The Vancouver Sun from Vancouver, British Columbia, Canada • 24

MARKET REVIEW Golds, Banks Get Attention By LARRY DWORKIN Canadian Press Staff Writer 24 The VANCOUVER SUN; Jan. 21, 1 JiTi FLETCHER Power Corporation of Canada and Ccmp Investments always on the lookout for diversification, have launched Canada's third motion picture theatre circuit. Friday night, their operating company, North American Cinema Centres Limited, opened its second theatre, this one Investors teetered belwccn banks and golds this week. Banks moved sharply higher at the beginning of the week and then golds took the play away at the end. in the new Guilford Town Centre with "My Fair Lady" as the main attraction.

The company is shooting for a in onA The new theatre, called Guildford Cinema, with a 75U-seat capacity, is only the third motion picture house built on the Lower Mainland in the last 20 years anrl in iha cama nprinH nf timi A jfi. goodly number have closed. I Xii I Povcr participation in I lytli''' 1 the new venture is being handled Plywood, Paper Firms Okay Merger Special to The Sun NEW YORK Shareholders of U.S. Tlywood Corporation and Champion Papers Inc. at separate meetings Friday voted approval of the merger plans for the two companies, it was announced by Gene C.

Brewer, U.S. Plywood president, and Karl R. Bendetsen, chairman and president of Champion. (U.S. Plywood own 73 per cent of the shares of Weldwood of Canada Limited which has 20 wood converting facilities in four provinces, 25 sales branches across Canada and annual sales of more than $100 million.) The merger is expected to become effective about Feb.

28, subject to receipt of favorable by its subsidiary, North American Recreation Industries whose president is Andrew Rouse of Toronto. This company was FLETCHER rv 'V VV --xT' .1 it vJl; rtrv fJJkf I 4f fti KTf formed in 1965 to take over resort and travel companies formerly held by another subsidiary, Power Corporation Developments Ltd. Cemp Has Its Entertaining Side Cemp Investments has become a household word in Vancouver in recent months due to involvement of its subsidiary. The Fairvicw Corporation, with Batons in the proposed Block 42 redevelopment. This proposition has proved a little rocky and company officials, no doubt, are hoping for smoother sailing out Surrey way.

North American Cinema Centres, which was formed just about one year ago, recently opened its first theatre in the Longueil shopping centre in Quebec. Oakville is next on the company's schedule. The company leases theatres on a "four wall deal." At Guildford all the buildings were erected by Grosvenor-Laing. The theatre company installed its own furnishings and equipment which, according to Guildford Cinema's manager, Barney Regan, are the plushest and most modern available. Regan explained that the new chain will rank behind Famous Players and Odeon in bidding for films.

The new theatre's closest competition is in Cloverdale and New Westminster. "We will be selecting the best pictures from both circuits," Regan said. "My Fair Lady" is being offered at $1.50 tops compared with $3 during the picture's long run in Vancouver. Regan said North American Cinema is carefully picking Its spots for new theatres with a preference for new shopping centres. Go Where the People Are "There is a need for more theatres where the people are," he said, referring to the fact that sub-division developments in outlying districts are rapidly filling up and, people want their entertainment close to home.

Meanwhile Canada's major stock markets may have been losing some of their zip but experts weren't sure this meant the end of the new-year upswing or just preoccupation with specialty issues. As a result the Toronto industrial index, the key indicator of the market's performance, only managed a 2.17 gain to 158.88. STAGE SET The bank of Montreal set the stage when it announced a proposed five for-one stock split effective if the proposed Bank Act becomes law. Other banks are expected to follow. The bank also announced it would raise its quarterly dividend to 60 cents from 55.

However, the following day investors were given a jolt on unconfirmed reports that the United States is looking into legislation which could result in limiting Canadian banks' opera tions in the U.S. At the week's end, Montreal had climbed 3 to 59, Toronto-Dominion 2 to 63, Royal l'i to 74 and Nova Scotia 1 to 67 Vs. Beaver Lumber was the big industrial gainer, up 6Vi to 25'. Brokers were unable to give any reason for the increase. Levy moved up to 174, Walkers to 32V8 and Distil lers 1 to 37.

CEMENT TUMBLES Canada Cement tumbled 4 to 38. The company said 19G7 profits may be lower. Falconbridge dropped 3 to 88V4 and Canadian Breweries to 7V4. Noranda paced base-metals higher, up 2V4 to 56'2. The company announced an increase in copper prices to 47'4 cents in Canada from 45.

