Lethbridge Herald, The (Newspaper) - November 28, 1974, Lethbridge, Alberta
22 THE LETHBRIDGE HERALD Thursday, November 28, 1974 Alberta may trim winter lumber stock EDMONTON (CP) The province's lumber industry is looking at a sharp reduction in production this winter says Arden Rytz, secretary manager of the Alberta Forest Products Association. Mr Rytz said in an inter- view that lumber industry just fell off the edge of the table." Practically all sales today were "red ink deals." Wholesale lumber prices had been falling about a working day per board feet during the late summer months. The problem was a North American wide reduction in housing starts caused by soar- ing interest rates. While a cyclical trend was normal, the depth of the present swing had been far more severe than in most instances. In the United States, for ex- ample, housing starts in- dicated the worst downturn on record. Total starts for the year were not expected to ex- ceed 1.1 million a drop of 50 per cent from 2.2 million starts in 1973. The mobile home sector had suffered similar declines, with numerous plants in Canada and the U S. going bankrupt. Total shipments of mobile homes were estimated at units for 1974, down 25 per cent from the shipped in 1973 In Canada, housing starts for 1974 were expected to total down 12 per cent from the 1973 total of units It was anticipated that a recovery would not begin to occur until mid to late 1975 Mr. Rytz said that since lumber prices follow the for- tunes of housing residential construction takes about half of all softwood production it is unlikely the situation will show any marked im- provement. About 55 per cent of Alber- ta's lumber production is ex- ported, largely to the U S. Gasoline tax hinted WASHINGTON (AP) Federal Reserve Board Chairman Arthur Burns said Wednesday the United States must deal with the energy crisis by adopting a policy of austerity, including a possible gasoline tax. In testimony before the con- gressional Joint Economic Committee, Burns said the Ford administration's measures to limit energy con- sumption have been inade- quate. He said "much sterner measures" must be taken to demonstrate that the U.S. can reduce oil imports and dimmish energy consumption. The international energy situation is so grave, Burns said, that stringent U.S. steps are needed. He said preliminary planning should begin on varying options. "These might include a siz- able tax on gasoline, or on im- ports, of oil, or on automobiles according to their weight or Burns said. Two days ago, Treasury Secretary William Simon told the same committee he also thinks a tax on gasoline might be in order. Burns declined to say if he had recommended a gasoline tax to President Ford, who has repeatedly denied he is considering such a tax. Burns and Simons were testifying on a proposed billion international lending fund which western industrial countries would establish to help member countries retain financial stability as oil im- port prices increase Burns said the Organization of Petroleum Exporting Coun- tries have taken in billion in oil revenues for the first 10 months of 1975 The race is on The race is on, as one bank building tops another at the corner of King and Bay streets in Toronto. At centre is the Bank of Montreal tower which soars past 50 storeys this week to top the 46-storey Royal Trust tower, upper right, and shortly, the 54-storey Toronto Dominion bank tower, left, then the 57-storey Commerce Court tower, upper left. The Montreal bank tower will supposedly close this race to the sky at 72 storeys in 1975. Knitting stand Collapsable wooden frame with suede-look, rayon-and-nylon bag fully lined with rayon Two inside pockets Approx 18' x 16" x 12" Each 12.98 Knitting needle case Red Vinyl gift case contains an assortment of knitting needles Large size needles of plastic Smal- ler ones of aluminum. Creative Christmas crafts and stocking staffers from Eaton's Fill those stockings with all sorts of neat little surprises! Find exciting craft projects to make and send as special gifts. Each 9.58 Crochet hook case Blue Vinyl case contains assort- ment of hooks Bigger sizes of plastic Smaller sizes of aluminum Each 5.58 Ronco bottle cutter Self-standing, self-supporting unit comolete with cutter assembly. tap assembly, s x blades For use on any size bottle or jug Set 7.77 K-Tel bottle cutter Make use of empty bottles Turn them into useful things like candle holders asn trays vases, etc Set 3.77 Tapestry kits Choose from an assortment of floral designs Kit includes printed canvas, wool, needle, instructions Kit 4.98 Rug kit Ki! contains sufficient rug yarn Pre-colored cot- ton hopsacking aoprox 19 i 27" Kit 23.18 Afghan kit Beauty m Ripples' pattern Kit contains ounces ol acrylic yarn Complete jppron size x 56' I Kit 13.58 Soft toy packs Each 1 contains ready prepared naienais ci.1 10 size Ttuee styles available Filling material no5 Baby bunny 8 Teddy bear Aopror 12' Master rabbit 3.49 4.49 3.49 EATON'S MERRY CHRISTMAS SALE Continues Tonight (Thursday) and through Saturday Recheck your Eaton flier for exciting Chnslmas Values' Needlecraft encyclopedia Hundreds of photographic illus- trations with simple instructions for knitting, crocheting, tatting, rug hooking Basic stitches in hair- pin lace, needlepoint, embroidery and macrame English only Each 2.50 Souvenir of Canada coin set Set of 13 coins mounted in a teat, stand Provincial coals of arms on face, floral emblem on reverse Approx. 