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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 25, 1971, Lethbridge, Alberta fetvrdny, September JJ, THI UTHMIDOI HRAID 2B The debt goes higher and higher Business Talk JIM MAYBIE IB1H Bond prices CIXTEEN tons and what do you get? Another day old- er and deeper in debt. St. Pe- ter don't you call me, 'cause I can't go; I owe my soul to the Alberta Municipal Corporation. The city is in about the same boat as the miner in the son{ written by Merle Travers anc made famous by Tennessee Ernie Ford in 1950. At least the part about another day older and deeper in debt is quite apropos. lure with other cities across i have- another title added The Canada because each city has By the end of this year the city will owe per capita more than it owed at the end of last year. It will owe for every man, woman and child in Leth- bridge compared with last year despite more than J2 million in 'principal and inter- est being retired this year. This year's figure does not in- clude funds for the Henderson Park Community ice facility. The municipal debt the end of this year will amount to more than million com- pared with million last year. The 30 per cent jump in per capita debt this year is due largely to construction of the secondary sewage treatment facilities ordered by the pro- vincial government. The picture isn't going to improve either in the forsee- able future. The mill rate for annual debt charges is slated to increase yearly from 13.25 mills in 1971 to 13.86 mills in '72, to 14.44 mills in 73 and 15.19 mills in '74. That means the city is going to have to collect in 1971; in 1972; 000 in 1973 and in 1974 just to make payments on gen- eral debt charges principal and interest on borrowings. The S16.8 million is not the entire debt picture, however. 11 one was to include the interest on the borrowings (in financial circles this is not done as in- terest is not considered a part of debt) the total amount the city will owe on principal and interest will hit around mil- lion. This is almost per capita. It is virtually impossible to compare the city's debt pic- a different way of doing it. In a compilation by the Fi- Financing nancial Times of Canada in its j publication, Industrial Loca- tions in Canada, covering all Canadian municipalities over population, Lethbridge's per capita debt picture looked good compared with the rest of Alberta but not so good com- pared with the rest of Canada. Perhaps the provincial govern- ment had something to do with that. Tlie publication listed Leth- bridge's per capita debt at based on last year's bonded debt divided by this year's pop- ulation. Edmonton was at (population Calgary 5378 (pop. Medicine Hat (pop. and Red Deer (pop. Lethbridgc looks good in this picture and will look even bet- ter when Bed Deer has to tack on borrowings of more than secondary sewage Hoy Realty Ltd. Exceeds In M.L.S. Sales As At Sept. 15, 1971 million for treatment. Edmonton's per capita pic- ture would not look as good as it doss if it reported in the same manner Lethbridge re- ports. Edmonton's debt is i actually .wice what was reported but :be city does not include half Lhe debt because it is "self- liquidating." If Lethbridge did not include its "self-liquidat- ing" debt, the per capita debt licture would be considerably letter. But Lethbridgc includes all bonded debt in its report. Just for the exercise, let's compare Lethbridge's per capita debt (population with others listed in Industrial Locations in Canada. Chilli- wack, S39 (pop. Bramp- ton, (pop. Gait, 5191 (pop. (pop. Cornwall, St. Jean, I. J. HAMILTON, (Branch Manager) For the firs! lime in the his- tory of the Lelhbridge Multi- ple Listing Service a single agency has sold in M.L.S. sales. M.L.S. sales by Hay Really ltd. tola! and ihe Slaff al Hay Realty Lid. is delermined 1o exceed before December 31st, 1971. WE NEED YOUR LISTING If you want to buy, sell or Irade, call Hay Really Lid., College Mall, Lelhbridge, Al- berta. Phone 327-7077 or 327-7975. 