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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 6, 1974, Lethbridge, Alberta Friday, DtctmtMf 6, 1974 THE LETHBRIDGE HERALD 11 Ministers gather as battle over revenue sharing intensifies OTTAWA (CP) Federal and provincial finance ministers meet here Monday and the question of how to split up resource tax revenue is expected to be the dominant issue at the two-day session. Finance ministers have met annually for several years and one purpose is to attempt to coordinate policies. This year the resource tax- ation issue is a central ele- ment because it affects federal-provincial financial arrangements. Taxes on oil from Alberta and Saskatchewan are the focus of the dispute and agreements on oil taxes may set a pattern for other resource taxes. Provincial mines ministers are here today for a meeting with the federal minister, Donald Macdonald, and the finance ministers' meeting next week is part of a continu- ing effort to work out a deal. The premiers are to meet with the prime minister in January. The federal government and governments in the oil- producing provinces have increased their takes from oil profits as world oil prices have gone up sharply. The provinces have increas- ed royalties on oil and the federal government has stopped allowing companies to deduct royalties as as an expense, resulting in an increase in the federal tax take. The pipeline system dis- tributing western crude oil ex- tends to refineries in Toronto, and surplus Canadian produc- tion is exported to the United States. East Coast refineries use imported crude oil. An agreement between the premiers and the prime minister earlier this year es- tablished a two-price system for oil, resulting in cheaper prices for the domestic market. There is an export tax on sales to the U.S. and most of this money is used to subsidize eastern refineries, which must buy costlier imported crude oil, and hold down product prices to consumers. The tax take from oil has become an issue in how much the federal government pays to the so-called have-not provinces. The federal government is committed to provide extra revenue to those provinces where revenue per person from various tax sources is below the national average. These equalization payments are made to seven provincial governments. When the price started to go up, the federal government first excluded the new oil revenue. But John Turner announced in his budget last month that the federal government intended to include one-third of the new oil money in the formula. Hunting trip to Montana sparks oil speculation HELENA, Mont. (AP) The Montana Fish and Game Commission has decided to consult the state department in Washington, D.C., to determine whether his Imperial Highness Prince Abdorreza of Iran can come here to hunt a bull moose for the Royal Museum of Iran. "We might get an oil agreement out of th? com- mission chairman Willis B. Jones of Billings said Thursday. The prince is the brother of the Shah of Iran. The request was received by Jack Atcheson and Sons, Inc., of Butte, a taxidermy firm which specializes in arranging worldwide hunts. The outfitting firm said Prince Abdorreza wanted to make the hunt to get a lifesize mount of a bull moose for the public museum and suggested favorable action might be good for international relations. "This could set a helluva commented one commissioner. "There are probably more zoos than there are bull replied another. LONESOME CHARLIE MAGNUMS. SfWKLJNG A LIGHT FRUIT FLAVOURED WINE CWIET WMS LTD CNSHft AlEWIA CANAW 52FLOZ 148 LITRES MAGNUM BIG IN ALBERTA. Ever popular Lonesome Charlie is now available in the 52 ounce magnum size. A sparkling, light, fruit-flavoured wine. CHALET WINES LTD., CALGARY, ALBERTA, CANADA RACLE EAL THIS FOR THAT All you have to do is push, pull or drag your old color TV down to us and we'll give you OFF Our Regular Low Price on any 26" Quasar Color TV HOME ENTERTAINMENT SYSTEMS LTD. OPEN DAILY UNTIL 10 P. PHONE 329-0500 524 5TH ST. S ;