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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 29, 1974, Lethbridge, Alberta Shipping growth increase expected Good year hinted at major ports By VICTOR DABBY The Canadian Press Despite uncertainties posed by labor boxcar shortages and changing trade most of Canada's major sea ports look forward to increased levels of activity this year. Shippers seeking a quick turn-around facility have brought the port of Halifax its best winter season in several years and John head of the city's port reported a substantial increase in car imports vehicles unloaded in 1973 compared with the previous year. He said the port's container facilities are being used to capacity and a new container terminal is planned. Another port William said he expects conditions in Halifax will be even better in the future because shipping lines serving the city have not yet realized their full potential. are hoping to get some Far North trade through Halifax in the which will boost our PREDICT INCREASE Spokesman for the port of Montreal predicted an increase in the volume of cargo despite long-standing labor although they revised their figures following a strike by river pilots between Montreal and Quebec City in April. The port handled nearly 24 million tons of cargo in 1973 and the revised estimate for this year was 25 million. Montreal expects a 10-per- cent increase this year in the volume of container traffic after handling container units in compared with in 1978. The port handled 14.6 million tons of grain and petroleum and 3.8 million tons of general cargo last year. 75 miles northeast of also had an increase in cargo 4.15 million tons in 1973 compared with 4.135 million the previous year. General cargo accounted for tons of the 1973 total. Port authorities forecast gains in paper and petroleum shipments. Cargoes of paper products are expected to rise from tons in 1973 to about tons this year. In Quebec a spokesman for the port authority forecast a 10-per- cent increase in the port's total tonnage. Quebec City handled 16.675 million tons in an increase of seven-per-cent over the previous year's total. Container traffic is expected to go up substantially from the units handled in 1973. Grain shipments are expected to make all the difference for port operations at Man. Port Manager Earl Scharf said the port's top year for grain shipments was 1971 when it cleared almost 25.5 million bushels and that this record may be beaten depending on the amount of wheat allocated by the Canadian wheat board. In Churchill will be handling large amounts of sulphur for the first time. Amoco Petroleum Co. Ltd. of Calgary plans to use the port to ship tons of sulphur to Europe this year. A spokesman for the port of Vancouver said the general trend for the port has been a rise in the total amount of cargo handled but he foresaw little change from last year's performance when total tonnage reached 42 million. At Prince a spokesman said the port hopes to match its volume of about two million tons for of a record for grain shipments. Telesat financial picture on '73 operations good OTTAWA Net earn- ings of 28 cents a common reported by Telesat Canada for the first year of operation of the agency's domestic satellite communications system. During Telesat's oper- ating revenue amounted to million and operating expenses were president David Golden says in the annual report to be presented today to the annual general meeting of shareholders. The set up in 1969 to establish and operate a domestic satellite telecommunications went into operation on Jan. 1973. when an inaugural telephone call was made from Ottawa to Resolute Bay. N.W.T. via the Anik i launched in 1972. By the end of the an- other 34 earth stations were providing a variety of telecommunications services. Telesat's financing has been accomplished through a com- bination of equity and debt Mr. Golden says in the describing 1973 as a year of accomplishment and To Dec. a total of had been realized through the sale of common the report says. Loans amounting to million