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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 5, 1971, Lethbridge, Alberta -f H 1 H quotations Vancouver, Calgary, tax Weaker at mid-r TORONTO (CP) Prices on the Toronto stock market edged lower for the seventh consecutive session in slow mid morning trading today. On index, industrials were down .09 to 174 28 and base metals .57 to 91.45. Golds were up .29 to 1M-M and western oils .35 to 224.44. Volume by 11 a.m. was shares, down from at the same time Wednesday Declines outnumbered a ri-vances 113 to 78, with 175 issues unchanged. Weakest sectors were communications, pipelines, merchandising and banking. Eleven of the industrial index's 17 sub groups moved lower. Oil refining, trust and loan, chemical and real estate issues posted fractional advances. Inco was unchanged at The company announced eariy today it is closing two mines because of reduced demand for nickel. A company spokesman said the closures are "temporary" but no restart date has been set. Moore dropped to Peel-Elder '2 to Villa-centres Vi to Opemiska 'A to Falconbridge to 501, Ivaco to 514% and Bell too Supertest ordinary was up Vi to Imperial Oil '2 to Tera to S15, Gulf Oil -ni to Pacific Pete 'i to S33 and Canadian Export Gas five cents to norning On index, Ihe composite rose .49 to 17C.79, and industrials .8' to 170.90, utilities fell .47 to 151.07, banks .38 to 205.61 and papers .22 in 82.01. Highlighting gains, Imperia Oil rose to and Interna lional Ulilities and Internationa Nickel each to 538 and respectively Among declines, La Veren drye Management Corp. lost to 50 and Falconbridge and Noranda SI to 591 and respectively. On the Canadian Stock Exchange, Probe Mines gained IVi cents to cents on shares. NEW YORK (AP) Stock market prices rallied in today's moderate trading. The noon Dow Jones average of 30 industrial stocks gained 5.91 io 850.83. Advances held a small lead over declines on tlie New York Slock Exchange. Analysts called the rally a technical one. They said investors were bargain hunting among selective issues after the market's recent sharp setback. Rails, farm implements, steels, aircralts, 2nd electronics were mixed. All other stock categories were up. The Associated Press 60-stock average rose 1.4 to 305.0 with industrials up 2.3, rails up .4 and utilities up .4. Noon prices on the big board included Texaco up VI at McDonnell Douglas off 1 at and Bausch and Lomb up at S129V4. Canadian Pacific added H4 to and Distillers Seagrams put on lo 555. Losers included Mclntyre Porcupine off 2 to 98, Alcan off at and Inco off at On the American Stock Exchange, Scurry Rainbow added '.4 to and Canadian Javelin was up a like amount at by Doherly, Itoadnoiise and McCualg) LAST BIO OR SALE i.m. OuoJrt, i.m. euwti) i.m. QiMM WESTERN OILS Husky Oil 1450 Corp lnvelf 5.31 Almlnix Husky Oil B I1.lt Corp Invest S F 4.87 5.32 Alia East Gas 5.05 Husky Oil War 7.20 Dreyfus F U.S. 11.70 12.62 Asamera Inter Prov Pipe Growth E 6.40 7.03 Ashllnd 1J.50 Inler Sleel Pipo 8.75 Group Incomi S 3. OB BP DM Gat 6.70 Cdn Occidental Invesl G F 10.82 11. B3 Csn SQUlh 5.35 Joulel .73 Mul 5.27 i.74 Cdn Ex Gas Kalstr Res 6.00 Mut Accum 5.3] 586 Cdn Homesld ?.7S Kum Kolll .51 Mulual G F 4.17 5.36 Cdn Home Pld 18.25 Lake Dufault UM Nal Resource 7.24 7.! Cdn Ind Oil 11.55 L Ont Port Cem 2.55 N. W. Finance 4.17 4.91 Cdn Long Is .77 MGF Menage 2.00 N. W. Growlh 5.09 