Page &, The Herald, Friday, August 31, 1979

Alberta buys
into Syncrude

CALGARY (tP) — The
Alberta government has

reased its ownership in -

the Syncrude _ oil-sanda
project, larg:

est commercial
synthetic-ol] plant in the
world

Alberta Energy Co. Lid.,
Bh per cent owned by the
Alberta government, an-
nounced Thursday it has
sowie’ its full option to

a 2-per-cent in-
terest in Syncrude Canada
Lid., which operates the
Plant in the Fort McMurray
area of northeastern
,Alberta,

AEC said coat of the
acquisition ia $670 million,
This will give Synerude a
book value of §2.85 billlon, up

the announced cost of
$2.2 billion when the plant
began productiona year ago,

Although the AEC, created
by an act of the legislature,
is not a Crown corporation,
there is ittle fecret tha’sit
takeu jolcyadigecion drvx j1-
kbhr kef yfdisloughs5u
Progressive -Conservative
government, which already

‘ owned 10 per cent of the
Project.

The existence of Syncrude
‘was due largely to the efforts
of Lougheed, who joined
hands with the federal and
Ontario governments in 1975
to rescue the project when its

l sponsors were on the
verge of abandoning it,

Under the Winnipeg
Agreement, Alberta lent and
invested about $300 million in
the project, estimeted then
to cost $2 billion. The AEC
option was.a condition of that
agreement,

Another provision is that
Syncrude ail will beset at the
world price level, now about
$26 a barrel, almost twice
price of $13.75 paid to con-

ventional oi} produced in
Canada.

Under the agreement, the
federal, Alberta and Ontario
governments picked up £5-,
10-and five-per-cent in-
terests, respectively, in
Syncrude, Ontario has since
sold its interest to Pan:
Canadian Petroleum Ltd.
Other private owners of the
project are Esso Resources,
a subsidiary af Imperial Oil
Ltd., and Gulf Canada Ltd,
and Canada Cities Service

Most of Ailberta's in-
vestment in Syncrude comes
from the ever-increasing
Alberta heritage savings
trust fund, built up with 30
per cent of the province’s
resource revenue and now
totalling about $5 billion, ,

AEC had an option to
acquire anywhere from five

to 20 per centof the Syncrude

equity.

AEC said it has received
several substantial offers to
purchase its share of the
Syncrude ownership. AEC
said a decision on whether to
resell part or all of its
Syacrude ownership -will be
made in mid-September.

When AEC was created in
1975, the subscription price
for its stock was $10 a share.
It now trades in the $46

range.

During the firat six months
of 1979, AEC had net ear-
nings of $11,858,000 or 79

-eents per share, up 4 per

cent from $8,-517,000 or 54
cents per share for the same
period last year. -

Following disclosure in the
news media, the government
confirmed that 32 MLAs, in-
cluding 18 cabinet mir‘«*--3,
hold AEC shares.

AEC is also the exclusive
owner and operator of the
pipeline that carries Syn-
crude oil ts Edmonton.

EARNINGS |

By THE CANADIAN PRESS
BAC, Sugar Refinery Ltd.,

. sine months ended June 20:
1979, $5,100,000, 92.35
re; £978, $4,200,000, $1.73.

Camflo Mines Ltd., six
months ended June 30: 1973,
$5,-224,388, $1.50 a share:
1978, $2,385,807, 67 cents.

DOLLAR

MONTREAL (CP) — U.S.
dollar in terms of Canadian
funds at 3:30 ‘pm. EDT
Thursday was down 19-50 at
$1.1674, Pound sterling was
down 1.26 at $2.6296.

In New York, the Canadian
dollar was up 7-25 at $0.8566
and pound sterling was down
7-20 at $2,2525, :

Chromasco Ltd., six
months ended June 30: 1979,
$14,000, no share figures;
1978, $1,356,000, loss,

Cockfield, Brown and Co.
Ltd., six months ended June
30: 1979, $322,600, 64 cents a
share; 1978, $134,000, 22
cents,

Gesco Distributing Litd.,
nine months ended June 20:
1978, $313,800, 31 cents a
share; 1978, $60,200, six
cents.

Pancana Industries ‘Ltd, ,

nine months ended June 30:

1979, ' $81,000, two cents a
1978, $85,000, “two _

share;
cents,
Robinson, Little. and Co.
Lid, six months ended June
30: 1979, $286,408, 24 cents a
Share; 1978, $163,970, 13
cents, ‘
Royal Bank of Canada,
nine months ended July 31:
1979, $186,590,00, $5.10 a
share; 1978, $157,882,000,
eo

| 7 STOC Ro

4

VANCOUVER (CP) —

ces were up in heavy
trading Thursday on the
Vancouver Stock Exchange.
Yolume to elose was 6,050,088

res,

In the industrials, B.C, Re-
sources Investment Corp.
traded heavilyt, up .07 at
$8% on $02,225 shares,
Canadian Javelin was down
10 at $1.15 on 4,200, Am-
bassador was unchanged at
$1 on 4,000 and Computrex
WAS Un ed at .26 on
4,000. MacMillan Bloedel
was up % at $255 and
Grouse Mountain was un-
changed at .80.

