Page 8 The Herald, Thursday, June 14, 1079

Shack sniffs it out -

TORONTO (CP) — Eddie hockey, has always had a otherwise known as the

Shack, the retlred clown nose for a good deal.

prince of professional

Bankruptcy rate

In fact, the Shack novo,

said on increase

OTTAWA ‘\UP) —Govern- ment statistics released Wednesday show 419 businesses filed for bankruptcy during April. This compares with a March total of 536.

Personal bankruptcies were 1,335 during April compared with 1,704 In March, The total for both types in the first four months of the year was 8,113.

Of this total, 44 per cent

were in Ontario and 33 per cent in Quebec. re a wen ne were in the wholesale and retail trade sector — a total of 141. Ninety-five construction bankruptele rpted ptcies were in the manufacturing sector and $4 among service outlets such as gas stations or barber shops,

U.S. finding that

new investment up

WASHINGTON (AP) — Foreign investments in U.S. manufacturing firms, real estate and banks rose 73 per cent from 1977 to 1978, data released Wednesday in- dicates.

A report by the U.S, com- merce department said foreigners completed pur- chases totalling about $5.7 billion in U.S. businesses’ in 1978, up from $3.3 billion in 1977 and $2.1 billion in 1976,

Leading investors in 1977 were Britain, Japan,

‘Canada, West Germany, the

Switzerland, . Netherlands and France,

who accounted for 93 per he reported

cent of the total inyeatment value, the report

The moat area for foreign investment in 1977 was in manufacturing companies, eapecially those Specializing in chemicals, metals and machinery, Other ular areas were real estate and banking.

friends for life

The Canadian Red Cross Society

+

. advertisements an

- writin’ and can't read

prominent - proboscis, was, once insured for $1 million as

a publicity stunt. PARIS (CP) — A senior

. executive of Canadair

‘His latest deal finds | says sales of the com- Shack's. proboacls pany’s new Challenger prominently diaplayed in Ineas jet in the

com- morcials for Pop Shoppes might be jeopardized by

International Inc. the eanaiilan govern- Pop Shoppes officials | ™ent’s pian to move

belleve it is perting a return embassy in Israel from

of three times its investment v erusalern.

H.D. Walford, vice-

president for corporate planning, said in an in-

in the endorsement of its

colorful lex with Toronto

Maple Leafs of the Natonal sarvlevs vat the Paris Ar

Hockey, League. . | suspleion is that “if the Pop Shoppes slgned Shack | ombassy were moved to

to a three-year contract for | Jerusalem, there would

nearly $200,000 with a two- [| be aneffect but I wouldn't

year option. Even before two [| want to venture how years have gone, Shack and | much it would be." Pop Shoppes will be The’ exclusive

renegotiating. distributor for die

lation ia that Shack | CHallenger in: 2 ®

East and North African

get about $100,000a year | co ntrieg is Tag

over a longer-term contract with some of that in Pop Shoppe ahares. :

A recent survey of 3,000 Canadians showed that 90 per cent identified Shack with the firm’s producta.

Ninety-two per cent sald . was believable, associating him with value for monsy. So,

’ merere astounded at the nal recognition,” sa Bill May, vice-president of - Canadian operations,

As in hockey, May said Shack’s new contract will contain a performance clause “to give Eddie a

Aeronautics, a Geneva- based company owned by Saudi Arabian interests. Tag has ordered 36 of the planes for resale to customers in the oitrich

region.

Tag Aeronautics spokesman Adel Opbari said: “I think it’s going to be -a good seller,” but

troversial plan to move the embassy.

industry and the federal government have

mounted a §$1-million sales effort at the Paria

chance to grow with the

* organiza . show with 26 companies

the continuity maintain showing thelr products. ° That's not bad for a guy Five fpanacian aireratt

who quit school at Grade 3 are own

and admits he “can't write | the daily displays — in-

cluding the Challenger

readis’."

