AG. CASTLEGAR! ‘NEWS,’ January 12,1981

First t trade talks in'5 years...

- Japan final

By Jennifer Lewington
OTTAWA (CP) - Japan
and Canada will be trying to
forge closer. economic tics
this week, but observers say
underlying trade irritants
will not be resolved in two
days of bilateral talks,;) ij}
‘the visit to Ottawa on
Monday and Tuesdiyf Py"
tional trade

pies ‘visit in more
than nies t,.is seen as

“shdwi Se Canada

Horrie- buyers bitingeth

BAG VO Hi 3
OTTAWAXCP) *Sharp
fluctuations im intercat rates
during 1979 “ant! 1980" kept
home-buyers" -biting ‘their
nails, but they flso caused
many anxious’ moments for
mortgage-lending institu-

tions.

That's the conclusion of a
study by Bank of Canada
analysts Paul Jenkins and

- Susan Heard published in the
central ‘bank's monthly re-
view.

Jenkins and Heard found

sharp increases in interest |

rates beginning in late 1979
cut’ ‘sharply - ‘into ‘the
“apreads” of mortgage lend-
ers — the difference between

as a_ stable, resource-rich
supplier of sasentlal raw
materials, especially energy.
While Tanaka wants to
talk about securing natural
resource supplies, federal
ministers are keen to con-
vinee“the Japanese to' buy
mort finished products from
Canadian manufacturers,
Cai aga wants the Japan-
ese to’ buy more Canadian-
madé “auto parts for the.
rising number of Japanese
vehicles into this country.

"what the institutions pay on.”

deposits and, what they earn
on mortgages and other
types of laons.::

Between the third quarter
of 1979 and the first quarter’
of 1980, for example, the
averages spreed dropped to

"And there is still hope of '

selling. the Candu. snueléar.

reactor ‘to. Japan, marking
the first such sale to a, major
industrial power. Moreover,
the government wants more
resource processing:in Can-
ada, providing fare jobs for:
Canadians, before raw mat-
erials are shipped out.
Japan is Canada’s second

most important trading part- at iP

ner after the U.S.
Tanaka's visit is part. ofa a

fourcountry tour to Venez Sie

‘ajama and Mexico,

‘bendag between’ the a

‘underlining Japan's in-
terest in diversifying its
‘aces: tg resource suppliers.
2No! sppeific trade agree-
ments will result from Tan-
aka'p sedstons with Industry
ter) Herb Gray and

er Libera! cabinet

3, But spokesmen

a countries say they

de and

the discussions will.
lew sooner on?

may reauire some
-changes in attitudes on both’
aides. '

For instance, Canada
wants more Japanese inveat-
ment but will not guarantee
long-terni oil supplies unless’
they are’ Sa to domesti¢

Pa ’ ‘st, Japan waits

a58 au splies of babic raw
from: Canada’ and

short-term. deposits to kee,

up with the market and earn

the highest ‘possible return —

on their money. Af

_ Abithe sant time, mos'
f the

the: it

0.86 of a point
from 0.72. i

The situation did, ‘not im-
prove markedly until the
third quarter of lastyear,
when interest rates, were
down from peak levels und
the average spread rose to

0,60.

In a nutshell, here's what
happened.

As interest rates began

were in five-}ear mortgages
with Peper Ios fixed si.

in ¥
a “1 to paying’
hlcates for. as.

a8
five'years. = om

Sothern
id ’

comes calli

such i Austzala, But hawt
has been slow: to invest in
manufacturing and other in-
dustries that addi. Jobe and.

ol
and Technology Erion cite
it ill go abit re

fo
dump ares nuclear
baaherty

Japan plans to dump 5 000

“pg traat and ‘mortgage-loan
into more com-

yf, held off Saver possible in

hopes of getting lower: rates
for wage loans.

a ‘revenue: from their

Even after.

peaked in A il of last soir, Hf

source,

mercial - lending ony floating

Fa}
Jenkins and Heard co!

appears . 3 have been. a.

however,

‘lending.

ease the. pressure on. their
. ‘Spreads was to try harder to
match. the terms of major
assets..such as mortgages
with the terms of major

-The primary technique the.
used to,

As Jenkins “aald .Wednes-
day: “When' they're better.
matched, they're -better “in-
sulated from interest rate
changes.”

