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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 24, 1973, Lethbridge, Alberta 20 -THE LETHBRIDGE HERALD Monday, September 24, 1973 Winnipeg grain WINNIPEG (CP) Trading picked up, with rye reversing opening losses, at mid-session today on the Win- nipeg Commodity Exchange. Flax was easier in moderate activity, with rapeseed con- tinuing strong, oats and barley were fractionally mixed in light trade. Friday's solume of trade was boshels of flax, of rye and of rapeseed. MID-SESSION PRICES: Flax: Oct. not open; Nov. 24 lower 7.06A; Dec. 22% lower 7.47A. May 22 lower 7.44. Rapeseed Vancouver: Sept. 11 higher 5.81B: Nov. higher 5.62'iB; Jan. 14 higher 5.51B: March 12 higher 5.45B. Rapeseed Thunder Bay: Oct. 12l2higher5.3712B: Nov. 10 higher 5.32B; Dec. 10 higher 5. 01B; May 6 higher 5.15B. Oats: Oct. '2 higher 1.53A; Dec. i lower 1.43V4B; May lower 1.41 A: July not open. Barley: Oct. unchanged 2.27A: Dec. higher 2.26MjB; May and July not open. Rye. Oct. 10 higher 3.43VzA; Dec. 10 higher May 10 higher S.lT'-iA; July 10 higher 3.17'zA. Up swing in building expected HALIFAX (CP) An up- swing is expected in the con- struction industry this year, but an improved system of management-labor relations will be needed to maintain prosperity, Henry de Puy- jalon. president of the Cana- dian Construction Asso- ciation, said here. Mr. Puyjalon said in an interview that public and private construction this year is expected to exceed billion with no end to the boom in sight. But. he said the current ar- rangement of "sporadic strikes and time-consuming bargaining" was not working to the advantage of either labor or management. "Companies go bankrupt and the grief and hardships that beset the striking tradesmen make it quite evi- dent the system is not effec- he said. Mr. Puyjalon said unrest- ricted dialogue was needed to work out an alternative solu- tion to management-labor problems. He did not elaborate. Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Monday was down 1-50 at 4-5. Pound sterling was up 1-20 at 23- 100. In New York, the Canadian dollar was up 1-50 at 1-5. Pound sterling was up 1-10 at 3-10. Herald- Business ASSISTANT MANAGER TRAINEE CAR WASH- SERVICE STATION QUALIFICATIONS Age 25-35 Grade 12 minimum Sales or Management Experience Applicant with appro- priate automotive back- ground is preferred. But all applications welcome. Attractive benefit plan. Advancement within the industry. Salary depend- ing on experience. Direct enquiries to: BOX 87 Lethbridge Herald Chamber backs Ottawa on foreign ownership Stocks Toronto mines, industrials Tall order Three-year-old Grace Moniz finds herself dwarfed by up to 16 feet of corn in the fertilized garden of Justin Medeiros of Vancouver. "That guy Jack must have been right about his she said. Industry lives borrowed designs, time OTTAWA (CP) Canadian industry is living on borrowed designs and borrowed time, risking the nation's future as a world industrial power, warns a group of prominent design experts. "The negative evidence is the woosh of an estimated million flowing out of Canada this year to buy computer components that, with foresight, might well have been made says the Toronto consulting firm, EMR and Associates. Most Canadian products, from hatchback automobiles to household appliances, are designed somewhere else and another million pours out of this country each year to pay for foreign design and technology. "Design is so easy to import and once you have 60 per cent of your manufacturing con- trolled from other countries the problem is hard to says Robbins Elliott, director of the federal Talks started on Concorde DALLAS, Tex.. (Reuter) The makers of Concorde said Sunday talks were under way to lease two and possibly four of the controversial super- sonic airliners to an American and a Venezuelan airline. The announcement came as Concorde 02. here on its first tour of the United States, left the giant Dallas-Fort Worth airport for Washington where it will face some of its harshest U.S. critics in Congress. Spokesmen for British Aircraft Corp. BAC and France's Aero Spatiale, the two companies which built Concorde, said leasing negotiations were under way involving