Word: transcanada
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...work this week from Easter recess, lawmakers may take up the proposed $3.9 billion buyout of Dome Petroleum by the Canadian arm of Chicago-based Amoco, fifth largest U.S. oil company. Dome's board, faced with $4.9 billion in debt, last week accepted the offer. But Toronto-based TransCanada PipeLines, which underbid Amoco by $600 million, vows to keep up the fight...
...recession, Canada's own underdevelopment was one of its biggest assets. Even giant projects get lost in the huge U.S. economy. In Canada's relatively small economy, the sheer momentum of big basic projects (TransCanada gas pipeline, St. Lawrence Seaway) kept payrolls and profits at near-record levels. Unlike the U.S. Government, Prime Minister John Diefenbaker's Tory government found it feasible to finance antirecession measures. Tax cuts and increased social-welfare payments encouraged consumers to buy at record rates. A $350 million government mortgage-loan program pushed housing to an alltime peak (160,000 starts...
...Howe entered the Canadian cabinet as a political novice in 1935. Ever since, he has been its hardest-driving member. He reorganized the government-owned Canadian National Railways, North America's biggest railroad, and saved it from bankruptcy. He built the country's national airline (TransCanada) and its countrywide, government-owned radio system (CBC). In World War II, he took command of Canada's industrial effort and transformed the largely agrarian Canadian economy into a high-powered industrial unit. After V-J day, he presided over the return to a well-balanced peacetime economy. He runs Canada...
...imposing example of government-operated business had become too big for that. Since C.N.R. was formed in 1923 out of the ruins of five separate lines, it has grown into a $2.4 billion empire which operates 24,178 miles of main track, twelve hotels, three steamship lines, an airline (TransCanada) and a nationwide telegraph service. It has become Canada's biggest employer (some 111,000). In recent years, C.N.R. has earned money on its operations, but, except for the war years, has seldom shown a net profit. Last year's earnings ($26.5 million) were not enough to meet...