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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 11, 1970, Lethbridge, Alberta Friday, Docombsr 11, 1970 THE IETHBRIDGE HERALD 27 mines, industrials Sunnlied by Richardson Securities ol Canada PI LAST HID OH SALE ..m. OU010S) CIIIOO ..m. ..m. lunlKTBIALS Mooro Corp 33.75 n.isl Malarllc 2.00 BiiiA Molsoris A 15.00 East Sullivan Abltlbl na ls.00 1U.5I) W II Cent 14 Frol'CX .22 Allan sugar Power Corp 5.50 MfrtJ.K. J'ff Bel, TCI KK-ans 1025' Granduc Brazil Trac ny, Headway R.L. 800 B-C Tel tLfi rnA ''2 Hglllncicr 35.50 STV ,1 5550 StapsSs Hid. Bay M-S 20.00 II CoronTrcdit 1 20 Trans Con Fp 35.00 310 CWN Gas 11.00 Union 15.37W telkh l.'ii Cdn Indust 10.50 Union on L 09 Canada S S 27.50 Versali e Mfg 3.35 Ii10 Cdn Marconi 2.75 WMlccI B.TO d L .75 Cdn Victors ?.7S 9arR !H5 Malartlc B.F. .80 Chrysler Z8-00 Wes on's B 20.50 12.00 CPR 67-50 Sd H? Maybrun Cominco M.75 Zenith Elec 1." Maclntyrj Cons Bath 11.00 BANKS Mela Cons Gas Can Imperial Midrlm -29 Dist Spa 50.75 Monlreol intern Mogul Dom Bridge 19.00 Nova Scotia 20.50 New Athona il'." Tor-Dom 20.25 New Imperial 2.05 Dom Stores 9-50 2J.B7V4 Dome Pete 74.SO AcrM Nominate Dofasco 23.00 Advocate Asb. 2.05 ooomisKa Fam Play 10.00 Mailcho .41 2s f" Fd of Amur 53.00 Area ,.55 Patlnr Gl Cdn Oil 3.80 lrm M P W Point 31.00 Gen Molors 80.37V, Black Bay .07 70 Gt Lakes Pap 17.S5 Bralorne l.SO Sian Gull Oil Cdn 18-75 Broulan .23Vi 2] Greyhound I3-25 Bethlohsm 13.12Va Sid MO Brunswick 4.30 25 Huron, Erie Canada Tung. 2.00 rnrp 4.00 Hiram Wjlk 40.00 Cassiar 23.25 .75 imperial Oil 19..TO Central Pat. 2.45 vcr mperlal Tob 14.50 chlmo 1.59 si, er miMcr nt Nickel 48.75 Conwest 9.85 Roct Int Ploe Vfm Cons, Rambler .86 Inv On A "5 Coin Lake .1W, Tek CorD 6.ln Int Utilities 35.1'Vi Cochenour 42'A Tcxmon, ..18 Indust Accept Craigmont B.g umr 1 KenyenDoug A 4J5 Denison Mines 22.50 Loeb l.fn Deer Horn -07 yyillroy 1-38 Loblaw A 4.75 D'Eldona 1-14 windfall -I3 Metro Stores 28.50 Dome Mine! 59.00 Br. iM Ctovery Mines I'.li Zenmac .12 Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, Roedhouse and McCuaig) LAST BID OR SALE ,.m. Quotes) a.m. Quotes, a.m. Oumes, WESTERN OH.SsM U S RW 1WO Joutel 1.01 ]n B p oil 5.60 Kaiser Res 7.25 iB i53 Can Southern 4.90 Kam Kotlo -97 ,os Vent 143 3.75 Cdn Exp Gas 4.00 Lake Ont Pt Ce 2.25 Ac t77 5 25 Ashland 9.J5 Mentor 6r F 4.22 4.M ?dn Home 7.00 Newconex In 4.61 5.07 a" Indus Gas 11.50 Pac Pete M.lZVi Na, RK 6.94 7.61 Cdn Lona Is .58 Rank Organ 1S.S7V4 N w Fin 3.80 4.18 Cdn Suoer 37.00 Selkirk Hold 10.00 N w Gr 4.42 5.08 npl RIn 10 42Va Shell Inv N w Equity 5.16 5.67 Cterter too Shell Inv Pfd 32.25 Principal Gr 3.44 4.0J Chieftan 7.45 S 2 62Va Royfund e'l4 Dynam Pete t.'j> wes( sd 3.80 United Ac 4.39 4.B2 Grea, Hiarns 1550 Universal 5av 6.57 7.22 New Cent '.90 CALGARY VANCOUVER North Cdn Oil 5.75 Anuk .19 Numac 7.80 Anac Pete .09 A -1TO Permo .77 Oil .07 Explor" .55 plJro, 1.35 Cont .TO Beth CopECr 13.1217, Plnnarlf 91 Pete -37 BOmite Ridge .11 Place las 12 Western Warn .45 Bros 3.60 olnH.r 40 Madison .22 Brenda 7.50 fv n'vnl, Rexdale .10 B.C. Sugar 16.I2Vi c D.m 577% PIPELINE STOCKS B.C. Sugar Pfd 14.00 205 Alla Gas Tr L A Capt Inter 4.25 spooner Gas Tr L Pfd 79.00 Churchill Copper 1.15 West Decalta 6.30 Ma Na, Gas 23 50 Crejl For ioo MISCELLANEOUS N and C 14.25 croyden .22 INDUSTRIALS Inland Nat Gas 10.12V2 Dynasty 5.55 Aim tnrtin 950 N and C B Pfd 29.00 Giant Mascot 3.B5 2600 Caz Metro 4.65 Granlsle 9.50 Nfld CD 480 Gas MBtro PW A ilro Hys 2.25 r? uJrt rarh 1525 Tr M" p 3J-'5 Interior Brew I. H. for who don't need help as well as thcso who do, only one of two results will flow. We will cither have to tax our