Lethbridge Herald, The (Newspaper) - November 3, 1973, Lethbridge, Alberta
TSE gushes to record high November IETHBRIDQE HBRALD-31 By SANDRA INGALSBE Caudian Press Staff Writer The rise ajid fall of oil shares dominated trading on major Canadian stock markets this week. Other sec- tors were mixed in active trading. Anticipation of higher prices for Western Candian crude to offset an increase in imported oil pushed the Toronto market's western oil index Thursday to a four-year high of 297.91. the 23-point gain in the previous four sessions was largely eroded Friday following the government's announcement although it would allow product price it would also increase substantially the ex- port tax and maintain the price freeze on western crude. Trading Friday brought the western oil index to a close of up 1.90. The over-all trend of the To- ronto market was generally lower despite record gains at the beginning of the week. The industrial index touched an all time high of 237.99 and base metals hit a three-year high of 112.26. The industrial consid- Puchase confirmed VICTORIA Dave Barrett has confirmed the B.C. government purchas- ed nearly two million dollars worth of stock in the B.C Telephone Company. He said Friday buy more if the price is Nearly 37 thousand B.C. Tel shares were bought through three pension funds ad- ministered by a committee of the cabinet. ered the best gauge of market ended with its first loss in seven down 2.01 to 234.46. Base metals were off 1.31 to 109.42. Golds climb- ed 21.13 points during the week to end at 297.63. MONTREAL INDEX DIPS On Montreal and Cana- dian the composite index fell 1.21 to 242.92. How- advances outnumbered declines during the week 205 to 186. Analysts say Canadian mar- kets have continued to per- form well in the face of broad losses at New York. Profit- taking and some tax-loss sell- ing has been balanced by buy- ing on news of strong cor- porate profits and dividend particularly in resource-related industries. The New York market lost ground every session with the Dow Jones average of 30 in- dustrials closing the week at 935.28. down 51.78. Observers said the reluc- tance of some banks to cut interest rates and concern over the Middle East situation and the Watergate scandal have added to the normal cor- rective phase following the market's advance during the last few weeks. Draper Dobie and Co. Ltd. says in a current analysis of technical New the Toronto index has enjoyed a remarkable upside run which is clearly beginning to run out of The index is much more likely to head down over the next six to eight weeks than up. it added. Trading was active at Toronto with 19.43 million shares changing hands for a value of up Irom 14.67 million and million last week. On the Montreal and Cana- dian stock the combined volume was 6.53 million compared with 5.05 million. Value of shares was million against million. TENDER NOTICE COMMERCIAL CITY PROPERTY FOR SALE Tenders will be accepted for the following Municipal address 128 North Mayor Magrath Drive. Legal description Lot Block Plan 4179 JK being sold by tne Trustee of the Estate ot Paul's Plumbing Heating Ltd in Tenders to be submitted to W. R Lord. C. A. 519 7th St P 0 Box 940.. Lethbridge. Alberta. Phone 328-6691 prior to 10 a m. Wednesday. November 1973 at which time a meeting will be held at 519-7th St. to open and announce the bids All tenders are invited to attend the meeting. Only sealed envelopes will be accepted marked Estate of Paul's Plumbing Heating Ltd in Bankruptcy The highest or any tender not necessarily accepted W. R. Trustee N3 I For Lease Office space in modern new addition to Professional Lethbridge 7000 ft. per floor Air 2 PAHULJE CONSTRUCTION LTD. PHONE 327-6747 Can- ada's first super-super market concept first developed in in nearby Laval this week using new Chrysler boosting prices DETROIT Chrysler Corp. has announced its intention of raising car and truck prices an average of to recover costs in- cluding wage increases in its recently negotiated contract with the United Auto Workers. Chrysler made its intentions known to the Iternal Revenue Service and to the Cost of Liv- ing Council under the have 30 days in which to approve or disapprove the re- quest. The company said its new price pattern would cover other