5.5! Cdn Super 4J.75 Mentor .92 Principal Grow 4.10 4 SO Cen Del Rio Newconex 5.60 Roylund 5.4J S.L Charier 4.00 Paclllc Pete 33.00 Templelon 0 29 04 Chiellan 4.75 Rank Org 19.50 Unl.ersal Sav 7.22 7.J3 Dome Pelt 100.00 Selk Hold 14.25 VANCOUVER Dynamic Pete 1.00 Shell Can D5.37YS Gf Plains Shell Inv MOO Anuk .21 Lochlel 1.27 Shell Inv Wts U.OO Arcllc Mlnlw .OS Mill City 1.57 Sicks Rainier 2.75 Alias Explora M New Cont .71 Teledyne 4.70 Batnursl Norse 1.45 Norlh Cdn Oil 7.00 Wcsl Cdn Seed 4.50 Beth Copper Numnc 9.60 While Yukon 11.50 Block Bros. J.4U H! Er E s-ar" F lnd 3? w n.r.ll, Alia G T L Pld 77.00 Dolly Varden .28 MISCELLANEOUS Nat Gas 21'M Dynasty 7.75 INDUSTRIE? Cdn West N G 17.00 Reliance .48 Aor. Ind 925 Nat Gas Glant Mascnl 5 2S I'll N and C 15-H Granule 11 00 Ami.lilne 26H Trsr" Growers B 3.00 'ISvi N .nd 1C Ptd 30.00 Key lndus, 24 rrin Rrpiw A VI IW "BZ MC1TO HVS '-d" rSJ n Gaz Metro Pfd ISM interior 4.75 Cdn Hvdro car 1S1JK, Trans Cdn P 33.12VJ Mar .75 rdJ pffiSr Inv 5300 Trans Cdn P Pld 41.00 Kamloops Cop -OBV4 Cdn Pacific Inv 23.00 cdn p ft m M Croisnesl Ind 25M p c Wjr 10'0l) Lylton Minerals i.tl cSms A 525 Weslcoail Trans 26.00 Nlw Imp Mines .60 Cyanus B 600 PK Okanagan Hellcop 5.00 Cum Pri 13.00 MUTUAL FUNDS Plains Gl Cdn Oil S 5.10 A.G.F. Special 2.74 f "JS Gt Cdn Oil 6-75 100.00 All Cdn Com 7.B3 6.54 Pvramld Home A 32.00 All Cdn D vld 1 86 9.68 S Iv.r SUndard 1.32 Home- B All Cdn Vent 3.S1 3.84 SUmpede Infl Res .90 Home Pltfld 2.15 Ameri G F 5.52 6.06 Ttxmont .51 Hud Bay Co 17.75 Cdn Invest F 4.51 4.94 TroJM Hud Bay Oil 46.50 Colleclive Mut 6.15 6.75 Wes ern Mines 3.50 Hud Bay Oil Ptd 58.25 Common Inter 13.50 14.84 Wescossl Res Hugh Russell 19.25 Common Lev 3.55 3.90 Western Ex .IB Toronto mines, industrials Supplied by Rlcbardscm. Securities of Canada LAST BID OR SALE Ouctn) Quotes) Quofel) MINES fjorlhglle 1.95 Dofasco 24.75 Acm, .35 CAB 13.25 u .1. Opemiska 10.50 Fd of Amer 60.00 Advocate Asn. 2.08 Os1sko .M cdn SM Akallcho .45 Patlno 20.50 Gen Motors 77.00 Black Bay .06 Plna Point Gl Lakes Pep 16.00 Bralorne 190 P.C. Fxp. 89.00 oulf ON Cda 2400 Broulan 25 Quebec Man .16 Greyhound 1500 Bethlehem 16.75 Rayrock 1.21 Hawker Sid 260 Brunswick S.10 Radlore .21 H Erie 21 00 Canada Tung. 1.98 Rio Algom uiram'walk 3A95 Casslar 21.50 Sh.rrllt Gordon 15.25 oil 2612V Central Pat. 2.15 Silver Miller .0514 J Too 19 so Chimo 1.42 steep Rock 2.08 ,175 Conwest 9.25 Tek Corp. 5.BO Cons. Rambler 1.72 Texmont .51 plpe Coin Lake .13 Upper Canada 1.B6 ?X SA Cochlnour .43 Western Mines 3.15 u.llllle! Craigmont e.75 Wrlghl Hargreaves 1.52 ndust Accept IBOO Dlckenson Mlntj 1.15 willroy .91 b Denlson Mines 34.75 windfall 11 Kellv DouD A 5'SO Deer Horn ,05 Yellowknlfe Bear 5.10 Loeb 3-85 D'Eldona .52 Zenmac .09 Loblaw A 5.75 Dome Mines 73 50 Melro stores 44.00 Donalda 09 INDUSTRIALS Massey Ferg 10.62Va Discovery Mines .82 Ablttbl 7.25 McMillan Bloe 24.50 East Walartic 1 05 Alean Moare Corp tt.Wh East Sullivan 2.90 Algoma Sgeel 13.00 MoUons A 18.00 Falconbrldge 91.00 Atco Ind fl.25 Molsons B 17.25 Frobex .22W Allan Sugar 7.00 Norlh, Cent 15.25 Firsl Marltlmel 1.05 Bell Tel Power Corp 500 Giant Y.K. 9.50 Brazil Trac 1B.50 price Co 7.62'A Bovls 1.95 B.C. Tsl Rolhmans 10.25 Granduc S.BO Burns 13.75 st Law Corp 19.00 Headwiy R.L. 9.00 B.C. Forest 19.75 Shsll CDA 35.75 Holllnger 42.00 B.C. sugar 19.50 Simpson's 20.00 Hudson Bay M-S 22.50 Cdn Brew 4.17'A simp Sears 24.75 Hydra Ex. Chemcell 5.50 Sleel of Can 25.50 ron Bay 3.10 Col Cellulost 3.90 Selkirk A 14.25 i n i_ S Pow'r '6-SI1 Texaco 34.75 ?i1i. .'xl CoronCredt 110 Trader! Gp A 13.50 14 C-W-N- Gas Trans Mln pf 23'50 Shridor 40M Cdtl "-00 Trans Cln PP 33'12'A 5h r. Canarla S S 32-m Gas 15M 1 Snni, in Cdn Marcon 290 Union Oil 4600 RL '88 cdn Vlck8r! "5 Vmallle Mf0 4.15 Malarllc GF 67 Chrysler 26.25 Wesfeel 11.50 XSrlm McNeelv BM CPR Weston's B 17.12Vi XScntYr. 