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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 3, 1974, Lethbridge, Alberta September 3, 1974-THE LETHBRIDGE HERALD Bank loses million in currency transactions LONDON (AP) Lloyds, one of Britain's big-four clear- ing banks, said Monday it stands to lose up to million through unauthorized currency transactions at its branch in Lugano, Switzerland. It was one of the biggest losses in foreign currency dealings ever suffered by a British bank. A Lloyds spokesman in London said the Lugano branch manager and his foreign currency dealer have been suspended pending the outcome of a special bank investigation. The manager was identified as Edigio Monbelli and the dealer as .Marc Colombo. The Federal Banking Com- mission in Bern, Switzerland, said it also has opened an investigation into the case to find out whether any criminal offences were committed. A spokesman said all losses were covered by the London central office and that there was no need to close down the Lugano office. Lloyds, which is not connected with the big in- surance underwriters organization of the same name, said it made its state- ment- "to. remove any disquiet which rumor or uncertainty might engender." But the bank's shares im- mediately dropped on the London stock exchange. Later they recovered, while the other clearing banks Barclays, Midland and National Westminster also were down. The Lloyds spokesman said the losses were discovered by officials of its overseas sub- sidiary, Lloyds Bank Inter- national, with headquarters in London. The subsidiary was Huge bank loss probe under way LONDON (AP) Inter- national pressure for tighter controls on foreign-exchange dealings by major banks will likely increase following the disclosure by Lloyds Bank of London that it lost as much as million in currency tran- sactions in Switzerland, finan- cial commentators said today. The Swiss Federal Banking Commission said it is investigating to determine whether criminality was in- volved. But foreign exchange dealers said mammoth speculative profits and losses GM cars up OSHAWA, Ont. (CP) General Motors of Canada Ltd. announced today that the suggested list prices for 1975- model passenger cars will be increased by a car, or 7.2 per cent. The company blamed in- creased costs of labor and ma- terials. Suggested prices for 1975 trucks will be increased by or 10.5 per cent. have become common in the international money markets, partly because the markets have been allowed to operate with a minimum of govern- ment control for the last 18 months due to the abandon- ment of the" fixed rates of ex- change supported by govern- ment buying and the free floating of currencies within comparatively wide limits. "Much of the time, the international foreign ex- changes operate like a vast gamling casino with none of the central bank authorities able to impose the proper control over what is going one business commen- tator said. However, U.S., West German and Swiss banking authorities have recently been calling for more detailed ac- counting of foreign-exchange dealings by banks operating in their countries. The Western central bankers hold one of their regular meetings in Zurich this weekend, and they are ex- pected to discuss controls. Some central bankers have argued that a return to a system of fixed exchange rates is the only answer to dangerous speculation by banks. built through a merger in re- cent years of Lloyds Bank Europe and the Bank of London and South America- Bolsa. The spokesman said a number of foreign currency transactions had been "unauthorized and un- recorded" in the Lugano branch's books. They involved foreign currency deals in several currencies, but the spokesman would not specify them. The maximum loss estimate was million, which the spokesman said may be reduc- ed somewhat after the investigating team completes inquiries. The spokesman said some money may be returned from taxes. The branch now is being investigated by a team of Lloyds Bank International and the accounting firm of Price Waterhouse. Lloyds said the losses ad- mittedly were high but should be viewed in the perspective of pretax profits last year of million, and capital reserves of billion. Lloyds Bank has more