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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 7, 1974, Lethbridge, Alberta 14-THE LETHBRIDQE HERALD-Monday, October Oil firms need new accounting form on profits The Herald Business CALGARY (CP) Cana- dian oil companies, em- barrassed over their apparent soaring profits of last year, are seeking a revised formula for reporting their earnings. la the face of heavy criticism from consumers and politicians, the companies are looking for a way to express their belief that profits which .may appear exorbitant to the layman are not really high during a period of galloping inflation. "If inflation is here to stay at the rates we are now ex- periencing, then we will cer- tainly need a new form of ac- said a spokesman for the Canadian Petroleum Association. Many oil companies are be- lieved to be studying im- plementation of a new prac- tice known as inflation ac- counting or present-value ac- counting. The goal is to remove the distorting effect inflation has on a company's profits. It attempts to report "true profits" by eliminating ear- nings which are due primarily to inflation. Shell Canada Ltd. became the first Canadian oil com- pany to use inflation ac- counting last July. In its state- ment of earnings for the first six months of 1974, Shell published its profits in terms of both standard and inflation .accounting. According to standard ac- counting, Shell's first-hatt earnings totalled million. Using inflation ac- counting, the figure was million. In releasing its two ver- sions, Shell said the effects of inflation include "a signifi- cant overstatement of reported earnings when measured on the traditional basis of historical costs." "This overstatement is a matter of serious concern because it fosters the illusion that industry profits are ex- illusion which can precipitate tax, royalty and regulatory policies that im- pair the industry's capacity to finance the development of new higher-cost energy sources." The accounting profession at large has not yet decided exactly how inflation ac- counting should work. But a committee of the Canadian In- stitute of Chartered Accoun- tants (CIGA) is examining the issue and expects to report its findings sometime next year. Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERTY LIMITED sale cut trading WASHINGTON (Reuter) Cancellation of a grain sale to the Soviet Union is expected to drive down commodity exchange prices sharply when grain trading opens today, industry sources said Sunday. President Ford acted to halt the sale because it would have forced up grain prices at a time when the administration is battling inflation and the corn crop has been badly damaged by floods, drought and frost. Prices now are expected to stop when the Chicago grain market the world's biggest opens today. Because of this farmers are expected to react angrily to Ford's move. But political observers said Ford's administration would have suffered far greater political damage if the deal had gone through and had turned out to be a repeat of a 1972 Soviet grain purchase that stripped bare reserved in the United States and caused American grocery bills to go up. The planned sale apparently took the administration by surprise and Agriculture Secretary Earl Bute express- ed irritation with the Soviets when he spoke to reporters Saturday. But at a diplomatic recep- tion in the White House Satur- day night State Secretary Henry Kissinger talked with Soviet Ambassador Anatoly Dobrynin and then told reporters, "it was a bureaucratic mistake. It was our fault entirely." There was no immediate in- dication of any damage to detente as a result of cancella- tion of the grain sale. Investors panic; to get savings WESTERN OILS AND MINES Anon Mines 3.05 Albany Oil .23 Alia East Gas 4.05 Alminex 4.25 Asamera 7.12% Ashland Oil 5.87% BP Canada 10.1214 Brenda Mines 4.20 Cda South 2.10 Cdn Ex Gas 1.85 Cdn Homestd 2.62 Cdn Ind Gas Oil 4.40 Cdn Long Is .14 Cdn Super 28.00 Chieftan Dev 4.50 Dome Pete 17.50 Dynasty 7.00 NuFort Reliance .16 Giant Mascot .75 Gibraltar Mines 5.37% Granisle 9.00 Gt Cdn Oil S 5.25 Lochiel Ex 1.21 Lytton Mm 1.07 North Cdn Oil 2.80 Numac Oil Gas 9.25 Pancdn Pete 8.00 Pan Ocean 7.75 