Car, truck sales decline

VANCOUVER (CP) —
B.C.'s mining industry, which ,
had its best year ever in

1979, continued to grow but —

at a slower pace in 1980.

Mineral production, ex-
cluding oil and natural gas,
rose to $2.17 billion from
1979's spectacular perform-
ance of $2.05 billion, accord-
ing to the provincial mines
ministry.

“The estimates show. that
— quantities and

_ Mining industry flou

* TORONTO (CP) — The

number. of*cars. and trucks
. sold by ‘Canada's Big Three

auto makers in 1980 declined

by 15.85 per cent to 1,007,080

from 1,189,187 in 1979, year-

end figures from the compan-
- ies show...

However, officials of Gen-
eral ‘ Motors. Canada Ltd.,
Ford Motor’Go. of Canada
Ltd. and Chrysler Canada
Ltd. all said sales toward the

RATES DI

TORONTO (ee =
chartered banks have low-
ered their minimum inter-
est rates charged on loans
in U.S. funds. The Bank of
Montreal said its base rate
| bas fallen'to 20.25 per cent

. from 20.75 per cent. The
Toronto Dominion Bank
reduced its rate to 20,5
from 21,

WHOLESALE COST UP .
OTTAWA (CP) — In-
creases in prices for food,’
tobacco, beverages, wood
+ and pulp pushed wholesale
prices 12.6 per cent higher
in November, 1980, than
they were a year earlier,
Statistics Canada said.
Higher prices were re-
corded in November, com-
pared with October.

‘Busirioss Briefs—

price were about the same ag
last year (1979)," sald Bob,
‘Matthew, managing director
of the Mining Association of
BC. - -
“Everyone did well, includ
ing the consultants. There's a
lot of work and some exciting
new projects coming along.”
Value of metals production
is expected to increase to

+ $1.41 billion from $1.35 billion

in 1979. Value of coal produc-
tion is slated: at $487 million,

“end of 1980 show promise of.
an upswing through the new.
year.

GM's 1980 sales. totalled
590,140 vehicles compared
with 648,640 in 1979. It sold:
440,985 cars and 149,165:
trucks in 1980, against”
470,200 ‘cars and 178,440
trucks in 1979, ©

Ford's .1980 sales were
264,695 vehicles compared
with 398,601 in 1979. It sold

RATE

NEW YORK RE (AP) -
Chemical Bank, whose 19.5 .
per cent prime lending rate
was the lowest. among
major U.S. banks, raised
the interest charged its.
most . credit-worthy cus-
tomers to 20 per cent -
Friday. At the same. time,
major banks that had been
holding their prime rate at
20.5 per cent lowered them _
to20 per cent in a move led
by Bankers Trust. Smaller
banks were quick to follow.

INFLATION GROW
WASHINGTON (AP) —

up from $489 million, .and
value of industrial minerals
and ‘structural materials, in-
cluding cement and gravel,
increased to $292 million in
1980 from $268 million a year
earlier.

Exploration expenditiires
in B.C. and . the. Yukon

jumped to about $125 million ‘

— the first time they've
surpassed the $100 million

1972 that real spending —
adjusted for inflation — on
mineral exploration in-
creaged.

+ ‘Despite the-int there

While the mining ‘picture | is
generally bright, there are
some black spots, particu-

ake of. finished products

» to Japan ‘amounted to only

$100' million, while the lead-

ing Japanese sales here last
year’ rerore in cars. and other

‘fmotor vehicles, telarommuny J

Beautiful treed jots ovorlooking
*“ South Slocan Pool

‘Serviced lots ily located
x .. Castlegar and Nelson at the South secon Jun-
‘gtion. .. "+". For information call’

BUS EER Sa. ctesn es

10,000 barrels of low-grad
pliclear waste BRO kilome!

cee: et ‘ Econorr y. :

will: grow *

VANCOUVER (CP) — The’

B.C. economy will ‘grow by:

, 9.6. per cent in 1981, com- —

~ Sat. 9:20-5:30"!
Chine Creek... ~

es "Drive aLitte to Save a Lot

pared with three par cent”,

last year, the: esr

‘ performiance of the American’
economy,” ‘the council said.