were outstanding under a short-term borrowing arrangement with the federal government. The loan was scheduled to be repaid from 1974 to and a requirement for additional financing was not expected in 1974. About million in construction costs were incurred in bringing to million the total construction cost of the Telesat the first domestic satellite system of its kind in the world. Considerable engineering activity has been devoted to studies to provide more services to Mr. Golden says in the report. Canada Trust requires a LENDING OFFICER to assume responsibility for furthering the development of a rapidly growing Personal Loan Department. This position will appeal to career orientated individuals with an appropriate level of Consumer Loans experience. The successful candidate will enjoy a good working environment and rewarding career opportunities. Apply in confidence P. L. MORKIN Office Manager 3rd Avenue and 7th Street 8. 1 Alberta Phone 327-8581 CM to pay repair cost for Vegas DETROIT General Motors announced Tuesday it will repair free of charge any damage caused by engine overheating in up to 1.3 million Chevrolet Vegas sold since 1970. GM said the offer will be limited to Vegas driven miles or less and would not be valid if damage could be traced to driver abuse. the department of transportation said in Washington there is a potential safety defect in certain 1965 through 1968 Buicks and 1970-model Cad- illacs made by GM. The department said en- gine-mount separations may cause the accelerators in those cars to jam in an open position. GM denied the problem con- cerning Buicks and Cadillacs involved a safety defect and disputed the government's findings. A GM spokesman said the firm received about complaints from Vega owners about engine overheating. The largest automaker was also under pressure from a consumer group and a congressman. The Vega engine is made of aluminum rather than con- ventional cast iron. GM said aluminum does not stand up as well under high temperatures and overheating can cause warpage of the engine block and pistons. The offer applies to all of the subeompact Vegas made since the model was introduced in the fall of 1970. In a General Motors of Canada Ltd. spokes- man said the offer will apply- in Canada. have had 'very complaints in Canada of engine damage to Vegas resulting from he these have been Paper mill to reopen this week- VANCOUVER A spokesman for Macmillan Bloedel Ltd. said Tuesday the company's Port Alberni Pulp and Paper closed since maintenance workers walked out May will be back in operation this week. The spokesman said the United Paperworkers International which represents the striking advised the mill management Tuesday its members had voted in favor of an immediate return to together with an undertaking of full and the cessation of job action. is hoped the mill will be back in full production by said the company spokesman. Gas pipeline plans to be filed in fall OTTAWA Verne president of Canadian Arctic Gas Pipeline says the second part of the con- sortium's Mackenzie Valley pipeline proposal will be filed this fall but it is unlikely that regulatory hearings will be completed in time for a con- struction start in the winter of 1976-77. Mr. outgoing president of the Canadian Gas Association which is holding its annual meeting said in an interview today that to get the natural gas pipeline under way on target hearings on both sides of the border will have to finished by the spring of 1975. don't think it's fair to as- sume that we'll be able to get everything cleared up by because extensive hearings can be so the start of construction will be until the fall of he said. The 27-company consortium filed the first phase of its plan to build and operate the mile pipeline with the National Energy Board and its U.S. counterpart this spring. The second to include details of financing and will be filed in September or October. HUMAN BLOWTORCH The most voracious fire-eater is Kjell Swing of who can nrnHnrc a flame fi'A lone. The Herald Business Stocks Miscellaneous MIDLAND DOHERTY WESTERN 5.75 AND 3.40 Alton Minerals .09 Albany A Pfd 50.00 Alta East Yukon STOCKS Gas A 13.00 Ashland Gas Pfd 55.00 BP Nat Gas Brenda Metro Cda Nat Gas 8.75 Cdn Export C Gas 11. 