Dallas-based Braniff International, the only American airline which retains an option to purchase the supersonic plane, and with the Venezuelan national air- line Viasa. Alberta Real Estate Association presents an Intermediate Course in REAL ESTATE 25 Evening Lessons beginning Wednesday, Sept. 26th For details and registration contact Lethbridge Real Estate Board Co-op Limited 522 6th Street South 328-8838 industry department's office of design. The design office and the National Design Council, made up of private individuals appointed to advise the government, have launched a major campaign to warn Canadian industry of the dangers lurking in over- dependency on foreign design. "The facts are as brutal as today's financial headlines. As new'trading blocs form in Eu- rope and Asia, as our once-un- questioned ties with the United States become strained, as the world monetary crisis threatn to "The facts are as brutal as today's financial headlines. As new'trading blocs form in Eu- rope and Asia, as our once-un- questioned ties with the United States become strained, as the world monetary crisis threatens to stand the old balance of power on its head, Canada must either stake out a technological claim for itself in the international marketplace or risk economic said EMR and Associates in broadside. The comments of Edmonds and Douglas a number of other experts were published in a 22-page advertising supplement dis- tributed by the Financial Post this month to alert Canadians to the problem. The study was financed by the federal government. Next step in the campaign is a federal-provincial conference in Winnipeg today aimed at spurring provincial industry officials to work with private firms to improve original Canadian design. EMR says the idea that im- ported design and technology is cheaper for the businessmen could prove dis- astrous. "Exports of our raw mate- rials continue to show a pro- digal rate of increase while our secondary industry stagnates. Slowly but ruthlessly, at home and abroad, the foreign com- petition is cutting us to often with knives forged from Canadian ore." EMR says that blaming our troubles on foreign ownership and multi-national cor- porations is "dodging our own responsibility. After all. we walked into this trap with our eyes open and full of greed. By importing investment in bulk, we bought ourselves the se- cond highest standard of liv- ing in the world and the semblance of industrial power. "What we didn't bargain on was that imported investment also meant imported tech- nology, imported design, im- ported innovation and im- ported business decisions that may not be keyed to Canada's national goals." (Supplied by Richardson Securities of Advocate "2 Valley Can NW Canada 15 Central Cons Coin Cochenour 17.00 Dickenson Denison Dome Mines Discovery Mines East .94 Seagrams Dom Bridge 39.00 24.00 East Sullivan Textile Dom First Giant Y Cdn Hollinger Hudson Bay 25 26 37 Motors Grt Lakes Hydra Oil Iron Bay ISO Joliet Quebec Kerr 2.11 23 Hawker Sid Hiram Walker Huron 5.25 54.50 28.37 Key Anacon Labrador Lake Shore Langis Silver Madsen R L. Malartic G F. Martin McNeely Maclntyre Meta Midnm Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgate Norlex Osisko Pine Point Placer Oev. Pax Exp Quebec Man Rayrock Radiore Rio Algom Roman Corp. Sherntt Gordon Steep Rock Tek 44.50 2.60 .05 1 03 95 .20 52.00 .14 .12 13.00 875 .14 .23 52.00 5.50 34 .22 35.00 27.50 1 34 1.10 30 2575 9.10 15.87 'A 1 49 Oil Imasca Int Nickel Int Pipe Inv Group A Indus! Accept Kaps Kelly Doug A Laurentide Loeb Loblaw A Metropolitan Massey Ferg McMillan Bloed Moore Corp Molsons A Molsons B Nachurs North Cent Power Cor-p Price Co. Rothmans St Lawrence Shell CDA Simpsons Simpsons Sears Steel Canada Selkirk 29.75 33.87 22.62' z 9.62 "2 18.12'i 5.25 10.75 4.65 5.00 15.00 3600 50.50 23.00 22.25 8 12Vi 10.75 17.25 14.00 20.25 19.25 8.87 Vz 12.25 30 16.00 United Canso Upper Canada Western 280 A Trans Mtn Pipe Trans Can 16.75 3000 W House Copper Wright Hargreaves .90 Carbide Union Gas Union 14.00 Yellowknife Bear Mfg INDUSTRIALS Abitibi Alcan Algoma Steel Atco Ind. Atlantic Sugar Agra Ind Bell Tel Brazilian Trac BC 18.87V2 14.50 6.50 11.75 40.75 19.50 B Woodwards A West Cdn Seed Zenith