Lethbridge Herald, The (Newspaper) - September 23, 1974, Lethbridge, Alberta
18 THE LETHBRIDGE HERALD Monday, September 23, 1974 Industrial index declines in moderate TSE trade TORONTO (CP) The To- ronto stock market's in- dustrial index fell but other indexes were higher in moderate midmorning trading today. The industrial index fell .20 to 163.79. Golds rose 7.32 to 335.54, base metals .27 to 67.07 and western oils .91 to 142.10. Advances outnumbered de- clines 119 to 80 with 134 issues unchanged. MONTREAL (CP) Prices were higher in light trading on the Montreal Stock Exchange today. Volume at 11.30 a.m was 165.000 shares, compared with shares at the same time Friday Banks fell .64 to 216.26. papers .22 to 104.49 and utilities .11 to 120.58. In- dustrials rose .38 to 173.51 and the com- posite 19 to 167 65 Hawker Siddeley rose 34 to Quebecor '-2 to Shell Canada to Simpson's Ltd. '4 to Winnipeg grain WINNIPEG (CP) With the excep- tion of feed wheat, most futures com- modities made good gains at mid- session today on the Winnipeg Com- modity Exchange. Feed wheat was down as much as six cents a bushel in light activity. Corn gained its respective daily trading limit, along with many months of rapeseed Mid-session prices: Thunder Bay rapeseed: Oct. 20 higher 8.55B: Nov. 20 higher 8.32A; Dec 20 higher 8.12B: May 5% higher 8.05B. Vancouver rapeseed: Sept. 20 higher 8.66'28. Nov. 20 higher 8.57B; Jan. 19 higher 8.45B. Mar. 18% higher Flax- Oct. 25 higher 11.64B: Nov. 29 higher 11.23B: Dec. 29 higher 10.98A: .May 26 higher 10 80A. wheat: Oct. one lower 3.75A; Dec. six lower 3.53A: May two lower 3.65A: July unchanged 3.70A. Corn: Dec. 10 higher 3.75B: Mar. 10 higher 3.83B: May 10 higher 388B; July 10 higher 3.91B. Barley: Oct. higher Dec. 2V4 higher May 2% higher 2.82'iB; July not open. Oats: Oct. two higher 1.97B: Dec. 1'2 higher May higher 1.90: July not open. Rye: Oct. eight higher 2.93A: Dec. seven higher 2.85A. May seven higher 294'2B: July five highe'r 2.90B. MICC Investments gained to Royal Bank to Imperial Oil A to Shell Canada V4 to and Warnaco to Brinco lost to Phil- lips Cables to Hayes- Dana A to Rank Organ- ization A 30 cents to and Toronto Star B to Camflo was up to Market trends Imperial Oil class "A." to and International Nickel class "A" to Massey-Ferguson fell to Among speculative issues. Bison Petroleum and Minerals fell 10 cents to after trading 4.000 shares. VANCOUVER (CP) Prices are down in light trading on the Vancouver Stock Exchange today. First hour volume was 50.300 shares. In the industrials. Doinan was un- changed at on 100 shares. In the mines. Cutlass was up .09 at .41 on 000 shares. In the oils, Payette was un- changed at .20 on 2.000 shares. On the curb exchange, no shares were traded. Quebec Sturgeon 10 cents to and Little Long Lac 10 cents to Hydra was down five cents to 40 cents and Mindamar two cents to 45 cents. Voyager Pete rose 50 cents to North Canadian Oils 40 cents to and Alberta Eastern Gas 35 cents to National Pete fell two cents to 19 cents. NEW YORK (AP) The stock market turned tail on some early gains today as a hoped-for reduction in the prime lending rate failed to materialize. The noon Dow Jones industrial average dropped 3.29 to 667.47, but ad- vances maintained a 2-to-l lead over declines on the New York Stock Ex- change. The most-active NYSE issue was the Southern Co.. off V8 at The NYSE's noon composite index lost 0.10 to 36.64. Among Canadian issues on the NYSE, Canadian Pacific gained to International Nickel Vi to and MasseyFerguson to V2. Livestock Calgary CALGARY (CP) Monday's light receipts to 11 a.m. at Calgary public stockyards included 200 head. Trade was moderately active. Cranbrook CRANBROOK. B.C. (HNS) Sales at the Cranbrook Sale Point Communi- ty Auction Sales Ltd. last week totalled for 124 mixed head. The price was down two cents from earlier September. Entries were mostly local, except for Mike Davidoff's Castlegar consignment. Good yearling steers to 850 pounds brought 35.50 to 38.25 cents and to 700 pounds 32.50 to 36.50. Good slaughter cows sold at 18 to 21.50 and medium 15.50 to 17.75. Heifer and calf entry did not warrant establishing prices. Year's price comparisons here show 114 head in March returned showing the steady drop, not yet over apparently. Five sales are planned here in Oc- tober There were insufficient slaughter