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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 4, 1970, Lethbridge, Alberta Friday, D.t.mb.r 4, 1970 THE LETHSRIOGE KERAIB 23 Fractional dip in stock prices TORONTO (CP) The To- ronto stock market turned frac- tionally downward in light mid- morning trading today, inter- rupting nine consecutive gaming sessions. On index, industrials dropped .18 to 171.67, golds 1.40 to 172.22, base metals .13 to 89.89 and western oils .97 to 189.95. Volume by 11 a.m. was shares, down from at the same time Thurs- day. Losses outnumbered gains 105 to 80 with 148 issues unchanged. Leigh Instruments was down to International Utili- ties to Hudson's Bay Oil and Gas V4 to and Bank of Montreal to Walker-Gooderham gained to Dofasco to Granduc 10 cents to Giant Mascot five cents to and United Bata 10 cents to LIGHT TRADE MONTREAL (CP) The Montreal stock market slipped lower today in very light trad- ing. On index, banks fell 1.58 to 177.95, industrials .27 to papers .14 to 86.81 and the com- posite index .24 to 169.35 while utilities climbed .50 to 150.00, the highest level the sector has reached in 1970. Combined volume on the Montreal and Canadian Stock (Exchanges to 11 a.m. was only shares traded, compared with shares at the same time Thursday and shares at the same time one week ago. Hudson Bay Oil declined to Texaco Canada to Canada Cement Lafarge Ltd. to and Toronto Dominion Bank to B.C. Telephone gained to Denison Mines to Kaiser to Bell Canada to and Dofasco to PRICES DOWN NEW YORK (AP) The stock market regained almost all of its early losses today, but Dividends By THE CANADIAN PRESS Chatcaii-Gai Wines Ltd., 20 cents, Jan. 6, record Dec. 14, Readers Digest Association Canada Ltd., 11 cents, Dec. 31, record Dec, 8. TransCanada Pipelines Ltd., common 25 cents, Jan. 29, rec- ord Dec. 31' pfd., 70 cents, Feb. I, record Dec. 31: pfd., series A, 68.75 cents, Feb. 1, record Dec. 31. Molson Industries Ltd., class A .and B, 18 cents, Jan. 1 record Dec. 3. prices were still on the down- side in active trading. At noon the Dow Jones aver- age of 30 industrial stocks was off .07 at 808.4. Earlier it had been off more than 3 points. Among Canadian stocks on the New York Stock Exchange, Mclntrye Porcupine gained to Dome Mines was off 1% to and Canadian Pa- cific to On the American exchange, Canadian Javelin rose to Scurry Rainbow lost to and Brascan to Agreement ratified CALGARY (CP) Share- holders of Banff Oil Ltd. and Aquitains Company of Canada Ltd. ratified an. agreement here for the merger of the two companies. Terms of the amalgamation call for the exchange of 52 Aquitaine common shares for 100 Banff common. Aquitaine now holds 44 per cent of Banff's common shares and the two firms have been partners in several oil and gas exploration programs and field developments. Hog prices EDMONTON (CP) Prices to 11 a.m. supplied by the Al- berta Hog Producers Market- ing Board: Edmonton: Quoted 23 to 26.65, selling 23.65, average Thursday 24.26. Red Deer: Quoted and sell- ing 23, average Thursday 23.43. Calgary: Quoted to 23.25, selling 23.35, average Thursday 23.83. Lethbridge: No sales, aver- age Thursday 23.75. Lloydmmster: No sales, av- erage Thursday 22.58. Total hogs sold to 11 a.m. 239. Hogs sold Thursday Provincial average 23.99. Sows at all points 