Winnipeg Free Press

Winnipeg Free Press (Newspaper) - June 25, 1968, Winnipeg, Manitoba Tuesday june 25, 1968 finance new mine seen new York a Ana Condaro. Said monday Diamond drilling at its Britannia mine in British Columbia has outlined a new Copper Ore body averaging Ivy per cent Copper. C. Jay Parkinson president said Anaconda will spend sever Al million dollars to bring the new zone into production by 1971. The mine on Howe sound 30 Miles North of Vancouver is operated by Anaconda Canada Ltd., a subsidiary of Anacon co. Incomes Ottawa up total Perso Nel incomes of canadians Rose by 9.6 per cent last year to an estimated the Dominion Bureau of statistics reported monday. On a per capita basis person Al income last year was for each of the estimated persons in Canada on july 1. This compared with 147 per capita for the 1966 mid year population estimate of work is on schedule at Manitoba Hydro s Kettle rapids Hydro electric project on the Nelson River near Gillam Manitoba. The base of the powerhouse inf do the protecting coffer dam shown Here from the downstream Side is beginning to take shape As the 10-Storey steel rigging used for the Frame of the Winter hording disappears As Cement is set in place around it. Is the . Dollar overvalued by j. A. Livingston must the . Worker s wage rate be slashed to meet the Competition of 1 o w e r a a i d foreign workers has the american Standard of living become too much for advanced . Technology to overcome if the answers Are yes then the Dollar is overpriced. It will have to be devalued vis a vis the German Mark japanese yen Swiss or French franc and dutch Guilder. Instead of four Marks to the Dollar perhaps the Exchange will be three and a half instead of 360 yen 315 instead of 3.6 guilders 3.15. This is a dreaded conting ency. No responsible banker could recommend devaluation of the says Otmar Emminger a director of the Ger Man Bundesbank and an architect of the plan for special drawing rights Saks paper Gold it would unhinged the International monetary system from its Dollar base. There d be disruption if not chaos. From Day to Day no exporter or importer could be sure How much his products would sell for and How much his materials would Cost. Repudiate the . Pledge to keep the Dollar As Good As Gold at an ounce. Nations Central Banks which relied on that Promise and held dollars would feel cheated. They would have the same number of dollars but those dollars would command fewer ounces of Gold and fewer Marks francs and other currencies. O derange the . Buget. Dollars appropriated for Mili tary outlays economic Aid and diplomatic expenses abroad would buy less. Everywhere on my tour of european financial capitals i asked do you think the Dollar is in Paris i got a Surprise answer All currencies Are overvalued in terms of but even the French when i made Clear that i was talking of currencies not Gold protested no. If the Dollar is Over valued it s overvalued so slightly that a Little Domestic restraint will bring it into line with other these hopeful appraisals however Are not supported by economic results. Under presi dents Eisenhower Kennedy and Johnson the . Has not paid its Way in the world. The . Has behaved like the lordly Rich Man who year after year up debts to the Butcher Baker and electricity maker. All the while he entertains royally lavishes funds on favorite charities helps out poor relations and maintains a huge police Force around his estate. In no year since 1957, has the . Generated enough International income from the Sale of goods and services and from earnings on investments to meet outlay for imports tourist deficits Grants and Aid military undertakings including v i e t and investments by american corporations and individuals. The . Has spent billion beyond its current income in ten years. This has been met in part by paying out billion in Gold. Increasing liabilities to is it War or Competition u. S. Share of world exports has been dropping since 1960 share of imports has shot up. Us of world 47 50 55 source Dyph of Commerce internat l monetary fund 45 70 j. A. Livingston foreign Central Banks and governments by billion from billion to billion. 0 reducing the . Net creditor position at the International monetary fund by billion. Thus the .. Has impaired its Reserve strength its Gold and borrowing Cushion by More than billion. In addition it added to dollars owed to Banks businessmen and individuals. . Creditors have begun to examine its ability at present rates of Exchange to pay its monthly Bills. This is what they see 9 the . Share of world exports declined from 18.2 per cent in 1960 to 16.6 per cent in 1967. Simultaneously the . Share of world imports Rose from 13.7 per cent to 14.5 per cent. Inference foreign products either because of Price or Quality have been muscling a larger share of markets Here and abroad. In textiles electrical appliances chemicals Metal working machinery and Iron and steel the . Trade position has deteriorated. Foreign countries notably West Germany and Japan now have american knowhow and equipment. They Combine it with lower priced labor about and less per hour against and More. In sophisticated products the . Still excels. Boeing and Douglas i a n e s Span most transoceanic air routes. General elected s savvy and capital