Winnipeg Free Press

Winnipeg Free Press (Newspaper) - March 21, 1968, Winnipeg, Manitoba Winnipeg free press. Thursday March 21, 1968 business finance 19 business w r a p u p. Shares issued British Columbia Telephone co. Has approved a Issue of cumulative redeemable preferential shares which will yield 6.8 per cent. The Issue is of shares. President j. E. Richardson said the Issue for capital needs requires approval by the Board of transport commissioners. The company is controlled by Anglo Canadian Telephone co. Of Montreal which in turn is controlled by general Telephone and electronics corp. Of new York. Income up Calgary up Hudson s Bay Oil and Gas co. Ltd. Has announced a net Cash income of for 1967, almost 17 per cent More than in the previous year. The company said in its annual report Gross operating Revenue was an increase of 17.5 per cent while net earnings were representing a 27.4 per cent increase compared with 1966. Crude Oil and liquid hydrocarbon production averaged barrels a Day or 11.4 per cent More than in 1966. Net natural Gas sales came to 000 cubic feet a Day a 16 per cent increase and Sulphur sales averaged 433 Long tons a Day or 12.3 per cent More than in the previous year. Pipeline throughput was barrels a Day a 4.8 per cent increase. The report says the company plans to spend about for exploration and development this year about 40 per cent More than last year. Lift truck production the first to motor lift trucks to be manufactured in Canada have rolled off the Assembly line at Caterpillar of Canada s port credit Ontario Plant. In operation since april 1964, the Plant will now produce three models of to motor Fork lift trucks in addition to Caterpillar motor graders and wheel Type loaders. Initial lift truck production consists of Tow motor models with Basic lifting capacities ranging from to pounds. Other models Are scheduled for future production. Powell equipment limited with branches in Brandon Dauphin port Arthur Ontario and head office in Winnipeg is the to motor dealer in Mani Toba and Northwestern Ontario. Lofe to Gold March 18 209.40 Trust co. Sale set graph shows the fluctuation of the Toronto Stock Exchange Gold Index since the Start of the year. At the end of february and beginning of March speculation by Gold buyers sent the in Dex soaring to a High of 260.75. On March 15, the Index dropped 14.93 Points As representatives of Gold Pool nations met in Washington for talks on the International monetary situation. The weekend announcement of a two Price system for Gold sent the Gold Index Down again monday. It dropped another 16.79 Points to close at 209.40. Two Market system for Gold a worthwhile first step James a. Dunsmore appointment of j. A. Dunsmore As manager of Crown Zellerbach paper company limited s Mani Toba Lakehead division with offices in Winnipeg is announced. He succeeds a. R. Sands who moves to a new position with the company in Vancouver . Or. Dunsmore who was born and educated in Nanaimo ., joined the coarse and Fine paper distributing company in 1949. He has been Salesi supervisor for the . Divi Sion for the past three years. I business men s luncheon 12 to . Carlton at St. Mary phone we 2-3000 exports to Japan jump Montreal up Canad exported Worth o goods to Japan last year 45. Per cent More than in 1966, the executive director of the Japa Trade Centre said.here1. The 1967 imports from Japa totalled up 20.4 per cent from the previous year. The figures compiled by the Dominion Bureau of statistics were disclosed by Tomijiro Syo Zawa of the Trade Centre in Toronto who was in Montreal to introduce Mitsuo mat Sugui newly appointed representative for the Japan external Trade organization in Montreal. Or. Kozawa said in an inter View the primary reason for the impressive increase in Cana Dian exports to Japan was the tremendous economic Boom in that country and. The growing i Reliance on Canada As a Long term source of Supply. Increases took place generally among All the products which Canada ships to Japan but there were notable increases in ship ments of As a result of japanese investments in Western Canadian mining operations. Increases in imports from Japan were also general in nature but there were notable in creases in imports of heavy equipment particularly facilities for British Columbia Power , machinery and Auto mobiles. By Philip Greer new York special tons with a Little delicate Balan ing and a Strong attack on lie Basic causes of the world s monetary headaches experts Lere think the two Market sys pm for Gold might give the Gold Pool countries the time they Are obviously fighting for. It is not the answer by any Means they insist. But it could 3e a worthwhile first step in protecting the Dollar and halting he Gold outflow. According to Miroslav a. Kriz of first National City Bank of new York the life Span of the two Market system hinges on the spread Between the Price of Gold in the official and private markets. Kriz Dis counts the Chance that Central Bankers who Are not members of the London Pool will buy Gold from the . And shovel it out the door to speculators. It would not be worthwhile to risk the International Trade Structure for the Sake of Short term profits he says. But honest or not Kriz feels the pressures of the markets and the spotlight that would Shine on any Large difference Between the two prices might Force Central Bankers into protective measures that would bring a new Drain on the Pool s reserves. Kriz noted