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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 1, 1973, Lethbridge, Alberta kCI I Alberta inquiry told unauthorized loan made EDMONTON The chief examiner for the provin- cial insurance branch testified Friday that North West Trust Co. made an unauthorized loan of to Cosmopolitan Life Assurance Co. in 1970. Bill McKinnon told an in- quiry ending its second week of hearings into the failure of Cosmopolitan and its parent P.A.P. Holdings that the branch didn't know initially the loan had been made. Mr. McKinnon said that when he realized a possible Keep Christ in Christmas Inserted by KnighU of Columbua Dr Lundgren Chiropractor Wishes to Announce the Relocation of His Office to Suite Medical-Dental Building 434 7th St. Alberta Office By Appointment Ph. 328-9646 breach of law had he sought instructions from the office of the provincial secretary and was refused a meeting. Mr. McKinnon said Cosmopolitan officers and a North West Trust a Mr. met him in 1970 and discussed the possibility of the loan. AGAINST LAW The men were told legisla- tion prevented an insurance company such as Cosmopolitan borrowing money on its said Mr. McKinnon. Under questioning from District Court Judge Roger presiding over the provincially ordered Mr. McKinnon said he didn't know how Mr. Arnel reacted to the statement. A few days later the in- surance branch received a letter from Cosmopolitan authorizing delivery to North West Trust of a government mostly which Cosmopolitan had lodged with the province at incorporation. nib. Companies ALBERTA CONSUMER AFFAIRS IS NOW LOCATED Princeton Place 2nd floor 10339 -124th st. Edmonton T5N 3W1 ALSO NOTE PHONE 229-3811 229-3878 229-4487 twx 610-831-1942 xllbcna CONSUMER AFFAIRS COMPANIES BRANCH The deposit was to be released pending amalgama- tion of Cosmopolitan with Seaboard Life Insurance Co. of Vancouver and the transfer of all Cosmopolitan's business to Seaboard in exchange for Seaboard shares. The letter did not specify that the government deposit the shares had been lodged as security for the loan of but it was at this time that Mr. McKinnon went to the provincial whose office had jurisdiction over the insurance he said. Previous testimony showed Cosmopolitan transferred the loan to a related Canamera Enterprises Ltd. of to help Cana- mera purchase controil-i ing interest in N.W. Financial Corp. of British Columbia. The transfer of loans to related companies is said Mr. McKinnon. FIRM DEFAULTS Canamera defaulted on the purchase agreement and forfeited the contributing to a total loss of million by shareholders in the companies when attempts to purchase N.W. Financial stock fell through. Much of the testimony Fri- day involved a shortage of in Cosmopolitan's segregated fund. A company officer said provincial legislation requires that certain insurance premiums be placed in a segregated fund for invest- ment in approved securities but Cosmopolitan used the premiums as general revenue. Bank records showed that when Cosmopolitan was un- able to pay the North West Trust decreased the amount of the debt by giv- ing Cosmopolitan for the Seaboard shares. Cosmopolitan's officers testified last week that the was to be used to make up the segregated fund not to decrease the amount owing on the loan. Mr. McKinnon said the in- surance responsible of protecting policy hoped the would be used to make up the fund's deficit. The deputy provincial P. B. wrote to James Lampard of Red a director of saying that un- less the segregated fund was repaid would be taken. Mr. Lampard replied that Dr. C. A. Allard of North West Trust had agreed to help Cosmopolitan find the funds. But Dr. Allard later denied said Mr. McKinnon. after the bulk of Cosmopolitan's business was taken over by Cosmopolitan was liquidated and the segregated fund repaid from the government said Mr. McKinnon. Sign of things to At least one young hen was surprised to see a mate scraping the bottom of a chicken noodle soup can but owner Mrs. Ernest Tanzer of the Winnipeg suburb of West St. Paul remarked the hens had better keep on laying eggs or they could be on the inside looking out. Interpreting the news Israeli vote factor in deadlocked talks By GEORGE KITCHEN UNITED NATIONS The approaching Israeli general election seems to be one of the major factors in the breakdown of the Israeli- Egyptian military talks in the Middle East. Israelis vote Dec. on a new parliament in elections which were set before the Arab-Israeli war broke out Oct. 6. In the unlike- ly event that Prime Minister Golda Meir's governing Labor party is they also will be electing a new government in these diplomats here express no surprise at the Israeli reluc- tance to make concessions in the talks between the Israeli and Egyptian commanders on the west bank of the Suez canal. They regard it as unlikely that the Israelis would be will- ing at this stage to make any move that might subject their The Sunday Hour DECEMBER 2nd St. Andrew's Presbyterian Church Choir Vander Kooy DECEMBER 16th St. Augustine's Anglican Church Choir Whiteley DECEMBER 9th Coaldale Mennonite Brethren Church Choir Youth Choir and Male Chorus Director John Siebert DECEMBER 23rd The Singing Tree Anne Campbell Singers and The Teen Clefs Campbell DECEMBER 30th St. Basil's Catholic Church Choir Baceda CJOC-TV Channel to p.m. and to 12 midnight Presented By MARTIN BROS. FUNERAL HOMES LTD 2nd GENERATION FUNERAL DIRECTORS AND ADMINISTRATIVE