Elec BANKS Cdn Imperial Monireal Nova Scotia Royal 5.50 3.00 3075 18.25 37.00 37.00 34.25 WINNIPEG (CP) The chairman of the executive council of the Canadian Chamber of Commerce snapped back today at critics who say the chamber has lost touch with the public's worries over foreign ownership of Canadian in- dustry. Mr. Tropea of Montreal said the chamber has always agreed that the federal government should have the power to prevent or. limit foreign investments that would work against Canadian interests or objectives. But it remained opposed to the present draft of a federal bill setting up a review agency to screen foreign direct investments or takeovers in Canada, allowing only those transactions that would produce "significant benefit to Canada." In his report to the annual meeting of the chamber, a federation of more than 700 local and provincial groups representing businessmen, Mr. Tropea dis- puted that any executive sur- vey of Canadian public views on foreign investment had been undertaken. Earlier this year Alastair Gillespie, federal minister of industry, trade and com- merce, accused the chamber of being out of touch with business realities and popular opinion on the issue. Mr. Tropea said the chamber wants the concept of "significant benefit" replaced by one empowering the government to block investments it considers a detriment to Canadian interests, thus putting the onus on the government. PROVINCES LOOKING "While the nationalists have vocally proclaimsd that Canada should reduce and does not need further foreign investment, almost every province has been seeking new foreign he said. The foreign investment review bill, he said, raises the prospect of foreign capital be- TSE prices up in active trade M is ce I la neo u s Vancouver, Calgary, Montreal (Supplied by Doherty, McQuaig Ltd.) WESTERN OILS AND MINES Albany Oils Alta East Gas Almmex 7.60 6.50 5 Teledyne j.10 West Cdn Seed 5 50 Westfield MiT 1-1'' Weston A Pfd 60.50 White Yukon PIPE LINE Ashland BP Gas A Alta Gas 63.50 Brenda Nat Can Nat Cdn Ex and C Cdn and C B Cdn Ind Gas 25 Cdn Long Cdn Metro A Charter Oils Can Pipe Tr Can A 53.00 Dome Can B Can Giant Trans Gt Gt Cdn Oil Lochiel Lytton Noble North Cdn Pancdn Pete Pan Explor Bath 76 Place Ponder Res 12.25 Scurry 12 Total West West Decalta Indus! 1.90 Acres BC Sugar Pfd Block 25 Explor Stamp Intl 1.00 Com Cap Cdn Brew A Cdn 7.77 Cdn Brew B Cdn 57 8.23 Cdn Pacific Cdn 4.15 Crestbrook Grow 6.25 Crowsnest Falcon Invest 5.64 F and M 6.69 16.02 Global Com 4.18 Home 8.05 Home 6.82 Hud Bav Co Hud Bay Invest Stock Dreyfus Fund U 24 5.76 11.51 12.61 Hud Bay A 5.08 Hugh 3.85 Husky 8.51 Husky B Grow 13.27 Husky D 6.44 Husky E 6.63 Hys ol Grow 4.16 Inter Prov 5.64 Inter Prov 6.62 Kaiser 5.98 Loblaw C 5.16 Magnasonics Pacific Temple 7.17 8.24 9.03 Pac West 5.79 Pe-Be" 8.75 Rainier 6.73 Royal 7.40 TORONTO (CP) Prices on the Toronto stock market were moderately higher in ac- tive mid-morning trading today. The industrial index, consid- ered a major indicator of mar- ket trend, was up .44 to 219.84, golds .84 to 268.32 and base metals 103.88. Western oils, however, were off .30 to 245.25. Volume at 11 a.m. was 000 shares compared with at the same time Friday. Advances led declines 145 to 115, while 192 issues were un- changed. Among sectors of the market showing the strongest gains were beverage, merchandising, utility and construction and material issues while bank, trust and loan, food processing and real estate stocks were slightly lower. Texasgulf was up 1 to Ashland Oil to WCI Canada 1% to Chrysler to Vs and Kelsey-Hayes Vfe to Computel slipped to Peoples Department Store Vz to Power Corp. to Surpass Chemical 5 cents to and Renting to Lost River Mining increas- ed 19 cents to Kerr Ad- dison Vs to and Pan Central 11 cents to Camflo dropped 15 cents to and Mentor Explorations 4 cents to MONTREAL (CP) All sectors except industrials ad- vanced in light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was 500 shares, compared with shares at the same time Friday. Banks rose .85 to 273.52, utilities .82 to 142.73, the com- posite .23 to 230.50 and papers .11 to 145.80 while industrials declined .04 to 248.62. On the Montreal Stock Ex- change, Chrysler Corp. rose