that All Central Banks including More than 100 that Are not members of the London Pool will be Able to buy at the official Price. If the private Price climbs too far from the official Price these Banks might feel that the Price could not be he says. It could increase the uncertainty about the official Price and the Bankers might Start hoarding Gold to protect finns buy million in Gold Toronto up two Cana Dian companies said Here they have purchased almost Worth of Gold in the Hope of making a profit if Gold prices Rise. Norman Short president of guardian growth fund Ltd., a Toronto based Mutual fund said his company acquired in Gold certificates about 10 Days ago. A. G. Heyes research director for Northgate explorations Ltd. Of Toronto i said his com j Pany acquired in Gold during the last two weeks. Project boosts Economy Montreal up Donald Mcparland president of the Churchill Falls Labrador Cor Porat Iott said Here the com Pany s Power project was giving a much needed boost to can Ada s Economy and could prove to be one of the country a most important undertakings. Speaking before the Canadian club of Montreal Mcparland j said the Long term benefits from this project could Well rival those of Canada s first trans Continental railway and of the St. Lawrence sea Way Mcparland said tenders would soon be invited for the excava Tion of the Power project s underground powerhouse which he said would1 be the biggest in the this single he said will have a Dollar value comparable to that amount involved in the construction of Large office buildings or Struc Tures in downtown Montreal. Themselves against any increase n the Sam Nakagama of Argus research feels the two Market system is probably support Ible fairly but he attributes the strength to the overriding economic Power yielded by the United states ind the International monetary fund. Interests outside of banking come into play he says when asked about the possibility that official Gold might find its Way into private channels. There Are a lot of prime ministers and defense ministers and cultural ministers who would have their own interests to Nakagama said the Gold Rush this month stems from different causes than the november Selling in the British Pound this speculation centred on the possibilities of an increase in the Price of he says. In november the Selling a brought on by weaknesses in the Pound Nakagama feels that the weekend agreement passed the initiative to the . It s that we have to toe the he says but we can do in n the Way we see things a Strong dissenting opinion came from Samson Coslow an investment adviser who has teen trumpeting the merits of Gold and Silver stocks for several years. Coslow claims the monetary authorities muffed a Marvel Ous Opportunity to solve the whole thing when they decided not to increase the Price of Gold the two Market system Wil not work just As the two Market system for Silver i not work last he said referring to the Short live Treasury practice of Sellin Silver at the official 1.29 Dolla per ounce Price while the Meta was allowed to climb in the marketplace. By Sheldon Bowles the Montreal Trust company has called a shareholders meeting for april .8 to ratify an agree ment for the Purchase of investors Trust company a wholly owned subsidiary of the investors group of Winnipeg. Under the agreement approved by the Montreal Trust s Board of directors wednesday the investors Arguire shares of Montreal Trust in Exchange for All investors Trust. Not included in the Deal is the pension business of investors Trust. Pension fund assets of investors Trust amounted to million of total assets of s256 million at the end of 1967. The investors group will form a new to handle its executive and group pension business and registered r e t i r e m e n t savings plans for individuals offered by the investors group. The shares of Montreal Trust Stock acquired by the investors group represent about nine per cent of the total voting Stock of Montreal Trust and will bring the investors group s holdings to 24 per cent of Montreal Trust s voting Stock the investors group announced last april they had picked up shares 15 per cent of Montreal Trust s outstanding Stock in a Swap that saw Canadian Pacific investment Given shares of investors group and in Cash the Price tag placed on the Deal by an group s p of e s m a n was about apparently the evaluation. Of the Montreal Trust Stock Selling wednesday around the Mark was made at the time negotiations Between the two groups began when the Montreal Trust Stock was Selling at More than per share. Some financial observers say they detect hand of Montreal financier Paul Desmarais who is said to control the trans Canada corporation in the investors group Montreal Trust Stock Swap. Trans Canada corporation fund controls 52 per cent of the Stock of Imperial life insurance company which in 30 per cent of the Stock of the investors group. Financial s on r c e s say James Richardson and sons limited still own about 10 per cent of the shares of the investors group. In 1964 James a. Richard son a partner in James Richardson and sons limited announced that his firm had purchased shares of the investors group Worth about million at that time the Block of shares purchased from Gamble Skogmo inc. Of Minneapolis represented a 41.5 per cent interest in investors group which was known then As investors syndicated As Well Richardson announced in 1964 that his family had owned for about five