middle and Cupper middle income earners into oblivion, or will have insufficient government revenue to defeat poverty and other pressing social problems. For some lime now, observers of Ihc tax scene have urg-ed governments to dismantle their existing social programs, except where citizens contribute to them directly, through Unemployment Insurance, Canada Pension Plan, and the like. In that way governments will slop Diving fo those who can fend for themselves, and with the funds thus released, the government can zero in and do a real job for the benefit of those who really need help. And in Uie process, a massive tax hike would be avoided. Tt is no surprise that Uie Income Security white paper advocates this approach. It calls for Uie government to increase aid to those in need and decrease or eliminate it for all others. There can be no quarrel with the concept, even though many Canadians would have preferred other c such as a guaranteed Income Nevertheless, middle income earners have already recog- i nized that lire net effect is hV t a lax increase. Their incomes will be decreased through the withdrawal of social allowances just as effectively as if a direct tax had been imposed. For that reason, last week's >udgct speech by Finance Minister Benson was anticipated with great interest. It was widely expected that the government would complete its program for lifting people above the poverty line by cutting taxes at least for low income earners, with the hope that in the future, as Federal revenues grow through increasing productivity, the tax cuts could be extended up the income line. Mr. Benson's Budget, instead, aimed very cautiously at economic stimulation and argued against a tax cut at all. Instead, indirectly, the Bud get Speech increased taxes on all Canadians above the low income line, because the temporary (1968) 3 per cent income surtax was due to be withdrawn this month, but has again been extended for The economic aspects of the J u d g c t arc another matter. 'hey involve serious questions, lot soon to be answered, about he government's judgment of vhat is needed lo get our moving again. They also aise questions in Western Canada about the government's scr-ousness in really tackling re-' i o n a 1 economic disparly or dealing with it in terms ol Eastern Canada. However these are political questions which lave no tax implications. The last ingredient in the for middle income earners will be known when the government annnimrns its final position on the tax reform white raper. It will be remembered hat nu'ddle and upper middle ncome .earners were to face considerable tax increases under the initial plan. It may very well be that their resistance has succeeded; Uiat .he governm e n t will not increase their tax rates but xvill De content to transfer their income to lower income earners 3y reducing and eliminating their social allowances. That would probably be accepted by most taxpayers. However, should the government decide .hat on top of everything else, their tax rates should again be increased, we will likely see another battle equal to that which followed the initial introduction of the white paper on tax reform. It follows that major tax relief for all but low income earners may still be a long way down the road. Government can and should put taxpayers at ease and gain support for its programs for the needy by committing itself to freeze new major programs, except those aimed at the needy, and direct all surplus funds, generated through increased annual productivity, into a gradual program of tax reduction. Such a tax reduction program could be aided and accelerated if at the same time the government examined