Winnipeg Free Press

Winnipeg Free Press (Newspaper) - March 7, 1968, Winnipeg, Manitoba Winnipeg free press thursday March 7, 1968 business finance business wrap up. Rail profit Vancouver. Up record revues and a profit in 1967 were reported by the government owned Pacific great Eastern railway. The railway said in its annual report that it recorded a net profit of after interest and depreciation compared with a loss of in 1966i Gross revenues hit an increase of 23.8 per cent Over the 1966 figure and the highest in the 56-year history of the line which runs from the Vancouver area to Dawson Creek in northeastern b.c.5 assay results Calgary do Tex Ltd. Owned just Over 50 per cent by Central Del Kio oils Ltd. And t the balance by Silver City mines Ltd. Has reported assays from the first two Dia Horid Drill holes completed on its Copper Prospect River area of the Yukon. Hoies a dried at a 20-degree Angle the " Mineral Zed zone at an average depth of 35 feet below suit Ace and logged a True Width of 25 feet averaging 2.30 per cent Copper. Hole s-2 drilled at a 45-degree Angle intersected the zone at an average depth of 85 feet below surface and logged a True Width of 27 feet averaging 4 97 per cent Copper. The holes were started approximately 50 feet West a surface showing which was explored by trenching last fall. Stated that results from the two holes while encouraging do not in any Way define lateral extent of additional drilling is in Progress which will explore the lateral extent and continuation to depth of the mineralization. Wheat Sale sought Buenos Aires is conduct ing secret negotiations with communist China for wheat Sale a newspaper reported Here. Al Fronista commercial said a former president of Thi National Grain Board flew to Hong Kong for contacts with mailand chinese officials. Policy rapped Vancouver up criticism of the Federal government s policies and Lack of Strong leadership was voiced by president Wynne e. A. Of Fidelity life Assurance company. The Vancouver based life insurance company reported a 16.9 per cent increase in total income in 1967s to policies in Force reached or. Eland told the annual meeting that govern. Merit More rapidly than justified by the strength and resources of the Economy resulted in problems the private sector of the Economy. Inflationary trends resulting from unrealistic policies discouraged sayings because of the steady erosion of real values of fixed income securities such As Bonds such erosion of values is. Not in the Long term interest of the lie said. Life appointments it was Only a matter of time before the authorities blocked mapped deposits fully hedged acadian Dollar investments in reign markets. At the end of february the amount outstand in on the books of. The bartered Banks was an Esti rated million. An inde. Terminate amount was done independently of the Banks by investment. Dealers. The in Rease of half Point or More in ates for eurodollars a major Market for swapped deposits ver the weekend provided the occasion for the authorities to it. Either Canadian rates had be increased competitively or mapped deposits blocked. The formal request by the Ank of Canada to the Chart red. Banks and investment dealers to suspend these actions until further notice on t be entirely effective.-. The acadian investor can still Deal with a foreign Bank or. A stronger so in the expected widening of the spread tween the spot and Forward ate which will be the Cense Lence of the Bank s action. Hat spread already1 confers on m an advantage of 1v4 per ent in a swapped or fully edged transaction. That spread of course works i the disadvantage of the foreign investor who wants to make a fully hedged investment n Canada. It will become increasingly an obstacle to his Oming into Canada just As it comes increasingly an induce ment for the Canadian investor o go abroad. The Central Bank however would seem to have h. E. Harland . 0. T. Dackow . The great West life Assurance company announces the appoint ments of h. E. Harland ., formerly associate actuary As actuary and 0. T. Dackow ., formerly assistant actuary Ordinary insurance As associate report to investors features the Bell Telephone company of Canada technological advances within the communications Industry Are helping to change the character Bell Telephone com plei in Canada. For this change adds distinct growth potential to the common shares features of relative safety and High yield of approximately we recommend the Purchase of Bell Telephone common shares at this time. Please write for a copy. Mydlil Osler scan cities limited members of Oil Stock exchanges in. Canada Portage at main St., Winnipeg 2 Telephone 947-0541 offices in principal cities in Canada and in new York Ohn Meyer says squeezing doubters out of the Market Ealer. He h have inducement to do acknowledged that there relatively Little Hope that the foreign investor would want or e allowed to make a fully edged investment in Lis time. European rates Are relatively More attractive and american is hemmed. In by be new foreign investment regulations. What the widening spread Oes accomplish and the Bank would appear to put More Stock this than in any other consideration is to discourage hedging against devaluation. It is a Means of reasserting a it s your business must be marked Down to the determination to hold the can Dian Dollar to present parity. It is admittedly a round about Means of doing so but it can be effective if it achieves its purpose of throwing More weight into the support of the spot rate for Canadian funds by discouraging the speculative advantage that can be taken of the Forward Fate. Take As an instance the Canadian importer who must pay for his goods with Ameri can funds. If he has any doubts about the determination of the authorities to support the pres ent parity