than branches in Britain and has been developing fast overseas. It has 43 offices in Europe and scores in other parts of the world. LATEST IN SERIES The Lugano case was the latest in a series that hurt European banks in the high- risk field of foreign exchange dealings. In the worst, the West German Bankhaus Herstatt had to close with a loss of almost million, affecting many depositors and sending shock waves through inter- national markets. The Union Bank of Switzerland, the largest Swiss commercial bank, announced last April a "sizable loss" through unauthorized dealings. It prompted the resignation by its deputy director-general. Figures were never officially announc- ed but insiders estimated the loss between million to billion. News of the latest loss made banner headlines in London's evening newspapers. The Evening News said the loss "pushes the world notably further toward recession" by making it more difficult for countries to trade with each other in confidence. It predicted a sharp fall in ex- change dealings between international banks. The Herald Business Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERTY LIMITED WESTERN Pete 17.25 AND West Air Afton Oilfield 2.95 Albany Inc 2.50 Alta East Trust 17.75 3.95 3.40 Ashland Minerals .61 BP A Pfd 46.00 Brenda Yukon 6.75 Cda STOCKS Cdn Export Gas A Cdn Gas Pfd 54.00 Cdn Ind Nat Gas 17.25 Cdn Long Metro A Pfd 5.50 Cdn Nat Gas 10.50 Chieftan C Gas Dome C B Pfd 18.75 Gas Trans 8.50 Nu Fort Pipe 8.50 Giant A Pfd 46.00 Gibraltar B Pfd 27.50 Pipe War .80 Grt Trans Grt Cdn Trans War 1.41 Lochiel Lytton North Cdn .26 Numac Oil .06 PanCdn Continental .02 Pan Warner .25 Place Norsemines .87 2.20 Ranger Oil Scurry .35 Lorn ex 5 55 Mines 1.48 04 Total Pete Ulster Pete United Canso West Pete West Decalta MISCELLANEOUS .75 10.50 2.63 .06 Silver Standard 1.08 Valljy Copper 5.50 INDUSTRIALS Key Industries .06 Wardair 1.55 Acres Ltd Aquitaine BC Sugar C Pfd Block Bros Canbra Foods Cdn Pac A 18.37% 12.50 2.80 2.65 August Petroleum .16 Plains Pete .11 MUTUAL FUNDS All Cdn. Compound 4.88 5.40 All Cdn. Dividend 5.02 5.46 Cdn Pac Cdn. Venti.res 2.38 2.59 Carling A Growth Fund 3.61 3.97 Carling B Pfd Com Capital Crest 1.70 Special 1.81 Cdn. Invest Fund 3.87 4.24 Eaton Comnwlth 11.34 Crowsnest Industries Falcon Copper F M 8.87% Leverage 2 60 Eaton Infl Venture 4.69 Corp Investors 5.00 5.49 Invest Stock Fund 3.71 4.08 Home Oil Fund U.S. 7.62 8.35 Home Oil In Shares 2.51 Hudson Bay Equity 5.14 "5.65 Hud Bay Growth Fund 9.53 10.41 Hud Bay A Mutual 4.57 4.99 Hugh Russell C Accum 5.08 5.58 Husky Resources 3.63 3.99 Husky Oil B Cdn. 4.29 4.71 Husky Oil E Growth 3.45 3.79 Inter Pipe Growth 3.17 3.48 Inter S 5.01 5.22 Kaiser Growth 6.49 7.11 Kaiser Res Accum 3.61 3.97 Loblaw C Savings 6.73 7.40 4.04 4.44 Toronto mines, industrials (Supplied by Richardson Securities of Canada) Turkey, Iran give okay to gas pipeline project ANKARA (AP) Turkey and Iran have reached agree- ment on a pipeline project which would bring Iranian natural gas to Turkey for ship- ment to Western Europe, petroleum industry sources said Sunday. They said agree- ment was reached during the visit of Iranian Foreign Minister Abbas All Khalat- bary to Turkey last week. They said two international consortiums have expressed interest in the construction and operation of the pipeline which would run 1.100 miles from Kangan in southern Iran, where rich natural gas deposits were recently dis- covered, to Turkey's eastern Mediterranean port of Iskenderun. The natural gas would be liquified in Iskenderun before shipment to Europe. One of the consortiums, made up of Italy's ENI Co., West Germany's Ruhr Gas Co. and France's Gaz de France, proposes to build a pipeline which would pump 45 billion cubic metres of natural gas annually to Iskenderun. This project would cost about billion including storage, liquifaction and shipment facilities to be built in Iskenderun. sources said. Another consortium con- sisting of two Belgian firms. Topex Bels and Distri Gas. and El Paso Natural Gas Inc. of the United States, has proposed a smaller capacity B.C. car insurance plan faces big deficit VANCOUVER (CPJ -.The Sun says British Columbia's government car insurance scheme faces deficits totall- ing more than million in its