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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 6, 1970, Lethbridge, Alberta Stock Prices Dip In Early Trading TORONTO (CP) The Ti ronto stock market was dow fractionally 'hi light mid-morn ing trading today. On index, industrials lost Grain Prices Winnipeg Grain WINNIPEG (CP) Tradin was light in all commoditie with rapeseed prices down a much as 4V6 cents from pre vioiis levels at the close of th Winnipeg Grain Exchange to day. Flax and rapeseed had little commission house activi ty that resulted in the lowc prices in both commodities. Barley had some shippei buying in the early sessions but was quiet the remainder o the day. Oats and rye were almos neglected ail day. Wednesday's volume of trade included bushels of rye of flax and o rapeseed. Prices for class two whea for export to countries outside IGA: 1 Nor 2 3 4 1 Duruir 2 3 IGA prices: 1 Nor 2 3 1 Durum 1.65! 3 High Flax Oct Nbv Dec May Rapeseed Nov Jan Mar May Oats Oct Dec May Barley Oct Dee May Rye Oct Dec 4 Low Close 268% 267% 267% 261% 260 260 259 257 257 264% 263% 260% 260% 258 258% 256 236% 254% 254% 77 77% 79 113% 113% 113% 116% 116 116% 99 104 97% Wi 102% 102% Beef Futures WINNIPEG- (CP) There was a light trade to September futures on the Winnipeg live beef futures market Wednesday. Open High Low Close Tues. Sep 29.25 29.23 29.25 29.25 29.33 Nov 28.80N 28.80N Jan 28.95N 29.95N U.S. Film Wins TAORMINA, Sicily (AP) The' American film They Shoot Horses, Don't They? won the top prize here at Hie Festival of Nations film fair. The movie, directed by Sidney Pollack and starring Jane Fonda, was se- lected by a jury presided over by the Cannes Film Festival di- rector1, Robert Fabre-Lebret, and Including movie personali- ties such as 'fiigrid ThuUn of Sweden. to 157.18 and western oils 1.88 to 157.97. Base metals were up .06 to 93.85 and golds remained un- changed at 154.44. Volume by 11 a.m. was shares, up from at the same time Wednesday. Losses edged out gains 85 to 81 with 151 issues unchanged. Largest declines were in bank, beverage, merchandising and oil refining sectors. Among losing stocks, Shell Canada was down to Aquitaine to Dominion Stores to 12V4, TransCanada PipeLines to Kaiser He- sources to 12% and Canadian Industrial Gas Vt to 9Vt. Pine Point was up to Northern and Central Gas to Cambridge Leaseholds to and Bell Canada to MONTREAL (CP) Prices moved lower today for the sec- ond straight day on busy trad- ing on the Montreal stock mar- ket. Senior petroleum issues which had been strong in recent weeks slipped on the MSE as Shell Canada fell to Aquitaine to Pacific Petroleum to 24% and Husky Oil Ve to 9' Westcoast Transmission rose to Kaiser Resources was off to Inco to Domi ion Textile to CPR Bank of Montreal Vs and Bank of Nova Scotia to Active issues on the CSE were Capri Mining, up 2 to 50 on volume of shares, an Ameranium, unchanged at 15 a volume of shares. On index, batiks slipped 1.: to 165.99, industrials .54 159.85, papers .52 to 86.21 an he composite .19 to 155.24. Utili ties were up .29 to 128.85. Volume was shares. MISCELLANEOUS QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Dohcrty, Itoadhmise and McCuaig) LAST BID OK SALE a.m. Quotes) WESTERN OILS Asnmere Banll BP oil Gas Can South Cdfi Ex Gas Cdn Grltloll Cdn Homcstd Cdn Ind Gas Oil Cdn Super Cen Del Rio Charier chleflan Dome Pele Dynamic Pete French Pele Gt Plains Mill city New Con! North Cdn Oil Numac....... a.m. Quotes) Inter Prov PIpo 9.80 Inti Util Pfd 11.25 Inter Steel Pipe 10 62% Jetfcrson LoKe. 4'os Joutcl Kaiser Res Kam Kotla L Ont Port Cern Mentor....... Newconox