steers or heifers on offer to establish quotations. Cows were lower. A few bulls sold steady. Cows Dl, D2 22.50 to 24, D3 21 to 22.50, D4 17 to 21. Good bulls 25 28.75. The few feeder cattle on offer were steers and heifers weighing under 700 pounds, and lacking in quality. There were insufficient stock calves on offer to establish quotations. Feeder steers under 700 pounds 28 to 33 depending on quality. Feeder heifers under 700 pounds 25 to 28.60 depending on quality. Hog prices EDMONTON (CP) Monday's hog prices to 11 a.m. provided by the Alberta Hog Marketing Board with Friday's quotations in brackets. Edmonton: 54.85 Calgary: 54.85 Hogs sold to 11 a.m. 418. Hogs sold 1.627. Friday average 54.97. Sows average 31.65. Tire testing A technician at the Picker Corporation in Cleveland checks out an X-ray scanning system which checks tires of all sizes for defects in their structure. But despite advances in tire inspection at the production stage, tires can be ruined by less-than-accurate air pumps at service stations. A Canadian press survey of 25 air pumps picked at random in the Ottawa area showed many of the pumps delivered higher or lower air pressures than registered on their gauges. Revenue Canada Customs and Excise CANADA CUSTOMS INFORMATION SHOULD YOU REQUIRE IN- FORMATION OR ASSISTANCE RELATIVE TO CUSTOMS MATTERS. YOU MAY CALL YOUR LOCAL CUSTOMS OFFICE. IF THERE JS NO LOCAL OFFICE, ASK YOUR TELE- PHONE OPERATOR FOR THE FOLLOWING ZENITH NUM- BER AND YOUR CALL WILL BE PLACED WITHOUT CHARGE. MONDAY TO FRIDAY 0900h-1700h 66200 1700h 2400h 66201 SATURDAY AND SUNDAY 0900h-2400h 66201 Revenu Canada Douanes et Accise DOUANES DU CANADA INFORMATION SI VOUS DES1REZ DES REN- SEIGNEMENTS OU DE L'AIDE CONCERNANT LES DOUANES DU CANADA. VEUILLEZ TELE- PHONER LE BUREAU DES DOU- ANES DANS VOTRE LOCALITE. POUR UNE COMMUNICA- TION INTERURBAiNE, DE- MANDEZ A VOTRE TELEPHON- ISTS POUR LE NUMERO ZENITH SU1VANT ET VOTRE APPEL SERA TRANSMIT SANS FRA1S. LUNDIAUVENDREDI 0900H 66200 1700H 2400H 66201 SAMEDI ET DIMANCHE 0900H 2400h 66201 The Herald Business Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERTY LIMITED WESTERN OILS AND MINES Alton Mines 3.80 Albany Oil .24 Alia East Gas 4.80 Alminex 4.40 Asamera 8.90 Ashland Oil 6.75 BP Canada 12.00 Brenda Mines 4.25 Cda South 2.29 Cdn Ex Gas 2.25 Cdn Homestd 3.15 Cdn Ind Gas Oil 4.65 Cdn Long Is .12 Cdn Super 29.00 Chieftan Dev 4.5S Dome Pete 22.50 Dynasty 7.00 Nu Fort Reliance .20 Giant Mascot .72 Gibraltar Mines 6.25 Granisle 9.00 Gt Plains 39.50 Gt Cdn Oil S 5.50 Lochiel Ex 1.25 Lytton Min 1.10 North Cdn Oil 3.20 Numac Oil Gas 9.75 Pancdn Pete Pan Ocean 8.50 Petrol 1.15 Pinnacle .20 Place Gas .23 Ponder .48 Ranger Oil 15.50 Scurry Rain 20.00 Seibens 7.50 Spooner .20 Total Pete Ulster Pete .65 United Canso 8.50 West Pete 2.75 West Decalta 4.00 MISCELLANEOUS INDUSTRIALS Acres Ltd 6.25 Aquitaine BC Sugar C Pfd 11.00 Block Bros 2.65 Canbra Foods 2.50 Cdn Pac Inv A Pfd 28.00 Cdn Pacific Inv 13.75 Carling O'Keefe A Pfd 16.75 Carling O'Keefe B Pfd 20.25 Comrn Cap Corp 1.60 Crestbrook Ind 3.60 Crowsnest Ind 12.00 Falcon Copper F M Trust Co 3.50 Genstar 15.25 Home Oil A Home Oil B 19.50 Hud Bay Co 11.75 Hud Bay Oil 24.50 Hugh Russell C Pfd 56.50 Husky Oil 15.37V4 Husky Oil B Pfd 31.50 Husky Oi! E War 4.45 Interprov Pipe War 1.80 Interprov Steel 12.62V4 Kaiser Res 3.45 Kaiser Res War 1.55 Loblaw Co C Pfd 22.50 Magnasonics 1.55 Pacific Pete 15.50 Pe-Ben Oilfield Serv Rainer Inc Royal Trust Teledyne Trimac Westfield Min Weston A Pfd White yukon PIPELINE STOCKS Alia Gas Trk A Alta Gas Trk Pfd Alta Nat Gas Gaz Metro Inland Nat Gas N C Gas N C Gas B Pfd Pacific Gas Trans Trans-Cda Pipe Trans-Cda A Pfd Trans-Cda B Pfd Trans-Cda Pipe War WC Trans WC Trans War CALGARY Acroll Barons Oil N. Continental Western Warner VANCOUVER MINES Bathurst Norsemines Cima Resources Dankoe Davenport Lornex Northair Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Wardair OILS August Petroleum Plains Pete Stampede Int'l Res MUTUAL FUNDS 2.50 19.50 3.90 2.85 .63 44.00 6 37 60 25 6462VJ 2400 22 Woc-lworth 11621-, Viteslingtiouse Elec US Steel 4375 Gen 1875 TORONTO AVERAGES ?0 Industrials 163-J? down 57 20 Golds 336 20 up 9 98 10 Base Mdals 6703 up 23 15 Western Oils 142 up 1 07 Volume 875.000 NEW YORK AVERAGES 20 Industrials 667 47 down 3 29 20 Rails 13924 up 1.63 15 UlimiSS 6432 Up 80 65 205 64 up 36 