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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 27, 1972, Lethbridge, Alberta Solurdoy, May 37, 1972 THE IETHBRIDGE HCRAIO 21 Socreds closed door on oil dollars-Dickie By GREG McINTYIlE Herald Legislature Bureau EDMONTON The provin- cial government would h a v o liked to raise the to mil- lion "fair and reasonable re- turn" from the oil industry in 1873 through an increase in roy- alties, but the former Social Credit government closed that door by putting a ceiling on royalties in a long-term agree- ment with the industry, mines and minerals minister Bill Dickie said here. At a news conference follow- ing thcec days of hearings into the oil revenue issue, Mr.Dickie said increasing royalties would have been more desirable than the tax on reserves in the ground, the government has pr posed as an alternative. Judging by opposition com- ments since the Conservatives came lo office last fall, Mr. Dickie said even former Social Credit cabinet ministers such Top mem 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 Rothmans of Pall Mall Canada Ltd., was named to the position. Paul Erasmus, 40, held the job from August, 19GO. John H. Devlin, chairman of Hothmans and 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 Rothmans, was named to re- place Mr. Tennyson as presi- dent of Rothmans. Rothmans owns slightly more than half the shares of Cana- dian Breweries. ROYAL BANK APPOINTMENT as Jim Henderson were appar- ently not aware that limits had been written into oil agree- ments. Despite Its second best sta- ture, Mr. Dickie said his gov- ernment will do its best to make the tax plan as fair as possible. The absence of alternative suggestions during the hearings leaves the government likely to have the tax in effect by Jan. 1'of next year. A bill the Mineral Taxa- tion Act 1972 has been in- Middle East oil is answer to future PARIS (Reuter) The Weil could be 20 million barrels of oil a day short o! its requirements by 1980, 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 the OECD's 25 mem- ber countries may need 26 mil- lion more barrels a day by 1980 increase almost equal to the combined present consump- tion of the U.S. and the Euro- pean OECD countries. "Most of this oil can come from only one source, the Mid- dle Invin said. "Some estimates put the 1980 shortfall at close to 20 million barrels a day." He said these estimates took into account an expected two million ban-els 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 entail 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. HERTtEIN Tha Royal Dank of Canada Is pleased to announce the ap- pointment of Mr. W. R. Hertlein as Manager of Lethbridge, 1660 Mayor Magrath Drive, Branch. Mr. Hertlein succeeds Mr. C. F. Scott who has been appointed Manager of Edmonton, Univer- lity District Branch. A native of Russell, Manitoba, Mr. Hertlein Joined the bank ot Edmonton on August 5, 1958 and has since held various posi- tions throughout Alberta. FOR SALE Three bedroom bungalow, 815 15 Si. S., by original owner, near shops, No. 1 bus route. Large livjngroom and spacious hall have wall lo woII, fireplace with radiant, drapes and Venetian blinds. Admiral air conditioner. Large bright kitchen with lots of cupboards, Beach electric range, Westinghouse washer and dryer, ceiling fan. Base- ment with tile floor and ihird bedroom, plaster walls, oak floors, storms and aluminum screens. 