first two years of operation The newspaper says it has learned the deficits arise from three factors: were set too low to allow the scheme to stand on its own financial feet; in the first six months of operation have far exceeded estimates; income will drop in 1975 because of government desire for flat rating, in which vehicle use, age of driver and area would make no difference. Transport minister Bob Strachan said today he has not seen the figures on which the million deficit estimate was based. He said he has seen es- timates which say that "if things go right" the autoplan scheme will break even in 1974. Mr. Strachan at the same lime indicated the scheme may have to be subsidized this vear. pipeline which would cost billion, sources said. U.S. food price rise continues NEW YORK (AP) Food prices in the United States continued their climb during August, rising to a level 14 per cent higher than a year earlier, an Associated Press market basket survey shows. The AP checked the prices of 15 food and non-food items in 13 major cities on March 1. 1973. and has rechecked at the beginning cf each succeeding month. The latest check, at the start of the Labor Day weekend, snowed that during August the market-basket price went up in every city surveyed except Dallas. Tex. The average increase was 4'2 per cent. During July. The AP market-basket price rose in all 13 cities. Many of the increases re- flected higher prices paid to fanners and there were in- dications of further increases because of the recent drought. Acme Advocate Asb. Akaitcho 1.01 1.70 Forest BC Sugar Bow Valley Ind Cable Eroulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central 9.50 1.25 3.85 2.85 4.00 4.70 Ind Cal Power Canbra Foods Can Cellulose Carling O'Keele Chemcell CWN Gas Pfd Cdn Ind Chimo Conwest Cons. Rambler Coin 3.40 2.67 Marconi Cdn Vickers Chrysler Cochenour Craigmonl Dickenson Mines Denison Mines O'Eldona Dome Mines Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Maritimes Giant Y K. Granduc Hollinger A Hudson Bay A Hydra Ex. Iron 4.45 8.12V4 41.50 .30 57.50 1.35 4.90 2.10 34.75 .15 .33 11.00 1.55 25.00 16.62% .62 Cons Bathurst Cons Gas Dist Seagrams Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Dofasco Glen Mobile Grt Cdn Oil Gen Motors Grt Lakes Paper Gulf Oil Greyhound Hawker Sid Hiram Walker A Iso Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis .20 11.00 .26 28.00 5.00 Erie Imperial Oil A Imasca A Int Nickel Int Pipe Inv Grp A IU Int'l Madsen t Malartic G.F. Martin McNeely Maclntyre Mela .30 25.75 .10Vi LIU Jannock Kaps Kel Douglas A Laurentide Intern Mogul NoWest Homes New Athona New Calumet Noranda Northgate Noriex Pine Point Placer Oev. Pax Exp. Quebec Man 5.25 .18 .20 33.75 4.10 .21 29.50 15.00 1.30 A Metropolitan Massey Ferg McMili Bloed Moore Corp Molsons A Molsons 8 Nachurs North Cent Peyto Power Corp Price Co Rio Algom Roman Corp. Sheirstt Gordon Steep Surmingdale Corp 27. 8.75 1.19 4.30 Shell COA Simpsons Simp Sears Steel Can A Selkirk A Texaco United Canso Western Mines WH Copper Mines Wnghl Harqreaves WiTlwy Windfall Ye-tlowtsnile Bear 10.00 2.18 2.85 200 11 235 Grp A Trans Mtn Pipe Ttans Can Pipe Union CattwJa Union Gas Union Oil United Sisooe Versatile Wllg A'lcan Algoma Steel Atoo )nd Agra Ind Sell Tel Brascan A BCTel 2S.12'j 25.75 460 12 62'4 5026 Woodwards A Can Imperial Montr fl-al Nova Scotia Royal BANKS 9.75 10.00 18.25 13.50 8.87Vr 7.00 19.25 ?.65 4.55 2.30 4.80 8.25 20.00 2.90 12.75 12.62% 12.25 26.25 26.50 14.37% 28.12% 38.50 21.50 8.50 22.00 25.75 2.30 6.37% 39.00 17.25 25.25 15.62% 4.60 36.12V4 17.50 28.00 21.25 25.62V4 12.00 5.75 10.75 14.50 5.25 2.05 4.50 6.50 2.75 6.62% 8.62% 12.75 23.62'i 40.12% 16.25 16.25 4-85 987% 325 9.25 12.12% 9.00 12.OO 6.25 9.12% 21.87% 11.25 30.QO 9.25 12 37% 8.50 1787% 7.50 762% 1750 23 00 19.25 21 00 1250 3275 27 12% 3212% TSE industrial stocks lower in early trade Tax probe BARTLESVILLE. Okla. The United States government is trying to deter- mine whether Phillips Petroleum Co. owes taxes on at least million funnelled from overseas transactions info a special fund used for political contributions in the f> U.S. A 1925 federal law makes it illegal for corporations to contribute to candidates for federal office. PRINTERS GET TlPS NEW YORK