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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 20, 1971, Lethbridge, Alberta curbs ssue There was little prospect of the federal government ever again agreeing to deals such as the 1907 secret oil quota agreement that limited Alberta's petroleum exports to the pile up OTTAWA (CP) Canadian farmers grew record crops of barley and rapeseed this year w rile increasing wheat production to 523.7 million bushels, well above last year's wheat crop of 331.5 million, Statistics Canada reported Friday. The statistics bureau's estimate of production, based on crop surveys made in the last week of October, shows that the barley crop should be 654.8 million bushels, up from 415.7 million in 1070. Tiie rapeseed crop, first hit by Bertha army worms, then by a stem disease, will still rise to 93.5 million bushels from 72.2 million last year because of increased acreage. The hulk of the 1971 Prairie grain and oilseed harvest was wrapped up in early October. In most parts of Manitoba and Saskatchewan yields and quality of all crops were excellent. But Alberta crops suffered from extreme heat in August and damp, cold weather in September and October. Tlie index of crop production, based on the 1949 crop equalling 100, is a record 215.3 this year for all crops. The revised 1970 index was 178.3 and the previous record, Bet in 1966, was record t Production ot other major grain and oilseed crops this year is set at: Oats 377.2 million mshels, compared with 307.8 last year and a 10-year average of 378.1 million; rye 24.8 million up from 22.4 million in 1970 and a 10-year average of 13.2 million; and flax 25.7 million, down from 48.9 million last year but up from the 10-year average of 20.2 million bushels. Canadian farmers also grew record amounts of mixed grain, corn and sunflower seed. Durum wheat, included in the total wheat figure, is estimated at 60.5 million bushels, down considerably from the 1970 crop of 80.9 million bushels. This was due to a substantial cut in acreage. The wheat crop, although larger than last year, is still 14 per cent below the 10-year average of 609.5 million bushels. Tlie increase from last year is due to a small rise in yield and a 54-per-cent increase in seeded acreage from the 12.5 million acres planted in 1970. SWITCH TO OTHER CHOPS Last year the government paid farmers an acre to switch wheat land to other crops, forage or summerfallow in the face of a world glut and ally billion-bushel domestic surplus. Potato production dropped one per cent to 54.1 million hundredweight this year, compared with 55.1 million in 1970. Canada's mixed grain crop, grown mainly in the East, is estimated at a record 102.8 million bushels, up from 98.6 mil-ion last year and about 38 per cent higher than tlie average crop of 74.6 million during the last 10 years. Production on the Prairies, with last year's figures bracketed: Wheat 70 million bushels (30.5 oats 80 million (53 Barley 100.5 million (51 rye 4.7 million (4.2 flax 6 million (12.5 Rapeseed 13 million (7.2 Wheat 342 million (210 oats 111 million (no barley million (142 rye 13 million (11.5 flax 14.3 million (24.8 rapeseed 51.5 million (39.5 Wheat 92 million (72 oats 96 million (117 barley 240 million (198 rye 5.2 million (4.8 flax 5.2 million (11.4 rapeseed 34 million (25.5 only NEW YORK (AP) day 01 erage of 30 industrial stocks dropped 2.27 to 810.C7. Volume was (10.95 million shares compared with 61.82 million shares last week. The largest turnover in the week was Tuesday's 13.2D million shares. The smallest was Monday's 9.38 million slwiif-s. "The stock market has Wall Street ued to openite in an atmosphera of (isbelicf; prices and volume both reflect that psychological forces still outweigh improving said The market's one day of real srraifiUi was Tuesday, when it clim xxl in anticipation that Treasury Secretary Connally would make some sort of policy statement in a speech regarding changing the price of gold, realigning cuiTency values or tearing down trade barriers. "His speech was more than specific yet stocks did not collapse on Wednesday, which was a good said analyst Robert Stovall of Reynolds and Co. INVESTORS WORRIED Bargain hunting continued to drive prices somewhat higher Wednesday. Thursday, analysts noted, investors demonstrated their concern that corporate profits might