Pacific Pete Rank Orq..... Selk Hold Shell Inv Shell Inv Pfd Shell Inv Wts Sicks Rainier West Cdn Seed. White Yyk CALGARY Acroll Ana Pete...... Barons Oil North Cont Plains Pete West Warner Leduc Calmar Madison B.m. Quoresi Drey Fd U.S. 9.80 10.74 26.00 Grow nqully 5.A9 6.03 6.37W Grp In Shares 2.7A 3.02 3.75 -1.90 7.20 7.40 9.25 30.50 10.00 (.15 7.15 56.00 1.31 5.BO 23.00 5.60 9.25 1.22 12.25 1.87 1.90 .49 5.75 24.50 13 25 lOiSO 28.00 27.00 Invest Grow Invest Mut IOS Venture Mut Acm Fd Mut Grow Fd Mut income Nat Resources NW Fin NW Growth Prin Grow Regent Fund ____ Royfund Untd Accm Unlver Sav 2.15 VANCOUVER 13.50 Anuk Arctic Mining A.tl.'? 1.25 9.40 Permo Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Quinalta Spooner 1.25 West Decalta 5.30 MISCELLANEOUS INDUSTRIALS Atco In....... 10.25 Aquataine 21.00 Brit Hfld 05 Cdn Brew A Pfd 29.75 Cdn Hydro Car. 13.75 _____...... Cdn Pacific 21.1214 Trns Cn P War CPR Pfd 8.50 Westeoast Trns Crows Nest Ind. 33.50 Cygnus A..... -1.80 Cygnus B...... 5.00 Gt Cdn-Oil S 3.B5 Gt Cdn Oil 6-75. 100.00 Home A 16.75 Home B 16.50 Home Pltfld 2.05 Hud Bay Co 14.00 Hud Bay Oil 37.00 Hud Bay Oil Pfd 52 00 Hugh Russell 19150 Husky Oil 10.00 Husky Oil War d.OO Rexdale PIPELINE STOCKS Alta Gs Tr L A 44.00 Alfa Gs (Nat) Inland Nal Gas North-Cenlra! 13.00 Norih-Cent B Pf 25.50 Trns Can Pipe 28.75 Trns Cn P Pf A 55.00 8.50 _...... 19.50 West Pacific 4.45 MUTUAL FUNDS AGF Special 2.03 Al Cdn Com All Cdn Div Beth Copper Bornitc Ridge KaBros- B.C. Sugar Inter Churchill Cop Crest For In Croydcn .25 Endako Ft Reliance 9.25 Giant Mascot Granfsle Key Indust Hy's Inter Brew Jericho ___.. Kamloops Cop, Lytton Minerals Madrona 6.13 6.70 New Imp Mine 7.1d 7.80 Prlrr All Cdn Vent 3.10 3.39 Pyramid Amer Grow Fd 4.13 4.53 Silver Stand Can Grow ....4.70 5.16 TC Explor Cdn Invest Fd 4.01 4.40 Texmont Collect Muf ...4.88 5.36 Trojan Cmnwlth Inter .10.92 11.97 West Mines Cmnwlth Lev 2.67 2.93 Westcoast Res Corp Invest ..4.74 5.18 West Explor Corp In St Fd 4.36 4.77 Uttca 9.53 10.42 4.66 5.10 3.06 3.3- 4.29 4.72 3.62 4.20 6.50 3.36 3.69 3.90 4.29 8.30 9.07 7.23 7.86 4.64 4.79 4.06 4.46 6.11 6.68 .20 .23 1.10 13.50 .23 3.00 15.25 2.80 2.90 .27 Va .39 7.15 12.75 .55 2.90 14.25 .32 2.75 4.60 .03 .10 8.30 2.85 .34 1.80 .16 .25 1.53 .45 .48 .60 4.30 .21% .22 .91 TORONTO MINES, INDUSTRIALS Supplied by Richardson Securities of Canada LAST BID OR SALE a.m. Quotes) a.m. Quotes) a.m. Quotes) INDUSTRIALS Molsons B North, Cent Pembina Pp Power Corp Price Co Shell CDA Simpson's 13.50 Simp s_ea_rs NEW YORK CAP) Th stock market drifted mode ately lower early this afternoo in slow trading. At noon the Dow Jones aver age of 30 industrials was off 2.1 at 722.69. Declines held margin over advances. Among Canadians, Dome ros i. Alean was off Gramby and Hudson Bay Mining On the American Stock Es range, Scurry Rainbow 0 was off and Jupiter Vs. Cana ian Marconi was up Va. Hog Prices EDMONTON (CP) Prfce o 11 a.m. today supplied b he Alberta Hog Producers Marketing Board: Edmonton: Quoted 26.80 t 26.85. Selling 26.85. Wednesda iverage 26.90. Red Deer. Quoted 26.85. Sell ing 26.85. Wednesday averag 6.83. Calgary: Quoted 26.90 to 27 elling 27. Wednesday averag 1.90. Lethbridge: No m a r k e i Wednesday average 26.75. Total hogs sold to 11 a.m. 55. Sows at all points 17.44. Total hogs sold Wednesday 742. Average 26.88. NEW COURSE ANNOUNCEMENT INSURANCE A two-year Associate Diploma course designed to prepare the student for a career in the Insurance In- dustry. Curriculum: General Education courses Behavioral Sciences, Com- munications, Humanities and Natural Sciences, Iniurance courses Principles