5195 (pop. Valleyfield, 5205 (pop. Victoria, (pop. Regina, (pop. Winnipeg, (pop. Sherbrooke, (pop. Monet on, (pop. Dartmouth, (pop. Despite differences in report- ing, I still have a sneaking suspicion Lethbridge ranks prelty high in Canada with ils per capita debt. One thing is lor sure that debt is climbing higher, and higher, and higher. The high per capita City wilh the Highest Per Capita Municipal Debl. Women's lib! One of Ihe few remaining strongholds of men in Lethbridge has fallen, but nobody's really complaining. The stronghold? The car sell- ing business. The place? EN- EIISON MOTORS LTD. Fred Wcatherup, company president, has put three 25- year-old married gals in his showroom as hostesses "to pro- vide a more relaxed atmo- sphere, allowing the customer to shop at ease without being set upon by a hard-nosed sales-j man." The girls, adorned in pant suits, are highly educated "and know more about cars than many male salesmen." They don't do any selling. They answer a customer's questions and price out the ve- hicles for the customer leaving the final negotiations and con- tract signing to management. The gals also do a customer follow-up after a new or used vehicle is purchased to deter- mine if there are any prob- lems. Measures are then taken Supplied by Donerty aoadhouse and Mediate Bira. GOVERNMENI Of CANADA BONDS GOVERNMENT OF CANADA GUARANTIED BONOS Con. 6 Hal. Bid Altld Apr. 1, '71 Matured Sept. 1, '72 99.80 99.00 Oct. 1, '75 99.25 99.75 Jul. 1, '78 108.25 109.25 Sept. 1, '83 83.75 84.25 3 Sep. 15 39.00 41.00 Apr. 1, '75 101.50 102.00 Jul. 1, '75 104.00 105.00 Sept. 1, '92 85.00 S7.CO Alta G T TA% Cons Gas Scur Rain 7'ATo Tr Cdn P 5 WC Tr WC Tr Dynasty 7 Acklands 714% '90 125.00 '89 98.50 '88 88.00 '89 94.00 '88 90.00 '91 114.00 '82 70.00 '88 74.00 128.00 SW.50 90.00 96.00 92.00 11G.OO 80.00 79.00 PROVINCIAL to rectify them. The girls are "probably the highest paid receptionists in the city. Eeception has been excellent so says Mr Weatherup. The unique system of hos tesses and the more relaxed atmosphere which allows a prospective buyer to shop a ease, is being closely watched by General Motors. debt doesn't mean the situation is hopeless. Nor does it mean that Lethbridge is in over its head and can't get out it's just in up to its nose. The city is not going bankrupt by any means. But a major crisis could push the city over the brink. To city council I would sug- gest the belt be tightened on borrowing a little more. Just because the city is allowed to borrow approximately 52 mil- lion a year from the Alberta Municipal Financing Corpora- tion doesn't mean it has to bor- row that amount. In the past it has borrowed less than allow- ed, and it can do it again. Establish "firm" long-range priorities, but leave lots of breathing room for emergen- cies which have a habit of pop- ping up unexpectedly. An "emergency" could in- clude almost anything. For ex- ample, the city might find it- sell in a difficult, if not impos- sible, situation at this time if a major industry requiring large amounts of water, power and sewage treatment wished to lo- cate here. It's true it lakes money to make money. It's also true that Lethbridge is a quality city, with many services and facili- ties not. enjoyed by larger com- munities. But at what cost? A line has to be drawn some- where. I'd hate to see Lethbridge, variously known as the Irriga- tion Capital of Canada, the Sun- sliine Capital, the Recreation Capital and Ihe City of Quality, THE ALBERTA REAL ESTATE ASSOCIATION in co-operation wilh the LETHBRIDGE REAL ESTATE BOARD offers an Inlermedialfl Course in REAL ESTATE Beginning Monday Evening, Sept. 27th 25 WEEKLY LESSONS Dealing with Building Construction, Insurance, Town Plan- ning, Municipal Legislation, Law, Appraisal, Investment, Farm Brokoago, Income Tax, Office and Properly Managt- mcnt. ALL INCLUSIVE FEE Details and frorflz Mrs. Alia MacMillnn 512 6lh S. Soulh Lelhbridge Phono 328-8838 RAEWOOD MOTORS LTD. the city's Volkswagen agency, is having plans prepared for a new service centre The cente would be located on Raewood's present used car lot at 3rd Ave. and 14th St. S. No date has been set for a star! on construe tion, says Rae Goughnour, company president. WILLIAM NILES, formerly