not be us strong in 1972 as had hern ;mticipated. Tlie market was dealt blow Friday with news (hat there was a sharp drop of the U.S. dollar value in international monetary markets after the introduction of a bill in Congress calling for nn increase in the price of gold. This intensified the anxiety of investors who were wondering if solutions would be found to international monetary problems, analysts-said. The New York Stock Exchange index of some common stocks slipped .38 to 50.47. Tlie Associated Press 60-stock average fell 5.1 to 296.1. Standard and Poor's SOO-stock index dipped .51 to 91.fil. On the New York Stock Exchange declines led advances to 588 out of issues traded. On the New York Stock Exchange 20-niost-active list, eight stocks rose and 11 declined while one remained unchanged. Tlie five most active NYSE issues were American Telephone and Telegraph, up "4 at S425k; Caterpillar Tractor, off 37s at Pan Am, up at Texaco, off at SSO'.i; and Gulf Oil. off 3i at prices dropped sharply in tlie latter part, of this week but registered a small decline for Uie week as investors continued to show concern about international monetary problems and Phase Two economic policies. The Dmv Jones industrial Invest} seenh EDMONTON (CP posed restrictions investment will 1 "hot" issue naliona Alberta, says Prcn Lougheed. He told the Alber tion of Municipal D Counties that a fcde decision on foreign will be made in a and will probably r screening process f investors. "I don't know f that will be more at Alberta." Mr. Loiigheed, fre three day fedcra conference in Ottaw screening would be of saying to the we don't want to ft Leduc in Alberta." The Leduc discov led to an oil boom poured more than the provincial treas SELLER'S MARKET The premier said ince now is renege and gas royalties 01 of a "seller's mar which Alberta stand Mr. Lougheed sa will be consulted in any major changes energy policy but won't be allowed a at Canada-United S otii Pro-m foreign xjcome a ly and in i cr Peter la Assoda-stricts and ral cabinet investment few weeks esiill in a or foreign province fected than sh from a l-provincial said such a question "that nd another ry in 1947 that has billion into Jiy. r tlie prov-tialing oil the basis ket" from s to gain. d Alberta advance of in federal probably n observer ates Supplied by Doherty Roadhouse and McCiiaig Bros. GOVERNMENT OF CANADA BONDS Sept. 1, '72 100.00 100.25 5VS, Oct. 1, '75 101.00 102.00 8 Jill. 1, '78 109.00 Sept. 1, '83 86.50 87.00 Perp. 3 Sep. 15 41.00 43.00 Apr. 1, '75 104.00 105.00 Jul. 1, '75 106.00 107.00 5'i% Sep. 1, '92 88.00 90.00 PROVINCIAL GOVERNMENT OF CANADA GUARANTEED BONDS Alberta '90 108.00 110.00 Ontario 7 '8S 93.00 100.00 Ont Hyd 9 r, '94 112.00 115.00 New Br '90 109.00 111.00 Nfld 8 '74 100.00 102.00 N. S. '92 89.00 91.00 Quebec '74 100.00 104.00 Alberta 8TV.1 '93 108.00 110.00 Man Hyd 8 '91 102.00 104.00 Sask '90 108.00 110.00 Nfld '90 107.00 110.00 ACT 8 '74 104.00 10G.OO Man Tel 8 '74 104.00 106.00 INDUSTRIAL Alta G T 9li% '90 106.00 108.00 Alcan '91 108.00 110.00 B.C. For '92 104.00 B C. Tel '90 107.00 110.00 Bell Tel '79 107.00 110.00 Bell Tel '93 108.00 111.00 CPR '89 105.00 103.00 CP Sec '90 104.00 107.00 Cdn Util '91 107.00 110.00 CMNG '90 106.00 109.00 Gulf Oil '90 106.00 108.00 Inter P P '90 107.00 110.00 Massey '80 105.00 Noranda '90 107.00 110.00 Int Nick fl' 4" 'M 108.1X1 111.00 N and C G 9'.i% '91 104.00 100.00 St of Cdn '90 108.00 111.00 Tr Cdn P '90 107.00 109.00 Tr Cdn P 10% 'DO 109.00 112.00 CONVERTIBLES Alta G T '90 119.00 123.00 Cons Gas 5'ir- '89 94.50 96.50 Scur Rain T-W 'IB 88.00 Tr Cdn P 5 '89 86.00 88.00 WC Trans .W" '88 B9.00 91.00 WC Tr '91 112.50 114.50 Dynasty 7 r, '82 63.00 73.00 Acklands '88 82.00 serious EDMONTON (CP) Inflation is going to become a more serious problem in the future, says former Alberta premier Harry S'Lrom. "f am convinced that inflation is going to create more problems in the days that lie ahead than we expect unless we come to grips with he told the annual meeting of the Alberta association of municipal districts and counties. Mr. Strom, Social Credit party leader, said some type of inflationary controls are necessary because "the land of inflation we're facing today is not the ordinary inflation that we thought about during the war years, when actually we had too much money trying to purchase the goods