of Life Insurance, Pro- perty Insurance, Automobile Insurance. Insurance courses will be credited towards an Insurance Associateship with the Insurance Institute of Canada. Career Possibilities: Junior Underwriters, Agency Personnel Workers, Risk Managers, or establishing own Brokerages. Admission Requirements: Students must be 18 years of age or possess an Al- berta High School Diploma or its equivalent. For further Information, contact: The Information Office mount royal college 7th Avenue and llth Street S.W. CALGARY 2, Alberto. Telephone: 266-4611 Abltirrt..... Alcan....... Algoma Steel Atco Ind Allan Sugar Bell Tel Brazil Trac B.C Tel Burns B.C. Forest B.C. Sugar CAE Ind Cdn Brew Chemcell Col Cellulose Cal Power Coron Credit CWN Gas Cdn Indust Canada S S Cdn Marconi Cdn VicKers Chrysler CPR Cominco Cons Balh Cons Gas Dist Sea Dam Bridge Donitar Dom Textila Dom Stores Dome Pefe Fam Play Fd of Amer Gt Cdn Oil Gen Motors Gt Lakes Pap Gulf Oil Ola Hawker Sid Huron, Erie Hiram Walk Imperial Oil Imperial Tob Int Nickel Int Pp..... Inv Gp A Int Utilities Indust Accept Laurentide Kelly Doug A Loeb....... Loblaw A Metro Stores Massey Ferg McMillan Bloo Moore Corp Molsons A 7.75 20.75 12.75 10.50 Steej of Can ____ iffife Selkirk A 10.00 15 25 Traders Gp A Trans Mtn Pp 'rans Can Pp tin Union Gas Union Oil Versatile Mfg Westeel Union Car D'13iA Weston's B mm Woodward's A Vic West Cdn Sd 6 35 Zenith Eelc BANKS 51.75 can Imperial 21.3714 Montreal 13.75 Falconbridgt 1300 Frobex 19.75 First Marltlmi Giant YK 7.62'A Gortdrum 10.25 Gunnar 28.50 Granduc 14.62V4 Headway R.L. 20..00 Holllnger 22.37Vt Hud. Bay M-S 146.75 .27 1.15 7.50 3.40 1.15 500 1 05 31.00 51.50 Hydra Ex. Highland Bell 2.85 '.00 Iron Bay..... 2.BS Iso 1.55 Jollet Quebec 14.00 Kerr Addison 10.62 30.00 Key Anacon .40 250 Labrador.....28.50 Lake'Shore 3.35 Leilch..... 1.5S Langis Silver Macassa..... 1.34 2-1" Madsen R.L. Walartic C- f. .a Martin AAcNeely .11 19.12Vi Maclntyre .161.50 11-42% Nova Scotia 1 Mela..........17 Royal...... 21.50 Mldrlm.......30 Tor-Dom..... 17.75 Intern Mogul 11.00 15.00 IIIMKC New Athona .16 12.62V2 MINES New 12.37'A Acme.......09 New Imperial Advocate Asn. 1.91 Noranda 55.00 Akaitcho......37 Morlhaati Area Mines 44 00 Belcher Iron 3.85 Black Bay 6B.50 Bralorne Broulan 1575 Bethlehem 1.75 Brunswick Canada Tung. 41 50 Casslar 17.00 Central Pat. 13.50 Chlmo....... 40.42% Canwest 23.75 Cons. Rambler fi.37% Coin Lake 25.25 Cochenour 13.25 Cralgmont 3.75 Dickenson Mine 5.50 Dentson Mines Horn 5.87Va D'Eidona 17.50 Dome Mines 9.75 Donalda. 2.1.53 Discovery Mine 29 25 East Malartlc 14.00 East Sullivan Opemiska Oslsko....... Patino....... Pine Point Placer Dev. P.C. Exp..... Quebec Man Rayrock Radlore Rio Algom Roman Corp. Silverflelds Sherrltt Gordon Silver Miller steep Rock 10.87V2 Siscoe....... 1.50 Corp........ Texmont Upper Canada Western Minej WrlBht Har. Willroy Windfall Yellpwknlfa Br. Zenmac 1.90 .23 13.25 5.00 2.00 20.50 2.30 1.25 11.25 .90 '.40 56.00 1.30 1.00 5.55 11.75 .23 37.25 32.50 31.50 .70 .23 1.23 -31 17.00 6.25 2.00 20.00 .07 3.00 1.85 6.00 .47 1.6J 4.35 1.45 Amcr T and T Anaconda Beth Steel Chrysler Comsat..... Dupbnt......' Gen Motors Gulf....... Int Harvester Kenn Copper NEW YORK STOCKS Supplied by Kichardson, Securities of Canada Monlgom Ward 23..W Sears....... 22.37Vfe Sid Oil of N.J. Texas Gulf 37.25 Texas Co..... U0.50 Woolworlh Westing Else 26.12V3 U.S. Steel........ TORONTO AVERAGES 20 Inds 156.84, off .80 23.37V, 20 Gold! 1U.U, up .0! 10 Base Met S3.94, up 61.8714 15 West 01! 158.52, off 1. 