1962 1963

and a still lower percentage of the profits in
sight for 1964.
NET WORTH
The employers claim that the high profits
are necessary because they are ploughed back
into capital expansion. The facts show that the
net worth of all companies has risen, repre-
senting an enormous increased value of invest-
ment. At the same time, the huge profits
already mentioned have been accumulating.
For instance, the Financial Post, January 4,

1964, states:
“A $1,000 investment in the shares of Mac-

Millan, Bloedel & Powell River Ltd. (then
H. R. MacMillan Export) in 1947 would be
worth $11,960 today and income from divi-
dends would total $3,368 for a 16-year invest-
ment performance of $15,328. OUTLOOK:
M.B.& P.R. shares currently trade at $25% and
sell at 14 times estimated earnings of $1.80 to
yield 3.9% . . . At the current price of $2542
the shares continue to appear attractive for
capital appreciation over the medium to long

term.”

2,250

2,000

THE WESTERN CANADIAN LUMBER WORKER

B.C. Douglas Fir Plywood

(1000)

300
ANNUAL PRODUCTION
290} PER EMPLOYEE

(thousand sq. ft. %” thickness)
280
270
260
250
240
230
220
210
200
190

180

170
160

en TOTAL WAGE EARNERS

6000

5750

5500

5250

5000

1957 1958 1959 1960 1961

Source: D.B.S.

3,500

~@

B.C. Coast Lumber

(1000)

300
ANNUAL PRODUCTION

290 | PER EMPLOYEE
(thousand bd. ft.)

280
270
260
250
240
230
220
210
200
190

180

170
160

TOTAL WAGE EARNERS
13,500

13,000
12,500
12,000

11,500

. 11,000
1957 1958 1959 1960 1961

B.C. Coast Lumber Shipments

(Million Board Feet)

3,250

3,000

2,750

2,500

1,750

2,959