Lethbridge Herald, The (Newspaper) - November 8, 1974, Lethbridge, Alberta
Friday, November 8, 1974 THE LETHBRIDGE HERALD 25 92.50 S2.OO Soaring Sugar "Prices Prices continue to soar According to a Canadian Press survey of sugar irices across the country, the average price of a five- iound bag of sugar Nov. 6 was up from 85 ,ents at the end of November, 1973. This represents n increase of 251.7 per cent or an average of almost 1 per cent a month. The highest price found in the urvey was in Toronto and Charlottetown. The Dwest was in Edmonton. FSE gold shares advance sharply TORONTO (CP) Record irices for gold bullion on Eu- "opean markets prompted a itrong rise in gold shares on he Toronto stock market oday. Other sectors of the were fractionally ligher in light mid-morning -ading. The gold index rose 24.3 to 187.73. The price for gold on le London rnetals market was fixed at a record an mnce today. The industrial index, wide- -based indicator of market rose .04 to 163 52, base netals 94 to 68.80 and restern oils .21 to 147.96. Communication, pipeline and bank shares were among gaining industrials while oil refining and paper and forest issues decline. Among golds, Dome Mines rose 4Vz to Pamour to Vz, Dickenson to and Agnico-Eagle Vi to Occidental Pete gained to and Royal Bank to Markboro Properties was down Vz to Imperial Oil A Va to and Imasco A Vz to Vs. Pan Ocean dropped Vs to Market trends MONTREAL iCPl Prices were anerally lower in light trading on the ontreal Stock Exchange today Banks rose 1 35 to 220 48 utilities 09 120 48 and papers 06 to 103 08 In- stnals fell 31 to 171 08 and the corn- site 07 to 166 31 Algoma Steel fell 3j to Imperial il A to 526. Stelco A to orthern Electric '4 to S19U. Bank of ontreal to Abitibi Paper '8 S97s Tnternational Nickel A 's to 1 and Price to 127's oronto-Dommion Bank rose 5s to S34. imtar to S20 Canadian Imperial ink U to S22'j. Canadian Pacific Ltd to and Shell Canada 'stoS13 Among speculative issues. Ktena old Mines rose 35 cents to S3 95 after iding 8.300 shares VANCOUVER ICP) Prices were in light trading on the Vancouver >ck exchange First hour ilume ttd? 188.688 snares n the industrials Block Bros was iwn 20 at In the mines. Colt ?s unchanged at 39 In the oils, nlite was unchanged at S3 10 >olume for the curbs was 2.500 jres Most active of the curbs was wca. down 02 at 40 On Thursday prices were up in light ading Volume was 1.036.133 shares Dn the industrials Board First City unchanged at S7 New-mark un- anged at 50 Block Bros rose 35 to Grouse Mountain unchanged at lonarc up 07 at 45 and EDP un angcd at 07 n the mines BX Dcv elopments rose tn 85. Northair foil 04 to 13. ncstn rose 04 to 22. (Jrandora down at 47 Consolidated Fortune Channel up 04 at 15 and Silver Stan- dard up 03 at 11 Most active issue in the oils was Plains Petroleum, unchanged at .10. Princess unchanged at 17Vz. Seneca Development unchanged at 51. Williams Creek down 01 at 04 Rose Pass rose 02 to 14 and Davenport un- changed at 58 Volume on the curb exchange was 756.831 shares Tandem was up .35 at 65, Consolidated Monarch up 05 at 28. Rainbow unchanged at Bali un- changed at 37. Mark V up 01 at 97 and fell .01 to 30 NEW YORK (AP) The stock market sagged a bit today under the weight of disappointment over another decline in the nation's money supply. The noon Dow Jones average of 30 in- dustrials was down 4 53 at 667.40. while gainers and losers were about even in moderate trading on the New York Stock Exchange Occidental Petroleum was the NYSE volume leader, up to S12vs A 41.800- share block traded at At the American Stock Exchange, the market-value index lost 17 to 69 68 Gold stocks gained strongly as the price of bullion broke and hit a new high in London ASA. Ltd was up to and Homestake Mining The N'YSE's composite index of all its listed common stocks declined 21 to 39 53 Among Canadian issues on the NYSE, Hiram Walker dropped '4 to S38'z. Seagrams to and Inter- national Nickel to Canadian Pacific was down to and Alcan unchanged at Livestock Calgary AUJARY iCP> Receipts to 11 Knlaj from the Calgary public totalled 3.5SO head, xdcr cattle and cahes with a light of ".laughter Trade was Scratch arlne -ood soM SI lover mm. 112 2021 -.0 111 IS 1J. i2 IS "h i o U 1 f a Hog prices EDMONTON (CP) Average clos- ing prices Fndav provided by the Alberta Hop Producers Marketing Board average in brackets Edmonton ralpan 4933 i5052> Red Dr-r 49 SB i4894) Lethbndpc i4999> Kurt Marleod Nil US Steel 3E50 9 87''i Gen Tel Else 32 00 TORONTO AVERAGES 106 12 i 20 Industrials 16336 down 10 34 25 20 Golds 488 39 up 24 90 10 Base Wleials 6669 up 83 1975 15 Western Oils 14758 down 17 3400 Volume 729 000 16 NEW YORK AVERAGES 5275 20 Industrials 66739 down 53 20 Rails 15544 down 1 15 2S50 15 Utilities 70 77 up 09 2225 65 21465 down 1 23 in (in i T 71 nil Food crisis in world worst in 3 decades WINNIPEG (CP) Disappointing crops in many exporting nations this year have brought the world to "its worst food crisis in nearly 30 G. N. Vogel, chief commissioner of the Canadian wheat board, said today. In a speech prepared for the annual meeting of United Grain growers Ltd., Mr. Vogel said it is not immediately known where extra quanitities of grain can be obtained to meet the needs of the "have not" nations. The only significant quantities of uncom- mitted wheat in the world at present are an estimated six to seven million tons in the United States, he said. "There is not enough extra