220 wiring, outside electric outlets, all weather carpet on front entrance, garage, light, heat, ond at- tractive "grounds. Phone 327-2359 for Appointment troduced In (lie legislature and is expected to be passed at the spring session so that the oil industry can be informed of government plans by the prom- ised deadline of July 30. Another bill the Mines and Minerals Amendment Act 1972 removing the ceilings on roy- alties in future leases, is also expected to be law by the end of 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 big firms. Mr. Dickie said with informa- tion gathered during the hear- ings, the plan will be modified to minimize adverse effects. "Now we can look at those areas and take a look at our plans to see if there is a detri- mental effect. If there is, wo can perhaps remedy that by further amendments or regula- tions our desire is not in any way to advrersely effect the little he said. Mr. Dickie said the million or more to he obtained through the proposed tax in 1973 is a fair and reasonable return on crown oil reserves in the ground and not money that would other- wise have had to 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. Alberta is currently the only Canadian province without a general retail sales tax. Asked to speculate what the Socreds would have done this year as oil revenues are up for a 10-year review, the minister predicted they would have left things pretty well alone rais- ing less revenue. He said the 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 1962 and simply waited until leases with the oil companies expired before raising royalties. Dividends By THE CANADIAN PRESS Versafood Services Ltd., five cents June 30, record June 9. REMEMBER? ATECHNIQUE DEVISED OVER 2000 YEARS AGO IS BEING USED TO TREAT MEMORY LOSS OR WEAKNESS. IT'S KNOWN THAT ASSOCIATIONS ARE EFFECTIVE, BUT FEW REALIZE THATTHEANOMA- LOUS OB RIDICULOUS IS REMEMBERED BEST.., SO, DOCTORS AReTUMNa MeMBlKlNB StltV KiiHeetRAfFewA -lAIIHa CHICKENS CONESTOGA MOTOR HOME by McDONELL MANUFACTURING 1502 2nd AVE. 5. tETHBRIDGE, AITA, NEED A MOTOR HOME? SEE! PRICE! AND RIDE IN THE smoothes) riding Motor Homo made 1oday. THE Home with thn I oast noise while travelling. THE only Molor Home available today with tha quality of a big rnr. WE invilc you to sou our 22 ft. and 23 ft. capacity ui.iod scj is more room ihiitlu ill nvorcigo Molor Homo of this size. OUR 22 ii. capacity modol is so constructed ihal It parked legally, onglo or curb, in citiei when nrn parking motors. AMPII: slorogo ond upper cupboard spoco. SECOND hand trailers and campors available, TRY OUR RENTAL PLAN riding models an bfl there. THE HOTEL WITH MORE TO OFFER AND WE NOW HAVI COLORED TV For Your Convenience In Making Retcrvationt CAIL AND ASK FOR LONG DISTANCE ZEnith 0-7255 m no cost to you IVIERA MOTOR HOTEL 5359 Calgary Troll Edmonton, Alberta Phono: (403) 434-3431 Tclox: 037-2510 Bond prices Supplied by Doherty McCualg Limited GOVERNMENT OF CANADA BONDS Sept. 1, '72 99.90 100.10 5Vz% Oct. 1, '75 %.aO 97.00 8 .luly 1, '78 104.50 105.50 414% Sept. 1, '83 79.02 80.12 Perp. 3 Sept. 15 40.50 614% April 1, '75 100.50 101.00 July 1, '75 102.00 103.00 Sept. 1, '92 82.00 83.00 PROVINCIAL GOVERNMENT OF CANADA OUARANTEED BONDS Alberta '90 103.00 105.00 Ontario 7 '88 90.00 92.00 Ont Hyd 9 '94 107.00 109.00 New Br 91z'i '90 108.00 110.00 Nfld 8 '74 100.00 102.00 N. S. 6'ATo '92 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 saturating his crops. The ditch is on town property. Councillor Earl Foxall of the water and sewer department will discuss the situation with the town's public works and water and sewer supervisors and report back to council. TO GET AWARD EDMONTON (CP) Dr. Marion Jenkinson of the Univer- sity of Alberta will receive the International Heading Associa- tion's citation of merit in Bue- nos Aires this August. Dr. Jen- kinson, a professor in elemen- tary education, gets the award for contributions to interna- tional knowledge in reading. She arranged the first World Con- gress on Reading at UNESCO in Paris in 1966. Quebec '74 100.00 102.00 Alberta :90 1M.OO 106.00 Man Hyd 8 'ill 97.00 99.00 Sask '90 105.00 107.00 Nfld 914% 'SO 107.00 109.00 AGT 8 '74 101.00 103.00 Man Tel 8 '.o '7! 