that were available." NO CURE "Today we are caught up in an inflation psychology that there doesn't seem to be any cure for. "The question we have to ask ourselves today is what can we do about it as individuals as municipal councils at the provincial or federal government level? "It's in this area that we need to look at it carefully and determine wfTat our individual role ought to be. "We have to accept some responsibility as individuals to try and defeat the inflation psychology that is prevalent in this country rates increases opposed BUTTE, Mont. (AP) The Montana Pubb'c Service Commission met here for the fourth and final round of hearings on Montana Power Company's request for higher gas and electric rates. Montana Power is seeking an average 17 per cent hike in electricity rates and 34 per cent hike hi natural gas rates. Ernest Pest, the director of Uie committee on political education of the Montana AFUCIO. said in a prepared statement the proposed rate hikes would cost a seasonal construe tion worker or a person in service trades times as much as the higher income tax surcharge be now pays on a income. In other hearings at Missou-a, Great Falls and Billings, testimony opposed to the rate hike was heard by tire three-member commission. Much of the testimony recommended the commission begin a hearing on rate decreases for the Montana leading MONTREAL (CP) A Canadian industrialist says the federal government should assist industry under the present economic circumstances instead of damaging it by ill-advised legislation. J. V. Clyne, chairman and chief executive officer of Mac-Millan Bloedel Ltd., told tlie first annual Canadian institutional investor conference that Canadian business is generally concerned about the "unfortunate effect of pending legislation." He referred to the "uncertainties created by the new Income Tax Act" now before Parliament. "On top of this we have the proposed Competition Act and the amendments to the labor said Mr. Clyne. "Tlie provisions of these bills are def-nitely harmful to Canadian business and certainly affect future planning." R. C. Scrievener, president of Bell Canada, told another session he believes the role of public and private investment in the creation of economic stability and employment will be better recognized in future government policies. PERFORM WEU, Mr. Scrivener said he does not foresee any great urge to nationalize tire privately-owned utilities in Canada because of their good performance in terms of service, cost and national goals. "However, these utilities must perform, they must work with and not against public worri indnstria services, energy supply and telecommunications equal in quality to the best in the world and the cost to the users is as low as you will find in the ilist However, he said, there have been times where the promptness of regulatory response has not been adequate and there is always the reluctance of regulators to approve publicly unpopular price increases. Greater emphasis must be placed on the current value of plant and equipment as reflected in capital intensive industries such as utilities, said Mr. Scrivener. "In other words, all, not just some, of tlie segments of our balance sheets and income statements should be looked at in terms of the current value of the dollar." He taid the development of further general wage and price constraints could have the effect of restoring better balance in equity earnings by reducing the rate of inflation. Mr. Clyne said any success President Nixon has in putting a brake on inflation and restoring growth should be regarded as a plus for the Canadian forest products industry. "The entire Canadian economy wouid be strengthened if the American wage-price freeze should have a dampening effect on cost inflation in Canada." DOLLAR RATE VITAL So far as the forest products industry is concerned, said Mr. Clyne, the exchange rate on the Canadian dollar is more criti-cial than Mr. Nixon's new 10-per-cent dutv on imports to the United State's. This would be particularly so If the scheduled removal of U.S'. tariffs on lumber imports Oil nations gouging U.S. says Jackson SAN FRANCISCO (AP) -Senator Henry M. Jackson of Washington, charging "blackmail by oil-producing nations, has urged the establishment of a joint Canadian-U.S. energy board as the cornerstone of a North American energy