113.37% Volume 29.00 NEW YORK AVERAGE 31.12W 30 Inds 722.96, off 1.85 66.37V2 20 Rails 128.66, off l.OS 15 Util 103.69, off .13 Stocks m.St, off .M Volume LIVESTOCK Lethbridge Livestock (Supplied by Canada Department of Agriculture) On offer to a.m. 290 cattle. Receipts mostly slaughter cattle. Trade moderately ac- ive. Good and choice butcher steers meeting only fair de- mand. Prices steady at the veek's lower levels. Good and choice butcher heifers meeting good demand at steady rates. Cows sell readily at firm prices. Medium and ;ood heavy feeder steers no >etter than steady. Choice steers 28.75 to 29.30; good 28 to 28.50; medium 26 to 7.75. Choice heifers 26.25 to 26.90; cod 25.50 to 26; medium 24 to 5. Good cows 21 to 21.80; me- ium 19.50 to 20.50; canners nd cutters 15 to 19. Good heavy feeder steers 800 bs. 28.50 to 30.50; medium 26 0 28. Butcher hogs sold Wednes- ay f.o.b. Lethbridge 26.75 base rice. Calgary Livestock CALGARY (CP) On offer 11 a.m., about head mostly slaughter steers and eifers of mixed quality. Trade moderately active. Slaughter steers sold stead; heifers steady with no choici kinds on offer early. Cow tra( was uneven selling at lowe prices with sales to 21.40. Bui steady. Choice steers 29 to 29.7C good 28.25 to 29, medium 27 fc 28. Choice hdifers 26.50 to 26.80 good 26 to 26.50, medium 25 t 25.75. Good cows 20.50 to 21, me- dium 19.75 to 20.25, canner and cutters 17 to 19.50. Good bulls 26 to 27.50. Replacement cattle w. generally flesh steers and hei fers, selling at steady prices Good feeder steers 750 Ibs. an up 29 to 30, good feeder hei fers 650 Ibs. up 26 to 25 to 27.40 Good light stock stear calve under 300 Ibs., 45 to 59. Ni slaughter calves on offer. Hogs base price 26.90 to 27. DIVIDENDS By THE CANADIAN PRESS Atlantic Sugar Refineries Co, Ltd., 5 per cent pid., Sept. 15, record Sept. 1; 'class A, 30 cents, Oct. 1, record Sept. 17. Gulf Oil of Canada Ltd., 15 cents, Oct. 1, record Sept. 1. Harding Carpets Ltd., com- mon, 12 cents; class A, 12 cents; both Oct. 1, record Sept. 1. Canada Steamship Lines Ltd.. 50 cents, Oct. 15. record Sept. COMPUTER ACCOUNTING AND MANAGEMENT LTD. Data Processing Services 507 CANADA TRUST BIDG. TELEPHONE 328-7883 Thunday, August 6, 1970 THE UTHBRIDGE HERALD 13 Your Taxes Shedding Light On Dark Tax Corner By I. H. ASPER One of ttie most important and welcome development in the administration of the tax system in recent years is the Department National Rev enue's more frequent release of information bulletins. An information bulletin normally a statement of the Tax Division's policy regard ing its interpretation of the law or its policy of enforcing it in given situations. These bulle- tins don't have the force of law but are merely guidelines and as such are valuable to tax- payers and their advisers in charting their course through complex or-grey areas of the law. Even though the Depart- ment's bulletins aren't binding on anyone, including the Gov- ernment, the periodic issue of hese policy statemnts pre- vents unnecessary litigation and dispute between taxpayer and tax collector, because whether they are valid or not, "ew tax advisers would recom- nsnd a course of action which lies in the face of a Tax De- >artment contrary view. Since Canada still does not lave a system whereby one can obtain a tax ruling or in- erpretation from Government n advance of his proposed ransaction, the Tax Depart- ment's information bulletin sys- em is the next best thing. Un- il complete tax reform, includ- ng an advance ruling system, is introduced, Ottawa should be encouraged to increase the fre- quency and bfpaden the scope of these policy statements. Much tax uncertainty would thus be removed from