101.00 103.00 INDUSTRIALS Alta G T 9Vj% Alcan B.C. For B.C. Tel Bell Tel BeH Tel CP Ltd CP Sec Cdn Util CWNG S'l'r-o Gulf Oit Inter P P Massey Noranda Int Nickel N and C G 9Vi% St of Cdn 9Vi% Tr Cdn P Tr Cdn P 10% '90 105.00 107.00 '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 '91 106.00 108.00 '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 Alta G T 714% '90 137.00 142.00 Cons Gas 514% '89 94.00 96.00 Dynasty 7 '82 110.00 115.00 Acklands 71z% '88 %.50 93.50 Scur Rain '88 87.00 89.00 Tr Cdn P 5 '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. Ltd., i three months ended March 1972, 10 cents a I share; 1971, nine cents. Warclair Canada Ltd., three months ended March 31: 1971, loss; 1971, loss. Westfair Foods Ltd., 12 weeks ended March 25: 1972, 1971, Sell-off predicted By PKTI5R I.EICIINITZ Canadian Press Stall Writer Although tho rally taultered late in the week, major Cana- dian stock markets moved up this week as buyers dominated the market for 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 the market closed fractionally lower. Pre- viously, investors had enjoyed II consecutive advancing ses- sions. During the week the 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 market scored strong gains for the sec- ond consecutive week in active trading. INDEX UP 3.4 On the Montreal and Cana- dian markets, the composite index was up 3.4 points, 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 total of 11.03 million shares changing hands, down from 12.54 million shares last week. However, Canadian mar- kets were closed Monday, May 22. Golds made strong advances, reflecting a continued demand for gold and higher prices on international bullion markets. The gold index in Toronto gained 6.46 points during the week, closing Friday at 207.15. Tuesday, the index closed at 207.51, its best level since July 24, 1969. DOW CLOSES AT 971.25 On Wall Street, the Dow Jones industrial average of 30 key blue-chip Issues gained 9.71 points, closinag at 971.25, its best level since Dec. 19, 19G9. Total volume at New York was 81.52 million shares, up from 70.22 million shares last week. Markets in tho U.S. rft- mained open Monday. Western oils recorded some of the best advaiicus during the No swearing COALDALE (HNS) The Squirts and Pee Wee Soft- hall League for the Lethbridfle County 26 southern regional rec- reation area has now been or-1 ganized. 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. 'Yvonne Osmond, Mrs. L y d I a Boras, and Mrs. Diane Boulton. Boys' coaches: Bill Litousky, I Bill Bill Engel, Jack I Twitchen, Mrs. Joyce Seiersen, Jerry Virginillo, Leonard Bilo-1 deau and Albert Bourassa. The Pee Wee League is for j boys and girls aged 11 and 12. No swearing is permitted. Consult the recreation office at Coaldale for further infor-' malion. 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 Uie week, the western oil index in Toronto rose 6.29 points to 223.33. Base metals suffered major losses during the week, reflecting Investor concern over first-half earnings of several major producers. On the week, the base metal index in Toronto slipped .53 points, closing Fri- day at 97.91. H. H. Smith Ltd. Customs Broker CCliTTS Phone 34M822 URGENTLY REQUIRED USED CAR RECONDITIONING FOREMAN TOP WAGES TO PER HOUR you handle the reconditioning of used cars? you direct the duties of a junior clean-up man? you experienced? If you are, we need you immediately Phone: BILL SITTER, General Sales Mgr. Collect at 223-3537 TABER ALBERTA CrOSSWOrd By J. P. CampbeU FAMOUS PLACES AND PEOPLE ACROSS 1 Sheltered recesses 6 Czech nama of the Elba If) Defect 14 Burial vehicles 21 Benefit 22 Soviet sea 23 Verdi opus 24 Relating to planet's path 25 Stona remains in Arizona 28 Green grepei 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 seaport 41 Military camp 43 Mother of Perseus 44 Animal skins 45 Golf peg 46 Sifk unit Sullivan ant! McMahor 49 Dugout 50 Orinoco tributary 63 Irish tribal group C5 Italian port 57 Shorter 58 Labrador airport 62 Gruff C3 Hawaiian volcano 64 Inquire 65 Tree brancri 67 Card garna 63 Primary 69 Hostel 70 Entreatv 72 Puget Sound seaport 74 Former Scotch coin 7G Parsley, e.g 78 Couches 80 Auction 81 Grew old 83 Considers Hebrew month 8S Heavy weights 90 Strikes severely 92 Golfing hazard 93-----Fernando 95 Canadian peak D7 Japanesa pagoda 