policy. "We are being Jackson declared in a speech before the American Petroleum Institute. "We thought we had a price agreement a few months ago, but now it is being all undone. We are in a very vulnerable position." Jackson said he was referring to the organization of petroleum exporting countries, which negotiated a five-year price formula with oil companies earlier this year and is ncm demanding higher prices and part ownership of oil operations. The senator told a news conference, however, that the Nix-on administration's economic policies may pose a stumbling block o any joint effort with Canada. "We are off to a had start with a surcharge jeing sales climb OTTAWA (CP) Sales of new Canada Savings Bonds totalled million in the week ended Nov. 17, bringing the increase in bonds outstanding to billion for the last 12 months, the Bank of Canada reports. The total outstanding on Nov. 17 was billion of all series, including previous-years issues which were converted to tlie latest ones offered. Purchases could be made until Nov. 15 with no extra charge for accrued interest during the first half of the month. With the sale of bonds, the federal government's cash balances rose by ?705 million in the last week to reach billion on Nov. 17. The money supply was reduced by million a week ago, reflecting in part the purchase of bonds, and it totalled billion on Nov. 10. car plan shot down WOLFSBURG (ReutelO -Volkswagen denied today plans to introduce a disposable car by 1972, as reported in a Dutch economic magazine. The magazine Europa said both Volkswagen and the Japanese firm of Toyota were planning to build a car with a running period of one year or miles. A Volkswagen spokesman said "nobody can seriously believe that such a car would measure up to legal safety requirement." He added that in view of current tendencies toward safer cars, heavier vehicles would be built in the future rather than lighter ones. The magazine quoted Italian car specialist Ar.toni Gorlardi of Turin as saying Uie disposable car would be introduced in New York in the spring of 1972. It suggested tlie price of for the Gene Fawcette IT SEEMS AWN MUST AWE RAPIDLY IN EVERYWAY PDSSIBLE. THE WORLD'S FASTEST AiARINE V-4 OUTBOARD MOTORS AND PROPELLED BYA SPECIALLY-CONSTRUCTED HIGH-SPEED TRACK WAS RECENTLY CLOCKED AT 14O625_MPH... miS 300HP SALT FIATS IN OF COURSE; !4J St. St. W. JJ5. men reject offer TORONTO (CP) Striking production workers at the Douglas Aircraft of Canada Ltd. plant voted Thursday to reject the latest company offer. The members of Local 1967 of Uie United Auto Workers who went on strike five weeks ago voted to against Uie offer. The Douglas offer involved an hourly increase of 80 cents over three years. It already has been accepted by 600 office workers who are also UAW members. Tlie meeting was called on orders from UAW headounrters in Detroit and international invites youth for Christmas REGINA (CP) A special program to encourage young people who have left Saskatchewan to return home for Christmas was announced today at a meeting of the Homecoming '71 advisory board. Board chairman, Larry Lawrence said an invitation will be mailed to all people under 25 outside the province whose names are submitted to the Homecoming office in Regina. A draw for free (AP) Toyota Mo cr Co denied today that it is on Canada without he week of December and 24 young people will receive a round-trip ticket each to his home from anywhere in dealing with forward looking (government) regulators." Mr. Scrivener added: "Looking across the is expected to fall further when Nov. 17 figures are released next week. Money market interest rates, which have been falling for Jan. 1. Already the sharply increased demand for building materials has accounted for a turnabout in earnings of integrated a cheap automobile that can be thrown away after a year's use. Toyota said it is not even considering such a thing because it is too busy of the union were booed when they urged acceptance. The members cheered Archie Wilson, chief negotiator for Local 1967. when he told --I "X" MARKS THE WARDS RENTALS 1 Dnlli, H. H. Smith Customs Br EDMONTON 42-t-9'96 0 I 1 1 r 2G3-S fnrtoBOATE VJ cou Phone oker 501 rHBRIOGE 28-8141 u ITS to say that regulation has in the over-all permitted good results for the public. "Canada has week. Three-month treasury bills auctioned