commer- cial or family business trans- actions. The Tax Division's current policy release is an example of the system working at its best. Information Bulletin No. 47 deals with the Department's at- titude in situations where one sells someething to a close rela- tive, say his child, but does not get paid immediately. Instead be takes a Promissory Note for the full entire purchase price but because of the relation- ship, the Note calls for no in- terest to be paid. There's the potential tax rub. This type of situation arises every day across Canada. The father, as part of his estate planning, sells the shares of flie family business to his sons of to a family holding company; or he sells the 'farm, cottage, life insurance policy, invest- ment portfolio, or what have you. The children rarely have the cash with which to pay and in- terest costs would compound their inability to take over the family assets. As well, paying the interest costs on the he is foregoing income and hi effect, making a gift tc purchase price would son each year equal to the different tax problems. of interest the son as part of the estate have paid if he had owec process, the father will money to a bank. tax-free gifts to his could be quite expen- each year by forgiving part tax-wise. Suppose the fath their indebtedness to him. sold the business to his son has been an almost and the current av pattern for estate planning interest rates were 10 Canada for over a decade cent. In year one, the al- Recently, however, gift of the unpaid inter- have been murmurs of of would attract gift sure from tax officials. of assuming the fath- have allowed it to be had used up his gift tax that they may attack And because of the transactions, even though gift tax rules which pro- Tax Courts appear to have that one's gift tax rate is fixed their Good on the cumulative value Seal. The presumed basis all gifts he's made in previ- attack is this: where one years, the amount of gift an asset and is paid in payable would incfease he will usually invest that each passing year. earn income and pay counter the Tax Depart- When he sells and isn't argument, tax advisers immediately, then pointed to the Court cases ly the unpaid balance say that no taxpayer is bear interest at curr'ent to make income if he Thus he will earn interest want to and if he is come on which he will pay through generosity or But where the unpaid to stand aside and price owing by his son bears the way for others to interest, then, the tax the profit instead of him Forgivable For Plan Under CALGARY CP) The be presented to the next berta government is of the legislature. iig forgivable loans for the plan, a business nesses which establish who accomplished objec- ondary industry in smaller of an approved project xes, Industry and be excused from paying Minister Ray Ratzlai'f or all of the loan, depend- lere. The minister did not on each particular arrangement with the province. details of the plan but said Ratzlaff said the prov- cabinet approved does not want its plan to with other provinces Potato to attract industry to their smaller centres. WINNIPEG- (CP) There was a light trade in April and May futures on Hie eon't think it is prudent for provincial jurisdictions to compete with each other on potato futures market programs." plan would give the gov- uay. )pen High Low dose a "meaningful role" tfov 2.20B stimulating the economies of liar 2.55A towns which do not qual- Apr 2.65 2.68 2.63 2.68 under federal regional de- May 3.02 3.02 3.02 3.02 incentives. COUNCIL GETS CLASSES OTTAWA (CP) A AUTO HOME ederal grant to the Velfare Council, for its 3rd FflRSTER ies