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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 17, 1974, Lethbridge, Alberta Thursday, October 17, LETHBRIDOE Link west coal mines with east markets Transport plan to cost THUNDER BAY, Ont (CP) Development of a 9400- million transport and transfer system linking Western Cana- dian coal mines with energy- hungry eastern markets was announced here Wednesday. Thunder Bay Terminals Ltd., a newly-formed Cana- dian company, made the an- nouncement at a city council meeting while applying for a permit to build a new mUUco bulk handling terminal for the coal. The system will involve movement of coal from the Rockies miles by rail to the Thunder Bay terminal where it will be transferred to ships for distribution throughout eastern Canada. Slated to begin operation in 1976, H wiO create new jobs and be able to move three million tons of coal annually. The system -was designed jointly by Canadian National, CP Rail, and Neptune Coal Terminals Ltd., a subsidiary of Federal Industries Ltd. of Vancouver. In a release, Thunder Bay Terminals said the million capital investment will be needed to open new and expand existing mines, carry out track work, acquire locomotives and cars, develop the Thunder Bay terminal and obtain ships. They said eastern Canada million can no longer depend on American mines for coal re- quirements. Furthermore, Ontario Hydro a potentially prime customer has said signifi- cant volumes of western Canadian coal must be available as early as 1977 to provide adequate coal supply to generating stations operating and under construc- tion Eastern Europe feeling inflation VIENNA (Reuter) Infla- tion is beginning to bite into the. economies of Eastern Europe, although Marxist economists are reluctant to "admit that the carefully- controlled systems of the Soviet bloc can be seriously vulnerable to the money spasms of the West. This year, Soviet bloc governments cushioned their people against mounting world market costs by simply increasing state subsidies or by reducing imports. Higher costs will begin to bite harder in 1975, and worse is still to come. From 1976, eastern Europe will be forced to pay .higher prices for Soviet oil. affecting all branches of its economies. Yugoslavia is the worst-hit country of eastern Europe. It is not a member of .the Soyjet bloc and its economy QBeratei_ 'largely .on market F easily than the fragile economies of the West. In Moscow, rents of state- owned apartments have been unchanged for 46 years. In East Berlin, homes are still rented at levels set in 1939, when Hitler was in power. SETS PRICES Broadly speaking, the Soviet Union can keep many prices down because it is largely self sufficient and the government sets all prices at production, wholesale and retail levels. East Germany is trying to combat the effects of inflation by strict economy measures and a campaign against waste. Bulgaria has called on factories -to "thrifty- -use-trf materials and- Loggers at work Loggers nimbly separate pulp logs on the Ottawa River within sight of the Parliament buildings. The workers send the logs through a series of weirs according to size for use at pulp mills in nearby Hull and Gatineau, Que. Arabian transfers more gold front U.S. WASHINGTON (Reuter) Saudi Arabia transferred nearly 1.55 million ounces of its gold from the United States in August, the commerce department reported Wednesday. The transfer was the second by Saudi Arabia in two consecutive months. In July, the Saudis shipped out of New York. The value of the gold shipped in the two months was Iff? million' wiih each ounce of ii tbcT centraT Inflation in the first months of 1974 ran at an an- nual rate of 30 per cent. Through subsidies, often manipulated to serve social purposes, and through economic regulators that ig- nore normal market forces, eastern Europe can withstand inflationary pressures more or monetary, price of HIM omcAi ptisctimoN co tap new energy sources, including nuclear power. State subsidies are used fre- quently to erase price in- creases. In Czechoslovakia, gasoline has almost doubled in cost, but the increase has been offset by abolition of the road tax. In Yugoslavia, where econo- mists