of Lethbridge, recently took over as vice-president, finance, for Canron Limited of Mon- treal. Canron produces a di- versified line of grey iron and alloy foundry products, heavy machinery, electric motors, concrete and plastic pipe and related steel and plastic prod, ucts. Last year sales were million. Mr. Niles, educated at Bow- man, Central and LCI schools in Lethbridge, is the son of Mrs. D. C. Niles, 950 9th St. S., and the late Cam Niles who A to operate Cam's Tuck Shop across from the curling rink. Niles, 41, joined Canron in June and became vice-presi- dent Aug. 1. He was previously employed by Schlumberger Limited in New York and was with Price Waterhouse in Ven- ezuela in 1955. He is married to 'ormer Lethbridgeite Sheila Talbott. They have five chil- Anything new or exciting in your business? Planning any moves or expansion? Any senior personnel changes? If so, give me a buzz. EDMONTON Stay At the RIVIERA THE HOTEL WITH MORE TO OFFER AND WE NOW HAVE COLORED TV For Your Convenience In Making Reservation) CAIL AND ASK FOR LONG DISTANCE ZEnilh 0-7255 fit no cost 10 you MOTOR HOTEL 5359 Calgary Trail Edmonton, Phone: (403) 434-3431 Telex: 037-1510 Alberta Ontario 7 Ont Hyd 9 New Br 9Vz' Nfld 8 IS'. S, Quebec Alberta Man Hyd B Sask Nfld 914', ACT 8 Man Tel 8 Alcan B.C. For 9% B.C Tel Bell Tel O'i% Bell Tel CPR 8% To CP Sec yVa'A Cdn Ulil 95s CMHC Gulf Oil Inter P P Massey f.'i% Noranda Int Nickel 9Vj% N and C G 9VzT St of Cdn 91.4 ft Tr Cdn P Tr Can P 10% '90 104.00 106.00 'IS 93.00 S5.03 '94 108.00 110.00 '90 107.00 109.00 '74 100.00 '92 85.00 B7.00 74 100.00 102.00 '93 108.00 108.00 '91 99.00 101.00 '90 105.00 107.00 '90 103.00 105.00 '74 100.00 102.00 '74 100.00 102.00 '91 105.50 107.50 '92 103.00 105.00 '90 106.00 '79 105.00 107.00 '93 106.00 108.00 '89 104.50 106.50 '90 103.00 105.00 '91 104.00 '90 104.00 '90 104.00 106.00 '90 105.50 107.50 '80 103.50 105.50 '90 105 00 107.00 '90 106.00 108.00 '91 1M.OO 106.00 '90 106.00 108.00 '90 107.00 109.00 '90 108.00 110.00 Potato Prices WINNIPEG (CP) Maritime potato futures Friday: Open High Low Close Nov 2.KN Mar 2.CON Apr 2.6IIN May 3.05A ByGene Fawcelle A REVOLUTIONARY COOKING RANSE, NOW BEW3 DEVELOPED HAS NO HEATINS ELEMENTS OR BURNERS, SO IT NEVER SETS HOT. AN OSCILLATING MAGNETIC FIELD, GENERATED FROM BELOW, ASITATES THE MOLECULES IN A METAL UTENSIL RAISINS ITS HEAT SO IT COOKS THE tOOt TOP" 1972 MERCURY METEOR Stocks slump in week By PETER LEICHNITZ Canadian Press Slaff Writer Canadian stock markets suf- fered tlirough one of their worst declines of the year this week, as a wave of adverse economic news resulted in many investors liquidating their portfolios, pre- ferring to remain out of the market until the present eco- nomic crisis has passed. The uncertain international monetary situation, primarily the continued pressure on the U.S. dollar by the world's lead- ing trading nations prevented any solid gains on Canadian markets. At New York, the market recorded sharp declines in most sectors, erasing moderate ad- vances made last week. News that two major compa- nies operating in Canada were reducing production and laying off employees was another fac- tor responsible for the decline. At Toronto, the industrial index, considered an important indicator of market activity, lost 4.89 points, the sharpest one-week drop of [he year, clos- ing at 173.35. On the Montreal and Cana- dian exchanges, the composite index dropped 4.93 points, clos- ing at 170.16. Combined volume on the two exchanges were 4.54 million shares, compared with 6.52 mil- lion last week. Volume at Toronto was 9.58 million shares, down Irom 10.30 million last week. Alcon announced early in the week it was reducing its Cana- dian smelter production ol alu- minium, forcing the company to lay off 300 employess in Quebec. General Motors announced Monday it was cutting its Cana- dian production of automobiles and reducing its combined working force at five Ontario plants by up to seven per cent during the winter. The company said increased competition from IETHBRFDGE FISH AND GAME ASSOC. RIFLE, PISTOL AND SHOTGUN RELOADING COURSE Tuesday, Sept. 28th, p.m. FISH AND GAME HUT Only requirement is membership in Fish and Gomel imports was a major factor In the reductions. Suppliers to the auto-maker arc faced with a reduced mar- kel for their products and It Is possible that lay-offs will spread to these secondary industries. At New York, the Dow Jones industrial average of 30 key blue-chip industrial issues dropped 15.B4 points, closing at 889.31. Volume at the New York Slock Exchange was 60.14 mil- lion shares up moderately from last week. H. H. Smith Ltd. Customs Broker .'