Last week the company announced plans of a $122 million takeover of Essex Wire Corp. of I the United States. Granby Mining climbed 7'i to 45'i Friday. Officials could give no reason for the rise. OFFICE PREMISES FOR RENT Up to 1700 squora feet luxury offices New Bonk of Conodo Building.

Phone Mr. Andrews or Mr. Stewart 681-5584. ADJUSTER AVAILABLE years company and Independent experience. AH lines.

Will relocate. BOX 1073 Sl'V INVESTMENT Silent or M'orkinr pnnner wanted wMh about or i'haIi far new prefabricate hitnie. school ami coUhkp industry. Future potential unlimited. tax rulings.

At the U.S. Plywood special meeting in New York, over 86 per cent common and 88 per cent of the preferred outstanding shares voted in favor of the merger. At the special meeting of Champion Papers Inc. in Hamilton, Ohio, more than 90 per cent of the common and preferred shares approved the merger. The combined company, to be known as U.S.

Plywood-Champion Papers had consolidated sales of $1,029,000,000 in 1966. Total number of employees on a consolidated basis is more than 32,000. OXFORD MORTGAGE CORPORATION LTD. 95S HOWE VANCOUVER, B.C. TELEPHONE 634-5381 TO INVEST Sales execulivp wants to buy into established wholesale manufor'turiiiK or Import business.

Have excellent credentials and up to S40.0U0 to Invest. Box 1055, Sun Dividend Notice A Dividend of fifteen cents (13c) per share on the outstanding Common Shares of SIMPSONS, LIMITED has been declared payable March lb, 19'i7 to shareholders of record at the close of business on February 15, K. W. Kernaghan Secretary Toronto. January 'JO.

1967. 1 bv expanding Advanceme nl person. Hob Dibble Photo port dock in New Westminster. Cargo is destined for U.S. Atlantic coast.

Six, 60-ton winch booms enable ship to load all holds at 6nce. POWERFUL STEEL ARMS reach out over barges to fill hungry maw of freighter Pacific Princess with neat bundles of lumber at overseas trans- Power Corp. is deeply involved in finance companies (it controls Laurentide here), chemicals, real estate, mining you name it, they're in it. In the last couple of years, however, the big holding company has swung its gaze on leisure-time activities cognizant of the fact that work weeks are getting shorter and Canadians have more time for pleasureable pursuits. North American Recreation Industries has taken an interest in Garibaldi Lifts Ltd.

on Whistler Mountain; Grouse Mountain Resorts, Lakelse hot springs resort near Terrace and the Sunshine ski operation at Banff and the luxury, Voyageur Inn, among other recreation projects. Guilford Cinema's manager Regan was with Famous Players for 17 years before making the move to Surrey early last month. Latterly, he had been a "booker" and before that had managed Famous Players theatres, including five years at the International Cinema. He said the people behind the new chain know their business and the prospect of joining North American Cinema provided an exciting opportunity. Directors of North American Cinema are Harold MHavosky and Jim Scott of Calgary; John Wanamaker and Nathan Gesser of Montreal; Ralph Dale of Toronto and Paul N'athanson of Florida.

Wall Street Has an Eagle Eye The stock of Granby Mining climbed over $7 a share on the New York Stock Exchange Friday which promoted Wall Street officials, to make a hurried call to Vancouver to find cut what was going on. On Thursday the stock traded 6,300 shares and closed at $35. By the close Friday it had traded 39,200 shares and zoomed to $42. This rise undoubtedly stemmed from the report, originating here Thursday, that Granby's subsidiary, Granisle Copper, had sent its first shipment of concentrates, valued at $1.5 million, to Prince Rupert for trans-shipment to a Japanese smelter. The interesting thing, though, is the obvious close surveillance and bird-dogging that Wall Street does on its listed stocks.

rear uoic at IMF Meeting TWO-FOR-ONE SPLIT PLANNED CHICAGO (DJ) Illinois Central Industries Inc. has declared a quarterly dividend of 75 cents on common shares payable April 1 to shareholders on record March 6. Plans have also been made to vote on a proposed two-for-one stock split at a special meeting March 15. easion By MICHAEL COBB Sun Business Writer The great gold gamble has come down to the wire. Today, officials of the Interna tional Monetary Fund meetings in London.

started For weeks now speculators! I I BRANCH MANAGER REQUIRED FOR A LEADING TRUST COMPANY One of Canada's larRcst natlnn-ulde Trust Companies requires a Manager for its new Vancouver area office. Preference given to applicants with current banking or Trust Company experience. Position calls for willing and agssressive attitude and desire to accept increasing responsibility and advancement In continuing expansion program. Salary commensurate with experience and position, asre bracket thirty to forty-five years. Our staff advised of this advertisement.