labor costs. It described the proposed in- creases as justified under the Phase IV regulations and said they provided no profit for Chrysler. List Your Cattle for our Spaciil Stock Cow ind Bred Heifor Silo November 20th At The Lethbridge Public Stockyards Hwy 3 East Sale Conducted By C. E. FRENCH LIVESTOCK LTD. PIMM 327-0101 P.O. Box S.S. Lethbridge Now techniques that are expected to keep food prices down. have basically combin- ed warehousing and retailing under one roof offering customers a wider scope of merchandise at lower says Sydney vice-president and general manager. The with 49 checkout aisles 15 feet extra-large shopping carts and floor space of 000 square is said to be twice as big as any super- market in Quebec. A joint venture of Oshawa Group Ltd. of Toronto and Mondev Lt. of the Hypermarche idea is be- ing closely watched by other supermarket chains. The advertising campaign preceeding the store's opening caught in one line the idea be- hind the store where higher they pile the lower they price CONTAINERS STACKED The jungle refers to the bas- ket-line with merchandise which are stacked several deep almost to the store's high ceiling. Some of the containers are now sent directly to Hyper- marche by manufacturers while some come from Oshawa group warehouses. Such direct shipping saves the store money and handling and saves the suppliers money on things like cardboard con- tainers. In the fork-lift trucks are used to remove empty containers and loser full ones from the stacks to shelf level. In another efficiency all non-food items are tagged with magnetic tickets recording price and inventory information. The tickets are read by a cashier with an electronic pencil which sends the infor- mation to inventory control as well as to the cash register. By 1975 the store hopes to have such magnetic tags on all items. NO CONTACT NEEDED Special scanners to be in- stalled on checkout counters will then allow the entire check out procedure to be done without the cashier touching the food or the cash register. Along with regular super- market Hyper- marche has boutique-like areas selling women's and children's toys and other dry goods along with its own bakery and specialty food sections. In the vegetable shoppers can choose packaged and trimmed vegetables or pay a lower price for un- packaged items. Mackenzie pipeline prospects waning EDMONTON The pnttpecU of a natural gas pipeline being constructed down toe Mackenzie Valley It waning after an American gas firm announced it will try to block the fa-billion project. El Paso Natural a Texas-based an- nounced it will try to Mock the Canadian Arctic Gas Ltd. pro- posal when it is presented for approval by United States government agencies in December. Arctic Gas files an appli- cation we intend to E. G. El Paso said in a telephone interview from Houston. betting is that the pipeline now has less than a 50 per cent chance of going into production ans those odds are a lot worse than they were two weeks said one economist who asked his name not be used. Dick the federal government's director at tne research centre in the Mackenzie have lost the think we might still be in the ball but I think at this point it will take a long end run to pull it Export taxes trouble U.S. Climbing higher The new Alberta Government Telephone building in Calgary has now climbed above surrounding buildings. Dominion Bridge Co. Ltd. is installing the steel frame for the floor structure. The first four floors were erected by a mobile crane working from the lane. Above the fourth a 35 ton guy derrick is up as floors are added. Super-super market opens near Montreal WASHINGTON The United States reacted with surprise and disappointment following Canadian announcements of increases in taxes on oil and tariffs on beef. in a Thursday night move that was not expected among U.S. officials here who keep a close eye on Canadian increased the export tax on crude oil to a barrel from 40 cents. The move was unexpected Canadian ranchers' pressure to slow American imports into a Canadian market recently disrupted by unusually large volume of Oil tax bothers because the 40-cent tax itself _ had been in force only a short I CLltTll Finance Minister John Turner announced a doubling of the tariff on live cattle and dressed