hell buy As much of his american Dollar require ments Forward As he can. One source of those american funds Are those sold Forward by canadians making fully hedged investments abroad. As this source dries up with prohibition against these transactions the Cost of Forward american funds will begin to Rise to the extent that it could become too costly for the importer to buy Forward take another instance that of the american investor who last year put million in american funds into a Canadian asset buying the Canadian funds for the purpose at the then going spot rate. If the Canadian Dollar is devalued his Canadian asset same extent. How does he protect himself against this by undertaking to buy . Funds comparable to his investment in Canada at some future Date. The More the Canadian Dollar is discounted and the . Dollar put at a Premium in the Forward Market the More costly this becomes. At some Point then the . Investor As does the Canadian Porter finds it is no longer worthwhile for him to cover in Lis Way and he withdraws from Market. Both Are in effect discouraged from Selling the acadian Dollar Short and As Ley Are Confidence in the Saint enhance of the spot rate is strengthened and this after All the the exercise. It s conceivable of course that acadian exporters paid in . Funds might move into the Orward Market Selling their . Funds in Advance of their receipt but this is not immedi Tely expected nor is it expected circumstances that the Bank s asic. Strategy is to squeeze out he doubters from the Forward Market i the process reassert ing As vigorously As it can its determination to hold the pres it parity and then As Condi on seem Ripe intervene Sel actively in the Forward Market o narrow the spread where it might induce inflows of foreign funds. The latter possibility will spend on the course of interest ates Here and abroad and hopefully an Early end to the nervousness now besetting All markets. Or. Myer is financial editor of the Montreal Gazette. His column appears regularly in the free press. Grain Market most Grain prices took on an Asier in modest at the opening 7 of the Winnipeg Grain 7 the quiet Trade concentrated n oilseed with traders sex Ressing disappointment Over recent Export business in both tax and rapeseed. Trade reports confirmed the ale of tons of flax to the continent and additional inquiry As mentioned. Traders noted rices on the continent were Asier in quiet Trade rapeseed Trade was almost at standstill. The Only major purchaser during recent months As been Japan. There were indications hedging sales were increasing. Oats and Barley Trade was a mall Domestic affair. Rye showed sortie activity with prices relatively firm reflecting the Small stocks available on farms and slow deliveries. Traders again watched the International financial situation noting further pressure on Ster Ling. No information was available on Export loadings of Canadian wheat. At the opening flax ranged to lower May rape seed v4 lower May Oats unchanged May 95 Barley unchanged May 1.27 Rye vie to opening prices flax May lower 3.55vi july lower oct. Not open rapeseed March not open May i lower july Ower 2.31 i nov. Not open. Oats May unchanged 95 july and oct. Not open. Barley May unchanged 1.27 Illy and oct. Not open. Rye May a lower uly v Svi lower 1.36% oct. Not spen. At mid session Trade continued exceptionally ight at mid session. Rain is needed in some parts of the. United states particularly Kansas for new crops. No information was available on Export loadings of Canadian wheat. Mid session prices flax May lower 3.55% july lower oct. Is higher 3.43v2b. Rapeseed mar. I Lowe 2.27a May lower 2.29v4 july lower nov. Not open. Oats May unchanged 95 july and oct. Not open. Barley May unchanged 1.27 july lower oct unchanged 1.27a. Rye May lower july lower oct unchanged 1.37v4. Add Grain the Dow Jones 11 . Commodity futures Index stood a 140.71 up 0.05. No injuries following explosion Sudbury ont. Up the fourth explosion in three months Here blew out windows in the employment building of the International Nickel co. No one was injured although 60 persons were in the. Building f ins time. The explosion believe caused by dynamite occurred in an empty office on the top floor of the building. In december explosions dam aged the steelworkers Hall a hotel and the District jail. Inco to make debenture offer Toronto up International Nickel co. Of can Ada Ltd. Says it plans to offer Worth of debentures due in 1993, in the United states soon it gave no details of the pro posed offering but said it plan to file a registration statement in the near future with the securities and Exchange com Mission. New Grain critical a fails test Swift current sask up a new Cross bred Grai crop hailed As the future Supe crop of Western Canada a performed far below expectations says a spokesman for the Federal agriculture department a bulletin issued this wee by the department s research station Here 153 Miles West o Regina d. S. Mcbean Sai critical a a Cross Between by and wheat had been Teste and found or Mcbean said six of the Best selections from Crosse Between durum wheat and Spring Rye developed at the unite sit of Manitoba were grown i comparison trials with oat Barley and wheat at 16 location with soil ranging from Good poor in Saskatchewan. He said the critical a failed t measure up to the other crop in yield period of maturation and Bushel weight. In addition he said they have a High Leve of sterility resulting from genetic instability and All crop have been heavily contaminate with ergot a fungus Thev were also found Sunsui Able for livestock consumption or. Mcbean said it a obvious the Cross bred Grain a not been developed enough 1 compete with other Grain crop Somerville industries Ltd pref. 70 cents april 1, Recor March 15. Volume. It would