Reply: BOX 1061 SUN have been banking on this IMF As South Africa will not be conference. This meeting, it was 'represented at the IMF confer-beheved, would bring to a head'cncc. he called a Dress confer- LAND INVESTMENT OPPORTUNITY LADNER-TSAWWASSEN AREA We offer some of (he best property for future residential or Industrial development, in to l.VJ acre farms or farmlands can be bought at today's prices. Vancouver must expand Its boundaries and has only one way to go. For more Information contact: JOHN V.

FRIESEN, 946-2026 or 736-9171 OFFICE COUNTRY ESTATES FARMLANDS DIV. BLOCK BROS. REALTY 2695 GRANVILLE VANCOUVER 9, B.C. ars leave Russia as the main gold supplier to the West. He said the price should go up to at least $70 an ounce.

He said 20 of South Africa's gold mines made little or no profit at all and had to be subsidized indirectly by the government. As South Africa mines more than half the world's supply, the warning brought a glow to Canadian gold mining com- panics. INDEX SOARS The Toronto gold index staged a spectacular advance in the closing minutes of Thursday's action. It rose 4.18 to 1C3.97. But just as it looked as if all the people who had bought gold bars, sovereigns and shares had backed a winner, reports from London turned the whole gamble around.

The Financial Times of Lon-dnn stated that France has abandoned its demand for a reexamination of the gold price. The word was that France had decided not to press the issue at the insistence of other members of the European Common Market. The Toronto gold index dipped 2.68 on the surprise news and left all speculators facing a i weekend of doubt. Ford Reduces Auto Production OAKVILLE. Ont.

(CP) Thc coumanv said it will close Ottawa Extends Gas Pipe Deadline OTTAWA (CP) The federal government reaffirmed Friday its support of the modified plan of Trans-Canada Pipe Lines Ltd. to deliver additional Alberta and Saskatchewan natural gas to Eastern Canada with a new line to be built south of the Great Lakes. worth in order to pay for western grain. On Thursday, everyone who i gambled on a price increase tvas given a lift. Into London came Dr.

Nicho- las Diedrichs, finance minister of South Africa. PARLEY CALLED ence to hammer country's views. home his' He warned that if the price of gold was not raised, South Africa might have to stop mining it. Diedrichs said that this would June Date Set for Electric Car LONDON (AP) Develop- ment work on Ford's new electric car is under wav in; Britain and the first prototype will be shipped to the United Stales in June, a company spokesman said Thursday. Wort- nn ttatfnrioc In nmver thc auto is going on siniultane- ously in the United States, he adjprj Walter Hayes, a Ford of Britain official, said: "We envisage a small car, probably smaller than the small compact1; now in service.

A bigger "It's not much use unless you! i i FORESTER or the question of whether the price of gold should be raised. The gold price has long been a subject of international dispute. PRICE FIXED While the price of other metals has risen, gold has remained fixed at $35 an ounce for over 33 years. The U.S. has been mainlv responsible for the price stability.

It has constantly dis missed every plea to remove the peg. France has been the champion of an increased price. She has converted her dollars into gold until this month it was announced that the French board was back to the level it last reached in 1938. The French attitude has been clearly defined. A treasury offi- cial said a few months ago that the entire world was on the verge of a financial crisis which could only be solved bv raising the price of gold rather than printing stacks of new international currency.

As France gathered strength. FOREST TECHNICIAN Required Immediately for forest Invenlory work furest products firm located In North Central B.C. possimlllU'S Rood lor a responsible Qualifications Recent university craduale preferred, hut not essential. At least three years experience In timber cruising and related fields. Salary Commensurate with experience and performance.

Reply, stating age, references, education and ouallflcations to: Mercury Logging Co. Ltd. Burns ake. B.C. EXPO BOUND dot wpvtern prlrp fnr your rar tradp Hud delivery In Latprn Hiiaila with sprrinl Kxpo linmm.

Call now fur dflails. Knh Mhlv, 84-3'8L or PRELIMINARY FINANCING wanted for ll'JH ELECTRIC CAR Ro'ojet Turbines Canada Ltd. lNiO W. lt 73S-BS13 Even. Tit 4-8465 THE ALBERTA GAS TRUNK LINE COMPANY LIMITED NOTICE OF DIVIDENDS Notice it hereby qiven thai the following quarterly dividends hove been declared payable on the 15th day of February, 1967 to shareholders o( record at the close of business on the Isl day of February, 19B7.

