Winnipeg Free Press Newspaper Archives Oct 10 1970, Page 28

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Winnipeg Free Press (Newspaper) - October 10, 1970, Winnipeg, Manitoba28 Winnipeg free press saturday october 10, 1970 banker charges . Interference Raleigh . Up the influx of foreign regulations not foreign capital threatens Cana Dian sovereignty says the pres ident of the Royal Bank of can Ada. W. Earle Mclaughlin said that in his experience there no reason to believe foreign owned or controlled Companie will behave in ways Una avoral to Canadian interest. One might Well expect tha foreign owned corporation would be particularly careful to behave like Good canadians ii order to be accepted where they have chosen to do Busi he told a meeting of the International monetary Confer ence. The real problem was legalistic this happens when the United states government puts pres sure on . Parent companies to forbid their Canadian subsidiaries to Export to a designated country even though exports to that country Are perfectly Legal under Canadian or. Mclaughlin referred to one instance when . Law at tempted to restrict the participation of Canadian subsidiaries in Export associations approved by Canadian Law. Another time the . Securi ties and Exchange commission tried to extend its financial regulation of . Companies to certain Canadian corporations even though their shares were unlisted on any . Stock Exchange. Actions like these Are Power Ful irritants in Canadian-. Relationships and must be strongly he said. But resist ing the intrusion of foreign Law does not need to mean shutting out foreign text of or. Mclaughlin s speech was released in Advance of delivery. Mobile Home Deal signed Northwest design and Fabri cation limited on Regent ave nue Transcona and trailer and a division of Transcona to motors limited have joined orces. Harry Sucharov president o Transcona motors and Jack Raser president of Northwest design recently signed an agreement making trailer land greater Winnipeg s newest fran hired dealer for Mobile Homes manufactured by Northwest. Northwest is the largest Man facture of Mobile Homes in Canada. Comp tech consulting Canada Ltd. 608 190 Smith St., Winnipeg j. A. Speight g. N. Weir or. A. Speight senior partner of comp tech consulting Canada Ltd., is pleased to announce the establishment of the Winnipeg office under the direction of or. C. N. Weir part comp tech specializes in providing data processing consultation As Well As systems and program Ning services and has been operating in Western Canada for four years. Or. Weir has had 15 years experience in data processing technical and management roles. Business wrap up net loss reported Fernie . Up crows nest industries Ltd. Reported a net loss of or a share for the first six months of 1970 compared with a profit of or 26 cents a share in the same period of 1969. The company reported excellent Progress in log Ging and milling operations but losses in the Forest products division and from expensive exploration in the East Kootenay for Coal. Rameda gets Green Light Vancouver up Rameda resources Ltd. Has received provincial government approval on 102 Square Miles of Coal leases in the Sukunda River area in Northwestern British cools India reports the com Pany. Rameda has been exploring in the area for the past year and has retained the Paul Weir company of Chicago to prepare a feasibility study. Negotiations Are underway regarding Sale of the Coal and senior financing. Or. Norman Keevil com Pany president said he Hopes the property can be brought into production by 1972. He said to Date Are excellent for Low Cost underground mining with a production Range of two million tons of coking Coal a year probably for Sale to Japan. Planning to increase capacity merger Okay Sparks upset Calgary up trans Mountain Oil pipe line co., which operates a system from Edmonton to Vancouver has announced plans to in crease mainline capacity by barrels a Day. Three new pumping stations and additional pump ing units at the six existing stations would be needed to increase the flow an application for the increase has been made to the National Energy Board. Predicts Good business Saskatoon up Saskatchewan now is out of the Woods economically says Stuart Lindsay of Saskatoon president of the Saskatchewan retail Mer chants association. Or. Lindsay said in an interview business should be fairly Good this fall and continue that Way into the Winter and Spring. The association president also said 1970 so far has been a fairly Good year for the Independent retailer. By Philip Greer new York special tons a couple of weeks ago the new York Stock Exchange gave tentative approval to the merger of shareholders management corp., which operates a Sta ble of Mutual funds and Goodbody and co., once one of the largest brokerage firms in the