voh rme 5 75n finn Chamber urges talks to deal with inflation TORONTO (CP) The Canadian Chamber of Commerce called Sunday for a high-level meeting of government, business and labor representatives to deal with inflation. J. E. King, outgoing chamber president, urged the federal government to convene an early meeting "to search for solutions to our most serious problem- inflation." Making the opening address to the group's 45th annual meeting, Mr. King said he ful- ly supports a proposal originally suggested a month ago by the Canadian Manufac- turers Association. The recent premiers' conference also called for a summit meeting of govern- ment leaders on inflation. Prime Minister Trudeau has said such a meeting is un- necessary. Mr. King also asked the more than 700 members from across Canada to support ef- forts by business to improve communications with the public. People are subject to so Gov't oil, gas price regulation end suggested TORONTO (CP) An Imperial Oil official said Sun- day government regulation of oil and natural gas prices must end so prices can reflect their world market value. D. H. MacAllan, the com- pany's vice-president of cor- porate affairs, said Canada's national energy policy must be directed toward total self- sufficiency. Continued government price regulation will prohibit this, he said. Furthermore, govern- ment taxation and royalty policies and increasing government intervention through public energy com- panies is jeopardizing the recovery of future energy supplies. Vast amounts of investor capital will be needed in the near future to achieve self- sufficiency. Oil and gas prices must reflect the actual replacement costs of ex- ploration, development and production. The price rise will have to be transitional, Mr. MacAllan said, but he did not know to what level prices should rise or when it should occur. The price of domestic crude oil is currently a barrel, about a barrel below the present world market price. For oil exports, a tax is added. Mr. MacAllan made his re- marks on a panel at the 45th annual meeting of Canadian Chamber of Commerce, with about 700 persons attending. "Prices permanently held below world markets will cause us, as Canadians, to use energy inefficiently, and to waste valuable and scarce resources, he said. "If, as a matter of public policy, we wish to subsidize industries for which energy is an impor- tant cost component, we can do so much more cheaply and effectively by a direct sub- sidy." Coffee price to increase LONDON (AP) Producers in the International Coffee Organization have decided to withhold 20 per cent of export production from the 1974-75 coffee year, reliable sources said today. Withholding of the coffee, estimated at about 12 million bags, was aimed at increasing slumping coffee prices, the sources said at the ICO's council meeting now under way here. Each bag weighs 132 pounds and the total amount of coffee withheld would amount to about 792.000 tons for the 1974- 75 year beginning Oct. 1. The withholding policy is aimed at boosting the price of robusta coffees to 65 cents a pound and those of other milds to 71 cents a pound. Robustas now are trading at about 51.25 cents a pound. Producers were still work- ing out details of the withholding action and there has been no official confirma- lion of the report. A producers' statement was ex- pected later. Carryover stocks from the 1973-74 coffee year, estimated at 5.4 million bags, are already being withheld, the sources said. World prices reflect the higher costs of replacing energy the industry is facing today. Artificial management of prices does not recognize that fact, Mr. MacAllan said. Demand for energy in Canada continues to grow while the production of oil and natural gas will soon peak and start to decline. "This is why the development of supplemental supplies which we know to exist is a priority national he said. Start work on seaport MOSCOW (Reuter) The Soviet Union has begun constructing what is to become the biggest seaport on its Pacific Coast at Vostochny, near Vladivostok, Tass reported today. The news agency said work on piers for loading and un- loading machinery, construc- tion materials and other large items of equipment has begun at Vostochny, which will han- dle much of the country's sea trade with Japan and other countries in the Far East. Also under construction