9" x 7" Set 1.98 Snoopy calendar Felt Snoopy calendar for 1975 Assorted colors Each 2.98 Sewing kit Vinyl case holds measuring tape, needles, thread, scissors, needle threader Approx W x Kit 1.88 Kitchen scissors Multi-purpose scissors are approx 8" long Nickel-plated cast metal blades, red handles Each 1.98 Souvenir spoon rack Wooden rack in rich walnut finish Holds nme spoons Each 1.98 Aunt Mary electric scissors easy to handle Two cutting speeds Front guide light and six foot cord C S A approved Each 4.99 Tailor marker Simply stitch through pattern and fabric, snip threads, remove pat- tern Thread, extra reedle needle threader, instructions included Each 1.98 Emergency light Flashlight mounted on a plastic wall plate with luminous sign Uses two C-s.ze batteries Each 1.98 Denim tote bag Cotton denim tote with Gingham trim Outside pocket Approx 12" x 13" x 3'4" Each 1.99 Denim wallet Features change purse. carO hol- der, inserts and patch pocket with contrast stitching Snap closure Each 1.98 Shoe shine kit polish onebtusn applicators stims cloth Kit 2.59 Notions, Lower floor Shop Eaton's tonight (Thursday) until 9 and Friday 9.30 to 9 for exciting Merry Christmas Sale values. Buy Line 328-8811. Use your Eaton Account for convenient Christmas shopping. special moment ivitfiyou EATON'S Increased taxes slash revenues of oil firms EDMONTON (CP) The Canadian Petroleum Association (CPA) says new federal taxes and increased provincial royal- ties leave oil companies with less revenue than before last spring's oil price increase. It says the oil companies now will receive a return of only from the price set last spring, rather than the the industry was receiving when the price of oil was a barrel. However, a Saskatchewan MLA said Wednesday he learned from a confidential Alberta government report that the oil and gas industry would increase its revenue this year by about million despite the Nov. 18 federal budget stipulation. John Richards, independent MLA from Saskatoon Univer- sity, said the report also stated the industry will have a return of between nine and 10 per cent despite the combined impact of Alberta's royalties and the budget. Mr. Richards said the report discusses the possibility of the Alberta government reducing taxation of the oil industry by between million and million annually. Oil company spokesmen admit their situation is improved in Alberta, where they will make about more on new oil produced from wells discovered or drilled after Jan. In addition, Alberta offers a five-year royalty holiday on dis- covery wells and credits, against royalties for exploration drill- ing. But the CPA says the industry's return still falls below the price necessary to find a new barrel of oil and is not com- petitive with the price offered for new oil in the United States. Gulf Canada says increased income taxes will reduce earn- ings by million and force a cut in exploration ex- penditures next year. Texaco Canada Ltd. says the federal budget will increase its income taxes in the last nine months by million and reduce net income to million. J. A. Armstrong, chairman of Imperial Oil Ltd., says his com- pany is reviewing future expenditures with a view to reduc- tions. The CPA's computations indicate that an Alberta oil well producing barrels daily would normally be subject to a 40- per-cent royalty, or a barrel. When production costs and federal taxes also were included, the producer was left with If the oil is newly-discovered, Alberta's royalty rate drops to 27 per cent, or with the oil producer keeping of the wellhead price. If the barrel was to be exported, the price would increase to with the federal government receiving from the ex- port tax. Pay rises faster than price index OTTAWA (CP) Wages and salaries of the industrial work force rose faster than consumer prices during the 12-month period to the end of September, Statistics Canada figures show. A preliminary report released Wednesday says average weekly earnings had risen 12.6 per cent from the 1973 level by the end of September to Weekly earnings had slipped behind the rate of increase in consumer prices earlier this year, but since about mid- summer gains in earnings have been outpacing the rise in prices. The consumer price index, which measures the rate of price increase for a broad range of consumer items and food, was up 10.9 per cent in the 12 months. The report covers weekly earnings for about four million members of the -in- dustrial work force- Agricultural workers are not surveyed. Of the eight industry sectors covered, construction workers had the highest week- ly earnings of while employees in service trades had the smallest weekly pay packet at an average The same trend toward more disposable weekly ear- nings was apparent in the rise in average wages between September and August this year. The average was up 1.1 per cent for earnings while the consumer price index ad- vanced only six-tenths of one per cent. Higher earnings during the months were recorded for all industry divisions except for- estry, and in all regions ex- cept the Atlantic provinces. Regionally, the average weekly earnings in September and in August this year were: Atlantic region, down from in August, Quebec, up from Ontario, up from Prairie region, up from and British Columbia, up from Doctor denied privilege STONY PLAIN (CP) A provincial inquiry into the operation of the municipal hospital here was told Wednesday that Dr. Viljoen Kntzinger, who in the past had given doctors the oppor- tunity to perform operations under his supervision, had denied the same privilege to Dr T. C. Ho. Dr. Kritzinger testified he had supervised operations in the past but refused to do it a year ago when Dr. Ho applied for surgical privileges. Dr. Kritzinger cited tighter surgical regulations which, he said, prevented him from supervising Dr Ho, The newcomer had applied for surgical privileges, including the privilege to per- form gall bladder operations. Dr. Kritzinger had advised the hospital board Ibal Dr. He's qualifications were unclear and it decided against the specific privilege Dr Kritzinger testified privileges now were more tightly controlled by the Alberta College of Physicians and Surgeons. However J. E. Redmond, lawyer for five other doctors at the hospital, read a section of Alberta Hospital's Act which in- dicated only consultation was necessary Dies Louis Russell, 49, an Indianapolis teacher died Wednesday tn Richmond, Va. He was the long- est surviving heart trans- plant recipient having survived for more tnan six years. Russell re- ceived the heart of a 17-year-old youth in an operation Aug. 24, 1968. STRONG COMEBACK Little Current lost three races at three different rare tracks before he won the 1974 Preakness by seven iengtlis.