9400 Comlnco Woodward's A 1725 Mel. 12 Cons Bam 8.75 west cdn Sd 4.50 Mlaflm jivi Cons Gas 20.50 Zenith Elec 1.65 inlern Moqul 10.25 Dlst Sea 55.25 BANKS New West Homes 7.37'A Dom Bridge 23.25 Can Imperial New .15 Domlar 1375 Montreal 14.00 New Calumet .21'A Dom Text la 17.50 Nova Scolla 26.37V3 New Imperial 80.00 Dom stores 12.00 Royal 26.75 Noranda 33.25 Dome Pe e loo.ou 25.25 New York stocks Supplied by Richardson Securities of Canada Amr T and T 42.00 Montgom Ward 33.25 20 Indust 174.19 off LIB Anaconda 17.62'A Sears 82.00 20 Golds 19J.65 up Delh Sleel 33. IS Sid 0 of N. J. 10 Base M 91.37 off .65 Chryslfr 27.00 Texas Gulf 112.00 IS West 0 23S.M up .07 Comsat 58.25 Texas Co. Volume Dupont 141.75 Wlx Corp 3P.OO NEW YORK AVERAGES Gen Motors 76.62V} Woolworth 44.37'A 30 Indust 850.49 up 5.77 Gulf JO.OO WntlnghouM El B3.50 3D Rails JD5.05 Up 1.44 Int Harvest 24.25 U.G. Steel 28.37'A 15 Ullllt 113.11 off .13 Kcnn Copper TORONTO AVERAGES 65 Slocks 385.42 off By I. II. ASPER A recent incident, undoubtec ly one of many to come, poin out the difficulty created b the federal government's rig timetable for implementing i tax reform legislation. Last week this column di cussed some of the ramific tions and difficulties some ta payers may encounter regan ing the forthcoming capit gains tax, particularly with r spect to the concept of valu tion day. It was suggested tli taxpayers will be required choose one of two methods fo valuing their now. taxable cap tal asset either on th basis of their cost or nt the fair market value on valuatio day. According to the interpret tion we placed on the govern ment's intention, a taxpaye could choose only one of th two valuation methods and a ply the valuation technique all assets and not use the selectively. This interpretatio was shared by several com mentatcrs. However, feder Finance Minister Benson ha rejected this interpretation the new rules, stating that is the government's intentio that for valuing one's capita assets at January 1, 1972, tl taxpayer can place eithe value, cost or fair mark value, on any of his assets a he sees fit. Wbile this more liberal inte pretation of the new rules welcome, it in no way min mizes the problem it illu trates, namely, the new legi lation is so complex and a mils of so many possible intc pretations that professional a< visers are at a loss as to b< able to digest the tax bill an interpret its consequences most experts try needed to confidently inter- ing change in (ax law ever in- tain a ruling on how the new pret the new legislation. troduced all at one time in the will apply to a transaction GIVING UP history of the Canadian sys- he is contemplating. The gov-Indeed many professional ad- I' abounds wilh unlried, eminent should be required to visers are on tlie brink of giv- ornate and ingenious but inlri- give the ruling or interpreting up trying to read Bill C- C2te tax theories, too numerous tion and be bound by the rul-259, preferring lo wait a few