to Canadian Cellulose to Dominion Bridge to Vs and Bell Canada to while Canadian Javelin fell Vz to On the Canadian Stock Ex- change, Kontiki Lead and Zinc Mines rose one cent to 19 cents on a volume of shares traded. NEW YORK (AP) Prices advanced in heavy trading to- day as investors gained con- fidence from some evidence of falling short-term interest rates. The noon Dow Jones average of 30 industrials was up 2.64 at 930.54. Advances led declines by 2 to 1 in heavy trading on the New York Stock Exchange. Among Canadians on the New York exchange, Cana- dian Pacific was up at Vi; Dome Mines JA at and Mclntyre Vi at International Nickel was down VB at ing diverted to other countries. It also might en- courage other countries to retaliate by placing restric- tions on Canadian investment abroad. Mr. Tropea said that limiting the ability of foreign- controlled companies to ex- pand in Canada, the bill "directly discriminates against the Canadian shareholders of such com- panies and relegates them to a second-class category." Mr. Tropea is a vice- president of Bell Canada. Turning to the need for a national industrial strategy, he said the views of the chamber and 11 other major national business and trade associations had been made known to Ottawa. The briefs all stressed the themes that co-ordinated in- dustrial policies and sustained high growth are needed and that there should be prior con- sultation by government with business, not after policy is determined. About 600 delegates are attending the four-day annual meeting, which ends Wednesday. PREDICTS GNP RISE In his annual review, general manager C. H. Scof- field predicted growth in gross national product this year of better than seven per cent "unless a rash of strikes or crop failures or unforeseen events takes place.'" Labelling inflation as Canada's major problem, he said it is essential to develop long-term planning and incen- tives to improve agricultural and farm productivity. The chamber was pleased that the federal government resorted to export controls of certain food products in a move to counter fast-rising food prices. Mr. Scoffieid suggested tax reductions, personal and sales, as other anti-inflation measures. "Government revenues have risen faster than es- timated and much of this growth has corne from inflation. Tax reductions would give wage earners and those persons on fixed in- comes relief from inflation and would moderate wage demands." SALVAGE FOR SALE 1968 CMC DIESEL TRUCK 9500 Series with new 10 speed transmission and single axle located at Marshall Auto Wreckers, Highway No. 3 East. CALL 327-1545 CHARTERED ACCOUNTANT REQUIRED A Chartered Accountant is required by a practising professional firm in Lethbridge. Duties to include staff supervision, training, and development of audit work programs. An excellent opportunity for a qualified per- son. Reply in confidence stating experience and salary expected to BOX76 HERALD CANADIAN IMPERIAL BANK OF COMMERCE New York (Supplied by Richardson Securities of Canada) Amr T-T Anaconda Beth Steel Chrysler Comsat Dupont General Motors Gulf Int Harvester Kenn Copper Montgomery Ward Soars X-Ron Texas Gulf Texas Co Wix Corporation 50 62Vs Woolworth 24.00 Westmghouse Elec. 36.00 30.75 U.S Steel 33.00 Gen Tel Elec 30.00 5100 TORON i O AVERAGES 20 Industrials 219.84 up .44 65 37 V4 20 Golds 268.32 up .84 10 Rase Metals 103.88 up .24 '5 Western Oils 245.25 down .30 35 12Y? Volume 782.000 27 50 NEW YORK AVERAGES 95 87V? 20 Industrials 931 00 up 3.16 9000 20 Rails 172.82 up .35 2737V, 15 Utilities 100.84 up .19 65 Stocks 284.12 up .80 Volume ATTENTION ALBERTANS The Government of Alberta has announced the formation of the "Alberta Energy Company" to enable residents of this province to participate through share ownership in the Athabasca Tar Sands Development. CANADIAN IMPERIAL BANK OF COMMERCE will assist Albertans in financing the aquisition of shares in the new Company and thus help to ensure the widest possible opportunity for public par- ticipation. The Managers of the 163 Commerce Branches across the province will be pleased to arrange loans for this purpose as soon as the shares be- come available. F. S. DUNCANSON Vice-President and Regional General Manager ;