Times Colonist from Victoria, British Columbia, Canada on April 11, 1973 · 9
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Times Colonist from Victoria, British Columbia, Canada · 9

Victoria, British Columbia, Canada
Issue Date:
Wednesday, April 11, 1973
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m m m m v 1 0 VICTORIA TIMES, WEDNESDAY, APRIL 11, 1973 CAPRICORN MINES FINED $2,000 EDMONTON (CP) Capricorn Mines Ltd. was fined $2,000 and its president, Robert Kostynuk of Edmonton, was fined 5500 when convicted in provincial court Tuesday of trading in shares without Securities Commission approval. Capricorn is an Edmonton-'uascd firm engaged in exploring and developing two properties in central British Columbia. Joanne Veit, securities commission prosecutor, said the company issued 67,022 shares at 30 cents a share to 17 individuals and companies between Jan. 15 and Sept. 17, 1971. Under securities legislation a public company must receive commission approval before selling shares. Kostynuk testified that the company had sent out a prospectus in an attempt to raise 5112,500. But the firm only received $13,S50 it decided to return to private status and refunded the money received. However, individuals asked to maintain their interest and be re-issued new shares. Steel Belted Tires to Dominate Market TORONTO (CP) - The new president of the Rubber Association of Canada says the swing to steel-belted radial tires will cost manufacturers millions of dollars in increased costs during the next few years. H. G. MacNeill, president of Goodyear Tire and Rubber Co. of Canada Ltd., says he expects about half of the new passenger car tires will be steel radials by 1975 and three-quarters by 1980. "I'm sure all companies will have to make very expensive .expenditures over the next few years." His company recently announced a $56 million addition to its plant at Valley-field, Que., for the production of the new tires. Mac Neill says the problem lacing most tire manufacturers is that the majority of tiro-making equipment, especially in older plants, cannot be converted for use in steel radial production and must be replaced. "Undoubtedly there is going to be some converting and some phasing out" of plants as the swing to steel radial continues. STAUTKl) LAST l'ALL While steel radials have been in use in Europe for years, North Amercan auto makers began offering them as standard equipment on some odels only last fall. MacNeill also says manufacturers must look to other products as sources of revenue since the new tires last much longer than conventional tires and therefore are replaced less frequently. The industry "must keep the government informed, if they intend to reduce tariffs further, of the effect it will have on the economy and on employment." The federal government re- Danes Approve Strike Pact COPENHAGEN (AP) More than 260,000 workers returned to their jobs Tuesday after union members and employers overwhelmingly voted to end Denmark's broadest labor market conflict since 1936. duced the tariff on imported tires by five per cent to 12.5 per cent in its latest budget. further tariff reductions would allow U.S. parent companies of Canadian operations to transfer all their manufacturing back to the U.S. and ship to Canada because of economies of scale. He also says the industry feels the proposal of the federal government to allow Hie French-owned Michelin tire company to import duty-free odd-siied tires not manufao turered at its plant in Nova S;otia gives the company "an unfair advantage" over Canadian manufacturers. After three weeks of- strikes and lockouts, both sides approved a compromise wage agreement which will increase pay and benefits for nearly one million workers by 7.5 per cent over the next two years. WANTED BACK HOE OPERATOR A. J. BAKU LTD. 479-1642 Unity Keeps Old Rate TORONTO (CP) Canada's newest and smallest chartered bank two branches now and one more opening Monday says it plans to hold the line on interest rates despite increases by other banks. President Richard Higgins of Unity Bank, said the decision is based on the reasoning that the bank is not a significant factor in the market and that it can maintain its competitive jxisition with lower rates. The Unity's prime rate the rate it charges its best customers is six per cent compared with 6'i per cent by the other banks following increases announced Monday and Tuesday. "As of now, what we're saying is we're a small organization and we want to hold tiie line competitively as long as we can . . . we're judged, our shares are judged, the same ns anybody's in relationship to earnings. "We have an obligation to shareholders but we also have an obligation to consumers. So we're trying to say we want to be competitive so Jets hold it for as long as we can." Unity also pays a slightly higher interest rate than the other banks on deposits. Mow is it working so far? "Good. Oui' assets now are up around S45 million. We'll be showing a profit this half year of $300,000, profit at the cvi of the first year of about :,6G0,000 with 12 branches." New Board Produced From Waste DALLAS, Tex. (AP) A chemist said Tuesday par-Ixlcboard made from waste straw can compete in price and quality with interior plywood. Robert R. Groner, agricultural chemist from Oregon State University, made the statement in an address to the ltvth na'Hinal meeting of the American Chemical Society. Groner said wastcpapcr, sti.w .'.nd municipal wastes have been successfully transformed to useful products in the laboratory. Straw had been converted into a joint soil conditioner -fertilizer and into a common resin, he said. Groner said any cellulose containing solid waste municipal, commercial, agricultural or imimal is suitable starting material. Partic'.eboard is made in the iaboiatory from straw and municipal refuse which had bcc.i mi'led to the particle size. A resin is sprayed on the dried waste particles and the solid board is formed by heating and applying pressure to toe mixture. Groner said a catalyst row is used to step up the process. Groner said particlcboard ran be used in the construc tion and furniture industries, ; is easily sawed and drilled, j and can be nailed and glued. Similar products made from straw have shown excellent thermal and acoustical properties. TASTERS ! STILL SIPPING WASHINGTON (AP) -Three years after President Nixon declared it wasteful, Senator Thomas Eaglcton says the Board of Tea Tasters slill is sipping along at a cost lo U.S. taxpayers of $117,230 this year. Not only the tea tasters rommilloc continues, L'aglc-Ion said, hut so dues the P. Mid i.f Tea Appeals for appealing verdicts of the tasters. mm? to 0us Tv- W f' l$k ' .i' s I " v ' x ' S.-. - Mill:-' I i wiililiillitilt 'S On Western vou pay for Coach but your legs fly First Class. On "Western Airlines, when you buy a seat in Coach, you get exactly the same legspace that every First Class passenger gets. Which means that you can really stretch out. In absolute comfort. "Without scrunching or cramming or jamming. You can cross your legs. You can unwind, unbend. Totally relax. "Western's First Class Legspace is available to everyone o our passengers. On every one of our flights. Whether you're flying 200 miles or 2000 miles. Western serves more California cities from Vancouver than any other airline. Only Western offers daily nonstop, thru-jet or connecting service to all these California cities. LV. AR. Sanliancisco: 7:30 a.m. 1:06 p.m. Connecting 5:50 p.m. 7:45 p.m. NONSTOP LosAngcles: 7:30a.m. 10:54a.m. Thru-Jet 1 : 00 p.m. 3 :25 p.m. NONSTOP 5:50 p.m. 9:30 p.m. Thru-Jet SanDiego: 7:30 a.m. 12:30 p.m. Thru- Jet Talm Springs: 7:30 a.m. 12:12 p.m. Connecting Ontario: 7:30 a.m. 3:00 p.m. Connecting- Western-Number One in On-Time performance for 1972. AmonganmajorU.S.ahlines,Westernwasirst', in 1972 in its record of on-time performance. We left on time.We got you there on time. And we did it consistently. Western Airlines. It's the only way to fly. 5 s' ; x (ligtlll Western Airlines Ha waiiAlaskaCana da Western US Al Mexico Your Travel Agent knows-jusfc say you want to fly Western. Or caUu3toll-fieeat23i6740. .1- L A.

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