to meet the minimum needs of the Indian sub continent and certainly not enough to permit the rising trend in world grain consumption to he said. "Belts will be tighten- ed and diets adjusted as food prices rise in vir- tually every country of the world One major factor in world grain supplies available for human consumption over the next few years is the amount of grain used as animal feed In North America, Mr Vogel said, livestock herds have been reduced, cattle are being slaughtered at lighter weights and less grain is being used for feeding. "For every pound of meat not produced, there are. in effect, many pounds of grain freed for human con- he said "While this is necessary and desireable in the short term, it can also cause serious problems for the longer term Mr. Vogel said a drastic reduction in world livestock numbers coupled with bumper crops in the next few years would lead to large quantities of surplus grain, and presumably low prices as well. "A sensible, co or- dinated world stock policy would appear to be what's needed to act as a buffer and prevent over reaction to current situations whether they be shor- tages or surpluses Latest estimates of world grain production show a reduction of about five per cent this year. Rice production dropped two million tons to 308 million tons, wheat was down to 348 million tons from 367 million and feed grains dropped 47 million tons to 614 million. Turning to the Cana- dian grain situation, Mr. Vogel. said this year's harvest was disappoin- ting, although a break in the weather in late fall saved a significant por- tion of the crop With prices on the rise, total cash returns will be about the same as last year, even though the crop is smaller and of poorer quality, he said "Market demand is such that we should be able to dispose of every bushel of grain we can move from farms to ex- port position." Gov't programs requested to assist beef producers TORONTO (CP) A spokesman for the National Farmers Union (NFU) called Thursday for government programs to save primary beef producers from bankruptcy. Blake Sanford, Ontario co- ordinator, told a news conference that many producers will not survive low prices paid cow-calf operators in the next few months. The situation was par- ticularly critical in Northern Alberta and parts of Ontario where small producers would be forced to market their calves before winter. The NFU is calling for three specific programs to stabilize the industry, he said. From the federal government, it wants an offer to purchase low-grade beef at prices not less than 1973 averages. These meats from canner and cutter cows and unfinish- ed calves could be used for food-aid programs to un- derdeveloped countries, he said. The NFU also wants a new Drilling rigs go to U.S. CALGARY (CP) Eight more drilling rigs have left Canada for the United States earlier this month, increasing the number of rigs which mov- ed south of the border this year to 40, the Daily Oil Bulletin reports. Thomson Drilling has shipped its five remaining rigs and is terminating its Cana- dian operations. AMC drilling, Commonwealth Drilling and Shelby Drilling have each moved to the U.S. national meat authority to es- tablish stable prices for farm- ers and determine relationships between farm wholesale and retail price levels. It would also manage imports and exports for all beef, pork and poultry prod- ucts and might include feed grain costs. Mr. Sanford said all farm products should be priced in line with production costs and not be at the whim of com- modity markets. SECURITY IS COSTLY KANSAS CITY (AP) Police say is needed to provide necessary security at the Democratic mid-term conference here Dec. 6 to 8. An estimated visitors are expected here for the convention. Bakers given new contract ToastMaster Ltd. an- nounced today agree- ment on a new labor contract with Local 290 of the Bakery and Confectionery Workers' Union has been reached. The new two year agreement which ex- pires Nov. 30, 1976, covers all production and sales personnel employed at the Lethbridge bakery. The new contract provides for an across the board wage increase of per week in each year of the contract. The top production classifica- tion will, therefore, be increased from the pre- sent per week to 50 per week effec- tive Dec 1. 1974 and to per week effec- tive Dec. 1. 1975. Other terms of the contract provide for an increase in employee pensions which are en- tirely paid for by the company Pensions will rise for employees retiring within the contract tenure from the previous a month to a month on Dec. 1. 1974 and to a month on Dec 1, 1975. Also included in the settlement were increases in group in- surance, weekly indem- nity benefits, improved vacations and a dental Insurance plan in the se- cond year of the contract THE FINEST RETIREMENT and RECREATIONAL COMMUNITY Blind Bay. B.C.- Please mail me a free brochure Name Address Phone Halfway between Calgary and Vancouver on LH WORKERS' COMPENSATION BOARD-ALBERTA FIRST AID CLASS 51) FOREMOST COMMUNITY HALL NOVEMBER to Evenings 8 Sessions Complete the Course No Charge for Workers Act Changes made effective March 1. 1974 through Alberta Regulation (First Aid) require cer- tain industries and businesses to have qualified First Aiders available where more than (5) work- ers are actively employed at any one time For additional information plaaaa contact Tha Workara' Companaation Board, Lathbrtdga Offlca, taiaphona 328-2040.