~ -Simpsone --Ltd., |

| a.meeting duly 21

TORONTO SP) Hudson's Bay Co. and two of Canada’s tisior department: atores! Have agreed in petncipe to ) herge the two

oe ed: merger, an- may: ly*by the. two age a Wednesday, will

be subject to approval -by. ers of Si simpsons at

: The plan contemplates the amalgamation of Simpsons: with Bayhud Inc, a newly Incorporated subsidiary’ of, Het hay aca ' Au son's ay acqu ‘control . Bimpse cquyed

winter ‘ater a eakybver

ee to | merge

battle with Simp

-Lid., subsidiary ,of | cs Chicago-based Séart-

gO~ buck Co. ‘G. Ailan Burton, chairman of Simpsons, "anid the continue to

com will ate under the mm a aie in , holders

of the 11:7 per cent ‘ol Sim

sons shares not already owned by Hudson's Bay will receive either one ordinary

share of Hudson's Bay, or .

$25.40 in cash, or one preferred share for each

elght shares of Simpsons. °

The preferred share will be redeemed immediately after the merger for 10 cents cash.

Bank moves west.

> CALGARY (CP) — The

Bank of Montreal announced -

plans Wednesday to locate ts. chairman here and to pulld a: $180 million office and commercial b

° Chairman Fred H. McNeil iotd & news conference the bank's decisions reflect ‘‘the

increasing importance of

Western Canada in the

’ natlon’s economy | and will

strengthen ‘the bank’s traditional ties: with Alberta.”

Bank of Montreal becomes the first major. Canadian bank ‘in modern times to have a chairman or

dent In a city other than crouto or Montreal. resident and chief snocut ve officer, W.D. Mulholland, is at head office In Montreal, while the executive vice-president and chief general manager, S.M. ‘Davison, is based [n Toronto, MeNeil said construction

a ‘First Canadian Centre . would start here. later this

year and be completed In ses over a period of up to ve Years,

With its twin pollshed- granite towers. — one 67 stories high and the tallest building weet of Toronto — connected by a glass banking pavilion, the: project will feoan more than one mil.

square feet of rentable

ree ound act aga key link in

e city’s pedestrian walk- Way system, -

MeNell also indicated that the bank plans to nd its

. corporate * banking division here ‘will be

in Calgary In 1078,. will. be elevated to group status and vested with d coneretionaty autharlty to deal with ‘the growing volume of loeal and regional business.

The earlier part of Me-

Nei]’s business career waa -

spent In the West..He has ved in all four western provinces.

"Ina very real sense,” he

- LABOR SAYS NO TO CANDU

. OTTAWA (CP) — haye restricted basic | labor movement is for: freedoms within their ming a united front to try own borders.” ‘to stop the shipment of The exact nature of the heavy water to Argentina protest is still being for oa Candu. nuclear - worked out, but the stated reactor. aim Is to. stop the heavy “Don. Nicholson,

. water shipment, Heavy “president of the’ 40,000. - water, which contalns an member Canadian

extra hydrogen atom, is Brotherhood of Railway, the last major component . Transport and General necessary for operation of Workers, sald Wednesday the Caridu- reactor Ar: he has asked members of . gentina has purchased his unton in New Bruns: wick ta. endorse and

eine pate dn the the protest

salt Jona net District Labor Counell,

“Our union is opposed ta any action by Canada whith could lead to the Proliferation of nuclear

- weaponry,’’ Nicholson .sald inf a statement of’ support for the protest. “We are shocked by the actions of our govern- ment in- delivering nuclear equipment oy countries. with = ’ democratic “governments

from Atomic Energy of Canada Ltd.

Opponents of the sale say Canada has not received an adequate - assurance that the nu- clear equipment will only be used for peaceful purposes.

Mike Rygus, Canadian vicepresident of the In- ternational Association of ~ Machinists Aerospace Workers, says the production of Candu equipment means jobs for many of his memberé,

Nicholson said

and

who. have records Argentina has a bad— aggressiveness againet record of : trampling on their neighbors and who civil liberties.

sed in Calgary,

sald, tipeaetical: as well as

sentimental, my relocation here is a home-coming."

EARNINGS

Contral Dynamics Led, year ended March 31: 1079, Be a 78, , $1,198,-490,., Josg,,, no share figure. mh

Renn Indusirtes Inc., six months ended April 90: 1979, $55,000, 3.5 cents a share;

-3878, $235,000, Toes, 14.9

cents,

DIVIDENDS

. are temporary and workers

. watchdog agency said in:

ea largely, iz “to foou price

prophecy,”

‘The Herald, Thursday, June 28, 1979, Page 8

_ Profits: said temporary —

- OTTAWA (cP) — big’ increases in corporate profits and consumer prices

- Current. "Wages have been falling ' behind the rate of inflation in the last year as the thres- year wage-and-price-contral program of the’ Liberal government ended,

Latest figures from Statistics Canada show the average weekly wage in

should not seek wage. set: tlements lo match them, the National Commission on ~ Inflation sald Wednesday. The federal inflatlon”

creases in the consumer price index (CPD -- «per-cent hie

per-cent higher than a year earlier,

the current rate of inflation has been un ey tem-.

rary ce. increases paused by such things as weather and harveatrelated shortages and a peak in the beef price. cy

it aid the alton rate in non-food goods. In the consumer: ries index — cove pant thre: three-

artera opper pure thases — had been cut by a third in three years,

“Food price Increase can and will moderate with Improved sup lies,’ the commiasion sa

r ago

increases that appear cer: taln to moderate, :

And it said thal a recent surge in corporate profits — which Jumped §8 per cent in the first three months of this year over the same period in’ 1976 — “will not be main- talned.”’

