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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 13, 1974, Lethbridge, Alberta Friday, September 13, 1974 THE LETHBRIDGE HERALD 23 I I Americans deposit savings in banks across border Wells discovered in Taching area China to become oil trader in decade TORONTO (CP) Many United States citizens are turning to chartered banks in Ontario border cities to place their savings. Interviews with banking officials indicate that higher interest rates on fixed-term deposits in U.S. funds are lur- ing the American dollar across the border. A U.S. resident can place a minimum of in U.S. funds in a fixed-term deposit, varying from 30 days to one year, and receive almost dou- ble the interest he would get trom a U.S. bank for the same amount. However, the higher rates only apply to deposits in U.S. dollars. If a U.S. investor converts his dollars into Canadian funds, and then deposits them, he is subject to a 15-per-cent withholding tax. There is no tax on the U.S. dollar deposit because it is collected by the U.S. government. In addition, interest rates are lower on the Canadian CP Rail changes freight service MONTREAL (CP) Growth in container and piggyback freight traffic has prompted CP Rail to con- solidate these operations into a new group, CP Rail Inter- modal Services, the company announced Thursday. The group replaces CP Rail Piggyback Services, which has handled more than 2.2 million highway freight trailers on flatcars during the past 22 years. "Strong growth in the vol- umes of both trailers and con- tainers being handled on rail- way flatcars, and the similari- ty of terminal requirements for both, has led to this said A. E. Jenner, general manager of the. new group. "Six or seven years ago, container traffic was relative- ly small but today the number ot containers handled rivals our volume of trailers, which1 The LARGEST ASSORTMENT of imported styles in LETHBRIDGE is itself growing he said in a statement. This year CP Rail expects to handle containers compared with in 1973, most of them moving inland from foreign ships. This year's trailer movements are expected to reach compared with last year. The statement said the com- pany sees a strong future potential for purely domestic container freight movements. Heads crown corporation OTTAWA (CP) Nicholas M. Ediger, vice-president and general-manager of Gulf Minerals Canada Ltd., has been appointed president and chief executive officer of Eldorado Nuclear Ltd.. a Crown corporation. He replaces William Gilchrist, head of Eldorado for 16 years, who becomes chairman of the board while remaining president of Northern Transportation Ltd. The change was made nec- essary because Mr. Gilchrist now is 65. deposits. Bank sources say this is because the U.S. dollar has been at a discount and is not worth as much as the Canadian dollar. WINDSOR CENTRE Although there has been substantial interest at border banks and in Toronto, most of the activity seems to be centred in Windsor. Banks generally are reporting an average of between eight and 20 U.S. dollar fixed-term deposits a day, averaging to 000 each. The average term is 90 to 180 days. One bank in Windsor handl- ed 230 inquiries in one day. A bank employee in Niagara Falls recalls overhearing a U.S. visitor, scanning an advertisement on the bank window, say: "Can you believe interest." Recently, a Detroit bank was paying five per cent for 30-to-89-day certificates of deposit worth a minimum of 5.5 per cent for 90 to 364 days, six per cent .for one year to years, and 6.5 per cent for terms between 2Va and four years. The four-year rate is 7.25 per cent. In the same period one Canadian bank offered 11.25 per cent on U.S. dollar fixed- term deposits, with a minimum of for 30 to 50 days. 11.5 per cent for 60 to 89 and 90 to 180 days, and 11 per cent for 180 to 364 days. The one-year rate was 10.25 per cent. The rates fluctuate daily and different banks offer different rates for various terms and minimum deposits. Some banks are. in fact, pay- ing more than 12 per cent. The basic reason why U.S. rates for deposits less than are lower is because of a U.S. Federal Reserve Board regulation which sets maximum rates payable by Federal Reserve System members on these deposits. Not all U.S. banks are members of the system. The rates on deposits of more than are deter- mined by the money market. By JONATHAN SHARP TACHING, China (Reuter) The pioneering spirit of a frontier town lives in this re- mote and harsh piece of northeastern China called Taching, a name which means "great celebration." The cause for celebration is oil, and enough oil is being dis- covered here and elsewhere to ensure that China will loom large in the world oil trade, probably within a decade. Taching is China's largest oilfield