“This means that if the U.S.
perfornis better — if interest
rates drop earlier than fore-

east — the-result will be a -

higher growth for B.C. than

larly the national energy ~
The

were no “bright new discov- -
eries,” said Jack Patterson,
manager ‘of the B.C. and
‘Yukon Chamber of Mines.

Most: of ‘the money was ~
apent on drilling existing ore
bodies, he said. 7

“Only small amounts ware

158,614 cars and 101, 081
trucks in 1980," against
208,406 cars and 130,195
trucks in 1979. :
Chrysler's 1980 sales total-.
led 162,225 vehicles’ against
207,520 in 1979.. It sold

125,835- cars and 96,990

trucks in 1980,

rishing

st now prop

with ‘162,018 cars and 46,502
trucks in 1979.

_ Richard Colcomb, GM vice-
president and: general -sales
manager, ssid he was grat-

an-
-nounced with the Oct. 28
federal budget, set prece-
dents for ownership in the oit

- and gas industry that busi-

nessmen’fear could spill over’
into mining.

“First it's oil and gas,” said
Patterson, “The fear is that

American economy sags.

The council said inflation -

rates, as imeasured by .the
‘Vancouver consumer ° price

indox, are expected to rise by -

11 per cent this year, reflect-
ing higher costs for food and

coal,’ as an.,en Peserven,;
Mantt Pepin wtevne veins Will be next angers an |
ai 7 The.. séven-year motator= _

+ jum on ‘uranium mining im-

posed by the proyinelal gov-
ernment earlier this year also
came as a ‘shock to vthe
industry.

Only one company — Lac-
ana Mining Corp. of ,Toronto
—: had been spending a

* substantial amount on uran-
jum

but’ many

ified with the
GM Canada’s smaller, cars
during 1980.

GM's p of reduci

“Cominco
observes
birthday.

Comineo observed its 75th
anniversary Saturday with-
out farifare.

However, spokesman Jim
Camreon said. the occassion
will be recognized later this
year."

Cominco started Jan. 10,

+1905, when the St. Eugene

mine in the East Kootenay,
the Centré Star and War
Eagle mines at Rossland, the
Trail. smelter started by
Auguste Heinze, and the
Power Company -

at the
level in the U.S. ‘ated
11.7 per cent in 1980, as the
year ended with 1.5 million
more people out of work
than ‘at the end of 1979.

were united as Canadian
Consolidated Mines Limited.

On feb. 26 of that year the
name was expanded to Con-
solidated Mining ‘and Smelt-
the

PLAYWOR Wong

South Slocan
359-7166

ALL
. YOUR
MOBILE
HOME
NEEDS

Dealer No. 5840

FOR =}

a ce

GROCETERIA &
LAUNDROMAT

ing
full extend wre ‘the operations.
There are still many old-

. timers who refer to Trail's

1

major employer as CM&S.
Kimberley’sSullivan Mine
was brought into.the Com-

: ‘neo fold in 1909. The Koot-

enay partnership between
the mine at Kimberley and
the smelter in Trail has-been
Ci main th dur-

We Are Open

; 364

' Days a Year

Monday - Saturday
8:30 - 10:30 p.m.

Sunday & Helidays .
9 - 10:30 p.m.

1038 Columbia
365-6534

* ing “its growth, although

diversification has now reac-
hed other countries...
-At the April 1966 annual
general meeting the name
cominco was: adopted. The
lengthty name behind CM&S
hse. proven’ awkward and.
lacked standardization as
people tried to abbreviate it.

Your Carpet
Headquarters ...
Carpets by Ivan Oglow

* 365-7771

interest .rates on vehicle “-

loans to 14.2 per: cent,
introduced late in December,
appears to have had: a
positive impact. on demand

- that should continue into the

new year, he said. 2
Ken Harrigan, Ford's vice--
president and general mana-
‘ger, said sales started to:*
improve with the introduc
tion of its 1981 models.
“To in ‘our

other firms ‘were doing pre-
: work:

‘Ford.

