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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 26, 1970, Lethbridge, Alberta Saturday, December 36, 1970 1Mb' IETHBRIDGE HERALD 31 Ottawa iveekly livestock report OTTAWA (CP) The pre- holiday cattle offering at the 10 public slcckyards this week was about head, below tlic previous week but slightly above Ihe correspond- ing week a year ago. Exports of beef cattle to Ihe United Slales last week totalled catlle over 700 pounds, Ihe fed- eral agriculture department an- nounced today. The short week's trading and light receipts of cattle at pub- lic markets resulted in an im- proved demand in all divisions, and scattered price advances on all classes and grades of butcher cattle. Steers and hei- fers were generally steady to 50 cents higher. Cows were mainly steady to higher, and bulls were steady to 50 cents higher. Re- placement cattle and stock calves were mainly steady. Veal and butcher calves were in limited supply and generally steady to higher. Hog and lamb prices varied Srom slightly higher to lower for the week. Choice sleers: Monlreal 31.50 to 32.75; Toronto 30.50 to 31.50; Winnipeg 30 to 30.50; Saskatoon 29 to 29.50; Edmonton 29.50 to 30: Calgary 29.50 to 30.30. Good heifers: Montreal 2-1.73 to 26; Toronto 28 to 29; Winni- peg 27 to 28.50; Saskatoon 26.50 lo 27.50; Edmonton 27.50 to 28.50; Calgary 27 to 28. Good cows: Montreal 21.25 to 22.75; Toronto 20.50 to 21.50; Winnipeg 21.50 to 22.50; Saska- toon 19.50 to 20.50; Edmonton 19.50 to 20.50; Calgary 20.25 to 21.25. Good feeder steers: Toronto 31 to 35; Winnipeg 29 to 34; Saskatoon 28.50 to 35; Edmon- ton 30 to 37; Calgary 29 to 34. Good and choice veal calves: Montreal 40 to 46; Toronto 35 to 45; Winnipeg 44 to 48; Sask- atoon 34; Edmonton 37 to 42. Good lambs: Montreal 26 t 23.50; Toronto 29 to 31; Winni- peg 22. Basic hogs: Toronto 25.05 to 27.40; Winnipeg 21.05 to 23.65; Saskatoon 20.30 to 21.60; Ed- monton 21.25 to 21.80; Calgary 20.75 to 21.50. Perlich Livestock There were 593 head of live slock sold this week at Perlicl Bros. Auction Market Ltd. Receipts included 320 cattle and 273 hogs. Light receipts were due to the holiday season plus poor roads and weather conditions. All classes of feeder cattle met a keen demand from loca feeders and order buyers. Prie quotations were as SALUGHTER CATTLE: Only a few on offer. Steers 650 to 800 Ibs. 33 t 6- steers BSD to 950 Ibs. 30 to 2 50; holstein feeder steers 800 o Ibs. 30.75 to 32. Feeder heifers 32 to 34; mcdiun quality 0 to 32; good stock steer calves 41 to 44; calves over 500 bs 38 to 40. Heifer calves under 350 Ibs. 34 to 38.50; heifer calves 350 to 500 Ibs. 33 to 35.25; feeder cows 21 to 23; old cows 17 to 20. Bred stock cows and heifers 240 to 297.50. IOCS: The weaner and feeder hogs met an indifferent demand and sold one to three dollars lower. Weaners 6 to 8; light weaners 3 to 5; light feeders 12 to 14; icavy feeders 13 to 24 depcnd- ng on weight and quality. Bred jilts 33 to 47.50. Breeding age 30 to 47. The tax column Prime interest rale dropped NEW YORK (AP) A round of last-minute gift-giving helped brighten the business in Ihe U.S. during Christmas week. Chase Manhatlan Bank started the fes- tivities Tuesday by leading a re- duction in the prime interest rate for the third time in six weeks. Then on Christmas Eve, the federal government announced that living costs rose three- tenths of one per cent in Nov- ember, a sharp slowdown from October's pace of inflalion. It was Ihe second smallest monthly rise in 18 months and only hail' UK amount ot Gcio ber's increase. Chase Manhattan's action, fol- lowed by major banks across the U.S., trimmed the rate of in- terest charged the most credit- worthy corporate customers from, seven per cent to 6% per cent, the lowest level in two years. Since other bank lend- ing rates are scaled upward from the prime rate, changes in the rale have broad ripple ef- fects throughout the economy. CUT HELPS BONDS The prime-rale cul gave a temporary lift to prices of cor- porate and tax-exempt bonds, and while prices of government bonds continued to decline, they fell at a lesser rale than before the cut. Measles kills 64 persons TAUA (AP) At least 64 per- died of measles in this commun- ity in the interior of the north- eastern Brazil stale of Ceara, it was reported Thursday. The dis- ease took fls first victim a month ago. Since then, because of the lack of medical facilities in the area, many others have died, while some have become blind, and others are in critical condition. The stock market also re- ceived a temporary boost, but analysts said the prime-rate move had been widely antici- pated by investors and had been Factored into previous advances. In Washington, the Senate passed and sent to the White House a bill designed