in the field of housing, announced there can be no adverse tax consequences to him. The issue has been satisfac- torily resolved without litiga- tion by Ihe issuing of Informa- tion Bulletin No. 47. The Tax Department's proposed solution is that where the money owing by the son is payable on de- mand, then there will be no gift tax assessed in respect of Ihe fact that the debt bears no interest. H the Promissory Note bears no interest, but also is not repayable for a stated number of years then the De- partment proposes to calculate the present value of such a non-interest bearing long term Note and then assess gift tax against the father en the differ- ence between the face value of the Note and its market value. In ether words, a note for payable without inter- est in twenty years might be worth only Thus the difference of would be treated as a taxable gift. Whether or not the Courts would uphold the Tax Depart- ment's compromise solution, of in fact render an even harsher verdict, is something that per- haps some venturesome tax- payer might one day test. In the meantime, the Tax Depart- ment's i n f o r m a tion bulletin goes a long distance toward comprising tax opinions, re- stores tax certainty to a cloudy region of tax practice and in- dicates a reasonable approach to thorny tax issues all of which can only improve tax- payer morale. (Mr. Asper is a Winnipeg lawyer) ISSUE OF NON-CALLABLE GOVERNMENT OF CANADA BONDS DATED AUGUST 15, 1970 Bank of is authorized by the Minister of Finance to Retire subscription! for a loan, to be issued for cash as follows: year 4 month 7J% bonds doe December Issue price: 100.00% Yielding 7.25% for 5 yean 4 months Exchangeable at the option of the holder into an equal par ralue of 10 year 8% bonds to be dated December 15, 1975 and due December 15, 1985 yielding 8.00% for 10 years commencing December 15, 1975 and about 7.63% for the full 15 year 4 month period commencing .August Interest payable December 15 and June 15 Four months' interest payable December 15, 1970 Denominations: Bank of Canada has agreed to acquire a minimum of of the new Bonds. Proceeds of the offering will be used for general purposes of the Government of Canada, The new Bonds due December 15, 1975 will be dated August 15, 1970 and will btar interest from that date. Principal and interest are payable in lawful money of Canada. Principal is payable at any Agency Bank of Canada. Interest is payable at any branch in. Canada of any chartered bank without charge. Definitive bonds will be available on August 17, 1970 (without payment of accrued interest) and thereafter in two forms: bearer form with coupons attached and fully registered form with interest payable by pheque. Bonds of both forms will be in. the same denominations and fully interchangeable as to denomination form, without charge (subject to Government transfer requirements where To enable the Government of Canada to establish six months in advance the amount to be re- deemed for cash on December and thus plan any required refunding, the option per- mitting holders to exchange their 5 year 4 month Bonds due December for an equal par value of 10 year 8% Bonds duo December 15, 1985 may be exercised only during the sis. month pti-iod commencing December IS, 1971 and ending June The new Bonds are authorized pursuant to an Act of the Parliament of Canada and both principal and interest are a charge on the Consolidated Revenue Fund of Canada, Applications for the new Bonds may be Made, subject: to allotment, through any inveitment dealer eligible to act as a primary distributor or through any hulk to Canada. 111 ;