country. Under the terms of the Deal shareholders became a member of the Exchange and Goodbody became a subsidiary. While a number of brokerage firms run their own Mutual funds this marked the first time that a fund operator has been admitted to membership. The big Board s explanation for its approval was that Goodbody will represent about 60 per cent of the revenues of the new com Pany so its business will be As a broker dealer thus satisfying the requirements of the Exchange Constitution. The membership which approved that part of the Constitution last March does t see the Deal in the same Light. To them it is a foot in the door for the funds and for the most part they Don t like it. So the Exchange has been bombarded by criticism High lighted by a stinging Public blast from John l. Loeb senior partner of one of the Street s More prestigious houses. The controversy Over institutional membership is an interesting one because it has created an Odd Assort ment of allies and adversaries and it reflects the change in the status of the nose. Some brokers Are in favor of letting Mutual funds in s u r a e companies and other institutions into the Exchange others Are strongly against it. The institutions themselves Are split on whether they want to be members. The door to institutions Are pretty much limited to the floor specialists the Large Mutual fund sales organizations and the big insurance companies. The anti s include the re search in depth firms that Cater to institutions the re Tail firms the Block trading firms and the smaller funds. The reasons Are Basic. The floor people have been losing a lot of business to the third Market where listed stocks Are traded Over the counter. Making the institutions members of the Exchange would commit them to bringing their big Block business to the Exchange floor where the specialists and the traders presumably would get a bigger piece of the action. The big funds and insurance companies see membership As a Way to save great amounts of Money that would t necessarily go to the fund shareholders since the membership would be held by a subsidiary firm owned by the manage ment company not the fund. The securities and Exchange commission would make a big fuss and try to Channel the commissions Back to the funds but the managers would still come out with a big bundle of Money. The brokers Don t want the institutions in because they re now the Street s big Gest customers and All those commission dollars would no longer be up for grabs. For the smaller funds Exchange membership would mean that they would be competing with their own sales forces the brokerage House people who peddle what s Mere they would t be Able to Channel orders through various firms in return for research help share sales and other services. Besides these funds like dealing the third Market where they Ojon t have to worry about the publicity of seeing their trades on the ticker tape. In the Middle of it All is the new York Stock Exchange. Its chairman Ber Nard j. Lasker is a floor trader and specialist. The fastest growing part of its membership is the institutional firms. Except for a few notable exceptions they Are also the Only firms that Are still in reasonably Good financial shape the Exchange however is virtually powerless to exert its own influence or act As a Moderator. The special Trust fund which it has been using to Send fail ing firms to a quiet grave has been used up. It a pro v e d the Goodbody shareholders Deal because it could t afford to let the firm go on the rocks and was willing to accept almost anybody who would get the Exchange Eft the Hook. The fight on institutional membership promises to get very hot. But More than that the Exchange itself is largely out of it and there s no telling what that Lack of leadership might bring. Vejr fat Are with computer training that pays off name address City phone Ace education City on term deposits 369 port pfc ave. Branch offices Edmonton Calgary Winnipeg Victoria Regina Vancouver member Canada Deposit insurance corporation Grain letter Wop train in 6 Short months data processing computer operations and programming hands on experience with modern computer equip ment. Free placement services. Must have High school diploma or its equivalent write today for information on Day or evening sessions on Call 775-8175 Herzing institutes of fourteen int National study tent a. 904 St. James St., Winnipeg 21 approved for Canada student loan program the writer of this letter has from time to time criticized the actions of the Ca Nadian wheat Board in their marketing policies but has never questioned the integ Rity and dedication of its Long time chief commissioner w. C. Mcnamara and with his retirement and appointment to the sen ate of Canada we join with a Host of others in adding our Best wishes for the future. Export