. which is lower than that:

OAKVILLE, Ont. we
Ford ‘Motor Co. of Cans
‘Lid, says it is Te an

ments are’ SS ee to -im-
prove'as U.S. housing starts
pick up.

~Copper N ..- 65¢ per- Ib.
. Copper No. wales a per th,

Scrap Steel size 4x2 ft. deli
our yard .. "340.00 per ton
Oversized Steel

. $25.00 per ton

The council

strong continuing. lnvestinent of

in B.C.
But . the’ report dosen't
paint a rosy picture as far as

» employment is concerned. It.
said the growth in employ-

ment in B.C. last year was a-

Led eee es percent

* should decline to 3.5 per cent
“in-1981.\For

‘— a mm nme ae
NOW REN TING |

e ‘Luxury 27 suites — ~ Nickle Place Apar:
-tments — 2-BR, 1-BR and bachelors

. © Located at 250 Clift Street, Rossland
‘2 Wall-to-wall a aoa ‘sauna, lots of

* “the provincial’ rate: should

approach seven per’ cent,

forecast. for the . national
caverage..

Consumer spending in B.C. |

this year is forecast to grow.

~ 14 per cent. Taking inflation

into consideration, the report
says this represents a slight

da slowdown -in. spending

improving sales position have,
been our world cars, Escort:
and Lynx, whose, sales have.
now topped the 6,000 mark,
making them the most suc-
cessful new cars: in Ford's,
history and surpassing the.
famous 1965 Mustang,” he.
said.

Orders -for. the néw cars
now topped 17, + iy
Yves anes vie

president: and general sales

manager for Chrysler Cana-"

,da, noted car sales by his
company rose 9.8 per cent in”
"December. compared with a
year ago to 9,013. .

Chrysler was the only ong |
of the Big ‘Three to increase
ear sales in December from a
year ago."

Chrysler , Canada's sales
continue to‘be paced by its‘
new, front-wheel-drive: K-
cars, ‘the :Plymouth Reliant
‘and the Dodge Aries, he said.”

-gram to enable participating
dealers across."
offer’s 18.5-per-cent Mergers ce
purchases of new cars in six
model lines,

Kenneth. : Harrigan, ‘yee.
. president and general man-
ager, said in a‘ press release
“the reduced’ rate,

‘to
offered beginning. Monday |

*: ‘through’ Feb. 11, could save
car buyers $700 or more over

P is ex:
pected to grow by 12 per
cent, and federal spending py
nu per cont:

BAY AVENUE
APPLIANCES |
. & LIGHTING ~

Se ay Ave, Trl 1
14s fay ve., Tral
9566 .

ge and parking
® Panoramic’ sews clear. air, iots of sun-
shine. -
° Walking. distance to all facilities

For detaits: :
Phone 362-3914 .

an averago r period
of 40, months. ‘

The new. rate, about five |
percentage points below ;
cexisting rates ‘for automobile. -
finan

cing, will be offered on

‘and mid-sized models ~ .- gs

: small

including’: Mustang, ~* Capri,
ransda, Cou

bird and XR-7.

»: Thunder. Aes

“This action fake alleviate |

consumer concerns regerding

high interest rates and it’s

the kind of program, that will

put., sonie zest: into. -the *:)

marketplace,” Harrigan sald.

-FOR S
for Chev, G
Spoke Ri

im:
3 BF Goodrich Radial
One onRim -

(Ex. shape.)

~4 WHEELERS —

8,000 Ib. Wern Winch oy f D. front bier
4Dick Cepek Off Road Tires on 6Stud GM White
All-Terrain Tires (12Rx15) i

Cedar’ Canopy for Shortbox. Foard or. Chev.
Canopy as Camper Vent & Sky. Windows, .

ALL IN FAIRTO coop SHAPE
NO TRIFLERS

Ph, 365- 8085 if. interested.

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