gained it control of Compagnie Des machines Bull s computer division despite president Charles France de Gaulle s Effort to Vive keep French. In electric typewriters . Brands dominate but in manual machines such names As Olivetti Adler Hermes Facit and olympic become increasingly prominent. Sophistication is something that is Here today and every where tomorrow. . Companies have transplanted techniques Talent and managerial method to subsidiaries All Over the world this Narrows tile technological Gap. . Plants not Only sell in Europe but ship products which Means for eign labor Back to the . Hawker Siddeley Canada appointments l. G. Main r. S. Wilson f. W. Hore or. J. G. Mitchell vice president announces the following marketing appointments within the railway equipment and Canadian steel foundries divisions of Hawker Siddeley Canada Ltd. Or. L. G. Main is appointed director of marketing for both divisions and in addition As Sumes responsibility for Export sales of a special nature emanating from the fabricating facilities of Hawker Siddeley Canada Ltd. The sales service and contract management of All railway passenger and rapid transit equipment will also come within his jurisdiction or. R. S. Wilson is appointed general sales manager Piai Way equipment with responsibility for the marketing of All railway products of the two divisions. Further he will assist in the marketing railway passenger and rapid transit equipment. Or. F. W. Hore becomes general sales manager Industrial products. In his new position or. Hore will be responsible for the marketing requirements of Industrial products for both divisions. . Companies Are con stantly buying companies and plants abroad. This is Why president Johnson has imposed controls on capital exports. Sure american companies want foreign subsidiaries to escape tariffs and save on shipping costs. But they venture abroad Only when convinced that american productivity and knowhow won t scale Tariff Walls differences in labor costs and distance. The . Trade surplus exports minus imports dropped from a High of billion in 1964 billion in 1966 and came Back to Only billion last year. The figures Are even More dismal than they appear. About billion of . Exports Are subsidized tied foreign Aid. So the unsubsidized surplus was Only about billion in 1961 and billion last year. When a nation Over Many years fails to meet its pay ments economists jump to a Prima Facie conclusion devaluation is needed to restore balance. Prime minister Harold Wilson finally chose this course. This reduced the Price of British workmanship in world markets by lowering the International value of the Pound. At the same time it raised the Price of foreign workmanship on imports to Britain. Expectation British sales will increase faster than British purchases. Its Trade balance will improve. Let s examine the arithmetic of this for the . Suppose the Dollar is devalued by 12v2 per cent. An american Man fac Trade Mission arrives a japanese Trade delegation has arrived in Winnipeg to persuade Winnipeg businessmen to increase their purchases of t o k y o a r o diced consumer goods thesis Man a e legation headed by Miri oru Ima Zato of the Tokyo chamber of com Merce and Industry also includes four representatives of Tokyo manufacturers and traders and one representative of the Tokyo metropolitan government. In an interview monday or. Ima Zato said his delegation Hopes to increase Tokyo exports of consumer goods to Canada in an Effort to Correct the Trade imbalance which exists Between Japan and Canada. Tokyo delegations have visited Winnipeg twice before in the past decade but never held a Trade show in this City. The emphasis is on competitive prices. Fifty eight firms Aree represented in the exhibition at Marl Borough hotel. Turer who shipped a product to Germany for could then Cut his Price from four Marks to 3.5 and still be just As Well off. The 3.5 Marks would be equal to presumably sales would Rise. On the other Side however a German manufacturer would have to raise his . Price to come out in the same place. Assume he had been Selling a product for he d have to ask to get four Marks As before. A per cent devaluation of the Dollar revalued the Mark from 25 to 28.5 cents presumably sales would drop. Assumption . Exports would Rise imports fall and thereby the . Would improve. But world opinion expert opinion recoils from this solution. Alfred Hartman Gen Era manager of the Union Bank largest commercial Bank in Switzerland says devaluation Dollar is impossible. The . Has an Export surplus. Great Britain s difficulty was that it had not the ability to produce More or the marketing ability to sell to Eric Hoffmayer chairman of the National Bank of Den Mark to h e Long run competitive position of the Dollar is Emile Van Lanner treasurer general of the Netherlands feels that a . Tax increase careful demand management and Export controls will reduce the balance of payments deficit and Avert devaluation. Yet for seven years before escalation in Vietnam 1958-64 the . Could t get its balance of payments under control. The . Got into bad habits living beyond current income. Can it will it change these habits now until it does until the deficit is reduced noticeably there won t be Confidence in the world monetary system. Until