under a microscope every spending program and service it provides, measuring each against the question, is this really essential? (Mr. Asper is a Winnipeg oil By I. H. ASPER The Canadian tax scene has changed significantly in the past ten days. It began on November 30 with the tabling of Uie Federal Government's white paper on Income Security. The second in-stallment was last week's Federal Budget. The final piece needed to complete the picture may well be delivered shortly after the conclusion of the Federal Provincial Finance Ministers' Conference where, presumably, the Prov i n c e s will make their final submissions to Ottawa on its tax reform plans. The Income Socurity w h i t e paper is important for several reasons. It clearly marks the end of universality in government welfare programs. Until now, most government assistance grants, such as Old AAge Security and Family Allowances, have been paid to all citizens regardless of whether or not they need the help. It has been clear, particularly after Ottawa introduced the billion dollar universal medicare package, that if Canada is to continue to build its social welfare program on the basis of. rendering services to n v si ik Market in early TORONTO (CP) The Toronto stock market was up fractionally in light mid-morning trading today. On index, industrials rose .48 to golds 1.38 to 1GG.OG, base metals .31 to 88.39 and western oils .79 to 189.23. Volume by 11 a.m. was shares, up from at the same time Thursday. Gains outnumbered losses 105 to 91 with 166 issues unchanged. Strongest sectors were industrial mining, oil refining and trust and oans. Falcoribridge was up 2 to S145, Cominco to Alcan to Cassiar lo and Lake Dufault Vz io Bell lost to Chrysler Vi to Walker-Gooderham Vz to Gulf Canada 14 to and Chemaloy eight cents to MIXED MONTREAL (CP) Prices were mixed in active trading today on the Montreal stock market. Industrials, papers and the composite index gained while the other sectors moved lower. Combined volume on the Montreal and Canadian Stock Exchanges to 11 a.m. was shares traded, compared with only shares at the same time Thursday. On index, industrials climbed .67 to 175.26. papers .42 to 93.03 and the composite index .31 to 170.74, while utilities were off 56 to M8.48 and banks .54 to 175.27. Cominco gained to National Trust 'A to Montreal Trust V2 to Gen-star Vz to ?9, Noranda to 529Vj and Crush 34 to Bell Canada slumped to S46, Walker-Gooderham Vz to Simpsons Vi to QSP Lid. Vi to and Rio Algom Vi to W r i g h t b a r Mines Ltd. of Montreal, admitted to the list of ;he Canadian Stock Exchange at the opening of trading trade moved for the time being the major negative factor in the news horizon. At noon the Associated Press 60-stock average was up 1.4 points at 279.3. Stocks wra'e uji lii aJl categories except for airlines, which were lower, and motors, mail order-retail, chemicals and rails, which were mixed. NYSE prices included Fannie Mae, off to Monsanto, off 1 to General Motors, up 1 to Travelers, off Vi to and Perm Central, up Vi to Among Canadians on the NYSS, up were Genstar Ltd. at and Granby Mining at Mclntyre Porcupine was up Vi at while Walker Gooder-ham was down at On the Amex, Molybdenite Canada was up Vi at faced by Bv DENNIS BELL TORONTO (CP) Bleak prospects of Christmas on the picket lines came a giant step closer Thursday for striking General Molors of Canada Ltd. employees with the collapse of contract talks between the company and the United Auto Workers union. Leonard Woodcock, UAW in-ternational president, announced the breakdown at a news c o n f e r e nee Thursday night, then left immediately for Detroit and a meeting with James Hoche, GM