to protect investors against brokerage house failures. President Nixon announced changes Thursday hi the oil im- port program for 1971 that were designed to expand foreign oil ;ales in the United States. Officials estimated that the over-all 1971 level lor crude and refined products covered by the program would be about barrels a day higher than the 1970 average daily figure of mine million barrels. Statistics released this week showed new factory orders for durable goods rose last month for ths first time since July, and some Nixon administration analysts saw it as evidence that the economic slide was ending Stock markets higher By THE CANADIAN PRESS Canadian stock markets were fractionally higher in light trad- ing this week. It was a short trading week due to the Christmas holiday with the exchanges closing at noon Thursday. The Toronto Stock Exchange's industrial index, a major indica- tor of market movement .99 to 172.75. Al the Montreal and Canadian exchanges, the- composite index rose .CO to 171.46. Markets moved sharply higher Monday with western oil issues leading the advance. The Toronto western oil index climbed 3.44 'points during the week, closing at 180.W. The ad- vance followed announcements by several major oil companies that they were increasing the fractionally lower Tuesday under pressure from Wall Street and profit-lak- markets again moved higher during the abbreviated trading session Thursday. News of a bank rate reduction in the United States by several prices of crude oil. Prices dropped ing. Tire move had been anticipated by investors. Base metal issues made frac- tional advances Thursday mainly on the strength of an an- nouncement Wednesday by the federal government that the LienLson uranium mine at Elliot Lake, Ont, will be kept open until 1974 under a stockpiling agreement, On index at Toronto base met- als lor the week rose .86 to 89.28. The gold index dropped 4.57 points to 1G7.65. Volume totalled 5.23 million in ine uiuitu onut-o major banks had little effect on j shares, compared with 9.07 mil the market. Observers said the I lion the previous week._______ Pension plan tax avoidance scheme UT v, n tVn fav nnthr By 1. H. ASPER Each year, particularly dur- ing January and February, we see a rash of newspaper ad- vertisements sponsored by Life Insurance and Trust Com- panies, encouraging taxpayers to save on their tax bill by contributing funds to an assort- ment of pension plans. The gist of the ads is that if you want to build up a priv- ate retirement fund you can do so while having the pleasurable experience of reducing your taxes. This is quite provides that where a company contributes a lump sum pay- ment to a registered pension plan to reward an employee for his past services to the employ- ing company, the payment is a deductible expense if it is fir.it approved as being necessary by an independent actuarial consultant, whose opinion is cause true be- the law allows one to deduct from his taxable in- come the amount he contri- bute to a government ap- proved private or employer-op- erated pension plan, within spe- cified limits. However, according to a re- cent Exchequer Court decision, where the contribution to a pension plan is inspired main- ly by the tax saving, the tax deduction may be disallowed. There is a provision in the law that says that any expen- diture which "unduly or artificially" reduces o n e' s in- come, will be ignored for tax c a 1 c u 1 a tion purposes, even Ihough it is otherwise perfect- ly valid. The legal conundrum which has always plagued observers of the tax scene is: what is an "undue" or "artificial" ex- pense. The case decided by Mr. Justice F. A. Sheppard a few weeks -ago sheds some light on the subject. More important, it gives some insight into how the courts may treat hundreds, if not thousands, of similar cases about to go to trial. TEST C HE This was, to some extent, a test case on the subject of ex- ecutive pension plans. The law Bond prices Supplied by Doherty Uoadhouse and McCuaig Bros. Of CANADA BONDS GOVERNMENT Of CANADA. GUARANTEED BONDS Con. Hal. Klwy, Aikx! Asked Bid Bid 6 Apr 1, '71 99.85 100.60 414% Sept 1, '71 98.25 98.75 514% Oct. 1, '75 97.25 98.50 8 Jly. 1, '78 104.75 106.23 Sept 1, '83 81.50 82.00 Perp. 3% Sept. 15 40.00 42.50 8 Oct 1, '86 100.00 109.00 6V4ft Apr. 1, '75 100.75 102.00 7Vi% Jul. 1, '75 107.25 107.75 Sep. 1, '92 81.00 82.50 confirmed by the t a x authori- ses. A few years ago, many com- panies, which had never estab- lished major pension plans for their senior executives, took advantage of this law to make substantial contributions for their key employees. Frequent- ly, these employees were also the controlling shareholders in the employer companies. In recent years, the Revenue officials have attacked these pension deductions even