Petrol 1.15 Paloma Pete 1.15 Place Gas .21 Ponder .51 Ranger Oil 13.50 Scurry Rain 18.50 Seibens 6.50 Spooner .20 Total Pete 6.12% Ulster Pete .64 United Canso 7 50 West Pete 2.70 West Decalta 3.85 MISCELLANEOUS INDUSTRIALS Acres Ltd 5.75 Aquitaine 15.75 BC Sugar C Pfd 11.25 Block Bros 2.80 Canbra Foods 2.50 Cdn Pac Inv A Pfd 27.50 Cdn Pac Inv 14 00 Carling O'Keefe A Pfd 16.50 Carting O'Keefe B Pfd 19.50 Comm Cap Corp 1.50 Cresrrook Ind 2.75 Crowsnest Ind 12.00 Falcon Copper 8.37% F M Trust Co 3.30 Genstar 14.12% Home Oil A 19.00 Home Oil B 18.00 Hud Bay Co 11.25 Hud flay Oil 22 75 Hud Bay Oil A Pfd 27 00 Hugh Russell C Pfd 51 50 Husky Oil 13.12% Husky Oil B Pfd 32 00 Husky Oil E War 3.70 Interprov Pipe War 1.90 Interprov Steel Pipe 12.00 Kaiser Res 3.40 Kaiser Res War 1 30 Loblaw Co C Pfd 23.50 Magnasonics 1.60 Pacific Pete 1412% Pacific West Air 12.62% Pe-Ben Oilfield Serv Rainer Inc Royal Trust Sandwell Teledyne Trimac Westfield Min Weston A Pfd Whitepass Yukon PIPELINE STOCKS Alia Gas Trk A 9 87% Alta Gas Trk Pfd 60 00 Alta Nat Gas 1700 Gaz Metro 4 80 Gaz Metro A Pfd 48 00 Inland Nat Gas g 75 N C Gas g 50 N C Gas B Pfd 17.12% Pacific Gas Trans 8 00 Trans-Cda Pipe 9.00 Trans-Cda A Pfd 49.00 Trans-Cda B Pfd 28.25 Trans-Cda War .70 WC Trans 1537% WC Trans War 127 CALGARY Acroll .31 Barons Oil .04 Western Warner VANCOUVER MINES Bathurst Norsemines .70 Cima Resources .35 Dankoe 215 Davenport 35 Lornex 4.95 Northair Mines 1.44 Primer .03 Pyramid .05 Silver Standard .85 Valley Copper 450 INDUSTRIALS Key Industries .07 Wardair 140 OILS August Petroleum .16 Plains Pete .09 Stampede Int'l Res .52 MUTUAL FUNDS All Cdn. Compound 4 60 All Cdn. Dividend 4.74 All Cdn. Ventures 2.13 Amer Growth Fund 3.17 A.G.F. Special 1.64 Cdn Invest Fund 3.66 Eaton Comnwlth 10.64 Eaton Leverage 2.32 Eaton Int'l Venture 2.04 Corp Investors 4.75 Corp Invest Stock Fund 3.51 Dreyfus Fund U.S. 7.15 Great Pacific 3.53 3.85 Grouped In Shares 7.02 Growth Equity 2.39 Invest Growth Fund 8.68 Investors Mutual 4.33 Mutual AcCum 4.75 Nat Resources 336 N.W. Cdn. 3.96 N.W. Growth 3.19 Principal Growth 2.97 Royfund 4.95 Templeton Growth 5.98 United Accum 3.24 Universal Savings 630 Univest 5.23 5.74 Vanguard 3.69 CANBERRA, Australia (Reuter) Panic-stricken investors withdrew about million from Australian savings and loan companies last week. Mr. Roy Morris, president of the Australian Association of Permanent Building Societies, made the estimate in a television interview Sun- day. Hundreds of savers besieg- ed savings and loan company in South Australia and a rush to withdraw their savings, prompted by several recent financial collapses. The Australian government eased its credit squeeze and cut interest rates in an effort to stop the investors' panic. Toronto mines, industrials (Supplied by Richardson Securities of Canada) Drivers' certificates on way out VANCOUVER (CP) The Vancouver Sun says the provincial cabinet has ordered the Insurance Corp. of British Columbia to abolish drivers' certificates in 1975. The Sun evening newspaper said in an article that some ICBC executives are resisting the change and have suggested that instead the cer- tificates be made a major part of insurance coverage for motorists. The certificates, which drivers pay for in addition to vehicle premiums, have been one of the most controversial features of government auto insurance since it was brought into effect last March. They cost a basic a year with additional amounts of up to charged to those who have six or more demerit points on their driving record. The newspaper said formal announcement of details of this and other changes for the 1975 autoplan have been delayed from the originally planned date of Oct. 17. Gov't to buy more B.C. Tel stock VICTORIA (CP) The British Columbia government will be buying an additional million worth of B.C. Telephone Co. common shares, says premier Dave Barrett. He said the province will be exercising its option to pick up about shares of a new issue at a share. The percentage of the com- pany's total shares held by the province will remain at about five per cent, he added, but the new share purchase will increase the province's total investment to million from million. New fund BEIRUT, Lebanon