12.73. Beef futures WINNIPEG (CP) There was light trade in the Winnipeg live beef futures market Thurs- day. Several contracts were executed in the January and May futures at 20 to 40 points below previous close levels. Open High Low Close Jan 30.25 30.25 29.90 29.90A Mar 30.25 30.25 29.90 29.90A May 29.90A FOR SALE 3 BEDROOM HOME-5 YEARS OLD J152 sq. ft. SEMI DETACHED Bathrooms Large Kitchen OWNER TRANSFERRED PRICED FOR QUICK SALE MAKE US AN OFFER ON DOWN PAYMENT Please Phone 328-1528 Simpsons-Sears Correction The sale prices shown in our Broadloom advertisement of Wednesday December 2nd were shown incorrectly, "CASUAl FIAIR" CARPET ot o sq. yd. should have been YD. AND "RIVIERA" CARPET at sq. yd. should have been SO YD Miscellaneous quotations Vancouver, Calgary, Montreal (.oUpplieu Dy iioneny, HUU LAST BID OR i.m. Quotfcs) a.m. Quotes) a.m. the annual winter receipts !t hnrl Issued am WESTERN OILS Hugh Russell Pld 20.J2VJ Gr In Shares charity balls and other them with new ones for AlmlriBX t.m Husky oil Asamera 15.00 Husky Invest far B Pld 40.00 Invest Mutual 5.01 fund raising events reduced amount? Banff 13.75 Husky Oil War 7.20 105 Vent 3.38 BP Oil and Gss 5J5 Inter Prov P Wts 13.50 Mutual Ac F 4.76 5.23 Cdn Soulll i.m Inll Utilities Pld 31.25 Mutudl Gr F 4.14 upon us, taxpayers either sponsoring or planning to question has never really come before a Canadian Court Cdn Export Gas 4.10 Inlerprov S end P 7.37K, Mutual In charitable functions taxpayers have reason to Ashland 9.00 Jefferson L 9.25 Nat Res 7.M Cdn 7.10 Joutel 94 N W 3.77 into account a grateful to Phillip AspinaU Cdn In S md 0 11.25 Kaiser Res 7.J5 N W Gr 4.59 5.04 Cdn Long Is .63 Kam Kolla 1.03 N W Equity S.03 5.53 Cdn Superior 37.1214 L Ont Pt Cement 2.30 Principal Gr 3.62 of the Tax A p p e a 1 Board dealing with the tax of the Montreal Chap ter of the National Ballet Guild Central Del Rio 10.75 MGF Manage 1.50 Roytund 5.10 5.2 Charter 6.25 Mentor .62 United Ac 4.38 4.8 Chottan 7.75 Mewconex 6.10 Universal Sav 6.59 of their Canada for leading the battle for clarification, and to fax Ap- Dynamic Pete 1.21 Pacific Pete Grl Plains 30.75 Rank Organ utlofl 16.25 VANCOUVER Ml 1 City 1.75 Shell Inv 31.75 Anuk case before the Board involved the deducibility of Board Member Maurice Boisvert for untangling and lib- New Con Shell Inv Ptd 31.75 Arctic Mining .17 Numac 7.95 Shell Inv Wtj 13.50 Atlas Explor but was obviously a the law in a test case Permo ,-77 sicks' 2.37'A Beth Copper having far wider facts were not uncom Petrol 1.33 West Cdn S Pro 3.95 Bornite Ridge .11 P nnacls 97 White and Yukon lfi.50 Rlock Bros for thousands of The Montreal Chapter o Paco GSI 1.25 STOCKS Bror.tln who annually contribute 'National Ballet set out to Ponder .60 Alta Gas Tr L A 49.00 B.C. Sugar I6.ou Ranqer 13.75 Alta Gas Tr L Pld 76.00 B.C. Sugar Pld 15.50 Scurry Rainbow 22.00 Alta Gas (Nat) 23.00 capt Inter favorite charity by buy-in" tickets to a theatrical for the cultural activities of the organization Snooner 2.05 Cdn W Nat Gas 15.25 Churchill Copper 1.00 Western Decalta 6.30 inland Nat Gas 10.12'A Coronation credit 1.05 CALGARY N and C 14 Croyden event. The ticket price is calculated to allow the sponsored a gala evening at Place Des Arts which in Acroll I." N and C B Anaconda Pett .09 Gaz Metro Barons Oil .03 Gaz 30.00 Dolly vardert .Jv 4.75 