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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 18, 1974, Lethbridge, Alberta 12 THE LETHBRIDQE HeRALD Wednesday, Economy picture gloomy LONDON (Reuter) The Bank of England in its latest quarterly bulletin paints a gloomy picture of western in- dustrial countries, showing only weak signs of recovery from the recent fall in produc- tion In the bulletin, which takes a general look at the first half of this year, the British central bank said today that a fall in demand led to a small drop in output of goods in in- dustrial countries in the first six months of 1974 Because of the fuel crisis, it went on to say, production fell in the United States, Japan, and Britain earlier in the year and also fell slightly in West Germany In France and Italy, production rose in the early part of the year There was a slight recovery in the United States in the sec- ond quarter, and production continued growing in Italy, the bank said But figures levelled off for France and West Germany, and there was a further drop in Japan where the impact of oil prices has been most severe "Any tendency for demand and output to recover in indus- trialized countries is undoubt- edly weak as the bank said Although these countries are still struggling against inflation, the bank sees some hope of containing the price explosion Inflation "continued at alarming rates" in the second quarter But the more expen- sive Arab oil had now been ab- sorbed into western domestic prices, and falling costs of other industrial materials should help to reinforce counter-inflationary policies in most countries British production had recovered from the short working week at the turn of the year, and the balance-of- payments deficit had been offset by inflows of capital But the bank warned that the deficit must be reduced to maintain Britain's inter- national credibility, and ef- forts should be made to im- prove it before help can be sought from the oil from the North Sea The bank also warned of poor profit prospects for British industry and said con- tinued expansion of invest- ment was crucial Steel plant expansion completed EDMONTON (CP) Premier Peter Lougheed pushed a button here to send 75 tons of molten steel spew- ing forth as he officially open- ed Steel Co of Canada's million expansion in east Ed- monton The facility will triple Stelco's output in Edmonton to 400.000 ingot tons of steel a year when maximum produc- tion is reached. The expansion consists of two 75-ton electric arc furnaces, and a new three strand continuous casting machine. Premier Lougheed praised what he called Stelco's record as a "good corporate citizen of Alberta" but remterated his stand that the government will use its power "to be a catalyst where necessary This 'was an apparent reference to the government's move to invest in the Regina- based Interprovmcial Steel and Pipe Co Ltd in an effort to encourage development of a western steel industry J Peter Gordon, president of Slelco. said there is an ex- cellent Canada-wide future for steei "and the capital goods market in Alberta is outstan- ding New mine company established TOKYO {Renter) Japan's Mitsubishi Corp announced today the establishment of a wholly-owned metal mining subsidiary in Vancouver to ex- plore untapped non-ferrous metal resources including copper, nickel and zinc in British Columbia and the Ni il wi i r i KNIT SAVE OVER SAVE 2.55 Reg. 9.99 V EACH Dress Classy But Casual In Knit Turtleneck Shirt Ever-popular turtleneck knit shirt fashioned in 75% Celera Acetate and 25% Fortrel Polyester fabric. Smartly styled in an excellent selection of assorted colours to compliment your fall wardrobe. In sizes S, M, L, XL. BL Knit Shirts In Plain and Combination Colours A. "Paulo Conti" Fashion-Knit Shirt Styled in 100% Polyester. V-plaquet and collar, mock turtle insert. Picasso ab- stract front, plain body and sleeves In colours Chocolate, Blue and Green. Sizes- S, M, L, XL. EACH 16.99 Mock-Turtleneck Knit Shirt Fashioned by "Paulo Conti" m Crepe knit Contrast stitch on collar, waistband and pocket In Navy, Walnut, Oyster and Burgundy colours Sizes S, M, L, XL EACH 11.99 C. Long-Sleeve Knit Shirt "Paulo Contf knit styled in plain doubleknrt of 100% Polyester. Open collar, mock turtle dickie insert and chest pocket In navy. Chocolate, Rust and Burgundy colours Sizes S, M, L, XL. EACH 16.99 D. Two-Tone Colour Knit Shirt Classic 4-buMon plaquet front fashioned in plain double- knit 100% Ticel (Triacetate) iabnc. In colours and In sizes S, M, L, XL EACH 13.99 j -S J, ICO DEPARTMENT STORES RJflfrrt To UmH OiwrtHMn CottoQC ShoppInQ Mcil Mcyor Magnrth Drive Thwrwlty end Frktay 9 to 9 p.m. 1: "f anSS GIJAIUWTHO ;