beef im- ported into Canada. Of the oil rate state department spokesman Robert McCloskey U.S. is disappointed by the action of the Canadian NOT CONSULTED He said the U.S. was not consulted before the an- nouncement of the 375-per- cent increase and learned about it about the same time it was announced in the House of Commons. Another state department who asked not to be said he was becoming fatalistic about Canadian tax increases. can we he asked. this is dis- appointing for especially to have it happen at a time when we are very worried about our oil Canada is the largest supplier of oil to the U.S. Also worrying the the official was a recent move by Canada's National Energy Board to grant no new export licences pending a sur- vey of Canada's own needs. one has us he said. is a great deal of concern through the border states and particularly in the Detroit area. There have been congressional PRESSURE DEPLORED He said he had not heard of the beef tariff increase and termed it one more Canada removed the tax on live cattle and dressed Ite cents and three cents a pound February. In the tariff was reinstated. Friday it was doubled. Turner told the Commons the move was a reaction to EDMONTON Senator Ernest Manning Fri- day called the increase in the export tax on crude oil to a barrel from 40 cents a barrel a classic example of the type of government action that should be avoided. is one of the outstanding examples in all Canadian his- tory of the kind of things gov- ernments should avoid if they are really concerned about the proper development of he said in a panel discussion at a northern development conference. Senator Manning's com- ments came during a discus- sion of mineral development. should avoid undue regulations... and avoid going beyond what is es- The former Alberta premier also said governments should refrain from restrictive tax- ation. Senator Manning said ade- quate tax incentives must be provided and guidelines for development must be drawn up in consultation with developers. EASY TO CARRY The lightest wood is Aeschynomene found in Cuba. It weighs between two and 24 pounds per cubic foot. Rapeseed processors agree on rail formula H. H. Smith Lid. Customs Broker LEtHDAlDOl PHONE coins Home Office Phone 327-3622 The Mackenzie VaUey Pipe- line is designed to carry gas from the 26-trillion-cubic-foot Prudhoe Bay field and the seven-trillion-cubc foot Mack- enzie delta field and approval will be sought before two Canadian and two U.S. government agencies at the end of the year. To be economically the Mackenzie pipeline must be used for the Prudhoe Bay gas reserves. El Paso in- dicated it will try to reserve the Alaska gas for kill- ing the Mackenzie line. SHIPPED BY TANKERS El Paso has proposed a billion natural gas- pipeline from Prudhoe Bay to Alaska's south coast. There the gas- would be liquified and shipped board a fleet of tankers to California. Vern Canadian Arc- tic Gas said the consortium is watching the El Paso developments carefully because the Alaskan route is competitive I think we should recognize the concerns of El I certainly don't think we should become he said. He said it was not fair to suggest the Canadian group has less than a 50-per-cent chance of success. He argued that the Canadian route would supply a broader Eastern the U.S. midwest and the Pacific and that gas delivered overland by pipeline would be considerably cheaper than gas that had to be liquified and then shipped by tanker. The unknown factor for Canadian Arctic gas is the American desire for national security of its energy supplies. The El Paso system would deliver Arctic gas to the western third of the continen- tal U.S. under complete American control. Mr. Horte admitted the issue of national security is the gravest danger to the Canadian particularly if the U.S. is not sure whether Canadian supplies would be secure. Mr. Najaiko said that is the argument El Paso will use be- fore the Federal Power Com- mission in the a body similar to Canada's National Energy Board. Liquified natural gas already is moving by tanker to Los Angeles from Cook Inlet in the Anchorage area of Alaska and spokesmen say this only reinforces the El Paso proposal. IVIERA MOTOR HOTEl Welcomes you to Edmonton 10 help make your stay more iilffisant -we iiild