Winnipeg Free Press

Winnipeg Free Press (Newspaper) - July 27, 1973, Winnipeg, Manitoba Winnipeg free press Friday july 27, 1973 business finance Texas Gulf studies cd takeover bid Vietnam spark behind the Dollar s slump by George Kitchen new York up the directors of Texas Gulf inc., resumed thursday their study of the bid by Canada develop ment corp. I cd i to swing control of the big new York based mining company to Canada by purchasing up to 10 million Texas Gulf shares on the open Market at a share. Meeting in the company s Manhattan Headquarters the Mohawk Oil co. Ltd. James m. Allen or l. R. Singlehurst. Exec Ive vice president announces the appointment of Temes m Allen As assistant supervisor. Construction de Lart Meni. Or Allen is a graduate of the University school m Ictoria and also obtained a degree in architecture Busi Ness administration at the Washington state University in 1971. Or. Allen joined the company in january 1972 his responsibilities will include As sisting in design co Ordina Tion and development of construction projects air compressors and Complete com pressed air system assorted punch press Dies and press brakes Dies miscellaneous Metal tables shelving Stock bins Etc material handling equipment consist ing of pallet trucks conveyors conveyor tables 5 ton Gantry Chain hoist Etc. Furniture office equipment and office sundries. Steel Sheet and formed steel parts painted and in parted. Aluminium extrusions Etc materials and supplies consisting of insulated wire wiring devices bal lasts lenses and other items usual to fluorescent Light manufacture. The assets Are offered for Sale on an As is where is basis by lot or in bloc. Offers for More than one lot must specify a separate Price Lor each lot each tender must be accompanied by a certified Cheque made payable to the receiver and manager for 15% of the amount tendered which will be re turned if the tender is not accepted the Deposit will be forfeited to Trie undersigned As liquidated damages if the tender is accepted and the Sale is not completed by Tho purchaser the bal Ance of the Purchase Price is to be paid in Cash on effective delivery of the property or Transfer of title to the real estate. The highest or any tender Wili not necessarily be accepted the conditions of Sale and listings of the items offered for Sale May be obtained from the undersigned arrangements to inspect the property May be made by application to the receiver and manager at Winnipeg Telephone 957-1770, area code 204 s John Down pc a receiver and manager the Thome company 1200 -220 Portage Avenue Winnipeg Manitoba r3c oa9 Board presumably was considering what recommendation to make to the corporation s shareholders on the Lake Over bid which was announced by Usu publicly owned corporation in Ottawa on tuesday night and expires aug. 30. The directors met informally for a Brief period late wednes Day and then adjourned until morning. H was believed today s second session was necessitated by the Dif Timulty of together a Krikl Creek j mines at Timmins out., and derives nearly three quarters i its operating revenues from Zinc and Silver mint s in Canaj j a. He is Alex Barron of 1 Toronto president of Canadian general investments Ltd. J one half of the employ oct Are canadians the bulk of them working on the com Pany s Canadian mining pro Perl s. The Cuc up Parlia ment in to give canadians a greater Opportunity to in Vest in Domestic economic Dev e 1 o p m cuts already owns 7-1s.ouu i the 30.4 million Texas Gulf shares outstanding. If successful its bid to buy additional shares would raise its holding to More fijian 35 per cent of shares outstanding. Canadians own More than 20 per cent of All Texas Gulf shares. Senior Canadian officer in the company which is one of the world s largest product of Silver Sulphur and fertilizer Materi als is Walter Llo Lyk. Vice president in charge of exploration in the Texas Uli tune la office. The regular Quad i e r i report detailing ils operations in the first half of is to be mailed to share tilders today. A full Page advertisement de tailing the Purchase offer p u b 1 i s h e d in today s Wall s i r e e t journal by let a Hoad is and co. Pic new York investment House ban doing the Lake Over bid. In response to the Stock Pur Chase offer shares of Texas Gulf were traded on the York Stock Exchange wednesday and the Price Rose to mean aluminium Ltd., -i11 per Seiil pfd., -13 cents oct. 13. Scmid sept. 2s. In summrs to. Ltd. Cenk aug. Record aug. Eaton cent.-, i a. Hinds. In increase of 7 j record aug. 8. Banquets weddings wind displays socials Montcalm Gordon hotel pm 269-1406 you like ii. Los Angelus special tins the reasons or the . Dollar s roller c o a s l c r ride in recent weeks Are Many and com plex. The Day to Day Price gyrations have taken place mostly in the obscure set Tings of currency trading r o o in s and transoceanic Telephone conversations but the turmoil has been a source of constant aim Ely for the world s Linan Cial leaders. Their biggest was not the Dollar s fluctuating value itself. Rather they were worried that All the and Downs might scare big companies out of major International deals to buy or sell products. If that had happened the result could have been drastic shutdowns o f Industrial plants Here and abroad. Every Day my first question has been