37 'A Cdn C Gas B Pfd 20.87V4 Cdn Ind Gas Trans Cdn Long Pipe 29.87 Vi Cdn Pipe A Pfd 54.75 Chieftan Pipe B Pfd 31.50 Dome Pipe War 3.65 Trans 19.50 Ft Trans War 2.55 Giant Gibraltar Grt .40 Grt Cdn Oils .05 Lochiel Explor Uytton Minerals Noble 1.79 Continental .02 Western Warner .29 VANCOUVER North Cdn Numac Explorations .25 PanCdn Norsemmes 1-31 Pan 2.25 .56 Varden .21 Place Res. .12 7.50 Ranger Mines 2.26 Scurry .05 .07 Spooner Total Standard 1.78 Valley Copper 7.10 Ulster United Industries .11 Westcoast 1.62 West Petroleum .32 Pete. .14 Acres Explorations .70 Aquitaine BC Sugar C Int'l Res .64 MUTUAL FUNDS Block Cdn. Compound 5.41 5.88 Cdn Pac A Cdn. Dividend 5.69 6.19 Carling A Cdn. Ventures 2.97 3.24 Carling B Growth Fund 4.19 4.60 Commerce Capital Crestbrook 5 Special 2.14 Cdn. Invest Fund 4.46 4.89 Falcon Copper F M Trust Mutual 4.67 5.13 Eaton Comnwllh Leverage 2.89 Home Oil Infl Venture 2.74 Home Oil Investors 5.50 6.04 Hudson Bay Invest Stock Fund 4.18 4.59 Hud Bay Fund U.S. 9.58 10.50 Hugh Russell Pacific 4.05 4.43 Husky In Shares 2.70 2.97 Husky Oil B Equity 5.92 6.51 Husky Oil D Growth Fund 10.75 11.75 Husky Oil E Mutual 5.14 5.62 Inter Pipe Accum 5.50 6.05 Inter S S 87 Growth Fund 2.79 3.06 Kaiser Resources 4.05 4.45 Kaiser Res Cdn. 4.99 5.48 Loblaw C Growth 4.15 4.56 Magnasonics Pacific Growth 3.81 4.18 Provident Mutual 6.72 7.35 Pac West 6.03 6.28 Pe-Beii Growth 7.32 8.03 Rainer Accum 4.09 4.49 Royal Savings 7.24 7.96 5.40 5.94 5.06 5.57 Toronto industrials by Richardson Securities of MINES Acme Advocate Asb. Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central Pat. Chimo Conwest Cons. Rambler Com Lake Cochenour Craigmont Dickenson Mines Denison Mines D'Eldona Dome. Mines Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Mantimes Giant Y.K. Granduc Hollinger Hudson Bay Hydra Ex. Iron Bay ISO Joiiet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic Martin McNeely Maclntyre Meta Midrim Intern Mogul Nu West Homes A New Athona New Calumet Noranda Norlhgate Norlex Pine Point Placer Pax Exp. Quebec Man Rayrock Radiore Rio Algom Roman Corp. Sherritt Gordon Steep Rock Sunningdale Tek Corp. A Texmont United Canso Western Mines WH Copper Mines Wright Hargreaves Willrcy Windfall Yellowknife Bear Zenmac INDUSTRIALS Abitibi Alcan Algoma Steel Atco Ind Jannock Agra Ind Bell Tel Brascan A Tel Forest Sugar A Valley Ind Ind O'Keefe 6.1 Cellulose Power Credit Gas Pfd Ind Marconi Vickers Bathurst Gas .41 Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Motors 32.50 20.87 Vz Lakes Paper Gulf Oil Greyhound Sid Walker Erie Oil A Nickel Pipe Grp A Inn Accept Douglas A A Ferg Bloed Corp MOlSOns A B 19.50 North Cent Power Corp Price Co .18 t i .22 28.00 10.37 CDA Simpsons Simp Sears Steel Can A 1.66 A Texaco Trad Grp A 2.70 Mtn Pipe Trans Can Pipe Union Carbide Union Gas Oil Siscoe .13 Mfg Westeel .07 A Foods Elec Imperial Scotia 41.00 Dom 52.00 11.25 16.50 18.75 12.87V4 8.50 2.55 5.87V4 5.25 22.6214 2.35 9.25 19.75 3.15 18.00 15.75 14.37V4 28.75 27.50 15.25 37.50 41.50 14.50 29.37'A 3.80 7.25 46.75 21.25 27.25 5.50 46.50 16.00 15.00 2.20 4.90 7.75 3.40 6.25 11.50 16.50 27.62V4 49.50 23.00 20.00 7.00 11.25 11.75 12.75 5.75 14.00 7.75 10.75 13.00 38.00 9.50 10.25 5.00 19.00 21.50 3.40 3.00 26.75 17.25 34.00 33.00 36.75 Market prices mixed in light TSE trading New York by Richardson Securities of Amr T T 46.50 WOOIwOfth 15.50 Anaconda 22.25 Westing Elec Beth Steel 29.50 US Steel Cnrysler 16.50 Gen Tel Elec 23.37V4 Comsat 34.25 TORONTO AVERAGES Duponl 16400 20 Industrials 191.21 down .36 General Motors 20 Golds 400.53 up 11.60 Gull I 10 Base Metals 83.02 down .03 Int Harvester 25.6214 15 Western Oils 189.81 up .89 Konn Copper 33.75 Volume Montgomery Ward 24.00 NEW YORK AVERAGES Sears 84 20 Industrials 808.59 down 5.70' Exxon 71.00 20 Rails 160.94 down .73 Texas 26.75 IS Utilities 73.84 down .19 Texas Co 25.25 65 Stocks 244.35 down 1.42 lAl.v 13 12V4 Volume 700.634 