30 Apr 1947
Page 1
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Newspaper
Lethbridge Herald
Location
Lethbridge, Alberta, Canada
Date
Apr 30, 1947
Page
1
A theft at Val d'Or Quebec saw two gold bars stolen from a truck bound for the Ottawa mint. The bullion later reappeared and two conspirators were captured. The tale echoes the famed Ascot Gold Vase missing act where a guard briefly diverted attention as a crowd watched the King and Queen.
Snow swept Mt Moriarty remains silent as nearly twenty planes search for the missing Trans-Canada Airlines transport. Twelve passengers and three crew vanished Tuesday. no trace found amid high winds and fresh snow. Relatives await word as rescue crews continue the relentless hunt from Vancouver’s Sea Island and nearby airfields.
Washington April 30 optimism rose over a quick resolution to the United States telephone strike as 37 000 New York Bell workers settled for a 4 weekly raise and other gains. In Pennsylvania 6 000 maintenance workers agreed to 3 and 4 weekly increases and to return to work immediately. The negotiator said the pattern may shape a nationwide accord, with talks likely ending within 48 hours and a final deal possibly raising workers pay by a few cents beyond Pennsylvania gains. The Philadelphia agreement was with the Federation of Telephone Workers of Pennsylvania, an independent union not affiliated with the national body that called the strike on April 7.
Ottawa reports effective dates for new taxes in Tuesday's budget with income tax set for July 4 and other measures. Excess profits tax repeal takes effect December 31, 1947, foreign dividend withholding tax applies immediately, refunding securities tax begins January 1, 1947.
A Canadian Press survey of Canada wide reaction to the new federal budget shows qualified approval from industrial heads, with trades union leaders disappointed at income tax cuts not being deeper. Exemptions in lower brackets criticized. labor ties removal of excess profits tax to wage campaigns. Industry leaders argue relief should be immediate while labor cites wage demands and price concerns. The report includes comments from C L Jackson, Dave Archer, Cleve Kidd, C H Carlisle, Blair Gordon, and A W Rogers.
Ottawa April 3. The Abbott budget reveals income tax reductions. The table lists 1947 present tax, 1948 new rates, and percentage cuts. It details six months at present versus new rates for single taxpayers, with columns showing reductions and timing.
Finance Minister Douglas Abbott unveils a taxation budget aimed at inciting initiative and curbing rising prices. Personal income tax slashed by about 29 percent effective July 1, with top rate reductions and a repeal of the excess profits tax by December 31, 1947. Abbott reports a 352 million dollar surplus and 532 million in expenditure reductions for the year, while opposition critics challenge the plan's soundness.
A government summary details personal income tax cuts averaging 29 percent effective July 1 1947 with bottom brackets down as much as 54 percent and top brackets about six to seven percent, while exemptions remain. Other measures include unchanged customs tariffs, 15 percent excess profits tax through Dec 31 1947, and credits for Canadian corporations paying abroad. Oil and mining exploration benefits extended to 1948, with minor private company income provisions and anticipated surpluses for 1947 48 depend on interprovincial tax agreements. Revenue and expenditure projections are provided with minor tax adjustments in transportation and sugar taxes.
Douglas How reports Ottawa remarks on Abbott budget with wide tax relief. The article notes most Canadians will see income tax reductions, especially those earning low to mid incomes, easing the 1946 burden. Tax cuts of up to 4 percent lower the percent at the bottom brackets, though exemptions remain unchanged.
OTTAWA April 30 The 25 percent luxury tax on jewelry and other items stays as is. Finance Minister Abbott did not announce any reduction or elimination of the war-induced levy in his first budget speech to the commons.
Ottawa reports no tariff changes in Canada's budget as Finance Minister Abbott delays alterations pending Geneva trade talks. Officials note no prior budget lacked tariff shifts. Abbott says Geneva talks aim to enable a framework for international trade behavior and reductions, with Canada willing to give concessions if others do likewise. He warns U.S. dollar supply must expand to allow broader global imports.
Ottawa reports a last minute rush as taxpayers rush to post 1946 income tax returns by midnight April 30. Officials warn a five percent penalty with a $5 minimum for late filings. They urge timely mailing to avoid queues and extra costs.
A 10 car shipment of 300000 feet of lumber arrives in London Ontario to ease a housing shortage in western Ontario. The first of 12000000 feet diverted from export markets by lumber millionaire E Johnston of Fort William is greeted by five officials including mayors and district legislators along with Mr Johnston.
Budget details provide a fuller picture of Canada finances for the past fiscal year and outline plans for the coming period. The report highlights key expenditures and revenue items, with emphasis on deficit trends and anticipated adjustments by government agencies.
Ottawa reports April 30 1947 butter price ceiling up 10 cents per pound effective tomorrow with new ceilings for cheddar cheese evaporated milk and a small rise for eggs to Britain and shell eggs for export. Subsidies end with the changes and prices boards guard against stock speculation as dairy producers gain extra profits.
Secretary of the Interior answers House committee on mine safety charges, stating that many federal inspectors are United Mine Workers members and defending mine precautions against alleged negligence. The testimony centers on inspector affiliations and safety enforcement.
Government outlines tax measures to curb profits and price rises for 1947. Steps include 30 percent corporate income tax, continuation of excess profits tax for 1947, a new five percent holding tax on dividends to parent companies, extended tax benefits for oil and mineral exploration in 1948, and income taxation on certain funding securities. Canadian firms urged to show mettle by keeping prices low while maintaining profits.
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