On the resource and
development board, Monte

Grande was up % at $1034 on
321,800 shares, Action
Resources Warrants was up
-07 at .32 on 182,900, Laredo
Petroleum was up .10 at $1.25
on 163,900 and Redford Mines
was up.11 at $2.60 on 118,850,
Action Resources was up .15
at $2 and Tournigan Mining
was up .0P at $1.30.

Qn the curb exchange,
Luaaron Metals was up .10 at
-50 on 317,000 shares, Electra
Resources was up .06 at .98
on 168,500, New Congress
was up .05 at .45 on 116,500
and Veronex Resources was
unchanged at $1.25 on 62,900.
Bianca Resources wasup .50

was up .12 at .49,

TORONTO (CP) — The
Toronto stock market was
moderately higher at the
close of active trading

ursday,

The TSE 300 index rose
121 to 1,679.68, a record-

Most stock groups ad-
vives treed financial ser-

ces sharply over
disappointing third quarter
earnings by the Royal Bank,

Volurne was 6.81 million
compared with 7.30 million
Wednesday,

Among industrials,’
WalkerGooderham A rose
1% to 48%, Intermeteo 1 to
$1514, Dome Pete 1 to $41%4,
Canadian Pacific % to $364
and NorcenEQE U CES %
fo $2744.

Aqaitaine of Canada fell
t% to $39%, Hudson's Bay
Oil and Gas 1 to $81, Tele-
Metropole B 1 to $2044, Alcan
Aluminium % to 46% and
John Labatt A % to $24%,

McIntyre Mines was up 2
to $6744, Camflo Mines 1 to
$16%, Hudion Bay Mining
and Smelting 1 to $26%. La
Luz Mines was down 1 to $6%4
and Hollinger Mines A 1 to

Numac Qil and Gas ad-
vanced 134 to 43%, Chieftain
Development % to §27% and
Ranger Oil Canada % to
$31%. Prairie Oil Royalties
1% to $21% = and
Amalgamated Bonanza Pete
Ss to f22%4.

lg
g

‘at $6 and Northern Lights

_ and he intends to open and expand the lines of com-

- LABOR NEEDS
BETTER PRESS

OTTAWA (CP) — Labor Minister Lincoln Alexander
says labor deserves a better hearing by government

munication, ;

Tn a Labor Day message, Alexander sald that in the
past there hag been too little consultation on a too
structured basis, His statement, In part sald:

“I am eager to establish a strong and positive
relationship with the Isbor movement, a relationship
that better reflects the absolutely vital role labir plays
in the future of our country and of all ourcltzens.

“It is essential that labor, management and
government get to know each other better so that
mutual problems can be discussed and viable solutions
reached. There is a need for abjective and continuing
consultation on a vast range of matters and I am going
to dp my utmoat to make this consultation process
work, ; ;

“I will strive to live up to the expectations of the
Canadian people who placed their trust in my ability to
perfarm thefunctions ofa minister oftheCrown, ~~

MAJOR OUTLETS"

British see price battle.

LONDON (CP) — One ot

Britain's largest retail |

outlets is cutting prices by u
to 15 per cent, touching ot
the possibility that a battle of
the shops may be in the of-

Marks and Spencer, a
bluechip retailer with
branches in Canada, has

launched an £11 million ($29 .
million), package of cuts |

lasting until at least. Christ-

maa,
Hcsteatiag campaign te
ces cam iby
Pris company in tie ent

years,
Business analyats suggest
the motive is that retailers

are being squeezed between
sharply rising costs and
consumer resistance, They
predict cther companies
may have to follow ‘the

Marks and Spencer lead,
Roy Burgess, deputy
director of : the.

mana

rival British Home Stores,
seid: “We have no plans at
the moment for our
targets for the year. But we
will monitor very closely
what happens,’’
’ Price Minister Sally Op-
penhelm sald of the Marks
and Spencer move: ‘More
power to their elbow. This 1s

.& perfect oxample of free

enterprise in a competitive

market place bringing better *

service and lower irices and
maintaining employment.
igh productivity. T am de-

Brian Howard, joint
managing director, said the
cute have been forced on
Marks and Spencer by a:
shopping recession.

“Since tax increases in
June, sales have in
the-region of five per cent,”
hessidg

- Sir Marcus Sieff, company
chairman, said: "Ninety-two
per cent of St. Michael
(Marks and Spencer. fi
brand) goods are British
‘made. “We therefore have a

BUSINESS DIRECTORY

considerable responsibility
to more than 300 United
Kingdom suppliers and to

in the p:
tribution of St. Michael
goods and to our loyat.
customers,”

The suppliers, by cutting
wholesale ices to Mare
and Spencer, are to

expected
bear about one-third of the
&il-million cuts. However,
net all of the 300
are golng along with the
promotion. '.

