOLUTIONS OF LAST MTKK'S PUZZLES 1. S T A H NUZPAPE'R NORSIZO UGSIP GUZNR SUPAETS'R TARSUZO. By Archibald V. McLWk 2. RUZANY ARTIFDECENTRUR IPZANYOYNT IFECSYR OFUR START. A'alhnn W. JlnrrJi 3. QUKREVETA QCLRNEKF QUITEBAO INTEILD CYUFA HEDYBTYKVYFAD, By Edward S. Lloyd Uinl Week's 1. No fobncro, no chnnce of that's left is n lilllc- 2. Family diary: You could wnilc loilny after ycslonlny'shnulnclios. Nc.viSyna. Ind World Hichls Rr.scrvrd ;