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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 26, 1974, Lethbridge, Alberta 1u i HE LEiHBRIDGE HtRALD Thursday, September 26, 1974 Frost damages mid-west corn, soybean crops BOONE, Iowa (AP) An .arly killing frost has dealt ..eather-stricken corn and producers in the U S idwest another blow and ay mean higher consumer on meat, milk and eggs The damage to feed crops av also affect prices inten- ionally Officials said today freezing .jmperatures Saturday night and Sunday night may have aused the loss of another 200 million bushels of corn, and ne figure on soybean loss :ould be twice as great One result may be con- sumers paying "still higher prices for meat milk and eggs .says Walter Goep- pmger chief administrative officer ot the National Corn Growers Association 'American farmers would probably have raised a record 61 billion bushel corn crop year he said "After the spring storms and summer drought, it was looking like a crop of hve billion bushels 'But the frost damage has covered such a wide area that 4 8 billion bushels is the max- imum that can be expected It could be less Severe spring storms wash- ed away newly planted corn and soybean seed or delayed plantings, then a summer drought laid waste to thousands of acres of prime cropland Now the unseasonably early trost has taken its toll of im- mature corn stands in Iowa, Nebraska, Minnesota Wiscon- sin South Dakota, Illinois ana Michigan Goeppinger said Weather forecaster Paul Waite said temperatures on the two nights were below 30 degrees something that oc- curs only once m every 20 to 25 vears in September Talks begin TOKYO (AP) Govern- ment representatives of Japan and the United States opened a two-day conference today to discuss Pacific shipping routes and maritime problems Representatives of shipping companies of the two countries are attending as observers Economic growth down' Reaction good Donald Hunt, 16, a food services student at Amslie Wood boys' vocational school, gets en- thusiastic reaction to his plate of lemon tarts from Shigeo Sato, who teaches English m Japan A 27- member study team of Japenese principals, vice- principals and teachers are visiting Hamilton, Ont, schools this week Increase 22 per cent in two weeks Forest industry layoffs increase VANCOUVER (CP) Forest industry layoffs have risen 22 per cent to from 8 181 two weeks ago, the Coun- cil of Forest Industries said Wednesday Council President G L Draeseke said in a news release that forecast layoffs will push the figure to soon and called on the provin- cial government to reduce its stumpage fees, a form of resource tax on trees that are harvested RAPS PRICES 'Since we export 80 per cent of our lumber, the price we receive is set by world-wide supply and demand, Mr Draeseke said 'There is nothing we can do inside Canada to improve prices over night "However B C charges us stumpage for the trees we cut, based on their estimate of the difference between the cost and market Their cost allowance is un- reahstically low, because it is based on the average cost increase of the past five years whereas recent increases are much higher than that average He said the council has ask- ed the province to use a two- ear rate of increase to lower stumpage fees which would, in turn, ease layoffs in the m- dustrv BROADLOOM BUT WITH COIFIOf ICE SATISFACTION A reduction in stumpage fees for the interior forest in- dustry "has not stopped the layoffs but it has helped to slow them down. Wheat supply total drops WINNIPEG (CP) Visible supplies of Canadian wheat totalled 212 8 million bushels during the week that ended Sept 18, the Canadian Grain Commission said Wednesday In its weekly report the commission said the figure was down from the 215 1 million bushels reported the previous week but well above the 199 4 million bushels on hand a year ago Farmers marketings for the week were 2 5 milion bushels below the previous week's figure of 5 4 million bushels and a small portion of the 13 2 million bushels marketed in the same period last year Exports to the United States and overseas were three million bushels, compared with 4 7 million the previous week and 5 4 million the same week m 1973 By The CANADIAN PRESS The Canadian economy has entered a period of slower growth which may last well into 1975, says Mead and Co Ltd of Montreal The firm says in an in- vestment letter that things as weaker demand, supply bottlenecks and rapid inflation are causing econo- mists' difficulty in predicting how severe the slowdown will be In addition, economic m- dicatois, their normal tools, have been badly distorted by the effects of inflation