hkn to you tc ill oui fncilitio MORE PEOPLE STAY AT THE BECAUSE THE OFFERS YOU MOREI Write or Telephone JVIERAI MOTOB HOTBL S359 CALGARY TRAIL For Complete Livestock and call FRENCH p.i. rlDSW MO to 400 Head Top QueMr Baby Caftee WEDNESDAY a.m. FAT and FEEDER CATTLE MO to gOO Head FRIDAY FAT and FEEDER CATTLE SALES Friday 1 p.m. Special Stock Cal Feeder Sale 1200 SLAUGHTER HOGS ASSEMBLED AND SOLD MONDAY THRU FRIDAY. WE BUY AND SELL FAT AND FEEDER LAMBS DAILY. Wl CAMIV HARTFORD INSURANCE ON ALL LIVESTOCK. W-7J64 CONSIGN ALL YOUR LIVESTOCK C. E. FRENCH LIVESTOCK the Heart of Canada's Ranching OMM P.O. SOX S.S. ALSIRTA OTTAWA iCPi -Rapeseed pmccssnrs the railways lyiccd on a formula mi M'lihnu their dispute over r.itcs. i-stern processors and the accepted a Canadian i com mission proposal tluit the commission M-I M-alc ol rates lor ex- pnriinn rapesecd meal and oil .mil lor shipping rapeseed meal in hopper cars between Tliiimler Bay. Ont.. and Montreal. Tlu- commission will submit i In- ran- scale to the two par- ties and they will have 30 days ID decide whether il is accep- ublc not. the commission will have liMlecide whether to hold a full scale hearing. Xur.ihec Ltd ol an eastern an- nounced laic in the day that il ri'aih to negotiate its dis- pute with the railways. The agreed to this ippro.ich hut the western processors protested that the Agrabec settlement might un- dermine their case. D H. chairman of the commission's railway said the commis- sion will rule on this objection next week. The commission was trying to determine how to proceed on complaints by Agrabec and the western processors about recent freight rate moves by the railways. The processors have ob- jected that the railway actions are not in the spirit of the commission's ruling on rapeseed meal rates handed down in June. The commission ordered the railways in June to reduce freight rates for rapeseed meal shipped from Thunder Bay to points' in Eastern Canada. The rate to Montreal was tied to the existing charge for raw rapeseed which is 44 cents per 100 pounds. The railways said this applied only to rapeseed meal carried in boxcars. They rais- ed the rate on meal hauled in hopper cars to 59 cents per 100 pounds and the commission approved. they said the increase was necessary because of higher competitive rates by water through the Great Lakes-St. Lawrence seaway system. The processors said the raise was not in keeping with the spirit of the commission decision and protested com- mission approval. The western processors in- clude Western Canadian Seed Processors Ltd. of Lethbridge. Co-op Vegetable Oils Ltd. of Man.. Agra Industries of Nipawin. and Saskatchewan Wheat Pool of Saskatoon PROTEST ACTION The western group also pro- tested what they consider violation of a commission order to set low rates for shipping rapeseed meal and rapeseed oil for export. Mr. Jones was critical of some of the railway actions in raising rates because they the objectives of the national transportation policy. The policy as outlined in the National Transportation Act provides for an economic transport system to protect the interests of users and maintain economic growth. J. E. counsel for the western objected to an agreement between Agrabec and the railways to negotiate a new freight tariff. He said this could upset the balance between rapeseed and rapeseed meal rates as set put in the commission decision this summer. DONALD MYLES DEREK H. MARTIN Nor m a Ed at Reliance Agencies pleased to announce the appointments ot Don Mylei and Derek H. Martin at in the Real Estate Department Don comes well qualified In tales field having represented a national business machine company prior to the Reliance team. He it 23 and It currently taking tne Primary Couraa for Real Estate Salesmen. Don it active to com- munity pamcuuriy wim the Jay Gees. Derek la no stranger to Lethbridge and having' been associated with Martin Bros. Funeral Home until hit recent retire- ment from that firm. Married with 4 It a past graduate of the Real Estate Primary Course for Salesmen. Derek Is pleased to continue serving the dtizent of Lethbridge and District in the Real' Derek and Don both would be pleased to hear from old friends and new and can be contacted at the or at their respective Derek Don Ret. 327-2338.