MONTREAL (CP) —
Argus Corp. is using its old

rival, Power Corp. of Canada :

Ltd., as a model in its own
reorganization plans, says
Argus chairman Conrad
“Black,

Page 18, The Herald, Friday, July 6, 1979

Rivalry said over

A series of share and asset
transfers that will make
Hollinger Mines the parent
company instead of a sub-
sidiary of Toronto-based
Argus will soon make
Hollinger the chief operating

Iran announces
nationalization

TEHRAN (AP) — The
revolutionary government
announced the

. nationalization of a broad
. ange of industries Thur-

Sday, saying it wants to
reduce Iran's dependence on
oi] exports, boost em-
ployment and end the control
of “agents of Imperialism,”

The sweeping move covers
the metals, aircrafl, ship-
building and auto-manufac.
turing industries, and appar-
ently affects some Western
holdings — including an
affiliate of the U.S. General
Motors Corp. Most of the
industries involved are

believed to be Iranian-

owned,

Prime Minister Mehdi
Bazargan announced the
new nationalization
program, which follows the
nationalization of private
banks June 8 and of private
insurance companies June.
25.

He’ gave few financial
detalls of the takeovers,
saying further information
— presumably including
plans for compensation —
wauld be divulged when the
necessary legislation is in-
troduced within a week. .

Bazargan reiterated the
Islamic regime's support for
financially “sound” private
enterprise. But the govern-
ment has warned repeatedly
it. will seize inefficient or
abandoned industries.

State radio broadcast a list
of 51 Iranian industrialists,
many of whom have fled the
country, whose interests are
among those expropriated in
the nattonalization.

A statement explaining the
government move said the
old regime of Shah
Mohammad Reza Pahlavi

had made Iranian industry
dependent on “foreign
capitalism,”

The nationallzations affect
metal-producing industries,
including steel, copper and
aluminum, up to the rolling
stage, as well as the
manufacture and assembly
of ships, aircraft and
automobiles,

Ship and aircraft assembly
is extremely limited in Iran.
But the country has several
large auto-makers, led by
Iran National, an Iranian-

owned firm that assembles‘

automobile parts sent in by
the British Chrysler firm,

Chrysler does not have,

equity in the company.

A spokesman for General
Motors in Detroit said it has
a 45-per-cent interest in
General Motors of Iran,
which has anassembly plant
here, The majority interest
is held by an Iranian family,
The GM spokesman said the
U.S. auto giant would:seek
further information from
Tehran about the nation-
alization, Renault of France
is also involved in Iranian
auto production.

Bazargan said the govern-
ment would also nationalize
“industries and mines
which, - through illegal
connection with the past
regime, made illicit benefits
and plundered public rights
and have fled the country,"

Cerlain other debt-ridden

company of Argus —
something like the role
Canada Steamship Lines
Plays for Montreal-based
Power Corp, |

Black also offered the
opinion In a, recent interviel

th ¢ the bitter rivalry bet-
ween the two holding
companies is avér, and he
had words of. -praine- for
Power Corp, chairman Paul
Desmarals. ; co!

- “Mr, Desmarais. has been

MOSCOW (Reuter) —
The Soviet Union's
earnings from oil exports
increased to $15.2 billion
last year, up from $14.4
billion the previous year,
foreign trade statistics
released Thursday show.

The officlal Foreign
Trade Handbook for 1978
says oi] accounted for 28.1
per cent of Soviet export
revenues, virtually the
same percentage as in the
previous year. As in
recent years, only the
value of th. oil exports
and trade in many other
items were given and not
specific tonnages,

USSR EARNS. -
MORE FROM OIL

Earnings from oil
exports to major Western
countries » with
the exception of France, .
the figures show,” =

But revenue from oil
exports to member
countries of the Soviet-led
Communist -economic |
group Comecon rose to
$7.2 billion in 1978 from
$5.8 billion In 1977, un-
Gerlining the Soviet po- |
sition as the Communist
world's major energy:
supplier, :

Oil prices -. within
Comecon are set on a
sliding scale based on the
world free-market price
of the previous five-years,

‘. Dalean Constructors.

a ploneer among Canadian ©

businessmen,” Black said in
the Interview, conducted in

‘French with the’ Montreal

daily-La Presse,
“We maintain very cordial

relations. Mr. Desmarais is

, Argus to reorga

avery dynamic. man,-I must
also say that inour tran-
sactions, he has always
acted like a perfect...gen-
Hleman. He is a man of- his

word,” ke
Under = the’ = Argus,

Consortium will
be building dam

“EDMONTON (CP) — A-
consortlum of Canadian
contractors will build +

’ $282.6-million dam and
‘powerhouse for British Co-

lumbia Hydro and Power

Authority on the Columbia

River.

Work on the hydroelectric
dam 438 kilometres up-
stream from the city. of
Revelstoke will start im-

mediately with completion .

scheduled for June, 1984.
Pitts Engineering Con-
struction Lid, a wholly-
owned subsdiary of Banister
Continental Ltd. of Ed-
monton, will be the sponsor
and a 50-per-cent partner in
the consortium, called

Pitts will provide all of the
management and super.
visory personnel and earn a
10-percent sponsor's fee
from the three minority
partners — Atlas Con-
struction Inc., Janin Con-
struction Lid. and Genstar
Construction Ltd.

Pitts earlier sponsored a
joint venture that completed
& $50-million diversion
tunnel as the first part of the
Columbia River hydro
development, which will
generate 1,640 megawatts of

_ Clectric power.