"Some examples of how the
move will benefit con-
sumers,

Plumbing - Heating - Commercial Servicing
Residential - Industrial - Specializing Gas Fiting
and Sheet Metal Shop : .

Charlie Belanger —
PLUMBING & HEATING LTD.
‘Unique Bathroom Boutique’ .

44% LAKELSE AVENUE
P.. Box 534 PHONE 635-9319

TERRACE, B.C. VéG 4B5 : OR 635-9320
Install & Service Gas, Wood & Oll Furances

o1SCO Store...

"Ake Stone THAT fas Evert"
635-3546 |

3922 6 ee (OR OTR
OLD LMMELSE UX RD fATe 6 0065

BOTTLE

- . the PoP shoppe -
- FREE PARKING |

Beer & Pop Bottles

‘Open 10 4.m.-6 pm. dally except Sunday
Thurs, & Fri. 119 p.m.

DEPOT

EASTSIDE _
GROCERY & LAUNDROMAT
OPEN 7 DAYS A WEEK

| To Serve You ©
WEEKDAYS 6-11 ——WEENENDS 9-11
4438 Lakelse 635-2104

We LAND CLEARING
te LEVELING

* 480 JOHN DeeR «ow Gravina
WITH BH WHEEL oy BACKFILLING

. ; TERRACE :
PHONE ANYTIME .

DAVE & ALLAN 635-3505

NORTHWEST PIPE —

AND EQUIPMENT LTD.

PIPE, PLUMBING SUPPLIES, PUMPS,
HOSES, NUTS AND BOLTS, FENCING,
WATER SOFTENERS — AND MORE —

5235 Keith Avenue :-. near 6.c. Hydro.

YOUR FRIENDLY CONVENIENCE STORE

635-7158

e g AUTHORIZED *
°
° Sanyo, Toshiba

SERVICE
Mon.-Sat. — 9a.m.-ép.m. -_-

Terrace Electronic Repairs Ltd. |
SERVING TERRACE & KITIMAT
-DEPOT
Philips. Magnavox, Zenith
Friday — 9 a.m. - 9 p.m.
. 4623 Lakelse

635-4543

GLACIER

L % 4418 Logion Avenue

Ai Torraca, B.C.
S ge |
Ss

A Complete Glass and
Aluminum Service

CARPET & FLOORING
INSTALLATION

YOU SUPPLY WE INSTALL

JAMES GRAY

| FREE
TERRACE HOTEL GIFT CERTIFICATES:

For these Items

x bear teeth * bear claws
* wolf teeth : x beaver teeth
%& moose or deer agtlars tsingte or pair)

Available at the front desk of the

TERRACE HOTEL

Ready Mix Concrete, Sand, Gravel, Top Suil, Drain
Rock, Pailo Blocks, Concrete Gravel, Bags of Cement,
Ya Yard Concrete Mlxer Available for Rent.

WE DELIVER SATURSAYS
- PHONE 635.3934
F.4.H. READY MiX
Construction Ltd.

Plant Off Krumm Roed
Thornnill

products,

3213 KALUM STREET
TERRACE, 8.C.

| Dauay's Place
BILLIARDS & AMUSEMENTS

"We will sell, service & repair ail your home Brunswick

PHONE 635-2473

STARBOARD
TACK YACHTS

SAN JUAN
21‘ to 30 Sailboats
' & Accessories

635-3001

Ken Hansen

Smooth Sailing
to the
Herald!

PHONE 625-6357

3212 KALUM

VANS CONTRACTING —

Furniture Repair

aN Restorations, Hope Chests” = «|
rte Custom Made Faraltere, Reffalshing
i¢

NORTHERN
deLIGHTS .
CO-OP |
3224 Kalum Street, Terrace.

Natural Foods — Books — Local Crafts

_ Wayside Groceries
4711-G Keith Ave. .
Your friendly convenience store
HOURS:

7:30 am - 12:30 am.

Weekdays

eine Cleaners Ltd.

SUEDE AND LEATHER
CLEANING ,

2 LOCATIONS
4404 Legion Avenue and Mini Mall

635-6180

(Next fo Mr. Mikes)

“ONLY MEMBERS GET DISCOUNTS weekends 10:00 am - 11:00 pm 635-2838
MARCOUX __|| § — Mai ret |
finishing & Offices, Custom 0 | i C & H Industrial Cleaning

deli homes, Fireplaces C D Ltd. - -
rem OSS General Carpentry ; . f “WE TRAVEL —- YOUR HOURS"

. a Steam Cleaning and Pressure Washing
635-2359 | 2701 South Kalum St. Phone 638-1634 or 635-3545
6-3916 Mountainview Ave., Terrace T

Call us at 635-6357 - 9te5