PLANE PLAN — IN TROUBLE?

lucrative Middle Enst -

. version of the Buffalo

indicated he also = Is: worried by the con-.

and Garrett Manufac- The Canadian aviation

which is making its first appearance outside North

America, NORTH. VANCOUVER,

The de Havilland. u Alreratt of Canada Lid. is | 2. (CP) — A British

demonstrating Its 50- helped ploneer’ manned

passenger STOL — short: | syubmersibies is sinking fast take off and landing — | and could be scultled despite Dash-7, -its Twin Otter its respected storehouse of. commuter plane and its |. marine technology... Transporter, a civilian International

- (Hyco) likely will cease

aircraft. A contract for three |. operations June 30 and

. Dash-7 aircraft ‘from | disband its staff of 45 unless . Alyemda, the airline of | there‘ ig a last-minute South Yemen, has al- takeover bid for the 13-year- ready been completed. | oid firm, so, The 1980 delivery price “I don't think an industry. for one of the aircraft is | like this should be allowed to $45 million. . go under,” says Doug a Huntington, company. But it is the Challenger | 1 sketing engineer.

which is attracting the most interest. Canadair says it has 120 firm orders for the $7-million plane, even though the first commercial delivery is not expected until next year,

Other exhibitors in- clude Bristol Aerospace Lid. of Winnipeg, manufacturer of the Black Brant rocket; Pratt

“especially with Canada's offshore oil exploration com- mitments over the next

decade.. “We'vikaa$i$4sh-t8ce that, if the company was reformed and restructured, ‘we would have a chance to survive,” . Hyco was placed in receiy- ’ ership in October, 1974, and Dunwood and Co. has been unsuccessful in finding a

and Whitney Aircraft of | buyer. ; Canada Ltd, of Longueuil, The company; . which - Que., makers of turbofan manufactures the Pisces, engines used . worldwide has established a world-class

reputation as a builder of-

turing Ltd. of Rexdale, | successful, relatively ‘low-

Ont, cost submersibles.. ; The Soviet Union operates. Garrett, a subsidiary of two Hyco vessels for

the U.S-based Garrett Corp., announced a $5.1- million order from Societe Nationale

Aerospatiale of France for temperature control equipment for the A-300 Airbus aircraft.

National’ Aeronautics and Space Administration of the

delivery of the last two under construction.

Hyco has produced 15 commercial submarines, but

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Columbia company which.

Hydrodynamics: Co. Ltd...

research purposes and the ©

| United States is waiting

‘ underwater vehicles now

ne fat

arisein the use of unmanned vehicles and poor marketing projections _ compounded company problems. -

The company’s financial problems are partly due to a ’ gerles. . internal shareholder fights which prevented financial reorganization of the firm last year,

Penlugular and Oriental Steam Navigation Co. of London (P and QO) is the biggest shareholder.with 43 -per cent of the stock, P and 0 loaned Hyco $850,000 In 1974 ‘and has repeatedly tried to get some safeguards for its

money, ..

Dissident Canadian share- holders last year said the loan: should have been forgiven and alleged that P and © had defaulted on a purchase agreement. with Hyco, Management tried unsuccessfully to award P and © preference shares In return for cancellation of the

oan, No agreement could be reached, however, and outsiders who were In- ‘terested in. Hyco's

PO a bee RECN

Me EO AS nas ie edd Fe

B.C. firm may soon so. down for count

technology refused to become involved in the

company while the internal

dispute continued. : Hyco's troubles were

aggravated by the collapse

of the offshore oil ex-

' ploratlon market. ; The company wad dealt a

blow when P and_0 Subsea Ltd., a British firm, aban- doned.its North Sea all and

t) rations and pu Pisces submersibles for sale at a cut rate.

- The submersibles, some of

which are capable of diving 40 6,600 feet, have been put to several . uses, including undersea oll well drilling.

The Pisces and other Hyco —

submeraibles are capable of conducting seabed surveys, pipeline and cable in- gpections, plus salvage and submarine . rescue operations.

Hyco had 165 employees two years ago and had received federal government financial: help in the past. Future loans are unlikely, however, and the company’s one remaining submersible stlil ia for sale.

STOCKS

TORONTO (CP) — The Toronto stock market waa mixed at the close of active trading Wednesday.

The TSE 300 index was down 1.93 to 1,672.63,

Utilities and financial services were weak, but real estate and construction stocks climbed,

Volume was 6.42 million compared with 5.81 million Tuesday. “ ;

- Among industrials, IBM fell 340 $89, Dome Pete 14 to $5034, St. Lawrence Cement 1 ‘to $27, Economic In- vestment Trust 1 to $19 and General Motors 1 to $704.