COUNSELLORS FOR PRE-ARRANGEMEN1 by the Alberta Government Security THE MEMORIAL CHAPEL 703 13th Street North NOW IS OUR 51 si YEAR Member of A.F D.S. Funeral Directors A World-Wide Connection THE TRADITIONAL CHAPEL 812 3rd Avenue South government to criticism dur- ing the election campaign or which might arouse un- favorable comment after the election. This point was conceded Friday by Israeli Foreign Minister Abba Eban when he said in an interview that his government cannot commit itself to any proposal or plan before receiving a renewed mandate from its people. Eban was referring to the Arab-Israeli peace confer- ence scheduled to open in Gen- eva Dec. 18 but that reasoning is taken here to apply also to the current military negotia- tions. DELAY EXPECTED The expectation is that no firm step will be taken by ei- ther side before the Geneva to be attended by the foreign ministers of Syria and possibly Lebanon. After formal opening the conference is expected to be postponed until after the Israeli election. The military a key re- quirement of the United Nations Security Council's call for a ceasefire in the Oc- tober broke down on the critical question of how far each side should withdraw its forces from the current ceasefire line. The UN wants a with its Middle East emergency force placed as a buffer between the two armies. Tel Aviv press reports says the Egyptian Maj.Gen. Mohamed Ghani el- wanted the Israelis to withdraw 80 miles eastward from the Suez which would return to Egypt two- thirds of the Sinai Desert territory it lost to Israel in the 1967 war. Israel refused. The Israeli Maj.Gen. Aharon proposed that both sides return to the positions they oc- cupied before fighting began Oct. 6. This would mean an Egyptian withdrawal back across the Suez with the Egyptians giving up Sinai territory they recaptured on the east bank before the Oct. 24 ceasefire. Closed-door discussions EDMONTON Western Canada represen- tatives of the Canadian Union of Postal Workers began three days of closed-door dis- cussions Friday in prepara- tion for the union's annual convention in Quebec next June. Spokesman Jim McColl said the representatives would dis- cuss contract the future of the union and the It is unlikely that the problem will be brought before the UN again unless there is a serious breakdown of the ceasefire or unless Egypt sees some advantage in requesting Security Council action. If renewed fighting Egypt probably would call upon the Council to proclaim a new ceasefire. Israel is unlikely to seek Se- curity Council intervention since she regards the Council is being weighted against her cause. In the debates which pro- ceded the it became apparent that the eight non- aligned states on the 15- member Council generally were strongly pro-Arab. The Council also includes Australia and Austria and the five permanent bigpower the Soviet Union and China. Notley accuses premier WINNIPEG Alberta NDP Leader Grant Notley Vriday accused Premier Peter Lougheed of playing on regional distrusts in the dispute between Ed- monton and Ottawa over oil policy. Speaking to the Manitoba NDP he said the Progressive Conservative government in Alberta wants that province to have control over inter-provincial and ex- ternal trade. justify their they have been blatantly appealing to western said Mr. who added that it is essential for Canada to avoid such distrusts and Mr. lone NDP member of the said it important in the current dispute to remember that profits of the oil industry have never been higher and have reached He said the Athabasca tar sands in Alberta contain 100 times the conventional oil reserves in Canada and should be developed by Canadians. CAPITAL LEAVING the current energy crisis has told us it is that multi-national corporations cannot be relied on to defend the public Mr. Notley said there has been a of capital leaving He said oil companies in 1969 spent million on ex- ploration in Alberta and got million in revenue. This year's estimates are million on exploration and a whopping billion in revenue. Mr. Notley said Alberta cannot continue on a path that yields huge profits for cor- porations but little return to the people or one that en- visages the province as kind of half-baked indepen- dent He said a colonial mentalitv on political ana economic questions is typical of the Progressive Conservative party and it is important that Canadians reiect it. Gov't policy considered TORONTO The Ontario government is con- sidering policy to protect the business rights of women separated from their husbands. Attorney-General Dalton Bales told Opposition Leader Robert Nixon in the legislature this week that he had discussed the matter with Laura chairman of the Ontario Status of Women Council. He said that at present com- mon law is the same here as it is in Alberta where Irene Mur- an Alberta housewife separated from her was denied interest in his ranching business. WANTED SCRAP IRON Now Paying More For All Types Of Scrap Metal Farm Industrial Anything Made of Ironl COPPER BRASS RADIATORS BATTERIES CAST IRON Truck Scales Magnet Crane Service National Salvage Company LIMITED NEW LOCATION 206 33rd Street North Phone 328-1721 is Our Lethbridge East Social Credit constituency ANNUAL MEETING Dec. 5th At p.m. in the CIVIC SPORTS CENTRE 11thSt.and5thAve. S. There will be an election of officers and the choosing of Delegates to attend the Annual Provincial Conven- tion. Inserted by the East Lethbridge Social Credit Association ;