chairman. Looking strained and tired after days of hectic bargaining, the UAW boss said he hoped to get together with Mr. Roche later today or Saturday in an effort to resolve the Chris GM wo "I regret to announce that although the company has made a new proposal, negotiations have broken down between the UAW and General Motors of Canada Mr. Woodcock told reporters. He termed GM's latest contract offer, E hourly base rate and an additional 18 cents for cost-of-living starting in December, 1971 and ending in November, 1973, as "completely unacceptable." OUT FOR 87 DAYS The company's Canadian employees have been on strike for 87 days. In the United States, GM employees settled for hourly plus an extra five cents in the first year for cost of living. The American contract rkers workers there a 23-cent-an-hour headstart over then- Canadian counterparts. The key issue is wage parity for Canadians with Americans. Thursday, the talks in Toronto collapsed over the difference between the 1949 Canadian consumer price index and the 1961 index. The UAW president wants his Canadian members to get a one-cent-an-hour increase on top of the base rate for every .4 rise in the index, measuring from the 1961 figures. The company says it's willing to predicate the cost of living formula on the 1949 index, which would give the union men an extra cent an hour with every .6 rise. "It is absolutely unacceptable that we use an outdated, Lethbridge Livestock Sale of feeder cattle Friday afternoon. No sales Friday morning. Calgary Livestock CLAGARY (CP) Receipts today to 11 a.m. at the Calgary public stockyards, head, practically all stock calves. Trade was active. Slaughter cattle on offer were cows and bulls sold at steady prices. Medium to good coxvs 18.50 to 20.75, canners and cutters 13 to 18. Good bulls 21 to 24. Replacement cattle and stock calves met a good demand from local buyers at prices in line with mid-week sales. Good feeder steers under 750 pounds 33 to 33.75, 750 pounds up 29 to 32.70, good feeder heifers 29 to 31.60, good feeder cows 18 to 22.50. Good stock steer calves 38 to 40.85, good stock heifer calves 32 to was unchanged at on a volume of base price Hyd oarb 15.25 Tr cdn p a M JerichD DM Tr Cdn P wts 12.00 Kamloops Copper .13 t i H Wcs' Coast Tr Crowsnest Ind 3800 t Canadian index tied to said Mr. Woodcock. NEW YORK (AP) The stock market was modestly higher early this afternoon in fairly brisk trading. At noon the Dow Jones average of 30 industrials was up 4.17 at 825.23. Advances increased their margin over losers on the New York Stock Exchange to more than 2 to 1. Analysis cited investor hopes for improved corporate earnings in 1971. Also, they added, an end to uncertainty over a possible long-term rail strike prices EDMONTON (CP) Prices to 11 a.m. today supplied by the Alberta Hog Producers Marketing Board: Edmonton; Quoted and selling 22.05, Thursday average 21.92. Red Deer: Quoted and selling 22.15, Thursday average 22.18. Calgary: Quoted and selling 22.10, Thursday average 21.99. Lethbridge: No sales, Thursday average 22.01. Lloydminster: No s a le s, Thursday average .21.28. Total hogs sold to 11 a.m. 295. Total hogs sold Thursday Provincial average 21.95. Sows at all points B 5.10 AGF 2.3S New .09 Cum Prop All Cdn Com 6.90 7.54 New Imp Mines 2.06 Gt Can Oil Sas 3.90 cdn pivid 792 8.65 Okanaaan Helicop 3.10 Home Oil A All Cdn Vent 3.25 3.55 Pyramid .26 Home Oil B 27.00 Amr Qr f 432 5.29 Silver Stand 1.39 Hud Bay Co 15.00 cdn Gr 5.30 5.82 Texmont .48 Hud Bay Oil 36.12'A Cdn Invest F 4.35 4.77 Trojan .28 Hud Bay Oil 53.00 Col Mutual 5.58 6.12 Western Mines 3.25 Hugh Rus Pfd 20.75 Cmnw Inter 11.41 12.50 West Coast Res .16 