Dynasty 5.50 Pfd A 61.25 Giant Mascot organization to sponsor the event and still make a hearing 'the famed La Scala Opera company, plus at N continental .02'A Tr Cdn 35.00 Granisle wju Plate Pete .M Tr Cdn P Pld 41.00 Key Indust is used in its a very swish reception Western Warntr .56 Tr Cdn P Pld A 6400 Growers B the performance. Madison -26 Tr Cdn P War 12.62'A Hy S 2.35 RexdalT -10'A Westcoast Tr 20.00 Interior Brew instance, one might could buy tickets for the MISC. INDUSTRIALS Western Pacific 4.80 Jericho .08 Aquataine 25.75 MUTUAL STOCKS Kamloops Copper .15V4 Br Nlld Corp 4.85 AGF Special 2.32 a per plate dinner in support of a church performance for pel Cdn Hydro Car 15.1 JVi All Cdn Com 6.88 7.5! Lytton Minerals 2.60 Cdn Pacific 1 Pfd 25.00 All Cdn Divld 7.89 8.62 Madrona .42 CPR Pld 9.50 All Cdn Vent 3.28 3.58 New Cronln meal might cost and the remaining should rank as Cyqnus A Amr 4.73 5.25 New Imp Mine! charitable 1T1 r Cvanus B 5 75 Cdn 5.80 okanagan Helicop III fm 1 1 B if Cum Prop KM Cdn i.33 4.75 primer recent years, however, J-AJ-CCJLJLxyAC SWAP'S SljnSr SlMfstand K Pit "SP 8T M 4 K3 SS S Hudd Bay Oil Pld 51.50 Gr Equity 5.82 6.39 Utica Department has taken a more stringent view of these deductions. It had always been (and still is) assumed by tax advisers that the cost of f arn Toronto mines, received by the taxpayer, that is, the cost of the meal, is a personal expense, VICTOR MACKIE Herald Ottawa Bureau Supplied by Richardson Securities of Canada LAST BID OR the remainder, in this example is a deductible Cash payments to western farmers next spring a.m. Quotes) ctlioo a.m. Quotes) i.m. Quotes) INDUSTRIALS Motions A 16.00 East Sullivan 4.80 Ablllbl 7.SO Molsons B 15.25 138.50 Akan 22.37Vi Ncrlh, Cetr. 14.50 Frobex gift. Although the expenditure Is usually a mixture of personal and charitable expense, it summer totalling over million would be provided out of the Grain Receipts Stabili- Algoma Steel 13.50 Pe-tiblna Pp 23.50 First Marltimes 1.05 ma 9.50 Power Corp 4.80 Giant Y.K. 9.20 Allan Sugar 7.S2V4 Price Co 7.50 Gunnar 1.20 Bell Tel 4725 Rotlimans 10.50 Granduc 6.50 Brazil Trac 16.00 St Law Corp 19.00 Headway R.L. 8.50 Brazil irac io.uu law that only the charitable portion is deductible. Nevertheless, it is not too difficult for the charitable of Commons earlier this fall, Finance Minister Edgar Benson said Thursday in his Burns 8.00 Simpson's 17.37'A Hud. Bay M-S 19.00 B C Forest !5.00 Simp sears 21.25 Hytlra Ex BC Sugar U.oo Steel of Can 25.75 Bell 2.85 CAE ind 4.40 Selkirk A 10.00 Bay 3.15 ChSmcell" Gp A jilS Col cellulost 6.25 Trans Mtn Pp 18.75 Kerr cal Power 26.25 Trans Can Pp 35.00 Labrador Coron Credit l.H Un jcr. Gas 15.50 k h 3 J0 CWN Gas 11.00 Untaj Oil 4100 to determine what is the charitable portion and issue a receipt for that amount. The taxpayer is only entitled to claim a tax deduction based on an amount shown in the registered charity's Grain Receipts Stabilization Plan as announced by Otto Lang, minister responsible for the wheat board, was one of the economy stimulating measures incorporated in Mr. Benson's Cdn Indust 9.75 versa! le Langls Sliver in. ths cxsnipls Canada S S 27.37'A cf'c el iVfl7iA Macassa 1.10 Cdn Marconi 3.00 Union Car 12.8m ft d R L ;2 1 f J Sih 9OTA BANKS Maclntyra 145.00 C s 111 19M Ca" lmper a a 'plate dinner, _what would happen