“The danger is that long- lasting price and wage decisions may be made on the mistaken premise that current levels of CPI and profits will persist,” the newsletter quotes comimis-

sion chairman Harold

Renouf as saying. ‘As for profits, the: com- "IE this happens — if in- misslon said strong growth.

flated costs and prices get in exports had hell

built into the economy — then, an erroneous ex- pectation of higher Inflation could turn intoa eelffultiling

businesses could put idle equipment to work thus low- ering costs on each unit of production. Moderate wage

: Bayo costs this year are April at about $283, about 8.4-

But the commission said -

~ have no moti ‘additional .,

up seles. which meant .

ol] as the U.S,

BUSINESS DIRECTORY -

increases had also held down tlements. costa

“The recetit level] of profit advances will not be maintained,’ the com- mission said. ‘Slower growth in prices, a slowing in In export. markets and fas!

closely wage negotiations in the West Coast forest In- dustry where contracts via 47,00) workers expire this month. Tecoma la lores dustry had made windfall fs in: the lest ‘year use of a decline in the value of the. dollar, Since most wood products sold abroad are priced in U.S. dollars, indusiry profits, recorded in Canadian dollars, rose dramatically,

\ growth" the rate of Pine commission, created in March by the former Liberal government as the fifth inflation monitorin 10 years, sal

pea, to there are signs of an Increase in wage set-

No money left over

to advertise gasoline

OTTAWA (CP) — Federal They said a special government

advertising - campaign Is needed to "Americans there {s lots af

at fhe pumps and no

“We don't have. the unencumbered budget to do that," said Thomas Fiet- cher, assistant deputy minister for tourism.

“We've finished our main

ads gelling American tourists there Is plenty of gasolina in this

country. Tourist operators in On- tario, whe coun on summer for a flow. of U.S. visitors, complained this week -that Americans are staying home because they mistakeni believe Canada in aa short the summer,"

VAN’S CONTRACTING

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WE DELIVER SATURDAYS PHONE 635-1936 F.J.H. READY MIX | , Gonstruction Utd,

Plant Off Krumm Road Thornhill

OPENING FRIDAY! June 29th

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Weekends

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Corporate dividends Wednesday, quarterly unless otherwise noted

Fraser Cos, Ltd, class A, 25 cents, or stock in Heu of cash; class B, 28 cents, or. atock in lieu of cash; both pevatie Sept. 33, record

MeDonalds Corp,, 14 centa, US, funds, Aug. 18, record

Sonor Investments Lid.,

-eight per cent pid, 20 cents,

semi-annual, Sept, 16, rec Aug, 31.

Whonnock Industries Li, class A, 12 cents, Aue il, record Aug. @.

‘DOLLAR

MONTREAL (CP) — U.S, dollar in terms of Canadian funds at 3:30 p.m, EDT Wednesday was up 23-100 at. $1.1689, Pound sterling was up 2.04 at $2.5295,

In New York, the Canadian dollar was down 17-100 at $0,8591, and pound aterling

. Was up 2.10 at $2,1655.

STOCKS

TORONTO (CP) — The Toronto stock market was up sharply at the close of active trading Wednesday,

The TSE 300 index was u 13,02 to 1,612.90, a rec

The rise reflected strength In transportation, mining and energy stocks.

Volume was 6.06 million compared with 6.01 maililon Tuesday. Among industrials, Falconbridge Nickel A

gained 2% to $4834, Noranda ©

Mines 2 to $524, Home OLA 1% to $68'%, Ivaco A 1% to $18% and Cominco 1 to Hil.

MTS Internatlonal lost four cents to 65 cents, Harvey Woods 10 cents to $1.60, Canadian Cellulose %4 to $10%4 and Grafton Group A Vy to $15%.

McIntyre Mines rose 1% to $59'4, United Keno Hill 1 to $15% and Roman Corp. % to

1. United Siseoe fell % to 10% and Anglo United Developments % ta §5.

- PanCanadian Pete was up % to $60, Numac Oi] and Gas % to $38% and Sulpetro B % to $14%. Canadian Superior Olt was down 4% to. §141% an Sceptre Resources 34 to

Mh. .

VANCOUVER (CP) —

Prices were mixed in active trading Wednesday on the

Vancouver Stock Exchange with a volume of 4,249,370 shares at close.

In the industrials, Canada

Cement Lafarge wos un- changed at $13 on 10,000

‘shares and Daon Develop.

ment was unchanged at $17 1-2 on 6,700. Renn Indusiries waa unchanged at $1 on 5,580

‘and Goldale Investment-A

was up 1-4 at $6 1-4 on 3,750, Balco Industries was up 7-8 at $15 1-4 and Hal Roach Studios was up .10 at $3.60.

Liberty Petroleums was wp a at $2.60 on 120,600 shares on the resource and development board, while

Caledonia Resources was -

unchanged at $1.30 on 104,000, Consolidated Bound- ary Exploration was iting .64 on 83,698 and NRD

was down .03 at ie a on 56,200. Piper Petroleums was up .15 at $5.90 and Terra Mining and Exploration was unchanged at §4.50.

On the curb exchange, Oliver Resources Was un- changed ‘at .35 on 300,800 shares and Poney Ex. plorations was up .01 at $1.20 on 300,420, Nomad Minea was down one-half cent at .17 1-2

on 167,-000 and Jet-Star —

Resources was up .06 at $1.57 oh 60,700. Monogram Develop: ment was — Uf- changed at $1.65 and Phoenix

Electric was unchanged at

EASTSIDE

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