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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 28, 1970, Lethbridge, Alberta THUNDER SHOWERS FORECAST HIGH FRIDAY 60 VOL. LXIII No. 140 The LetKkidge Herald LETHBRIDGE, ALBERTA, THURSDAY. MAY 28, 1970 PRICE NOT OVER 10 CENTS TWO SECTIONS-24 PAGES The Bay Shift To Canada Ratified By LEWIS LEVENDEL LONDON (CP) Shareholders of the Hudson's Bay Co. voted today to move the company's head of- fice to Canada after 300 years in London. The new head office will be in Winnipeg. An "extraordinary general court" following the company's regular annual meeting ratified1 this rec- ommendation of the directors announced May 1. Ratification had been taken for granted. It is expected to be followed next year by the appointment of the first Canadian governor (board chairman) since "the company of adventurers of Eng- land trading into Hudson's Bay" was set up for the fur trade by a royal charter from King Charles II. Indications were the first Canadian governor would be George T. Richardson, 46, of Winnipeg, a director, who was designated by today's meeting to become deputy governor when the transfer of head office takes- place. The present governor, Viscount Amory, will re- lire at the age of 70 next May, and he has said ha hopes this will open the way for a Canadian successor. Planned Long Time Hudson's Bay executives have for several years had in mind the shift to Canada, where 95 per cent of the firm's assets are located along with 98 per cent of its employees. However, 80 per cent of the company stock is still held in Britain and the move was regarded as a severe wrench from a tradition of British direction resulting from the days of adventurers such as Prince Hupcrt, the first governor, who created "The Bay" with the help of traders such as Pierre Radisson. There was no direct announcement immediately that Winnipeg would be the new head office, but dis- cussion at the "general court" was on the assumption that this would be the case. Winnipeg is the centre of the firm's Canadian operations. Despite some heart-burnings about the transfer of power to Canada, there was a surprisingly light vote against it when the tally was taken. Of more than 150 persons at the meeting, only five were opposed. The change will involve turning back the 'com- pany's ancient charter to the British government and getting a new one in Canada. The company will have to go to both Parliaments for this, but it already has cleared1 the decks with the British government and "anticipates no problems at Ottawa. In his speech prior to the vote. Lord Amory said the Canadian base should be regarded as a -natural and logical evolution despite nostalgic feelings by many British shareholders. The transfer will become effective immediately 'af- ter the approval of the new charters by the Cana- dian and British1 governments, he said. Change To Dollars The company's shares will be expressed in dollars and future board meetings will be held in Canada. Richardson, who was present at the meeting, is president of James Richardson and Sons Ltd1. The position of the deputy governor had been vacant. Richardson's brother, James, is the Canadian min- ister of supplies and services. Lord Amory explained the transfer as a move to get closer to the seat of operations and improve com- munications at all levels of the organization. He said the company suffered an inherent cor- porate weakness related to foreign exchange and taxa- tion risks in having practically all its assets and earnings in Canada, and its tax resident in Britain. The Canadian white paper on taxation contained proposed penalties on foreign companies which if im- plemented "would1 bear with extreme rigor on a com- pany in our position." He said the company hopes the transfer will re- sult in an increase in the number of Canadian share- holders who now control only eight per cent of Hud- son's Bay capital. A GOOD and members of the Toronto Stock Exchange watch a trading board during trading in Toronto Wednesday. A strong technical rally pushed the Toronto market the biggest jingle-day gain in more than six months. Trudeau Relaxes In Japan's Hills KYOTO, Japan (CP) Prime Minister Trudeau left tha hurly-burly of the world's fair Thursday and went into the above Kyoto for the tranquJBity of the temples. Thant: It's War UNITED NATIONS (Reuters) The UN Security council was on notice today that there now is "what amounts to a war situ- ation" in the MMdle East: The warning was issued Wednesday by Secretary-Gen- eral U TJiant, who blamed "the breakdown of the ceasefire" or- dered by the council in numer- ous resolutions. He said that despite represen- tations and protests by the UN, there had recently been an in- crease in firing from the Egypt- ian side. In a, report to the Security Council, Thant quoted Maj.