if after issuing a tax deduction receipt for the sponsoring that plan is enacted and made applicable to the 1970-71 crop year as recommended by Mr. Lang it would have the immediate effect of _ putting Dist Ses 5100 Mldrim 20.50 Intern Mogul that because of a poor turnout or through needed cash into the Dom Brldga 18.12'A scona Domtar 14.12V2 rl Dom Textile 12.00 Tor-pom New Athona .12 20.00 New Calumet .27 ES New Imperial the meal had actually cost and not as of western farmers next spring, said the finance minis- Nnrnnda DoS'coPe" 2337V1 Wvocate ASb. I.Ti" NorfhgYte 8.80 Fam Plsv 950 Akaitcho .50 Opemiska 8.85 FdofAmer 5UO Area Mines 1.70 oslsko .36'A Gt Cdn Oil 3.80 Belcher Iron .43 Patmo 31.62A Motors 79.00' Black Bay .07 Pine Point M.37V4 Gt Lakes Pap 16.75 Bralorn. 1.51 Placer Dey. Would the law then say that Hie taxpayer contributor must reduce his tax deduction to would the charitable estimated million payment would be the net payment contributed by the government to stabilize 1970-71 Gulf Oil Cda 18.75 Broulan Hawker Sid 2.00 P.C. fcxp. .65 Quebec Man be required to call back Huron, Erie 18.62VS 4.25 Rayrock 1.18 H ram Walk 40.50 Canada Tung. 2.10 Imperial Oil 19.75 Rio Algo'm mperial Top 14.50 central Pat. Int Nickel 47.12Vi Chlmo nt Pipe 2J.75 Roman Corp. 6.40 1.48 Silverflelds 1.80 9.85 Sherritt Gordon price Go A 6.87W Cons. Rambler .93 Silver Miller .07 nt Utilities 35.50 Coin Lake .15 Steep Rock 2.40 ndust Accept 16.50 Cochendur .43 Siscoe 1.83 Laurentlde 6.25 craigmont 8.50 Tek Corp. (CP) All commodities developed Thursday for class two wheat for export to countries Kelly Doug A 4.R5 Dickenson Mines 1.12 Texmont .50 Loeb 3.50 Denison Mines 22.75 Upper Canada 2.10 Loblaw A 4.75 Deer Horn .07 Western Mines patterns by the mid-session at the Winnipeg Grain IGA: 1 Nor 2 1.79 y4; 3 4 1.69H' 1 Durum Metro Stores 27.50 MasseyFerg 9.75 Wright Har. 1.25 O.50 Willroy 1.38 .22'A Windfall today and the trading volume picked 2 3 4 1.65 IGA prices: 1 Nor McMillan Bloa 26.12V: Discovery Mines 1.15 Yellowknlf: Br. 5.00 Corp 32.62'A East Malartic 1.40 lenmac aggressive exporter Buying developed in both 3 4 1.69ya 1 Durum 2 3 4 1 New York and rye. Flax and moderate trade and oats and barley were active with quotes Thursday (basis Supplied by Richardson. Securities of hedges being received Low Close Amr T and T 47.M Montgomery Anaconda 21.00 Sears Blh Steel 21 Std Oil of Chrysler 2B.75 Texas Gulf Comsat Texas 30.00 20 Golds 16S.6J off 3.99 75.00 10 Base Met 89.80 off .32 NJ. 71.62'A IS W Oils 190.81 off .11 Volume 34.37VbMeW YORK Thursday's volume of trade was bushels of flax, of rapeseed and )f 249% -247 249% May 258 256% 258 Jiy 258% 257% 258% Rapeseed Vancouver DUD'ont- 124.87Vi Woolworfh 3S.50 30 808.47 off .07 General Motors 77.50 Westinghouse Elec 20 Rails 757.0B UP 314% 204 314'A Gulf 29.75 U.S. 15 Utilities 118.16 off Dec. 1 higher 284% 278% 284% Inf Harvester 28.50 TORONTO AVERAGES 65 Stocks 259.78 up 04 Kenn Copper 34.75 20 Indust 171.93 up .08 Volume 1% higher 2.59V4A; 271 266% 271 higher Thunder Bay Vancouver: 271% 269Vs 271% Livestock higher 3.18V4A; March Mgher May 1 higher 2.72A. Rapeseed Thunder Bay: 277% 275 277% Jun 275 273 275 Oats Lethbridge open; April Vs higher 2.78A; June 'not 87 May 88% 88% 88% (Supplied by Canada Department of (CP) On offer to 11 a.m., today about Dec. unchanged 87; May higher July 88 Va Barley Dec 128 On offer to a.m. 400 cattle and calves. Friday's receipts mostly 'eeder cattle and predominant-y stacker calves. No slaughter steers or heifers on offer. mostly stock calves. Trade was active. Insufficient slaughter cattle were offered to establish a market. Closing prices Barley: Dec. unchanged 1.28A; May.