TORONTO Prices on the Toronto stock market were mixed in light mid- morning trading today. The industrial index was down .01 to 191.56 and base metals .05 to 83.00. Golds rose 3.11 to 392.00 and western oils .89 to 189.81. Volume by lla.m. was 000 shares compared with shares at the same time Tuesday. Advances outnumbered de- clines by 131 to 102 with 141 is- sues unchanged. Alcan lost to Canada Permanent Income V4 to Seaway Multi-Corp 25 cents to 14.65 and Canadian Pacific V. to Imperial Oil A was up to Texasgulf to Aquitaine to Domtar MONTREAL Prices were generally higher in light trading on the Montreal Stock Exchange today. Volume at 11 a.m. was shares compared with at the same time Tuesday. Banks rose .92 to industrials .37 to papers '.33 to 121.66 and the composite .24 to 193.17 while utilities fell .51 to 130.13. Alberta Gas Trunk rose Hi to S13V Asbestos Corp. to Canadian Industries to and Bank of Montreal to while Alcan fell to Among speculative Invictus Oils rose 2'z cents to 39'i cents on a volume of shares traded. VANCOUVER A late-buying surge failed to stop a generally downward drift on the Vancouver Stock Exchange Tuesday. Final volume was although less than 200.000 shares changed hands during the first hour of normally the most active period on the trading floor. Henrietta in the mining section and Copex in the oils accounted for a major share of the trading activity with Henrietta closing at .33 after adding .03 on a turnover of shares. Copex finished at up .01. after trading 113.400 shares. In the B.C. Sugar A finished up at on shares. Jolly Jumper held unchanged at .95 on a volume of shares. EDP Industries was off .01 at .13 with 4.000 shares traded. Crestwood Kitchens was unchanged at on shares. Canterra slipped to a drop of .03 and Kaiser Warrants finished at up .06. On the mining Consolidated Fortune Channel was down .02 at .33 on a turnover of 53.500 shares. Ramco was off a half cent at on shares and Brendon finished at .24. off .01. with shares traded Arcadia was off .08 at .45 and Yukon Gold gained .01'A to finish at In the oils. Coinex was off .08 at after trading shares. Delta Petroleums was unchanged at .10 on a volume of 12.000. Seneca Developments was unchanged at with shares changing hands. Vargas gained a half cent to finish at .06 and August was changed at .33. NEW YORK Prices settled lower in dull trading in the stock market today. The a.m. Dow Jones average of 30 industrials was off 4.62 at 809.68. and losers moved out to a narrow lead over gainers on the New York Stock Ex- change. Thomas and Belts was the most active NYSE down at S41. A 150.000-share block traded at that price. Aluminum issues showed broad declines. Alcan Aluminum was down I'-i at Alcoa 3's at S41'i. Anaconda l'z Kaiser Aluminum at and Reynolds Metals to S19'2. Among Canadian-issues. Massey Ferguson gained to Seagrams lost to S39. Canadian Pacific to Inco remained unchanged at and Mclntyre at Winnipeg grain WINNIPEG All prices had moved higher by mid-session in active trading today on the Winnipeg Commodity Exchange. which was the only commodity opening with turned around and posted near-month mid-session gains ot as much as six cents a bushel. Distant months of flax were unchanged to three lower. Tuesday's volume of trade was Livestock Calgary CALGARY Receipts to II a.m. Wednesday from the Calgary Public Stockyards totalled mostly slaughter steers and cows lacking in quality. Trade was dull with a narrow demand for all classes Slaughter steers were 50 to 75 cents lower with lightweight steers f 1 to lower. Heifers were mostly in the lighter-weight selling 50 cents lower. Steer and heifer prices included the beef quality premium. Cows were steady for quality. Bulls were scarce and stady. Heifers. 41 50-43.80. Cows Dl. 30-32. 27-30. 22-26. 34-36. Replacement cattle were selling steady for quality. There were no slock calves on offer. Good feeder steers more than 750 Hogs fob to 11 34. 