Husky Oil 13.75 Cmnw Lev 2.87 3.15 Western Explor .27 Inter Pro Pipe 13.62VJ Corp Invest 5.05 5.56 Ulica .60 Neiv York stocks Supplied by Richardson. Securities ol Canada Amr T and T 46.50 Monlqomery Ward 30.12V7 20 Golds 166.02 up 1.34 Anaconda 21.00 Sears' 76.12V2 10 Base Met 88.84 up .76 Bth Steel 21.00 Std Oil of NJ. 72.37% 15 W Oils 188.71 up .27 Chrysler 27.50 Texas Gulf 115.87'A Volume Comsat 50.75 Texas Co YORK AVERAGES Dupont Woolworth 36.75 30 Indusl 625.23 up 4.17 General Motors Westinghouse Elec 68.00 20 Rails 158.22 up .40 Gulf 30.25 U.S. Steel 30.62Vi 15 Utilities 118.77 up .26 Int Harvester 28.37'A TORONTO AVERAGES 65 Stocks 263.58 up 1.04 Kenn Copper 37.37V2 20 Inclust 173.45 up .33 Volume SEATTLE (CP) Two busloads of Canadians protesting flooding of the Skagit Valley arrived in Seattle recently only to hear the city utilities committee decision to ignore Mayor Wes Ulilman's request the controversial High Ross Dam project be dropped. The committee approved by three votes to one an ordinance that, if it passes city council Monday, will require city light superintendent John Nelson to seek federal power commission approval of the project. The Canadian nrotesters attended the 90-minute meeting but few were allowed to speak. Councilman George Cooley, committee chairman, said opponents had ample opportunity to oppose the project at hearings last year. He ruled no protest signs could be taken into the meeting and threatened to call police when some of the spectators cheered a speaker. "For 20 years there has been a standing" order no signs in council he said. "If there is a demonstration, we will have to call for the authorities." The ordinance is to go before the eight member city council Monday for a vote. Ken Farquharson, speaking on behalf of the Ross J opposed Out Stagit Spoilers Committee told the meeting Uiere is no question the project will be stopped. It is just a matter of who will stop it, he said. "This valley is a key to the recreation of our whole lower mainland. This valley is critical to the people of the lower it has to be the 1961 index." GM DOESN'T COMMENT However, GM made no direct reference to Uie difference over the indexes in a statement it issued following the news conference. The company claimed its new offer would result in full parity between Canadian anc American employees. "The cost-of-living allowance adjustments would be based on the Dominion Bureau of Statistics Consumer Price was all the GM statement hac to say about the matter. "This would provide unlimited cost-of-living protection for GM workers in Canada and fully protect their purchasing power." Mr. Woodcock said the new GM offer fell far short of the union's demands on. wage parity: "The proposal is wide of the mark, does not solve the problem and is unacceptable." He conceded that the strike, now in ils 13th week, could continue through Christmas anc into the New Year, unless something comes of his Detroit meeting with Mr. MATTHEW M. RICHMOND. Matthew M. Richmond has been elected to the Board of Directors ot Burns Foods Limited. Mr. Richmond is President of Canadian Dressed Meats Ltd. of Toronto and Lethbridge and has played a leading part in the Canadian meat packing industry lor many years. W Your NEW Authorized Dealer JEEP" TRUCKS AND STATION WAGONS UNITED MOTORS CO. LTD. Cor. 3rd Ave., 3rd St. S. Phone pri WINNIPEG (CP) An absence of exporter interest brought generally easier prices in all commodities at mid-session on the Winnipeg grain exchange today. Flax came under pressure ot some fairly heavy hedge offers and prices were off as much as K'a cents. Liquidation pressure in Vancouver rapeseed met a little local and