UL 4.1 1

none.

je Wenner — Gren

i
! =

Ss

Provincial Parks
Wenner -Gren Land
Tree Farm Licences

Public Working Circles

ee

This map prepared by the B.C

. Federation of Labor natural

Tesources committee shows how the Social Credit govern-

Ment and its predecessors, the
alienated the people’s natural resources. Not shown on the |

Tories and Liberals, have |

map are the fabulous power and natural gas resources
given away. The B.C. Federation charges that the give-|
aways are making B.C. a ‘disappearing province.’

| 007,343,

| 000,

| figures

Profits ..
Profits ..
Profits

Here are the profits of some

companies named in articles
on these pages for the first six
months of 1960:

Bloedel and
River Co.,

$12,850,000

@ MacMillan,
Powell reports a

total of for six

months.

@ CrOwn Zellerbach,

000, which was about

$4,700,-

one mil-

lion more than the first six

months of 1959.

@ B.C. Forest Products, $2,-
$1,546,-
000 for the first six menths of

1959.

compared to

@ C.M°&S., $13,290,000,
$8,564,000

first six months of 1959.
@ B.C. Telephone Co., $2,103,-

com-

pared to for _ the

which was a
the

slight gain

over first six months of

1959.

These are only samples

random. Six month
not available for
many companies. However, all

signs are that profits for mon-

taken at
are

| opolies such as the B.C. Elec-

, tric, B.C. Power Corporation,

Westcoast Transmission and
others, will continue to main-
tain a high level in 1960 as
they did in 1959.

These companies are grow-
ing fat from exploiting B.C.’s
resources, while the lot of the
workers is

mass unemploy-

ment and rising prices.

U.S. TRUSTS DOMINATE RESOURCES INDUSTRIES IN B.C.

: The evidence of U.S. . con-|
ol in the economy of. our}
Province is visible everywhere. |
ee retailing, in manufacturing |

the basic industries, Ameri- |
every-|

®N companies are

By far the largest company
operating within the boundar-
ies of British Columbia is the
B.C. Power Corporation,
whose assets total $700,000,-
000, and which is based upon

Where, and to an increasing }.the exploitation of our water

: traditional
Tm names have become only
front for U.S. ownership.
eee Shipping is carried in
~Teign registered vessels, man-
€d by foreign crews, owned
Companies which may -be
ape Liberian, Panamanian,
With but usually in name only,
4.4 the ultimate ownership
“ing American.
ete decisive power in Brit-
“ Columbia, however, is in
Tesource based” indus-
the primary industries
oy Ganty our ecenomy de-
over 8. These industries, more-
Sat develop mainly under
“Ses government super-
Mace” and their control re-
Phy ..2e give-away philoso-
Y of Social Credit.

‘

tries,

Canadian| power and gas.resources both

conferred upon it by the gov-
ernment in Victoria. The vot-
ing control of this company ap-
parently remains with the
Eastern Canadian and English
interests who bought. it many
years ago.

Tvowever, In recent years,
large amounts of non-voting
capital have. been raised in
New York and have no doubt
had their effect on policy.
Moreover, B-C. Power has en-
tered increasingly . into con-
tractual association. with U.S.
natural gas interests, and U.S.
northwest power interests,
with respect to the distribution
of power and gas. More re-
cently, it has entered into -as-
sociation with the internation-

al promoters of Peace River,
Power, and with associated}
contractors and financial inter-|
ests linked with the House of
Morgan.

Also in the Utilities field,
we find the B.C. Telephone
C°mpany, a controlled subsid-
iary of the American monop-
oly, General Telephone. EG:
Telephone’s total assets
amount to the respectable sum
of $230,000,000.

Our largest exploitable re-
source is wood. Here we find
the giant lumber and pulp
combine, MacMillan - Bloedel
and Powell River Lid., com-
prising about $300,000,000 in
assets and earning net profits
of $50,000,000. per year. As
the name indicates, this com-
pany is a merger of three for-
est giants, of which only the|
H. R. MacMillan Export Com-
pany could be properly con-
sidered as a Canadian com-
pany. Next to MacMillan-Bloe-

del in size is the American

subsidiary, Crown - Zellerbach
of Canada Lid., with assets of
$151,196,000. Smaller
olies, but still of respectable
size are B-C. Forest Products,
controlled by the American
Scott Paper .Company, and

monop-:

Alaska Pine and Cellulose, !

wholly owned by the Rayon-
nier interests, also American.

A smaller operation, but po-
tentially enormous is ‘Colum-
bia Cellulose, which, in its
own right and m the name of
its subsidiary Celgar, holds 1.-

600,000 acres of timber land, |

and. operates sawmills
pulp mills. This- outfit
subsidiary of Celanese Corpor-
ation of America.

The metallurgical industry
of the province is dominated
by two giants, Consolidated
Mining. and Sm€lting, and
Aluminum: Company of Can-
ada. C.M. & S., whose -assets
amounts to $187,000,000 makes
an annual profit of $26,000,000

and |
is a!

from the mining and smelting
of (mainly) British Columbia
ores. It is a subsidiary of the
CPR, which itself is owned
partly by English and partly
by American interests, with
the voting control apparentiy
being in the hands of the Eng-
lish stockholders.

Aluminum Company of Can-
ada is a nationwide operation,
with aluminum smelters in
Quebec and British Columbia,
and many aluminum fabricat-
ing plants. Its assets exceed a
billion dollars.

The above are the -main
aggregations of large capital
in B.C. In the main, they exist
on the exploitation of our na-
tural resources, under govern-
ment license, Among all of
them, Canadian participation
is negligible, and the decisive
control rests in the hands of
Wall Street or London, with
Wall Street having enormous-
ly expanded its stake since the
end of the war.

November 18, 1960—PACIFIC TRIBUNE—Page 7