% higher July unchanged 1.29B. Rye: Dae. IVs higher May higher July 129% 129% 129% Jiy 129 Rye Dec 105% 105% 105% May 113% 113% 113% classes of canner cows slaughter steers 30 25 to 30 90 good 29 to 1.16B. Jiy steady. Good quality stocker calves sold to good demand at steady prices. Buyers were more selective on medium heifers' 28.25 to 28.70J good 27.25 to 28. Good cows 20.50 to 21, medium 18.50 to ower calves with prices barely and cutters 13 to 18. Good bulls 21 to Good light stock steers cattle met to 650 Ibs. 34 to 37; good feeder heifers 28 to 31; good demand at steady prices. Good feeder steers less continue its growth n the lethbridge steer calves 39 to 44.50; pounds 33.50 to 36.25, Is Canada's largest Aulo Insurance Company mon to medium 35 to 37; 750 pounds 29 to Sales agents carry a full ine of stock heifer calves 33.50 feeder cows 18 to life Health Aulo 36.50; common to medium stock steer calves 37.50 Tennnnfs Boalf Fleets Business Good stock heifer calves Butcher hogs sold Thursday f.o.b. Lethbridge 35.60. Hogs base price is called The Multi-tins Concept and i! offer, our soles agents more selling opportunities every day. The men most suited to this career are married, least a high school education, own a car, have iived of least one year in the general area and truly seek 2601 10th Avenue T to achieve a high degree of success through their individual efforts. Promotional potential is important due to our Allstate offers a 5 week training program and 2610 10th Avenue 'A' of these at our framing school in Toronto. Income is unlimited but our newer agents have reached over in their first year. We provide a contract with a that extends over 2 bedroom splii enfry bungalows, fealuring large IS NOT A kitchtn wilh eating area, wall-to-wall broadloom, benefit program ii tho finest In the world basement windowi for economical completion of extra Includes a share of the profits for you end your rooms and recreation room for double you a salesman looking for a challenging Priced to sell at will provide financial growth? Do you want a professional career in Approved Mortgage at send complete resume to Allstala Insurance In confidence today for more Information Contact ART de GRAAF, Ph. 17th Avenue S. W. CALGARY, By I. H. Asper Taxes and charitable deductions seat and could attend the re- return he claimed a deduction ceplion for per couple, for the full even though the Sponsors were asked to buy receipt was for only The two tickets to tho opera, at- Tax Department refused to tend the reception, and send In allow any deduction in excess a cheque to the Ballet Guild of the for wlu'ch the receipt for Mr. Aspinall complied, was issued. calculating the opera tickets at LaLUUiauuig Lilt uv-nvio av lilt; the reception at and Ing, in part, on a 19G8 bulletin expecting a tax deduction re- they had issued on the subject ceipt for for the difference, station: tire receipt was finally WI1UU iCUVlpl, WOO lumuj u LS UIU J T.V... Issued, it was