Thursday yielded investors 3.34 per cent a year, compared with 3.29 at last week's auction and 3.37 two weeks ago. The Bank of Canada's average of market yields on seven long-term government bonds eased off to fi.68 per cent at prices prevailing this week, compared with 6.7 per cent in each of the two previous in the forest industry, said Mr. Clyne. "It is now clear that 1971 must be considered a boom year for housing hi the U.S. with a total of about 2.4 million units, including about mobile homes. "Next year it Is predicted that the U.S. rate will be 2.1 million units, plus about mobile homes. Total starts for all of 1970 were only 1.5 million." He said that in Canada residential construction expenditures in 1971 should be lip by 20 per cent over last year. In line with the anticipated improvement in tlie U.S. conventional follow Uieir bargaining coin- mittee's example and turn the j proposal down. 1 OFFICE SPACE FERNALVA HOUSE 3rd Ave. and 12th St. S. 800-1000 square ft. Can Be of gold rises sharply ZURICH, Switzerland (AP) The price of gold rose sharply on tlie Zurich free market today in the wake of reported new moves on gold and the monetary crisis. Gold opened at an ounce, up from Thursday's closing of and rose to by HEAVY DUTY DIESEL MECHANIC WORKING FOREMAN -Will have eompleto control of shop. Steady year round emoloyme'nt Wages o per month, depending on qualifications. Write 1oi PEERLESS WOOD PRESERVERS HIGH RIVER, ALBERTA or Phone Stay At the P.O. Box 217, Lethbridge. Phone iBank the three years CALGARY fCTi next, year, he said, "we expect newsprint consumption to inert-use by three to four per cent nnd pulp demand to was reported heavy. Dealers attributed the increase to reports on n bill before the U.S. Congress to up Cforiie to woric for AJberta ROYAL TRUST COMPANY REQUIRES A REAL ESTATE SALES MANAGER FOR EXPANDING SALES FORCE Dynamic opportunity for experienced' energetic Mannqnr. Required mnnngn existing sales staff nnd rncruil ciCicliliona s off. Guaranteed RQ ary plus overide. Apply in writing to: THE ROYAL TRUST COMPANY 740 4th Ave. South P.O. Box 386 LETHRRIDGE, THE HOTEL WITH MORE TO OFFER AND WE NOW HAVE COLORED TV For Your Convenience In CAU AND ASK FOR IONG DISTANCE ZEnilh 0-7255 at no cott to you MOTOR HOTEL 5359 Calgary Trail Edmonton, Alberta Phone: (403) 434-3431 Tolcx: of Calgary was sentenced to throe years imprisonment when bo pleaded guilty Friday in provincial court to a charge of robbery. The former Ontario resident was arrested Thursday minutes after a lone bandit took Sl.JOfi from n branch of the Bank of Montreal and fled on foot. Ho was chased by two bank e nployecs until ho reached a house where police arrester! him a short lime biter. Tlie money was recovered. Living costs up WASHINGTON (AP) The government reported today that the U.S. cost of living rose two- j .enl.hs of one per oonl last month despite Iho price freeze, as a result of higher prices for 1972 automobiles, winter and fall cloUiing and there was considerable over-capacity hi pulp which will continue to affect the summoning of a new Group of Ten meeting in Rome on the monetary crisis nl the pnd of Opportunity Is Here SENIOR EXECUTIVE Department tif Labour, Edmonton This Is a highly rcsponsibla administrative position wilh the Board of Industrial Relations. Thr> ncumbent will organize and administer the Province-wide work of tlie Board which includes tho labour Standards and Labour functions. On occasion, the successful candidate will attend Board hearings acting for the Chairman of 1 IH Board. Oualifralioni: responsible administrnt vp exprnoricp is required preferably In n related field arcompan ed by n University n Commerce, Business Adm n is trot ion or low. Salary to Compeltt on No. 6320-2. This competition will remain open until a juilablo ca'ididole has been (elected. nformation nnd application forms frorm GOVERNMENT OF ALBERTA A Personnel Adminiilra'ion Office f Room 500 Tetraco Building 96 Avcnuo nnd 106 Street EDMONTON require! MANAGEMENT TRAINEES To fulfill our Management requirements due to continuing expansion in trm Calgary men. QUALIFICATIONS: University or cm extensive background In the Retail field at the supervisory level. We offer top earnings and an excellent benefit pro-gran-, alotiff with unlimited opportunity for advancement. Apply in Person Simpsons-Sears Personnel Office ;