sales of wheat during the past week have been quite slow and while the japanese food Agency Purchase tons of 2 Northern on their weekly tender for december ship ment they purchased about the same amount plus cargo of Barley from Australia and around tons of various grades of . Wheat tons of 3 Northern was sold to Ger Many and Malta is open for a cargo of wheat. Some wheat is trading Between dealers at prices below wheat Board asking prices which have moved up about Ivic this past week. The overseas demand for Barley cooled off a Little but is now showing signs of improving. However the Only business we were Able to find were a few thousand tons to the United kingdom. New offices Polo Park shop hic of nth for rent parking Convy Flat locations from 500 so. It. Up for particulars Contact 3frli inf Herrin 20 Iju Fot Tatt ave. We motto 10 Wohl the buying of rapeseed futures by Export interests would indicate that some subset Najaf Export business is Bel worked but we can Only confirm parcels to Continental Europe and about tons to Japan. There have been sizable sales of flax to Europe including tons to Greece and we believe that some of the sales to the dec coun tries Are being made to comp unders for straight grinding to use in their feed formulas which is what happened several years ago when prices became sufficiently attractive. Most of this flax will be shipped after the opening of navigation on the great lakes next Spring and through the summer months. The second production re port of the year issued by the Dominion Bureau of statistics based on indicated yields at sept 15 estimates a wheat crop of 311 million bushels which includes a crop of 80 million bushels of Drums Oats for Grain were placed at 283 million Barley 389.5 million Rye 20.3 million flax 47.6 million and rapeseed 71.6 million a 10 per cent reduction from their first estimate. All these figures apply to the three Prairie provinces Only and were More or less As expected although the reduction in rapeseed was somewhat of a Surprise and As this crop this year is subject to heavy dockage on account of weeds and other net bushels could end up in the neighbourhood of 63 million bushels. The slight increase in the flax crop compared to the first estimate is really of no consequence other than it confirms the fact that sup plies in North America Are very burdensome and will be for some time to come so that the Prospect of any Price increase appears to be slim. The government Agency in the Argentine that accumulates both flaxseed and linseed Oil on a guaranteed Price basis has Large stocks of both on hand which Are moving very slowly into consumptive channels. How Ever their new crop which win be harvested hide Cember and january went into the ground water conditions far from fax orate. So far this year Farmers have Marc Eta a total tars Bels 4 Al grains awl off Curfs compares a Jyh during the same a 4.1 million a year ago. Overseas clearances of wheat at 79.4 million Are larger by 45 million Bush Els 28.8 million bushels of Barley have been shipped overseas versus 2.4 million 1.9 million flax versus 2.2 million and 1.9 million rape seed the same As last year. There have been Only minor shipments of Oats and Rye. Domestic usage of Cereal grains is just about the same As previous seasons but so far Domestic crushers have taken in 1.2 million bushels of rapeseed against 500.000 during the same period last year and Well informed people believe that the Domestic crush could run As High As 10 million bushels this year. The first week of the 10 Bushel delivery quota on Barley brought in 10 million bushels from farms which is More than the 7.1 minion bushels of wheat delivered and this is the first time that this writer can re member Barley deliveries outstripping wheat. Rapeseed deliveries appear to be tapering off which could be accounted for by Lack of space in some districts. New responsibilities for three Monarch life officers d. A. Mccarthy . C. J. Stafford f.s.a., . D. B. Stevens f.s.a., . Monarch life is pleased to announce that three of its officers have received additional responsibilities in the management functions of the company. D. A. Mccarthy. General counsel of the his primary responsibility will be in the company is appointed Vicc president and Secretary areas of planning and development. By the Canadian press Amerada corp., pfd., cents oct 31, record oct. 19. C. J. Stafford actuary becomes responsible for Monarch s underwriting and policy Issue depart ments in addition to his actuarial department responsibilities. D. B. Stevens actuary who is responsible for Monarch s policy change policy benefits and group departments assumes responsibility also for the company s data processing department. A h a t Iwrey 943-9331 to buy or sell through the classified

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