then the . Dollar will be subject to speculative doubts pressures rumours and fantasy. Until then no one will he sure whether the Dollar whether american labor is overpriced in world markets expressions of Hope Faith and Confidence notwithstanding. Libby Mcneil Libby of Canada limited new c. John new has been elected president and managing director of Libby Mcneill Libby of Canada limited effective june 17. Or. New formerly vice president and general manager has served As Libby s chief executive officer in Canada since 1966. He joined the Chatham based food processing company in april 1962. Fabric Mill set Manitoba garment makers part of Industry where delay is always a peril will get a competitive lift from a fabrics Plant going up in this town just North of metropolitan Winnipeg. The Mill scheduled to open in the fall is being constructed by electro knit fabrics Canada Ltd. Of Montreal and will specialize in turning out knit fabrics use dby every segment of the garment Indus try. The Mie will not Only knit the Basic fabrics but will also Dye and finish them in All required varieties and colors. Major advantage to apparel manufacturers in Winnipeg will be that for the first time they will have direct daily Contact with a them to use the latest fabrics in develop ing new garment lines competitive with Eastern Canadian goods. It will put Winnipeg manufacturers on the same level As those in Eastern Canada who have always had easy Access to the newest said la Zard Lupu electro knit presi Dent. Interviewed in Winnipeg or. Lupu said the Mill is the first phase of a Long Range company plan and that he Hopes it will encourage other garment manufacturers to locate in Manitoba. Eventually we will also spin synthetic fibres and he said. Immediate plans Call for two distinct and double knits at a rate of National Grain company limited appointment Stanley c. Roberts George Heffelfinger president of National Grain company limited announces the appointment of Stanley c. Roberts As manager feed and livestock operations. Or. Roberts graduated from the University of Manitoba after specializing in animal nutrition and economics. He was the West Ern nutritionist for Shur gain feeds prior to taking up farming at Niverville Manitoba. He operated a major beef cattle hog and poultry Enterprise. In 1957 in was elected la for the province of Manitoba and re signed from his second term in his capacity in 1963. He then joined. Mccabe Grain company limited in Winnipeg. He spent five years with Mccabe the last year and a halt As general sales manager. Or. Roberts is a past president of the Manitoba feed manufacturers association and presently vice president of the Canadian 7eed manufacturers association. He recently served As chairman of the Manitoba committee for he production of High Energy grains. Yards a Day and dyeing and Fin Ishing of knits at a rate of Yards daily. Security Salesman to handle Sale of new Stock Issue in Rural Manitoba. All replies in Confidence to Box 762 free press first automobile advertise ment appeared in about 1900. Polynesian business men 9s luncheon 12 to . Carlton at St. Mary phone we 2-3000 sales manager required by local volume hous builder to head and actively promote the growth of an existing sales organization. Broad advertising support and show some locations in nil Trtat of the City provided. The successful candidate should have had sufficient marketing experience to have developed a proven sales record. He will be ambitious energetic in his 30 a and have the Quality of leadership associated with successful sales management. Remuneration will be based on 3 salary base plus volume incentive and should exceed reply in writing providing pertinent details to Quality construction co. Ltd., 727 Dawson re. If you were to stand exactly in the Middle of downtown Calgary you d be in our Cigar store. The Palliser s Central location makes Lor convenience. Shops theatres restaurants and fun spots Are just a stroll away. But once in the Palliser you. Might not want to leave for we be recently refurbished the hotel and it rests you beyond compare. On each floor you la find soft drink facilities and complimentary ice. And our Ira Rock room provides diners an unmatched meal. Parking s free too so next time in Calgary stay at. The Palliser. The fun filled food filled service hotel with the mid town Cigar store for phone Canadian Pacific to fees your local Canadian Pacific hot i or travel agent. The a Cuin Tiati of Faafiu hotel Calgary at Berla Mcconnell Eastman appointment Glen t. Moore Paul a. Herriot assistant manager and client service director announces the appointment of Glen t. Moore As an account supervisor in office of Mcconnell Eastman limited. Or. Moore has been manager of the Winnipeg office of a National Agency and latterly was an account supervisor in its Toronto office. Mcconnell Eastman limited is a National advertising Agency with offices in Toronto London Hamilton Winnipeg Calgary Edmonton and Vancouver and has affiliations in Europe and .a. Negotiable term promissory notes return on your investment with the guardian finance group no Legal fees or additional costs. Interest payable monthly for full particulars write or phone guardian acceptance corporation Ltd. 298 Garry Street Winnipeg Telephone 947-1651 ;