and a crucial asset to a country which, although it has not been a great producer or consumer of oil in the past, is pledged eventually, to outstrip the economic performance of the non-Communist world. But Taching is much more than an economic plus mark. "In industry, learn from Taching" is a national slogan coined 10 years ago by Chair- man Mao Tse-tung. The leg- end of Taching is enshrined in Communist China's folklore. Taching symbolizes China's go-it-alone philosophy which shuns foreign aid and foreign debts. It also typifies the spirit of hard work in the face of adversity which Peking strives to instil into the na- tion. Taching must also be one of the country's biggest security headaches. Situated less than 250 miles from the nearest point of the Sino-Soviet border, it would be a prime target if the Soviet Union should mount an attack. This is presumably why the exact location of Taching was kept a secret for nearly a decade after it opened and is still not shown on most pub- lished Chinese atlases. The Soviet threat was not stressed by official spokes- men accompanying a group of 22 Peking-based foreign re- porters invited to visit almost certainly because the group included two Soviet cor- respondents. But roofs of oil storage tanks are disguised in cam- ouflage paint and installs'ions have been buried under- ground beneath three feet of concrete. The party visited one of these underground in- stallations, innocently callea Apricot Tree Harbor. A group of about six anti- 'aircraft guns was parked near the refinery attached to the oilfield but these weapons were not in battle readiness- some of them still had covers the main Chinese de- fences remain outside the per- imeter of the oilfield proper. CONDITIONS BLEAK There is little doubt that Taching has earned the man- tle of national pacesetter the hard way. Oil is often found in inhospitable surroundings and this bleak tract of land is no exception. Taching is located in China's northernmost prov- ince of ing Black Dragon about a day's train journey north from Peking. It is ice- bound for nearly five months of the year and with winter temperatures dropping to 40 degrees below zero. By con- trast, the summer is boiling hot. In 1959, when test wells showed promising results, Taching was a flat, windswept wasteland patrolled mainly by wolves. The strike was of vital im- portance then, with China at the start of a period of severe economic difficulties because of natural disasters and the cutoff of Soviet aid and tech- nicians. Chinese then living in Pe- king recall that the fuel short- age was so acute that public buses were running on coal gas stored in rubber bladders balanced on the roof. The reporters talked to Yuan Chien-chong, now 49 and one of the Taching pioneers. He was here when the first derrick was dragged into posi- tion by hand and oil began gushing in the early summer of 1960. Yuan said the people who descended on Taching like a 19th-century gold rush lacked many of the necessi- ties of life. He had to wait a week in bitter weather before drilling equipment arrived and then it had to be dragged six miles from the railhead to the drill- ing site. The transformation of Tach- ing since those early days is dramatic. It is inhabited by 300.000 people and produces approximately 20 million tons of oil a year. But the spirit of the early pioneers persists. GOLD BLOCKED WASHINGTON (Reuter) The senate finance committee has voted to upset an agreement to give Czech- oslovakia 20 tons of gold con- trolled by the United States. Britain and France. The com- mittee voted to block a tenta- tive agreement reached in July between the United States and Czechoslovakia for the return of the gold, seized from the Nazis at the end of the Second World War. PEOPLE CANADA NO. 1 GRADE CARROTS KRAFT Prices effective to Saturday closing September 14th, 1974. We reserve the right to limit Quantities. GOVERNMENT INSPECTED BURNS SMOKED PICNICS Whole or Shank Half. Ib. All L-Mart Meats Are Government Inspected And 100% Guaranteed to Satisfy PEANUT BUTTER POWDERED DETERGENT TIDE KiqSin.5lb.Mlwt.bu 49 1 1 Q Q GOVERNMENT INSPECTED FRESH GROUND BEEF Ib. Q Q GOVERNMENT INSPECTED CANADA GRADE 'A' DEEF BLADE ROAST SWIFTS LUNCHEON MEAT PREM PURITY FLOUR Bacn. B-8-Q. 12 ox. Mt wl. tin ZOft.Mlwt.kit GOVERNMENT INSPECTED BURNS CAMPFIRE SAUSAGES 3 Q NABOB-5 MINUTE PUDDINGS AutrM fltnn 4 it. MI wl. 45 73 1 69 3i67 0 0 19 0 c FROZEN FOODS SNOCAP FISH AND CHIPS ?0 oz. wt pkg SNOWVALE CHOICE STRAWBERRIES WV91 9 SUGAR CRISPS hQ %F 49 0 Kleenex colors FACIAL TISSUE pkg TENDERFLAKE LARD 1-Ib. net wt. pk0. 0 Betty Crocker CAKE MIX 5 varretiet. 19 01 wt pkg 15 01 wl VALLEY FARM FRENCH FRIES DR. BALLARD'S CHAMPION Nalleyt Tang 2 fb rut wt pkg DAC FflAD M It ry D vUU rVvU 1502.iwlwttin 0 SALAD DRESSING 32 fl oz jar ;