PREFERRED SHARES SERIES Dividend No. 6 Dividend of SI. 1875 per share on the outstanding 4't Cumulative Redeemable Preferred Shares, Series C. COMMON SHARES CLASS AND Dividend No. 18 Dividend of S0.30 per share on Ihe outstanding Clc and Class common shares.

Ey Order rf the Bomd J. M. Vice-President end Secietary. Calgary, Alberta. December 13.

196G. PHARMACISTS The government extended to next May 1 a deadline for a ns-Canada obtaining approval of the plan from the Federal Power Commission of the United States. The original deadline was Feb. 1. APPROVAL SOUGHT Trans-Canada applied to the Canadian regulatory body last winter seeking approval of a plan to increase the capacity of its existing line through Northern Ontario and to join with American Natural Gas Co.

of Detroit in a new line from Emerson, south of the Great Lakes, to Sault Ste. Marie, and Sarnia, Ont. After Trans-Canada went before the FPC in Washington seeking American approval of the plan, the government here announced it would not approve the venture unless Trans-Canada doubled its Northern Ontario facility to ensure that the majority of western gas will be brought east by an all-Canadian route. HEARINGS I Trans-Canada agreed, but the Trend Seen Away From Tight Money OTTAWA (CP) Reports on the latest market rates for government securities confirm a trend away from tight money. The Bank of Canada reports that the average yield of seven long-term government bonds was 5.58 per cent on Jan.

18, compared with 5.62 per cent a week earlier. Yields began dropping in mid-December. In the weekly auction of the government's 91-day treasury bills Thursday, the average yield was 4.79 per cent, lowest since March 16, 1966. It represented the 10th consecutive weekly decline in yield. The central bank also reported that the total money supply on Jan.

11 was billion down $86 million from a week earlier. This was $1,457 billion more so did speculation in golds. The version could take a minimum Ford of Canada Ltd. said Friday price of English gold sovereigns 10 years to get on the road in it is going on a short work week and French Napoleon gold the United States." jnext month to cut back rassen- frances went up. Gold mining! Hayes said the main problems gcr car production and try to companies saw thicr shares 1 facing an electric car are speed bring North American inven-beeome more active on ex-: and range.

lories in line with demand Male or female, for Vancouver. Above-average salary, 5-day, 40-hour week, paid statutory holidays, pension plan, profit sharing, plus other company benefits. Permanent position with advancement opportunities. Stale age and resume of experience. BOX 1069, SUN can grt a speed of at least 59 orion the four Fridays of Fcbru-fiO mile an hour and a range of ary, reducing production by 100 miles before recharging.

about 3.300 cars. changes throughout thc world. Other factors aided speculation. One U.S. banker said that for the first lime in modern monetary history "all the newly- minted gold is going into private hands." PRODUCTION LAGS Production did not keep peace with the demand.

Last year! estimates suggested the value of; gold mined was worth around SI. 74 billion, a paltry two perj cent increase on the year before. Russia helped (hose intcrestes 1 advocating a price boost. In i 19b6, she sold no gold on the' bullion exchange; the year before she dumped $'w0 million. IN MEMORIAM Tho Management and Staff of The White Superior Division, The White Motor Co.

of Canada Ltd. regret to announce that Mr. John T. (Jock) Russell, tales engineer, died suddenly, Saturday, January 14th, 1967, whilst vacationing in the West Indies. Mr.

Rutsell was greatly rcrpectcd by all and hit passing will be keenly felt. Euriol wot at Grand Cayman, B.W.I. FOR RENT 5,000 SQ. FT. RETAIL SPACE ON MAIN FLR.

WITH FULL BASEMENT DOWNTOWN GRANVILLE ST. Suitable for any type of retail or wholesale business. Presently occupied as retail furniture store for the past 30 years. Illness forces retirement. For further information, apply BOX 1063, SUN than on Jan.

12, 19G6. chance upset hearings before The public money supply, "the FPC. Opponents of the plan which includes currency outside asked the FPC to start the the banks and the public's hearings anew, since the Trans-chartered bank deposits but application was changed Government of Canada deposits, ifrom the original plan. Trans-totalled 20,394 billion on Jan. 11, Canada denied any substantial! down $146 million from a week change in the Great Lakes earlier.

project. 1.