commission house buying, but prices were fractionally easier. Thunder Bay rape-seed was not open at mid-session. Oats and barley had light domestic shipper trade with some commission house liquidation in barley. Locals and commission houses were small buyers in rye. Thursday's volume of trade was 889.000 bushels of flax, of rapeseed, of rye. Mid-session prices: Flax: Dec. 1% lower 2.46 May 1 lower July Vi lower 2.57'lsB. Rapeseed Vancouver: Jan. Vs lower 2.9014 A; March higher S.SQfeA; May Vi lower 2.6714A. Rapeseed Thunder review Dec., April and June not open. Oats: Dec. unchanged 87A; May Vz lower 8814A; July not open. Barley: Dec. unchanged 1.28; May lower July not open. Rye: Dec. 1 lower May lower July Hi lower 1.13. Prices Thursday for class two wheat for export to countries outside IGA: 1 Nor 1.83; 2 1.81; 3 4 1.70is; 1 Durum 1.81 2 3 1.G9V4 4 IGA prices: 1 Nor 1.83; 2 1.81; 3 4 1 Durum 1.81 2 3 1.6914; 4 1.6514. High Low Close Flax Dec 248% 248% May 261 257% Jly 261 257% 2577s Rapeseed Vancouver Dec 263% Apri 270V2 Jun 266% Oafs Dec 87 May 88% 88% 88% Jlv 88% Barley Dec 128 May 129% 129 12914 Jly 129 Rye Dec lOS'A May 113V4 112V4 112% Jlv 11414 value MONTREAL (CP) U.S. dollar in terms of Canadian funds was up 1-16 to 3-32. Pound sterling was up 3-16 to NEW YORK dollar down 3-64 at 97 31-32 in terms of U.S. funds. Pound sterling unchanged at little trading on the Winnipeg live beef futures market Thursday with some trades completed at 13 points above previous close levels. There were 14 trades Wednesday. Open High Low Close Wed. Jan 29.45B 29.45A Mar 29.22B 29 20B May 29.40 29.40 SI SIMPSONS-SEARS CORRECTION On Page 3 of Our Tabloid Section which appeared Wednesday, Dee. 9th Ladies' Short Gowns and Culotte were shown as Regular 8.99 and 12.99 These should have reod SALE PRICE 8" futures WINNIPEG (CP) There was moderate activity on the Maritime potato futures market Thursday with some trades completed at three to five points above previous close levels. Wednesday's volume was 22 trades. Open High Low Close Wed Mar 2.65A 2.65A Apr 2.78 2.80 2.78 2.80A 2.75 May 3.20A PROFITS IN CANADA With more and more Canadians becoming concerned about the huge expansion of foreign investment in Canada it is re-assuring to know that the co-op way of doing business is one answer to "KEEPING IT CANADIAN.' This is one of the many good reasons why more and more Canadians are becoming members PERSONNEL THE CANMORE MINES, LIMITED ot CANMORE, AlBERTA Requires THE SERVICES OF TWO FIREBOSSES (3rd Clasi Certificates) Interested persons please write Mr. A. V. Maschio, Safety Supervisor, The Canmore Mines, Limited, Canmore, Alberta, or Phone the members of PURITY DAIRY CO-OP LTD. cordially invite you to consider the many advantages of belonging to and being a part owner of this province-wide Dairy Co-op. To do this, simply ask one of our members, or phone our nearest office, or fill in and mail this Boot Not Obligats Mo In Any Way. SALES MANAGER Distributor of Notional Brands of Major Household Appliances requires experienced District Soles Representative to cover established dealer organization in Southern Alberta and East Koolenay's (Calgary Substantial draw against commission, company benefits. State age and experience. Company personnel know of this ad. APPIY BOX 117, THE UTHBRIDGE WESTERN SAVINGS LOAN CLIENTS For Information Regarding Your Holdings Contact Either of the Following in lethbrldgo EARL WAGNESS-Phone 328-1307 MURRAY LESLIE-Phone 327-0818 INVESTORS SYNDICATE LTD. Calgary West Branch 1011 A 17lh Ave. S.W. Calgory, Phone PtEASE PRINT ADDRESS PHONE DAIRY CO-OP LIMITED 1 516 5lh Avenue S., LETHBRIDGE Phone 327-1525 "Join Today For A Better ;