-Gen. Ensio Siilvasuo, acting UN chief of staff, who said there were 73 firings by the Egyptians in the first 25 days of May and'nine by the Israelis. He said lie had approved Siil- vasuo's decision to close down one UN observer post on the east bank ef the canal that had been fired at or near 16 times in the last 30 days. He sat cross-legged on a bam- boo mat, talking quistly to a smooth-scalped master monk, he, padded softly over the well- worn planks in his slippers and he stared serenely at a.contem- plative dragon on the ceiling. For nearly two hours prime minister remained in two temple of the Zen Budda religion, the other of the had time per- mitted he would probably have remained longer. Given some free time prior to Friday's back-breaking schedule, Tru- deau selected temple-visiting as his form of relaxation. Friday, Trudeau faces a 27- hour day as he returns to Tokyo for a full day of activity, includ- ing a visit to a steel mill, before flying across the international dateline to Vancouver for a press conference and then to Ot- tawa for a scheduled p.m. arrival. Besides the visit to the steel mill iii Tokyo, he mil lunch at the Canadian Embassy, see a Little League baseball game, and visit Kodokan, the home of judo in Japan. When he boards his jetliner at Tokyo to fly back to Canada be will have completed his longest tour since becoming-prime min- countries covering some miles. Stuck In Greece ATHENS (AP) Mrs. Alex- ander Fleming, widow of the discoverer of penicillin, has been refused a passport to leave her native Greece. The ministry of interior announcement Wednesday gave no reason. Stock Exchange Boom Still Hot By THE CANADIAN PRESS The New York stock market gave up some of its early gains but continued sharply higher in very heavy trading today. At noon the Dow Jones aver- age of 30 industrials was ahead 13.28 at 676.48, a two-per-cent in- crease, after having been up nearly 19 points earlier in the session. Analysis said the upsurge was natural following Wednesday's record advance. Volume was heavier today with shares changing hands on the New York Stock Exchange by noon, compared with during the same period Wednesday. Advances led declines by about five to one among issues' traded on the big board. Some analysts said tJw contin- uation of Wednesday's upturn may be due in part to President Nixon's encouraging words to business leaders at a meeting in Washington Wednesday night. POSTS LARGEST GAIN The stock market dosed sharply higher Wednesday as the Dow average posted its largest single-day gam in his- tory. Share prices opened higher on European stock markets follow- ing the Wednesday rally on Wall Street. Early gains were quickly re- duced on the London stock mar- ket, however, as prices began to ease back soon after the open- ing. The Zurich market closed higher with widespread gains, Nixon Proposes Rein On Prices WASHINGTON (AP) Presi- dent in an unusual direct appeal, has asked U.S. business- men to help, the government's war on inflation by keeping their prices in check. In 2V4 hours of private talks with 45 business and financial leaders Wednesday night, the president also ap- parent their doubts about to move troops into Cfinbodia. The executives, According, to several tologNixon-the Swings Left COLOMBO (Reuters) Cey- lon swung strongly to the left today with an opposition victory which left the governing United National party so far behind in general elections that it did not even come in second. Sirimavo Bandaranaike, tie world's first woman prinie min- ister in 1960, swept back into power at the head of a left-wing United Front coalition. She had been out of office sines 1965. With only nine seats in a 151- member House of Representa- tives still undecided, the coali- tion had 109 seats and tha United National party 14. The coalition's seats were div- ided among Mrs. Bandaran- aike's Sri Lanka Freedom party the Trotskyist Lanka Sama Samaj party (16) and the pro- Moscow Communists An in- dependent supporter took ona seat. Other seats were won by two non-coalition groups, the Fed- eral party (16) and the Tamil Congress Friends of outgoing Prime Minister Dudley Senanayaks, who sent lu's resignation to Gov.-Gen. William Gopallawa today, said he was bewildered by the extent of the landslide which swept at least 10 of his ministers out of their legislative seats. Cambodia decision was a major factor in the stock market's plunge. He responded that, whether the country realizes it or not, the military move will hasten the day of withdrawal from Vietnam. "We were very one businessman said after- ward. "It was a good an- other said. A third said the group's reaction was "very po- sitive'iegarding his general pro- Those 'who consented to re- view, the meeting insisted that their names not be used. Most of Nixon's guests- refused to comment, and the White House '-furnished no information. Seen and Heard ABOUT TOWN TJADIO announcer Leu Grant set for a move to Yellowfcnife, N.W.T. and being reminded to dress warmly because "it's still win- ter up there" Les Healy phoning a friend in Leth- bridge to have him pay a parking ticket for hiirt, not willing to rely on the current mail movement Ron Stone proudly showing friends his latest toy a 1953 car with unique door catches, namely binder twine. Montreal Buildings Blasted MONTREAL (CP) Explo- sions rocked a hospital doctors' residence and blew a hole in a waU of a Canadian General Electric building today, causing some damage but no injuries. Police said the explosion at the doctors' residence of the west-end Queen Mary Veterans' Hospital shattered windows and damaged the foundation of the U-shaped building. Post Of frees May Be Closed Down ZOO'S WHO-New arrivols for "zoo's who." These Chinese leopard cubs were the first of this teason't babies at london Zoo, OTTAWA (CP) Postal union plans to .force a contract settlement by' local walkouts struck here today and union sources said Prime Minister Trudeau will be met an-' other-at Vancouver Friday 'on bis return from his Asian tour. Negotiations continued today the subcommittee level. The full negotiation groups were scheduled to resume at p.m. Informants said a list of 10 names has been drawn for choosing a mediator, requested by the government. It is said to include Judge Rene Lippe of Montreal, who headed the con- ciliation board turning in an in- conclusive report on the dispute. Union leaders Wednesday night at a news conference made plain they plan to con- tinue the system of rotating 