B16 - Sunday, September 11, 1983 - North Shore News MARKET ANALYSIS AS THE market expected, the official monetary reserves at the end of August rose from the level at the end of July. To be sure, the increase was only $151 million to raise the total to $4.52 billion, but it was a step in the right direc- tion. There were no sales of gold during July, for the sixth consecutive manth. BACKGROUND The Canadian dollar has been showine a degree of stability over the recent period, even though its level has been not) much higher than $0.81 and even though it has oecasionally dropped below $0.81. In fact, it stayed below $0.81 from August 8 through Friday, August 12. igurin By PAUL JACOT There was nevertheless no “run’* on the Canadian dollar out of Chicago during this somewhat difficult time, although it 1 believed that the authorities stepped in to support) the foreign cachange markets. On the other hand, there were days when it ts believed that the authorities stepped in in order to hold the Canadian dollar back on its way up. The assumption of the marketplace is that the authorities are happy with a Canadian dollar which does not Move very much between $0.81 on the down side and $0.8150 on the up side. On Wednesday, August 24 and Thursday, Auvust 25 the Canadian dollar reached currency in vapours, separating them into the various parts, such as gasoline and diesel fuel. $0.8135. The Canadian dollar is clearly benefiting trom the merchandise trade surplus, which is pointing to another year of surplus on the current account; and trom the was ino which the level of inflation has tailen trom 10.50% in 1982 to tt current level of §.5%. And in these troubled times, the Canadian dollar has a *tsate haven”” aspect, just as the United States dollar does. The Untted = States dollar self continues to be the strongest currency in the world, although it is not quite as strome as it was about a month avo, and aos a very good indication of the strength and stability of the Canadian dollar that at has out a refinery And that, ina nutshell, isa simple, basic explanation of how a refinery works. ian dollar looks stable Inaintained a steady relation- ship with the United States dollar, as opposed to (say) the deutschemarhk. CONSEQUENCES. We expect the Canadian dollar to continue at its pre- sent level, of thereabouts for some time to come. This means that the authorities can mamtam an interest rate structure at the short) end which is no higher than that mothe United States and may possibly be a httle: lower. We are as close to Maintaining an “andepenadecnt’ > interest rate pelos unc anada now as we have for sore time. This weekly column is presented by R. Dave kvans of Dominion Securities Ames in Vancouver. Paul Jacot is with the Public Affairs Department of Shell Canada Limited. o IF YOU go up toa person on the street in Canada and ask them how an oil refinery works, you're bound to get some pretty funny replies. Most people would probably say that an oil refinery refines crude oil. True enough. But how? We've all driven past large fields dotted with huge. round tanks with flat tops. These are called “tank” farms. They hold unrefined crude oil until refiners are ready to work on it. From this supploy of crude oil, refiners get more than 1,000 separate “crops” — products such as gasoline for your car, aviation fuel for airplanes. diesel fuel for trains and a host of other products used by Candadians daily. But how do oil companies separate crude oil into these many parts? This separating = or “fractioning” as it is called in the oil industry, takes place at a refinery. The process is a complex one that involves chemistry. physics. mathematics and = several kinds of cenginecring. However, the basic idea behind refining is quite simple. The fractions of crude oil (various light and heavy parts of the oil itself) are all hydrocarbons (compounds of hydrogen and carbon) but they are different in that each part has its own boiling point. The thick. heavy parts, such as the fucl oil used in your furnace, have high boiling points, whereas the thin, lighter fractions, such as gasoline and kerosene, have low boiling STAFF APPOINTMENT JOHN RIPPON RES.: 922-5761 Trevor Bennett, FAS nounce the appomiment of Park Royal Ottice through = his NORTH SHORE BRANCHES 1452 Lonsdale, N. Van (985-7487) 1645 Marine Dr., W. Van (922-0158) AIBC as Manager to dotighted to an- Jonn Ruppon to the sates staf! of ow Having &ved on the North Shore afi his lite, John has become wei known to North Shore residents management points. packorown’ ww onan mwoogh Acepartment store chain When these parts arc the ownership and operation of boiled, they change to hia own North Shore business vapour, just as watcr in a ketle turns to steam. When these vapours are cooled, they condense, just as water vapour in the clouds turns to rain Refiners use this boilnag process, called “disallation”. to collect and condense the rivet and social chids alhis residence 022-4701 o-. and through his active involve. wm many North Shore chartien service chids sports John looks forward to profos sionally serving the rosidentia ree) ostate noeds of hin many tends and past customers who may contact hen at 822 6106 or WESTERN REALTY 103 Kapilano 100, 5S. Park Royal 12" Gua ron“] Trust Rates sure th bo orang. 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