in Vostochny is a container ter- minal and several other piers to handle coal, timber and wood chips, Tass added. much anti-business propagan- da, they are puzzled by it, he said. Moreover, they were puzzled because there was a lack of information about how business works. "We must ensure that the people understand the social and material benefits of a healthy private sector func- tioning efficiently in a market he said. "I think that, instinctively, most Canadians do not think that profits is a dirty he said. "If they work for a company, they know full well that unless that company makes a profit, their jobs and security are in jeopardy." People must understand that the government's ability to finance social programs depends on a healthy business environment, and its ability to produce profits and create jobs, Mr. King said. Recently, the chamber join- ed three other major Cana- dian business associations in forming the Canadian Founda- tion for Economic Education, designed to educate the public about business and the economy. A text of the address was re- leased in advance. The conference continues through Wednesday. Oil imports to pay for tax burden NEW YORK (Reuter) f leading oil consultant es- timates oil-importing countries will have to pay an extra billion to billion yearly for their oil to meet the cost of higher taxes levied on the oil companies. The estimate is contained in a paper on the impact o increasing oil costs on the world financial system prepared by New York consul- tant Walter Levy for ar economic meeting being hek here today. On Sept. 12, the Organiza- tion of Petroleum Exporting Countries meeting in Vienna, increased the tax rate on the oil it sells to inter- national companies by 3.5 per cent and shortly after that Saudi Arabia increased the price it charges for its oil by nearly two per cent. "These exploding costs of oil cannot be or for years to Levy said. Northwest states face increase in B.C. gas price BELLINGHAM, Wash. (API British Columbia is increasing sharply the price of natural gas to Northwest states, but has decided to help share a projected shortage this winter. B.C. Premier Dave Barrett said Saturday- Natural gas, used to heat many Northwest homes and to power some industrial plants, proved the hottest topic of dis- cussion at the Symposium on Canadian-American relations attended by Washington and British Columbia government leaders. The three-day session ended Saturday with Barrett and Gov. Dan Evans of Washington agreeing that the region is on a suicidal course of destroying its resources. The National Energy Board of Canada has approved an in- crease in natural gas prices to a thousand cubic feet from 61 cents. The price increase to Americans buying from British Columbia goes into effect Nov. I. The price increase and gas supply issue was a matter of backstage negotiations all week, but Barrett told reporters the Candian federal decision made the talks meaningless. Barrett said the province is unwilling to make a definite commitment to share folly in (he projected shortage this winter, but has decided to ob- tain an extra 50 million cubic feet a day by banning use of gas at the huge Burrard ther- mal plant operated by B.C. Hydro near Vancouver. Evans said he fears a short- fall of 240 million cubic feet a more than one-fourth of the total added that he thinks the provincial customers should share in that shortage. Energy shortage doubted VICTORIA (CP) There is little likelihood of an energy shortage in Canada this winter but the long-term supply depends on a speedy resolu- tion of the federal-provincial tug-of-war over resource revenues, says the president of Shell Canada Ltd. William Daniel told a news conference "a heavy blanket of uncertainty" cloaks the oil industry and leaves it wonder- ing whether the tax demands of Ottawa and the provinces will allow enough return on investment to finance major exploration projects such as the Alberta tar sands. A minimum of !0 years lead lime is involved between planning and tapping new reserves of high-cost energy and any slowdown caused by uncertainty will push ahead the day when the oil is finally available. Meanwhile, he said, Canadians will have to accept steadily increasing prices for oil and gasoline to fund con- tinued exploration, with gas- oline possibly reaching a gallon by the end of this decade.