695.000 bushels ol flax. of rpaesecd und 665.000 oi rye. Mid-session prices. Flax May 2'z higher July higher 9.58'sB. Oct six higher 920B. Nov unchanged 8.72A. and Dec three lower 7.95A. Rapeseed .lune three higher 7..13. ScplS'1. higher7.02-'i. Nov 4'j higher and Jan eighl higher H.22A. Rape.seed Thunder May one higher July Ihree higher 6 76B. Oc-l lour higher 6.28B. and Nov four higher 6 29B. Rye May eighl higher 2 July B'i higher Ocl higher and Dec 4Ji higher 233'zB basis to and Molson A V4 to Rio Algom gained to Preston V4 to Madsen 16 cents to Camflo to and Canada Northwest to United Siscoe was down to Agnico-Eagle ft to and Giant Yellowknife to Great Canadian Oil fell V4 to Sunningdale Vt to and Francana Vs to Chicago markets CHICAGO The priceV gold fell sharply on foreign markets Tuesday and this tended to influence selling of some commodity futures in the United Stales. Silver futures fell sharply up to 35 cents an ounce on the New York and 30 cenls in Chicago. Cocoa and world sugar fulures also were while cotton prices were mixed and wool higher. Wheat futures rallied in the closing minutes as shorts were forced to cover positions to liquidate before the lasi bell. Corn and oats also closed while soybeans and meal were lower. Soybean oil advanced and iced broilers gained a few points Pork bellies while live cattle futures closed on a mixed tone and live hogs fell back along with shell eggs The decline in gold prices was atlributed by trade sources to selling by houses with strong French connections The trade Ulk was thai France new felt monetarily stronger with a new government Heavy receipts and uneasy cash tone contributed to the selling in cattle and hog futures. Profit taking again was a factor in the pork belly selloff while shell eggs declined on very slow trade. At the close on the Board of Trade. Chicago wheat was 5 to 8 cents higher. July 3 Gulf hard red 3 higher. December corn to 3'j higher. Juh oats lo and soybeans down 1 lo 4'2. July 5.50. Chicago Grain quotes Tuesday Wheat- Jul 3 47. Sep Dec 3 Mar 3.68 Corn- Jul Sep Dec Mar 2.44 Oats- Jul Sep Dec 1.32'z. Mar 1 33. FORD MOTOR CREDIT Grain quotes Vi 688 673 624 624 229'-4 229 228V4 Hog prices EDMONTON Average prices lo 11 a.m. provided by the Alberta Hog Producers Marketing Board Tuesday prices in 34.00 34.00 Red Deer- 34.00 Grande Nil Lloydminster- Nil Nil Hogs sold to 11 a m total Tuesday 7.385. average 33 77. Sows average 18.25. Earnings By THE CANADIAN PRESS Broulan Reef Mines three months ended Marh 31. 55 cents a 46 cents. futures WINNIPEG Live beef futures close Tuesday. July Sept Nov Jan 48.50A. Monday's No contracts. Gold futures WINNIPEG Gold fulures. U S. funds. Winnipeg Commodity Exchange close Tuesday. Jly 74 Oct 74 Jan 75 Apr 75 172 10B- Jly 75 177.65B. Monday's 37 contracts. Gold prices Metals LONDON Closing metals bid-ask in pounds sterling a metric silver in pence a troy futures fulures 3.590 240-240.5. futures 247-248 futures 594-595 199-201. 3 months 205- 205.5 Tom C. Bishop The appointment of Tom C. Bishop as manager of the Calgary Branch of Ford Motor Credit. Company of Limited is an- nounced by K. A. vice president Canadian Operations. A native of Port Mr. Bishop joined the Company in November 1970 and was latterly the Office Manager at the Hamilton Branch. Ford Motor Credit Company of Limited provides wholesale and retail financ- ing services to Ford of Cana- da's automotive and tractor dealers and their customers. The Calgary Branch covers Southern Alberta from Red Deer and including the of B.C. 3000 SQUARE FEET FOR RENT Downtown Commercial Space Phone 328-1520 or 328-5309 LONDON Tuesday's closing gold prices in U.S. dollars an ounce- London 155.00 Paris 158.41 Frankfurt 155.15 Zurich 156.00 Hong Kong 154.46 Beirut a kilo. Dollar MONTREAL U.S. dollar in terms of Canadian funds at noon today was up 3-50 at 7-25. Pound sterling was down 1-5 at J2.30 17-50. In New the Canadian dollar was down 7-100 at 43-50. Pound sterling was down 7-20 at or 2 year GUARANTEED SAVINGS CERTIFICATES Interval payable semi-annually or compounded to maturity. Member Canada Deposit Insurance Corporation Depositors cen purchase Olympic FARMERS MERCHANTS TRUST Fm 309 7th Street Lethbrldfte Phone 328-5548 ;