whether All activity was Caus ing Industrial corporations to cancel Large International says constant m. Vanvlierden san Francisco based Bank o i America s executive vice president in charge of International operations. But i m relieved to say there is no evidence world Trade has suffered from the Exchange rate Situa Tion. And now there s even Hope for gradual improvement. How did the Dollar s lat est Price slump Start it got going in Viet one banker says matter of factly. In the Middle and late Ulios the Federal govern ment ran huge Dollar deficits to finance the Indochina War and Many of those dollars wound up in for cig hands suppliers til material beneficiaries fit foreign Aid and military support and so on. Mai while fanned by i h c government s deficit spending prices in country took off on an up Ward course that has t stopped yet. That encouraged More americans to buy foreign cars television sets and other items that were cheap by comparison in the Ever saw Iii prices of american goods. More Dol Lars went into foreign Bank accounts. With inflation building in 1 h c United states country s products became less attractive to foreign ers. That Cut Down on the ii u m b r r of dollars and Marks francs yen and pounds coining Here. All that Money was slaying abroad and building up constantly. Kilter Supply and de Mand. Now. It s fairly common knowledge that Japan and the major european nations the so called hard currency countries have been suffering from an inflation at least As bad if not worse than ours. If every country is suf Fering the same erosion in the value of its currency then the Rales at which currencies Are converted Back and Forth into other currencies should logically stay pretty much the same. And so they would were it not for Supply and de Mand. Finally there were More dollars sitting in Europe than people had any inter est in buying. There was no work for those dollars and so their Market value simply went Down a Vic Tim of Supply and demand. The biggest slump came year. The demand for dollars dried up As a result of several factors. For years uie Dollar had been the currency people scurried to buy As a hedge against the ruinous inflation going on in their own countries. But two recent Dollar do valuations within m months actions designed partly to stimulate Ameri e a n exports abroad by making them less costly to foreigners had pretty Well scuttled that Odd mys Tique of the Dollar by Early year. Now people who want to protect themselves arc buying inflated Gold inflated Antiques inflated real estate anything but not says a prominent banker. Confusion and concern Over watergate Over the stability of american government and Over the Uncertain Success of pres ident Nixon s attempts l control inflation added to the problem. Between 1908 and mid july the Dollar had los. More than 40 per cent of its Market value in eclat for to the German Mark and it was Down almost 30 per . Out to clean up big business London api the Brit by any one person or group it also urged the Law Cess of a million tons a year by 1975, a spokesman said. Cleveland will have a Cap live Market in Sci which uses about 330.000 tons a year. About As per cent of Potash in Britain is used to produce for a Cleveland spokesman also says that Britain s balance of payments will Benefit by about usually is associated with be Cret takeover moves. More often than not business the United Stati sources stressed sort of Stealthy buying by groups 7s" my Aiso get Rich Quick operators i provide sonic 5, inc can they have ganged v l Ria urn the co customers both in Canada Ami w by becoming self sufficient in . The mine also will eventually jobs in an employment is Bloedel hit by ganged v per cent of its up on Little Chance to resist a auction capacity takeover. Pro High. The Minc is expected to have _. The company said while production life of at least 25 1o end , the government strike lasts newsprint will be years and with thick Scansi apportioned fairly among its and modern equipment is c.x-1 proposed reducing the thres hold stake that can be held customers. Mohawk Oil co Ltd. Peter g. Meehan or l r Singlehurst executive vice president announces the appointment of deter g Meehan As manager. Construction department or Teehan. Born and educated in Reland has been with Mohawk Oil since its inception and has had Many years experience in he construction Industry both n Europe and in Canada in his new position he will be responsible for All of Mohawk s construction projects in Anada bid and asked for rent 1600 so. It. Or 3.200 so. Shopping Centre. In Westwood Village phone 942-6531 aft d do a l div 210 Ai n a s p Jia ask v Karl a 37s 4js it a str p i7fl 4 t 39 a b 375 47 a j j n sir Gap vv8 p t j a p Lime vqj.1 c 08 1 a is p 3j1 to t p Sid p in 1 1 r 380 Al a b Ufa 6p s68 j p w 4. 