and of the temporary oil embargo last winter The slowdown in industrial activity abroad has already begun to influence Canadian producers the firm says Ex- ports, excluding the effect of price increases, declined by five per cent in the first half of 1974 while imports increased by 2 5 per cent This im- balance resulted in a drag on economic growth Two important sectors are beginning to show signs of weakness, Mead says Hous- ing starts have been decreas- ing since April and that trend is likely to be fuelled by the sharp increase in mortgage interest rates in recent months The steady decline in retail trade adjusted to ex- clude the effects of inflation, indicates that real incomes are being eroded by inflation and that consumers are de- ferring purchases In fact, Mead says, capital spending by business and gov- ernment spending at all three levels are the only forces feed- ing economic growth HIGHER COSTS The financial climate is the kev element in the outlook for investment, the firm says Al- though companies are faced with unprecedented cash flow requirements to finance their inventories and the escalation in the costs of investment pro- grams they have been recording record profits this year But there are in- dications that profits are not rising fast enough to keep pace with costs which are mushrooming due to inflation The firm says it would be wrong at this stage to urge the government to introduce a barrage of measures to stimu- late the economy Canada is m the fortunate position of hav- ing a cyclical easing of economic growth just at a time when it needs an easing in the demand pressures which have created inflation in the past two years Although the short-term outlook for Canada is more optimistic than most of her trading partners it nevertheless is less buoyant than in 1973 or early 1974, the hrm says But the extent anc the severity ol the Canadian slowdown will depend critical- ly on the export performance over the next year and hence on the health of her trading partners The key to long-term out- look will be the federal budget, which is expected to be unveiled in late October or early November If the gov- ernment adopts more fiscal restraint by cutting spending and reduces its overall cash How requirements, the Bank of Canada will be in a position to slightly relax its restraints on the credit markets Mead says for the balance ol the year the market will probably remain volatile, re- flecting continued uncertainty about inflation and inter- national developments Portfolios, the company says should include cash re- serves, gold and investment in such sectors as forest prod- ucts, steel and oil producers The firm de-emphasizes mines and metals, beverages, finance and consumer sectors Prudent investment strategy, Mead says, dictates high quality stock with good earnings visibility, healthy dividend income and strong asset backing Bank reduces lending rate NEW YORK (AP) The fifth-largest commercial bank in the United States, Morgan Guaranty Trust Co of New York cut its prime lending rate by 'A-point to 11% per cent Wednesday The reduction in the short- term rate the bank extends on loans to its best-rated business borrowers takes effect today the bank said Although consumer and small- business loans are not tied to the prime rate changes in the prime can signal the direction of other interest rates Morgan Guaranty thus be- came the first of the U S s largest lending institutions to lower its prime below the pre- vailing 12 per-cent level ISRAELI CHIEF VISITS WASHINGTON (AP) President Ford will mee Uvite next week with Israeli Prime Minister Yitzhak Rabin Press Secretary Jeralc terHorst said Friday the president will meet Rabin and again Thursdav morning There will be a state dinner that evening The Canadian Red Cross Society CROSS Nylon Plush Pile Broadloom "C s, Vgj' JTC--, 1 00 fr c, p Nylon High-Low Wail-to-Wall Broadloom in ind -on 3 IC'OTI C Wh s un- f 'IT anfl n front of the Red Cross buiidmg at 1120 7th Avenue South Also with offices in the building are The United Way formerly known as The Lethbridge Community Chest, and The Centre for Personal and Community formerly tcnown as The Lethbridge Family Service The Canadian Red Cross is a partner in the United Way From the funds collected >n the 1973 campaign it received S22.818 More is needed to sustain its services Give generously during this year's campaign Sept. 16-Oct. 16 Your United Way contribution 14 other agencies in addition to The Canadian Red Cross Soc. United Way contributions can be mailed io: The Lethbridge United Way 1120 7th Avenue South, Lethbridge, Alberta (Coninbulions will be acknowledged by official receipts) ;