39 Ancient Nile kingdom 101 Article 102 Balkan native 104 Fundamental IOC Examined closely 108 home town 109 Home of fictional thief 111 Abound 112 Dresses up nSHornless cow: var. 114 Edge 116 Shot from ombusri 120 Vetch 121 Horseshoe projections 122 Sandstone griddle 124 Deep mud 125 At first 127 Hanging loosely 128 African country 130 Epochs 131 American chemist 132 Ancient Asiatic country 133Purpos3 134 Waif 13G Tropical bird 137-----National Park 139PiIiarof Hercules 143 City near Los Angelej 144 Girl's nami 145 French rivBr 146 Ancient Egyptian 147Quoll 148 Ones 149 Lively tourist 150 Curved DOWN 1 Pranced 2 Gormandised 3 Church seat 4 Teutonic goddess of healing EErr 6 Denned 7 Wee spaces S, Dakota region 9 Sprite 10 Unit of capacitanca 11 Prevaricates 12 Selling notices 13 Napoleonic defeat 14 Sweethearts 15 Iroquois IGSvrian jackets 17 Oil-drilling structure 18 New York monument 19 Auricular 20 Candidate list 26 Remote 27 Type of molding 33 Top of tha head 36 Iliad and Odyssey 33 Mexican houses 39 Cent 40 Kentucky collega 42 Fisherman Living rooni 45 Spoiied 47 African capital 49 Mackerel 50 B1 Inert gas E2 Modern Persia 54 Hottentols 56 Giri's name 57 Prohibit 58 Clefts 59 European capital 60 Pogo's horns DiagramleSS 2i x 21, by Janet C, Flory ACROSS 1 Splendid Splinter 4 Funny Cocser 7 Demure 10 Oh, what's the-----? 11 Also 12 Raw mineral 13 Operated 14 Boring tool 15 Pad 16 Hazel? or meg? 17 Fireman's elector 21 fZxcusa 23 Out on a 27 Best person on earth? 29 Old Nors3 letter 30 "-----port in a stotm" 32 Relation of likrness 34 Diced On tiptoe 27 Vauli 39 Arid 41 Spa e.igla 43 Outsmarted 45 Follies, or escapades Stanford 47-----longa, vi'B brevis 48 The mother of us alt 49 Con's standoff 50 Imitate 51 Last of tha Titans 54 Hill rlivcltrr 65 Fish that might keep a saloon 5G Larboard 58 Granrtdadti. of themfllll 69 American bobby 60 Mfircy killing 61 Mexican state 63 Old Asia Minor city 6G Statesman chancier 71 Indian mulberry 73 Checker piece: 63 Wise, bit spicy 6G Make into law 69 Passed 70 Permit 71 Fasting season 72 Hindu tills 73 Novice 74 Inter- connection 7R Johnny's hat 80 Tank 82 Ago 83 Dry? or Tommy? 84Ono 85 Nicknama 75 Edible tuber 77 Soak flax 79 Turkish rulers S2 Career start 84 Seychelles island E5 Raced 87 Meat cuts Acting platforms EG Flra 87 Haggard heroins BS Antique 29 90 Apoda DOWN 1 (climax) 2 Edom 3 Depression 4 Track down C Hawkeye Sti! 19 6 Ho-huma 7 Tranca 90 port __ 91 Fathers 93 Old English bard S4 Sandarac tree 96 Wander 98 Pale TOO Flowering herb 103Vifiilant 9 Abominablfl snowman 18 Create sound effects 19 Direction 20 Color 22 Sheepish remark 23 Vegas? or Cruces? 24 Sort of medic TEi Defaced" 26 Fair 27 Urga on 104 Stubborn 105 Billiard shot Zola 109 Balkan nation 110 Dom orJdB 113 Wise men 115 Feeling of depression 117 Sea-robbing 118ISSU8 119 Yearned 121 FramewotkS 122 Perry----- 123 Flexible 125 Trimmer 126 Hermit of Hampton 127 Vegetables 123 Japanese deer 23 by Ham- 49 Chief of merstein 31 Alpine warble 33 Two halves 34 Mountain pass 36 Shiver in Scotland 33 Corrida cheer 40 Called, by King Alfred 44 Possess 45 Sarcastic 47 In lino seme state) 50 Pollen container 51 52 Mystery fliers 53 Calyx part 54 Craft 55 Accommodate 56 Front (in 57 Not at homa SS Memorabilia 61 MissWcGrnw Of Bataa 62 Commotion 129 Melody 132 Type of explosiv8 133 Peak 135 AeronautiO agency 133 Heart 140 Killer ivhala 141 Misty 142 Gibbon 64 Elegant C5 Season in Franca 66 Pixy G7 Born G3 so forth 72 Satiates 75 Strange pfpfiS 70 Russian mountain 77 Gcorce 79 Famous old NYlheaicr 80 Urn 81 CRYPTOGRAMS SOUmOM OP LAST WEEK'S 1. STAR KUZPAPE'R NORSIZO UGSIP GUZNR SUFAETS'R TARSUZO. Archibald V. McLMk 2. RUZANY ARTIFDECENTRUJl IPZANYOYNT IFECSYR OFUR START. liv iN'athanW. Hnrrlf 3. QUKREVETA QCLRNEKF QUITEHAD INTEILD CYUFA BEDYBTYKVYFAD, Edward S. Lloyd tflst Week's Cryptograms 1. No loliatro, no chance, of is n little snooze-. 2. Family diary: You could smile today after yesterday's Viularlif i. 0 Nc.viSyna. Inc. WorlriKielitsKrservrd ;