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N jm1 p j into 1 0 in i1 n k v. 17 4 10 1 s 20 4 s61 6j-, i a k r w t 13 a 4 6 p 181 8.v dry r 31 Iii 4 p a i b s7 j be he o 170 of i or 7 n or p i 10 n or p i i 85 f i9 10 Ortw a i i f 4co 41 i Jas i jul b i i i t a 119 i 100 1 1 a i c of l 0 1 a p m i c , i a q a i lift 119 i pc Ted to produce Potash at a highly competitive Price. Saskatchewan has the largest known Reserve in the world but recent discoveries of Rich de j posits elsewhere has caused i downward fluctuations in the Potash Market causing some countries to trim plans for sex j pension. I in Saskatchewan the production control system now in the process of being amended holds production at All mines to a level consistent with mar Ket demands. Mark h. Gunther or Mark h. Gunther has been named president and chief executive officer of Evans products company limited of 1155 West Georgia Street. Vancouver British co Lumbia Evans products com Pany limited is a Canadian producer and seller of building materials with lumber ply Wood shingles and Woods operations in Vancouver Pemberton Lillooet. Savona Olden. Donald and revels to e b c As pan of its growth programme. The company recently expanded operations to a wholesale Ion Cellio in Toronto with nearly 20 years experience in he Forest products Industry Gunther joins Evans from Ilac Millan Bloedel Ltd where if held various management positions in British Columbia ind most recently was pres Deal of a subsidiary company n new Brunswick cent in the amount of Jap anese yen into which it could be converted. Meeting in Basel Swit Zerland the world s top government monetary officials quietly agreed to set up More facilities for lend ing currencies Back and Forth to each other so that one government s Cen l r a 1 Bank could quietly enter the Market und Ini up sums of a currency to keep its Market Price from falling further. The new arrangements immediately set rumours flying Fiat the Centra Banks were actually buying up dollars. That alone was enough for the Lime to make the speculators less willing to sell off their dollars since there was a Chance the Market Price might go up again because of the rumoured govern mental buying. Then the . Federal Reserve Board confirmed that it actually had on a Small scale bought some dollars abroad to stabilize i h c Price. Further the Federal research said it might continue to do so. Will the first hints of stability flourish into fact Only if those Export Ein b a r g o e s Are cd said a new York executive and if country can take the Lead in a co operative Effort to do something about the huge oversupply of cur Rency around the if the Export controls Are kept in Force another authority warns it s Possi ble Fiat our Best client countries those which buy the most of our products will just find an other Way of getting they he warned that the Japa Nese who arc heavy importers of . Soybeans might take Over huge Par cels of land in Brazil and mail growing their own. And we have to con Vince Pic world that we arc cutting Down on Infra that of course is the Job of president Nix on s phase four which has yet to generate much enthusiasm. Confidence is the biggest Factor affecting the Dollar said another knowledgeable banker. But restoring that Confidence is a Long and tedious process. It depends on the proper managing of our Economy and on better International co operation lick the world s oversupply of currencies generally. In so Many he added we Are Good at solving problems but we re pretty bad at pre venting them from coming new . President Davi Chochinov . Or Dave Chochinov b so has been elected president of Trie certified general accountants association of Manitoba for 1973-74 succeeding or. Alt f. Ayward 1r Chochinov of Winnipeg Manitoba is a development officer with the Manitoba development corporation and has served on the association s Board of governors since 1972. He also serves on the association s Board of governors. Prame Region or Chochinov looks for continued growth and increased Public awareness of the association in Manitoba other officers elected for the 1973-74 torm or Len w Hamp son. vice president and James v Pyper. C.g.a., Secretary treasurer Mohawk Oil co Ltd. Merck or l. R. Singlehurst. Executive vice president announces the appointment of Merck As supervisor. Construction department or Merck born and educated in Irma by. Has been an architectural assistant and specification writer Tor leading Van Couver architectural firms in is position with Mohawk of he will be responsible Tor developing plans and specific ions and supervision of construction projects a month Are you looking for a modern air conditioned Portage ave nue location new building space to rent Well is it 835 soft on the 3rd floor drapes rugs janitor service and All utilities included. This is a sublet at a month lease expires feb 1977. For appointment Call or. Lagergren at 786-5730 Days or 667-0150 eggs 8 Don s realty co. ______________245 Mcphillips St. The number one business address in Winnipeg one Lakeview Square is now leasing for occupancy fall 1974. Choose your new Headquarters from 19 storeys of professionally designed exquisitely decorated fully air conditioned office space. Winnipeg s newest and most exciting building Complex just two blocks from Portage Avenue. Your Lakeview Neighbours Are the Superb new Holiday inn. Two Holiday towers luxury apartment blocks office buildings a japanese Garden and Winnipeg s new convention Centre All Are connected by weather proof walkways and Skyway there will also be heated underground parking plan now to make your office address one Lakeview Square before everybody Eiso does for leasing information Call 204 786-3321 of write for of free color brochure round out your life i developed and managed by Lakeview properties Ltd 894 St James 3jf ;