years an additional Block of about 10 per cent of investors shares. Or. Richardson said that his family would hold shares 30 per cent and had made arrangements to dispose of the remaining shares to an unidentified purchaser i at that time or. Ric Hancl son said his company would consider a Public or private distribution of part of its own Block at a later Date. Assuming the Richardson family still own a 10 per cent interest in investors group and adding on Chi s 15 per cent interest they in return for their Montreal Trust shares and Imperial life Assurance company s 30 per cent Block of shares about 55 per cent of the shares of the investors group can be pin pointed. On the Montreal Trust Side following shareholder approval of the investors Trust takeover investors group will hold 24 per cent of Montreal Trust s. Shares. The financial Post recently reported that the Royal Bank of Canada had. Pur chased a 10 per cent interest in Montreal Trust. Business men s luncheon Buffet German style the Happy Vineyard sell of and Toronto spa has record revenues un3ts for lease Goulet shopping Centre Coyiet at so Boniface surrounded by St. Boniface Hospital Complex Over 600 apartment units Public schools o five minutes to Portage and main leased to lob Laws Royal Bank Salisbury House Shell Oil textile discount Centre. Bruno s hair styles household co., Mac facilities Ltd., Patricia interiors. Penny Brite laundromat. Unit suitable for offices men s and ladies clothing store hardware and Novelty store ice Cream store Etc. Contact exclusive leasing agent Park realty lid. We 2-0243 for a representative to show you around Vancouver up record of revenues and passenger Miles j it is not a frivolous Gamble flown but Ower net income 1 in Gold it is a hedge against j3e-Jwere rep0rted by canadian1 Pacific airlines. The Vancouver based said its net income valuation the or. Heyes said. He said it is the same kind of hedging that on in the commodity futures Market. Northgate produces Lead Zinc and Silver in Ireland. Or. Short said the Gold certify airline in 1967 i dropped to from the of 1966 because of in creasing costs and declining yields. Our. Of inti sum to operating revenues climbed Cates which represent Gold heir 15 per cent to a rec Malip. Us about buttliere was a disproportionate increase in expenses due chiefly to substantially higher wages and related employee benefits increased costs of Pur q chased goods and services and lie. It Linins the necessity of leasing addition Al aircraft at Premium rates in order to maintain scheduled services pending delayed receipt of the new dc-8-63 president j. C. Gil Mer said in a statement. Passenger Revenue Rose 17 per cent while air cargo reve nue increased 14 per cent. In safekeeping make up about 10 per cent of the fund s total assets of thought the Odds were in Ejvor of a Price Hie. Mining production Down 3.5% Quebec up mining production in Quebec in 1967 fell in value by or 3.5 per cent the natural resources department reported tuesday. It was the first time in years the Industry had shown a de Cline. The department said the de crease was attributable to Many factors but largely to a reduction in construction projects across Canada and the United states and to strikes in the Auto Mobile Industry. Dominion fabrics Ltd., com Mon 4 cents second pref. 8 cents May 1, record May 12. Maclean Hunter publishing co. Ltd., Ivi cents april 29, rec Ord april 17. Maple Leaf gardens Ltd., common 15 cents april 15, rec Ord March 29. Simpsons Sears Ltd., class a 10 cents increase of 1 cent june 15, record May 15. Issue of non callable government of Canada Bonds dated april 1, 1968 Bank of Canada is authorized by the minister of finance to receive subscriptions for a loan to be issued for Cash As follows 1 year 5i% Bonds due april 1, 1969 Issue Price 98.55% yielding about 7.03% to maturity and 5 year 7% Bonds due april 1, 1973 Issue Price 98.75% yielding about 7.30% to maturity interest payable october 1 and april denominations j100.000 and Bank of Canada has agreed to acquire for Cash a minimum of of the new Bonds open As to maturity. Proceeds of the Cash offering will be used to redeem of government of Canada 4vi% Bonds due april 1 1968 in addition Bank of Canada Lias agreed to acquire a further of the new 7% Bonds due april 1, 1973 in Exchange for an equal Par value of government of Canada Bonds due june 15, october 1, and december 15, 1968 the new 5vi% Bonds due april 1, 19.69 Are an addition to of Bonds due april 1, 1969, already outstanding the new Bonds will be dated april 1, 1968 and will beat interest from that Date. Principal and interest Are payable in lawful Money of Canada. Principal is payable at any Agency of Bank of Canada interest is payable at any Branch in Canada of any chartered Bank without charge. Definitive Bonds will be available on april 1, 1968 and thereafter m two forms bearer form with coupons attached and fully registered form with interest payable by Cheque Bonds of both forms will be m the same denominations and fully interchange Able As to denomination and form without charge subject to government Transfer requirements where applicable the new Bonds Are authorized pursuant to an act of the parliament of Canada and both principal and interest Are a charge on the consolidated Revenue fund of Canada. Subject to allotment May be made to Bank of Canada Ottawa through any investment dealer eligible to act As a primary distributor or Auy Bank in Canada. Mai ;