24- hour strikes launched at Winni- peg and then continued here. Postal workers walked out at Windsor Wednesday in what ap- peared to be a stoppage of longer duration. Wages and job security are cited by the union as the main the dispute with the federal government The union spokesmen decline to give any official indication of where future strikes may occur. They have strong backing from the postal workers for a national strike. There Was Mail Slowdown Even On Maiden Flight TORONTO (CP) Today is the 50th anniversary of the first inter-city air-postal service in Toronto to Ham- ilton and return. Bucking a strong headwind, Lt. William Daredevil Landri- gan aixi Lt. Arthur Colley took off from what now is To- ronto's Aver.ue Road in their Curtiss JN4 Jenny biplane. But when they reached Hamilton and couldn't find Eastwood Park, the desig- nated landing place, they put down in a field on top of Ham- ilton Mountain, Adam Brown, veteran postmaster whose job it was to greet the pioneer fh'ght, saw what had pened. He jumped into a taxi and whipped up the hill after the aviators. The three met and dis- cussed the s i t u a t i o n. Mr. Brown then went back down and the plane took off. While onlookers cheered, Mr. Brown greeted the men again when they finally landed at Eastwood Park. That 1920 flight took about 30 minutes. There were 34 let- ten on board, each costing in f There was an indication, how- ever, that the union's tactics could be met eventually by a government decision to close down the post office entirely and to wait out the workers for a settlement. Treasury Board President C. M. Drury refused to rule out the possibility when questioned by reporters about the effects of the rotating strike. If it should lead to a general paral- ysis in the post office, he said, "there would be no point in pretending that operations were continuing." Leaders of the giant Public Service Alliance of Canada said in Ottawa their membership will not handle any work during the current postal dispute that normally would be carried out by post office employees. Britain meanwhile faces a strike threat by post office workers which could close all international telephone and lefegraph linki with the out- ride worM. but these were much more mod- erate than those scored Wednes- day on Wall Street. The Paris market opened firm and on the Amsterdam Stock Exchange, in- ternationals opened firm to higher in fairly heavy trading. Swiss financial writers said today Wednesday's sharp Wall Street rally probably does not hail a turn-round in the market. There was a sharp recovery in the Tokyo exchange, where the average climbed a record 79.46 points to At Toronto, the stock market added a large gam in early trading to the record advance made Wednesday. During the first hour of active trading, the industrial index, a major indica- tor of market movement, climbed 3.15 points to 149.36. The index jumped 4.60 points to 146.21 Wednesday, the largest single-day advance since Nov- ember, 1969. More than shares changed hands during the first hour of trading, up about 35 per cent from the same period Wednesday. TALLEST HOUSE Vic Cuttonguoy proudly looks of his elongated birdhouse, at 31 itoreyi the tallest house in Sudbury. The ultra-modern complex has 124 units and Is complete with .windows and views. Each floor is painted a different color and the number of-occupants Is expect- ed to reach 400 when nesting Is completed. 18-Year-Old MPs Get Green Light OTTAWA (CP) Privy Coun- cil President Donald Macdonald said Wednesday the government decided 18-year-olds should be allowed to run for Parliament despite legal questions raised because they would be under 21. He told the Commons prov- inces that set 21 as the age of legal accountability for debts may be changing their laws. Mr. Macdonald was speaking during second reading of a gov- ernment bill to lower the mini- mum voting age to 18 from 21 and proposing other wide-rang- ing changes in the Canada Elec- tions Act. The Privy Council president said the government concluded that if 18-year-olds get the right to vote they should also be per- mitted to run for election to the Commons. He realized there were ques- tions about 18-year-olds being debt risks in provinces that set the age of legal accountability at a later age but this problem would best be left to the prov- inces. COST TOO HIGH Mr. Macdonald also said the government decided against a permanent voters' list because of high costs and the fact that under the current system lists are more up-to-date at election time. Troops Putt Back SAIGON (AP) North Viet- namese and Viet Cong troops fought their way into the Cam- bodian provincial capital of Prey Veng early today, but they were reported withdrawing later in the day after street fighting. On other Cambodian fronts, North Vietnamese troops cap- tured a district headquarters on the highway between Ptoom Penh and Angkor Wat, the coun- try's chief tourist attraction, and ambushed an American ar- tillery convoy near Mimot. The North Vietnamese also stepped up their attacks in South Vietnam's northern prov- inces, but military spokesmen said at least 93 guerrillas were killed in that sector. The U.S. command reported that the total of American com- bat deaths in the war dropped last week to their lowest weekly toll since American forces crossed into Cambodia May 1. The weekly casualty summary said 142 Americans were killed and 808 wounded, including 61 dead and 249 wounded in Cam- bodia. TV Crew Returns VIENTIANE (Reuters) A four-member Belgian television crew reported missing in Laos about five weeks ago returned to Vientiane Wednesday niglrt. The four we reported to be in ;