.LETHBRIOOI count Phont 344-3821 Cecil Kremon, Jr. SLIGHT! METALLIC 1 Slupor: comb, forn'i- 6 Hungarian composer. 11 Young codfish, 16 Stair parh 21 Greek epic. 22 Puff up. 23 Marie 24 Take by force. 25 Metal craftsman. 27 Mercury. 29 Husband. 30 Danish weight: pi. 31 Vwar graduate. 33 Each. 34 Abrasive. 35 Under- 36 Loafer, e.g. 37 Masters. 41 Annamesft measure. 42 Parachutes, 46 Signs up. 1 Notch. 2 Medicinal plant. 3 Matured. 4 Ll'l Abnep creator. 6 Poem. 6 Abates. 7 Gantry and Roper. 8 Hirsute. 9 Thai coin. 10 Talking over. 11 Llberace trimmings. 12 Tuft. 13 Checks. 14 Spanish 15 India mall. 16 Marine hymn city. ACROSS 47 Poor excuse. 50 Holy: India. 61 Glares. 52 Danny Kaye song, 63 1-foly statues. 54 Hoover'a agents. E5 Carried, 56 Making an appeal. 57 Gush. 58 Prunes. 59 United: Fr. 60 Concerning! 61 Terminate. 62 Affectionate term, 63 With: pref. 64 Popular song of by- gone days. EG Pertaining to marriage. C7 Futile. Ebro, e.g. 70 Raised milk cows. 72 Mexican specialties. 74 Out of SBMIIkleiBt 76 Verb ending. 79 No ift, ands SO Burlap. .82 Fictional teq party guest. S3 Tcutonlo sign. Kelly end Whitman. S5 Topee source. 86 Long-legged bird. 87 Urchin. 88 Negrito. 89 Verbal contraction. BO Young pig: var. 91 Apes. 92 Japanese coin. 93 Condemned man's trek, 95 Thin 96 Losers: 2wds. 17 Depends. 18 Roof edge. 19 With: Fr. 26 Sends payment, 28 Europeans, In India. 32 S. Amer. ruminant. 34Tran. quilized. 3G Holy one. 37 girdle. 38 39 Jean Harlow, e.Q. 40 Auto necessities. 41 Enounh. 12 Actor Eric. DOWN 43 Pen point: 2 wds. Toxic condition! 45 Silvery decoration. ignal. 1 Total. A Pale. 7 Review and correct. 10 Lauded. '14 Ennlish title. Tarried. 17 Large parrot. 37 Water- 18 Fuss. nymph. 19 Individuals. 3S Regrets. 21 Dropped. 39 Layer. 22 Strong desire. 40 Apportion, 23 Camping. 41 Matured. 49 Merchandise. 4 Hairpiece. 50 Sheepfoldl. E Ibsen 52 Inlet. cheracter. 53 Approach 0 Pranlct or stealthily. fiddler. 65 7 Wagon 58 Attacks'. framework. 61 Winged E Time perlgj. grasshoppers. S Oath. 33 Discernment. 62 Image moved 10 Frolic. by etrinns. 11 Travel, Dessert. 51 Steeped drink. DOWN 12 Soon. 13 Fender1 damage. 14 Loud nofrt, 16 River !r. Scotland. 25 Weird. 1Z Crush to pulp. 1 Moral wrong. 26 Call for-help. 43 Clergymen. 2 Put in 17 Great 23 Finishes -16 Toward tha t' service. number. edge. "tern. 9 Convened. 20 Scoffs. SOLTJnoKS OF LAST 21 Respectful lilies. 24 Seductress. 26 Hindu garment.. 27 Oast. ZBWarbleJ. 29 Firm. 30 Covers. 31 Listen to. 32 Stage, dagger.. 33 Archaic preponltlon. 34 Pointed fastener. S5 Ceased ta exist. 36 Writer. 40 Equine. 42 Book of the New Testa- ment. 43 Comrades. 99 Part of the eyeball. 10f 102 Military student. 103 Portals. 45 Polar mammal. 46 Limbs. 47 Command of authority. 704 Early 109 Turkic man. worker. 105 Sit. 106 Lamb. 107- Upland, plain. Casey and Franklin. HtJudah's deGcendent. 43 Colors from 63 Mapta Iree Juice. 54 Cravat 56 Roman 201. sun. 49 Mr. Disney 61 Highway tlgn. 67 Color. CRYPTOGRAMS 112BelnS. 114 Chinese dynasty. HSVarangiani, 1.17 Motor 58 Likely. E9 Sweet girl of song. 10 Mineral resort. 3. JXHA NODGHT PSAP IGOE tTP S FEET OEBHT JJTTFBOG. 5. MY NDSKIBNYONP QUKTI, MAIICNEI STUCULIMSTNI PEGSZMQNP GNFNIMZ TJFNINDSUGNP TKPHGC OMAS SHOCKING, Edward! S.LIoji 3.ISN ZESYLTTI OLXXSP UTLArXR 1X1 NATURE OEKtFNEKP FDLX FBK SOFSZNPBP. I. OKRA DCCE SCYYLY GIKR 1C BQUIi KREUKI SCniTYLt JC JXL MKQJXMHI ELUCJLE lOGICALLT. By Lois Jonel tnsl Week's Cryptorrann 1. Poor old lemon jiiefcer resides in ramshackle shack. 2. 1-aiM arc cTemjit lo polilleil patrons. 3. Hen on safari mnj- harass humjry young giraffe. FicU Eulcrpritct) luc., IM71 ;