cvcn lo list. less ing. years until explanatory books explain briefly. Unlike the present advance are written and the courts have The government could meet mlint system, Ihe new one interpreted the legislation by this concern bv agreeing to should provide that the govern-adjudicating disputes belwcen phase in the legislation slowly be required lo make taxpayer and tax eoUeclor. over a period of Iwo or three these advance rulings and if Others, still inlenl on under- years. In this way more lime Uie taxpayer disputes the re-standing the lax bill before it irould ne available (o perfect, suits of Ihe rulings there should becomes law, are beginning to simplify and '.has improve the be a speedy appeal procedure murmur that the proposed im- qualitv of the legislation. whereby he- can contest the plementation dale, January, Failing that, it is imperative interpretation of the law. 1972, should be deferred to a that a much improved advance H this is done some of the later date in order to give pro- ruling system be brought in uncertainly normally accom-fessional tax advisors more concurrent with the enactment panying the introduction of a lo study and suggest of 1. 1 new law. Under a reason- major and complex new system clarifications and simplifica- able advance ruling system, a Wl11 'M removed wnle Ihe pub-lions. It may well turn out that taxpayer should be eble to ap- lie Yearns the new rules, deferral becomes the solution, proach teg ocvnrh t nemo-bol (Mr. Aspcr is a This is the most overwhelm- proach tlie government to ob- Winnipeg Saturday In Weekend Magazine Ki RCK llumbnrd King Of Soul Savers He has the largest congregation in the world. Tlie largest television audience, too. And faithful Canadian and American viewers pay for his brand of God-fearing, spiz'it-f illed soul-saving with large and small contributions. What attracts them to Humbard and his Cathedral of Tomorrow? IVeekend Magazine's Ernest Hillen travelled with Humbard's religious road show to find out. Read about it in Saturday's Weekend Magazine. A TOWN AND A HftI MONTREAL (CP) Prices were mixed in light Irading on the Montreal stock market Thursday-Co m b i ned volume on tlie Montreal and Canadian Stock Exchanges at 11 a.m. was shares compared with shares at the same lime limited lime before it b comes binding law. CONFUSION REIGNS From coast to coast Canada ablest tax authorities are shal ing their heads in amazemei and confusion as they manfull attempt to digest the massiv new tax bill. Those who ven ture to suggest they fully com prehend the massive new sys tern are few indeed. To the layman this situatio seem absurd. After all, th law is the law and anyon trained in interpreting comple statutes should be able to gras the new concept.1; readily. Bu there's the rub. The new legis lation is based on concepts an legal techniques previously un known in Canadian experienc? The legislation awards majo powers of discretion to govern ment officials in applying th law, abounds in intricate for mulae for calculating taxabl income and uses wordin which makes comprehension difficult. While the new law is an accountant's nightmare as wel as masy a lawyer's nemesis this is nnot to suggest that i won't work, it is even possib] that given a few dozen reac ings, accompanied by explana cartoons, graphs, demon stations and government inter pretation bulletins, the new may even be well understoot one day by as many