Westcoast Pete rose 1% to $23%, CAE Industries A 1% to’ $34, Sterling Trust 1% to $19 and Reitman’s Canada 1 to $20 and Federal Pioneer A 1to $48.

Kam-Kotia Mines delcined 4’ to: $514, Campbell- Red Lake Mines % to $21 and Rio Algom % ‘to $34. Roman Corp. advanced 1% to $32% and Denison Mines 1 to $2744,

Ulster Pete was down 10 ‘cents to $4.75, Chieftain

. Development % to $26% and

American Eagle Pete 20 cents to $3.10, Numac Oil and Gas was up 1% to $36% and North Canadian Oils 1% to 1534.

VANCOUVER (CP) — Prices were mixed in active trading Wednesday on the Vancouver Stock Exchange,

Volume at the close was 3,941,403 shares.

In the industrials, Taro In- dustries was unchanged at $3.60 on 9,600 shares and Ardiem Corp. was un- changed at .25 on 6,000, Computrex Centres was

unchanged at .22 on 5,00 shares and Goldale In- vestment A gained 0S at $4.85 on 4,000. Grouse Mountain rose .02 at .92 and Auto Marine Electric was unchanged at $0 1-44,

On the resource and development: beard, Liberty Petroleums advanced .27 at $2.25 on 118,075 shares and Amber Resources was up .07 at $1.52 on 87,200: Pan Arctic Exploration was up §1 at $4.10 on 96,500 shares and Westmount Resources .Ltd, was up .1> at $5.45 on 79,002, San Jacinto Exploration was up .02 at 40 and Pan Acheron Resourges dropped .01 at .37,

On the curb exchange, Alcum Mining Ltd. was down .05 at $1.75 on 128,400 shares and Santa Sarita Mining was up .13 at .72 on 120,650. Hesca Resources was unchanged at 30 on 93,500 shares and Jet- Star Resources was up .27 at $1.78 on 62,300. Dorado Resources was up 08 at .49 and Sibola Mines Ltd. waa w 08 at .80. ,

EARNINGS |

Consolidated Canadian Fara-day Ltd, year ended Dec. 31; 1978, $2,868,144, 61 cents a share;' 1977,

$2,230,698, 63 cents.

‘Hayes-Dana Ltd,, nine months ended May 31: 1979,' $8,170,000, $1.35 a share; 1978, 5,591,000 93 cents,

Seagram. Co, Lid, nine months ended April 30: 1979, $59,644,000, $1.70 a share; 1978, $62,539,000, $1.78.

Tara Exploration and Devel-opment Co. Lid., year ended Dec. 31: 1978, $11,157,000, loss, U.S. funds, no share figures; 1977, $1,169,000, loss.

DIVIDENDS

By THE CANADIAN PRESS

Corporate dividends Wednesday, quarterly unless otherwise noted.

Automotive Hardware Lid, clas A, 12'cents; class B, a stock dividend equivalent to 12 cents payable in the from of class C sharres forr each class B share held; both payable July 16, record June 20.

Canadain § Cablesystems Ltd, class A, 12.5 cents; clase B, 12.5 cents; both payable June 20, record June 15.

Cassidy's Ltd., 8.5 centa, June 30, record June 22; 1st pfd., 15.625 cents, July 1, record June 22,

Chieftain Development Co, Lu, nine per cent pfd., #1.125, July 16, record June

Cygnus Corp. Ltd., class A,

10 cents; class B, 10 cents;

both annually, payable June 7, record June 7. Foodex Inc., pfid., 21.575

"ents, Oct, 15, record Sept.

21; pfd., 1.575 cents, Jan. 15, record Dec. 28, Gavbell Holdings Ltd., 9.50

per cent ptd. A, 25,12 cents, accrued, initial’ since issuance, June 36, record June 22,

- Hayea-Dana Ltd., 12 cents, Sept. 28, record Sept. 12.

Markel Financial Holdings Lid., 6.25 cents, July 16, record June 22,

Oxford Development Group Ltd., 1st pfd., 25 cents, June 30, record June 22,

DOLLAR

MONTREAL (CP) — U.S. doilar in terms of Canadian funds at 3:30 pm. EDT Wednesday was down 11-100 at $1.1720. Pound sterling Was Up 3-25 at $2.4059.

In New York, the Canadian dollar was up 2-25 at $0.0532, and pound sterling was up 3- 10 at $2.1040. ‘