seem in these secondary Industry needed says Drury Ottawa up expansion of an efficient secondary Indus try in Canada producing for world markets is needed if the country expects to maintain adequate opportunities for jobs and income for a rapidly grow ing Industry minis Ter Drury said Here. In a speech to the canad5an Industrial development Confer ence this objective will require not Only a substantial increase in capital investment but a significant in the technological capability. Nadian Industry. The scope for continued National economic growth solely through production and Trade in primary materials was limited. Although Many of Canada s secondary industries remained dependent on agriculture min ing fishing and forestry there had been a continuing trend to wards diversification in manufacturing activities. Specialization in More com plex and sophisticated Fabrica Tion processes had led to spec ocular increases for transportation equipment machinery electrical and electronic prod cts and Metal fabricated parts and equipment. Capital investment in Cana Ian Industry had increased in recent years. In the Man fac tiring sector capital ures in new and expanded fab Wilities had grown from an an Nual rate of to a mid year estimate of or. Drury said people in in us trial development must be Able to adapt to new trends in order to exploit new situations. There was a definite need to keep up to Date on techniques and methodologies employed by Ither countries. Text of his speech was issued o the press before delivery. Balances outstanding were reported at the end of september compared to the corresponding 1966 Date for Small loan companies Cash Loans Small loan companies instalment credit department stores furniture appliance and radio stores chartered Banks personal Home improvement Loans and other Bank personal Loans. Montreal Trust company appointments James g. Fullerton Gerald f. Coleman Montreal Trust company announces the appointments of James g. Fullerton As manager of the estate planning department and Gerald f. Coleman As investment officer in the Winnipeg Branch. Or. Fullerton joined the company in 1964 after several years experience in the personal Trust Field. Prior to his appointment he was an estate planning officer at the company s head office in Montreal. Or. Coleman joined Montreal Trust company in 1961 and prior to his appointment was in the investment department of the Toronto office. Both men bring considerable experience to their new positions and be responsible for the administration and development of the estate planning and the investment services departments of the Winnipeg Branch. You 11 More at the hotel bes Borough because we offer the most Complete hotel service in town. We re conveniently located too. All rooms Are newly furnished and air conditioned. To and radio naturally. Single family plan and free parking for guests. Your Prairie dining room serves the Best food in town and in the evening the new Pioneer room is a great place to relax. Hotel bes Borough pm hotels special 12 -2 . Business mens luncheon tin1 Friter n club Westminster motor hotel Sherbrook Westminster pm 786-5811 business men s luncheon 12 to . Carlton Ai St. Miry Fhon. We 2-3000 c of c group elects Bower a director Montreal up Leonard Lynes of Montreal has been elec Ted president of the Canadian Council of the International chamber of Commerce. Or. Hynes president of Cana Dian industries Ltd., Marcel Vincent president of tie Bell Telephone co. Of Canada. J. G. Crean of Toronto wag elected vice president and r. W. _ Shannon of Montreal treasurer., at the Council s 22nd annual. Meeting. Directors elected included p. A s. Bower Winnipeg d. K. Yor ath Edmonton and r. C. Rog ers Vancouver. Business men s luncheon Buffet Carman style the Happy Vineyard my Toronto overcrowded Large or Small offices available for rental at Able Rit i. Rene Yahoni and air conditioning to tenants requirement. Lindale agencies Ltd. 301 Lindsay bldg. Wh2-6u7 John Roddy he 304a Kennedy Street Telephone 942-3951 the most carefully tailored clothes you could Wear of vanity Clitie we Are pleased to announce the following meats at our executive offices in Winnipeg Richard l. Parsons . Comptroller Francis b. Lament Secretary w. Lyle Dyker . Supervisor personnel and sales training Richardson securities of Canada Montreal Quebec Otla i Winnipeg it pry Edmonton Vancouver Victoria Prince George Lith Bridge Medit Nehat Moose jaw Regina Saskatoon Swift current Brandon Kenon i Goiton gait London Kitchener Chatham Saint . Chicago and new York i to the common shareholders of the Ogilvie flour Mills company limited Extension of offer to acquire common shares the offer dated january of John Labatt limited made to All holders of the common of the Ogilvie flour Mills company limited who Are resident in Canada been extended until the dose of business on March .14, 1968. We Hare been advised that there crib be no further Extension of the offer beyond that Date. The offer has now been accepted by the Holder of Over Ogilvie s common shares. Shareholders who Hare not yet accepted the offer May do so by depositing their shares in the prescribed manner at of the Canada Trust company including the following 422 Roy building 1657 Harrington St. Halifax Portage Are. At fort Street Winnipeg 631 Dorchester blvd. West Montreal 528 8th ave. . Calgary 110 Yonge St. Toronto 901 West fender St. Vancouver copies of the offer and letters of transmittal for depositing shares May be obtained by Ogilvie share holders through investment dealers members of any Stock Exchange in Canada or the undersigned. We strongly recommend the acceptance of this offer. Mcleod Young Weir company limited Goc Liran Murray co., Midland Osier securities limited limited Geoffrion Robert Gelinda Pemberton securities inc. Limited ;