as severa dozen legal scholars. But for the Canadian taxpay er who derive his income from more than Straight salary, i will be many years he or his professional advisers can master the combination of ca] culus, philosophy and Grain quotas open WINNIPEG (CP) Opening quotas for the 1971-72 crop year were announced todav by the Canadian Wheat Board. The list of quotas, which went into effect at the start of (lie crop year Aug. 1, included Ihe first quotas for wheat and barley to be established under the new non-cumulative system. Separate quotas, effective ji all blocks, were authorized for (laxsecd, rapeseed and rye. While the non-cumulative quotas for wheat and barley were authorized only in a selected number of shipping blocks, the wheat taard said it is expected they wil. be extended to all blocks before the end of August. The non-cumulative quotas, which will be applied only to wheat, oats and bflr.'ey, arc designed to encourage producers to deliver the kind and quantities of grain in Ihe periods when it is needed lo meet sales commitments, or Co build up necessary inventory stocks. board said no quotas will be terminated before Oct. 31 and warnings will be issued well in advance of [lie closing date for each quota. As each quota is established, it will be labelled by the name of the grain lo which it applies and nn alphabetical IcUcr. The opening quotas for (lie new crop will be labelled Wheat A, Barley A and so on. Subsequent quotas will have a different letter designation to enable producers to clearly distinguish one quota from another, as two or more quotas for a particular grain may be in effect at one time. In the 1071-72 crop year, for the first time, producers will be ible to deliver rye to any country elevator in Ihe wheat board's designated area. In Ihe pasl, this applied only lo rape-seed and flax. Lethbridge Livestock (Supplied by Canada Department of Agriculture) On offer to a.m. 75 cattle. Receipts mixed quality. Trade moderately active. The few good lo low choice butcher steers on offer selling about steady condition considered. Good and choice butcher heifers generally steady. All classes of cows selling a steady rates. Medium and goo( heavy feeder stetrs meeiin, Rood demand from locayl buj ers at sleady prices. Choice steers 31 to 31.60 good 30 to 30.75; medium 27 t 28.25. Choice heifers 27 to 27.00 good 2G to 2C.75. Good cows 21.50 to 22.50; medium 20 lo 21; canners and cutters 18 to 21. Good heavy feeder steers (over 900 Ibs. 30.50 to 31.50; medium 28 to 30. Butcher hogs sold Wednesday 17.10 liveweight for export. Calgary pn Winnipeg Grain WINNIPEG (CP) Hape-seed posted losses us much as cents in moderate trade a mid-session on Ihe Winnipeg Grain Exchange today. Trading in that commodity centred on fair exporter buying on a scale-down price pattern. other commodities were steady to slighOy lower under some selling pressure. Wednesday's volume was bushels of flax, of rapeseed and of rye. MID-SESSION Flax: Oct. 2'i lower Nov. 27i lower Dec lower 2.34; May 2'A lower 2.44B. Rapeseed Vancouver: Sep. 4-lj lower 2.99V1A; Nov. 2Vs lower Jan. 214 lower March 2 lower Rapeseed Thunder Bay: Oct. 1 lower Dec. n lower 2.72V4A; May IVj lower 278A. Oct. Unchanged 68ViB; Dec. Va lower 6914A; May review changed Barley: Oct. 1 lower Dec. Vi lower May lower 1.06B. Rye: Oct. Vj lower 94'AB; Dec. unchanged 9314; May Vt lower 99E. Hlgli Low Close ..Flai Oct 239% 236