only for half that that payments made to pur- amount. The event's organizers chase tickets for dinners, balls, had suffered greater expenses concerts, shows cannot ba than anticipated and so they considered gifts or arbitrarily reasoned that they despite the fact that such He- would increase the portion of tivities may be held for the the to be allocated to tie benefit of charity and a portion concert tickets. Thus the utivcio. iiiuo uic ?uu ui- uu: (jaj'uitiiu muj tended to go toward the charit- a c h a r i t able organization, able drive had been cut to Therefore, no part of such pay- for each sponsor, and the Ballet ments should be included in of- Guild acknowledged receipt of ficial receipts for income tax only that amount. Mr. Aspinall objected on be- half of all sponsors. Tr- tax Profits climb at B of M MONTREAL (CP) The Bank of Montreal has reported net profits of S35.9 million or a share in the year'ended Oct. 31, up from million or in the 1969 fiscal year. The bank said revenues reach- ed million, an increase of 21.5 per cent over the previous year. Expenses were up to million, an increase of 22.6 per cent, resulting mainly from in- terest paid on deposits. The resulting balance of reve- nue of million represents an increase of 15 per cent over the 1969 figure of million. Assets totalled million, an increase of million or 7.1 per cent over, the 1969 amount. "There would be of course, important offsetting savings in government expenditure by the elimination of the temporary wheat storage payments which have been shown to be an in- The largest part of this How nomy Has been hardest hit by since 1968. Large numbers of farmers in he tie Potato futures WINNIPEG (OP) The Mari- time potato futures market was mostly inactive Thursday ffith several bids and offers at five points under and five points over previous close levels. Open High Low Close Mar 2.60N Apr 2.75N May 3.18N The tax officials wera rely- "It is the Department's view purposes." Appeal Board Member Bois- vert dismissed the tax officials' argument, reminding them that Hie law is made by the courts and Parliament and not by gov- ernment office memos. On the question of whether the deduction should be for or Mr. Boisvert ruled in favour of the taxpayer. He reasoned that the taxpayer, when he sent In his as- sumed and intended to make a gift of 585, after paying a rea- sonable and normal price for the opera tickets and admission to the reception. The fact that the charitablo organization got fouled up and made less profit than it expect- ed was no concern or fault of his. He intended to and did in fact donate and that's the amount that should be de- ductible. (Mr. Asper Is a Winnipeg DRY 4 If iSerre it straight I I and icy cold I aright out of tie I II I I buffet supper or I I canapes. I 1 It is also good in I eocbails. I First distiller] in I 1846. AALBORG ATTENTION! FARMERS and STOCKMEN If You Want TOP DOLLARS for your LIVESTOCK Consign to PICTURE BUTTE AUCTION MART Ideally located in the centre of large cattle feeding and hog raising area SATURDAY, DEC. 5th at 1 p.m. 400 TO 500 HEAD All Classes of Cattle Highlighted by 100 HEAD OF WARMED UP STEERS 800 to 900 from one owner 300 TO 400 WEANER, FEEDER HOGS AND BROOD SOWS FOR FURTHER INFORMATION CONTACT PICTURE BUTTE AUCTION MART JOE or JIM JURIS 732-4400 or 732-4468 Piclurs ;