joke that the country now has achieved "stable the government has launched a campaign to increase savings, encourage reliance on domestic raw materials, increase produc- tivity and reduce imports, but so far to little effect. Alberta girl killed LANGENBURG, Sask. (CP) An 18-month-old Ed- monton girl died in Langen- burg hospital Tuesday, two days after a traffic accident near this southeastern Saskatchewan community. She was identified as Christine Andres. Her grand- parents-were taken to hospital with undetermined injuries and the driver of the other car involved was treated in hospital and released. CJOC RADIO and DUNLOP FORU Present FOLK FRIENDS in CONCERT Featuring original "POINT OF INTEREST" and Or Hudsori and Curt StuckeM Guitarist Dale Percussionist Brad Valgaardson Lighting and Stagp Ed Bayly With fOL K VUSlC p.rtr1 P r p s p Pop P Cl 7 r a rl (i n p A i i V P C O rM P r p p rj ot Fr.lt Vunr Tickets exclusively ai Leister s YATES CENTRE AT P.M Friday (Tomorrow) October 1g Geologists cautious on oil find SAIGON (AP) American geologists have taken a cautious approach to the an- nouncement that traces of oil have been off the- coast of South Vietnam. Their attitude has been in sharp contrast to that of Saigon government officials who are keenly aware that the production of petroleum could give a much-needed boost to the economy of South Viet- nam. Saigon's, minister of trade, 'Nguyen Doc Cuong, has voic- ed hope that the discovery would encourage foreign investment. Officials said tbe oil was discovered feet beneath the floor of the South China Sea after only eight days of drilling. They said the site was located 190 miles south of the coastal resort of Vung Tau. It marked the first explor- atory hole drilled by a joint venture of Shell and Cities Service. Other foreign 'oil companies are expected to start drilling soon under ex- ploration rights granted in a large area off the coast The discovery did not come in a gusher but in traces of .oil brought up with rocks and otter residue of the drilling. One official described the find as a medium-weight crude aad said it would seem to in- dicate a favorable type of oil in the area. It was noted, however, that about 200 wells off the coast of Libya bad come with traces but without discovery of productive fields. American officiate said that even if the oQ off South Viet- proves to be of com- mercial value, it would take several years to begin produc- tion. Even then, tbe volume would probably be much smaller than that of the Mid- dle East. Although hopeful of making a strike, Saigon officials have shown considerable restraint in estimating the potential value of their prospective oil reserves. In 1973, Tran Van Kboi, executive director of the National Board of Petroleum, warned that Vietnam was no MiodJcEast. 142.22 an ounce. This com- pares with a price of around an ounce obtainable on the private markets in Lon- don, Zurich and Paris. The reason behind the Saudis' shifting of gold, which amounted to nearly 58 tons over the two months, remains a mystery to U.S. officials. The gold, built up in the New York Federal Reserve Bank over the years as governments settled part of their oil payments in gold, was held in custody by tbe U.S. government. It was separate from tbe U.S. government's own gold holdings. The fact that the U.S. paid for the security systems need- ed to guard the gold was a sav- ing to the Saudi government. officials did not know whether the Saudi gold was being shipped to Saudi Arabia or whether it would be stored in some other country for safekeeping. HIGA'S MEN'S WEAR CLEARANCE CONTINUES! 'hurs., Fri., Sat.1 SUITS JACKETS SELECTION PRICE CASUAL PANTS Values to 15.95 EACH PANTS iWQOtai SELECTION 30 HOES LESS Values to ONLY S30 SHIRTS Values to 3J10 SWEATERS Large Selection PRICE BOYS' CLOTHING 72 PRICE shorts, shirts, and pyjamas. HIGA'S MEN'S WEAR Mo refunds or on 13thStrwt Mo. Phone 327-7610 Look forward To light mellow enjoy- ment with a traditional flavour. This fine rye whisky tastes as smooth as you hoped it would. back. To the courage of the Cariboo prospectoi To the spirit of the Pioneer outrider. Canadian Legend OWWIMCTON DKTIUJERS UMITCD WHERt OtSTIllING IS STUl A lIViNG ART ;