A Banister spokesman told
a.news conference Thursday
the Revelstoke project will
help stabilize the company’s
future revenue and earnings

88, .

reorganization announced
two weeks ago, the parent
holding company Ravelaton
Corp, — controlled by Black
ire ae
woul 2 per ce

Hollinger shares directly.

- Hollinger in turn would-hold
"80 per cent of Argus common.
“gharea and-98 per cent af -

Smelting, which in turn
would increase Its holdings
in-Noranda Mines, This
series of transactions would

‘algo. provide Ravelaton with
cash to pay off part of the
$65-million bank loan used to
buy Argus shares sold by
Power Corp. : ;

.. Power bought a large
block of Argus shares in 1975 ,
in an unsuccessful takeover
hid, leading to bad blood .
between Desmarais and then —

Argus ; {hairman Bud Me-

 Dougald,

Black said the changes he
plans will lighten Argus'a
administrative load and give.
it a more contemporary
operating structure. ;

- McDougald and his part-
ner E-P. Taylor used to save
their voting shares and live

nize |

t } . . oe .

on dividends, he said. «
“They made a fortune.
And it was very legitimate. :
By doing this, they brought
together an impressive
group of companies, But the
structure they sel up no
longer responds to con-
temporary management
_ ”

Black, 35, sald hia reorga-
nized company might even
change namea to Argus-
Hollinger or- vice-versa.

The tycoon recently
became chairman at Be pe
subsidiary Massey-Fe:

Lid. which be hopes to
rescue from hard times.

Massey-Ferguson “ls the
largest producer of diesel
engines in the world,”’ he
said. “With the . energy.

; possibilities are—
enormous.”

He anne spme ines
couragingly of Dom
Stores Ltd,, now chaired by
brother Montagu. =i

“There's an important

market there when you
consider that more than

three million people pass’

through each week. And
we're counting on explol
this reservoir to our ad-
vantage. We have plenty of
work ahead of us.” |

industries are also lable to |

nationalization, he said.
The nationalizations will
mean restoration of “proper
management," will help end
Iran's heavy reliance on
selling its oil, will broaden
employment opportunities
and “end the contro] of
agents of imperialism.”

EARNINGS

By THE CANADIAN PRESS
Hatlelgh Corp, three
‘months ended March 31:
1979, $72,000, no share
figures; 1978, $297,000.
Laurentide Financial
Corp. Ltd., four months
ended April 30: 1979,

$1,789,000, no share figures;

1978, $2,674,000,

‘Popular Industries Lid,
six months ended April 30:
1979, $427,407, 43 cents a
share; 1978, $309,892, 31
cents,

Sobey'’s Stores Ltd., year
ended May 5:. 1979,
$1,900,000, $2.85 a share;
1978, $1,091,000, $1.31.

Standard Broadcasting
Corp. Ltd., nine months
ended , May 31: 1979,
$5,551,620, 99.2 cents a share:
1978, $4,929,765, 76.8 cents.

Whonnock Industries Ltd.,
six months ended May 31:°
1979, $10,800,000, $3.53 a
share; 1978, $3,287,000, $1.12.

DOLLAR

MONTREAL (CP) — U.S,
dollar in terms of Canadian
funds at 3:30 p.m. EDT
Thursday was down 11-100 at
$1.1634, Pound sterling was
Up 1.03 at $2.6025,

In New York, (he Canadian
dollar was up 2.25 at $0,8595,
and pound sterling was up
1,10 at $2.2370.

~~ STOCKS

TORONTO (CP) — The
Toronto stock market was
sharply lower at the cleee of
active trading Thursday.

The TSE 300 index fell 7.54
to 1,583,868, .

Analysts said investors
continued to take profits

- although losses were less

than on Tuesday and Wed-
nest a.

Vuilme was 5.34 million
compared with 4.87 million
Wednesday.

Among Industrials, Texaco
Canada fell 3 to $67%,
Hudson's Bay Oil and Gas
1% to $72%, Seagram Co. 1%
to $34%, Falconbridge
Nickel A 1% to $63% amd
Dofasco A 1 to $32%.

Alberta Energy 1 to $31%,
Asbestos Corp. 1 to $4914,
Hayes-Nana % to $11% and
Warrington Products two
cents to $1.20,

Hudson Bay Mining and
Smeiting was down 1 to
$20'%, Teck Corp. BH % to
$12%4 and Denison Mines 1%
to $30. Dome Mines was up
1% to 464 and Giant
Yellowknife 54 to $11%4,

Great Canadian Oil Sands
declined % ta $1754, Czar Re-
sources % to $934 and
Canada Northwest Land %
to $13'%. Mountain States
Resources advanced 1% to
$1114 and Numac Oil and Gas
% to $38.

*

VANCOUVER (CP) —
Prices were P ln heavy
trading Thursday on the

Vancouver Stock Exchange. .

Volume to close was 4,503,526
shares.

In the
Pagurian led trading, up .05
at $3.60 on 9,040 shares,
Potter Distillers A was
unchanged at $1.40 on 4,085,
Northway Gestalt was un-

changed at $1.55 on 3,200 and -

Ardiem was up .03 at .22 on
3,000. Keg Restaurants was
up .16 at $2.25 and Daon was
off .01 at $17%,

On the resource and

development board, Con-.

solidated Boundary was up
0 at .34, trading 252,290
shares, Liberty Petroleums
jumped .6¢ at $3.60 on
149,806, Action Resources
Warrants was up .12 at 33 on
123,000 and Action Resources
jumped 32 at $1.52 on
106,066. Zenore Resources
was cs 4 at .66 and
Galveston surged.40 at $3,05,

the curb exchange,
Laaron Metals was off .03 at
32 on a turnover of 303,500
shares, Taurus was down .05

industrials, -

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