though they had originally ap- proved them. The attack has been based on the assumption that 'although the pension plan was legal, registered and ap- proved, the real motive of UK taxpayer was not to c r e a t e a pension, but to "unduly or arti- ficially" reduce income tax. The first of many similar cases has now been It involved company Ontario PHOVINCIAl 7 '88 87.75 NEXT WEEK AT FORT MACLEOD AUCTION MARKET TUESDAY, DEC. 29 at 9.30 a.m. 300-HEAD-300 SLAUGHTER CATTLE Sell at a.m. STOCKERS and FEEDERS Sell at p.m. 90.25 Ont Hyd 9 '94 1C0.75 103.25 New Brun '90 101.75 104.25 Alberta Man Hyd 9 Sask Nfld Abitibi Abitibi Alta Gas '99 104.50 106.00 '30 104.75 '88 89.75 '90 100.75 INDUSTRIAl TViTo '87 82.75 35.25 9% 90 102.25 104.25 '90 103.50 104.50 a British Columbia which explored the '90 102.75 105.25 '89 103.75 106.25 B.C. Tel Bell Cdn 9 CP Sec 9W'. Gulf Cdn 8V4% '89 102.00 103.00 Hud Bay '89 102.75 105.25 Imp Oil '89 101.25 103.75 Int Nickel 9V45" '90 10S-00 Indust Ac '92 102.25 Labalt 9'A% '90 101.25 103.75 Mas Fer '80 99.25 101.75 Noranda '90 103.50 104.50 Simpsons 9% To '89 101.25 103.73 Scars Ac Traders Tr Cdn P '90 102.75 105.25 '90 98.75 101.25 '90 105.50 106.50 CONVERTIBLES Acklands '88 74.75 80.25 Alta G Tr '90 122.00 124.00 Cons Gas '89 93.00 95.00 Dynasty 7 '87 64.75 75.25 Scur Rain T.Via '88 91.00 93.00 Tr Cdn P 5 '89 92.00 94.90 West Tr '88 78.00 82.00 West Tr E 5% '84 80.00 83.00 Dynasty 7 '82 68.00 73.00 round-up of health, happiness is our h to you. We are grateful opportunity of serving you. H. H. Smith Ltd. Customs Broker .LETHBRIOSt Jfc 328.8141 COUTTS 34W8M idea of establishing a past ser- vice pension plan for its two key executives. w h o also hap pened to own the company. USE CASH The evidence before the Court was that the company' accountants wrote a letter showing that the companj could contribute certain mon ey to the pension trustees, tlier the company would get the tax deduction. After that, the trus tees would invest the monej lending it back to the com pany. The net effect was tha the would still be able to use the cash in its busi ness but claim a tax deduction for the amount it had thus com mitted for pension purposes. As it turned out, this rangement in itself didn't dis qualify the tax benefits. Unfor tunately for the taxpayer, th accountants, in explaining thr idea to the company wrote letter, beginning: "Further t our discussions as to ways c m i n i m i z ing current incom taxes. Following the instructions contained in that letter, th company prepared the pensio plan, registered it with the gov ernment, consulted an indepen dent actuary, and obtained hi advice on how much of a pen sion contribution was require to fund the plan, make th cash contribution to the pen sion plan trustee, and re- ceived written approval from the tax authorities, who ap proved the tax deduction. The pension trustees im mediately loaned Ihe mone; back to the company. White Christmas for Britain LONDON (Reuter) London ers awoke Friday to their firs white Christmas for many year after overnight snow spread crisp blanket across Britain. Millions of children gaze with delight at. familiar streeU houses and parks in a Dicken ian Christmas-card setting o the big day. London weather records _ not show a good snoivfall for th capital since records slarled i 19-10. Western Canadian Seed Processors Ltd. Require a PURCHASING AGENT Dulies include purchasing of supplies, maintaining an inventory of supplies and supervising accounts payable. This is on ideal opportunity in a rapidly growing company with excellent salary and employee benefits. Applicants should apply staling all qualifications, ex- perience and indicated expected salary la P.O. BOX 99, tETHBRIDGE When the tax authorities arhe along a few years later review the transaction and iscovered the contents of the tter from the accountants, ley refused to allow the com- any the tax deduction. The case was argued in the curt recently. The Revenue epartment raised several ob- ections to the legality of the ntire transaction and submit ed that regardless of its prev ous approval of the plan, throjects, promising profit ex- Kciations and easier money should increase demand for fi- nancing through the capital market. "It is likely that capital in- vestment by business will grow by at least 10 per cent." 'Mr. Neapole said the economy J. R. Thomson, manager of the Calgary Stock Exchange, says the exchange will likely have its lowest volume sines 1965. Value of shares traded will be about million, compared with million in 1969. He noted most of the activity on the Calgary exchange is in junior resource companies. These companies have had difficulty getting financing and interest in their stocks has dropped off. Mr. Thomson said he expects a resurgence to begin after the middle of 1971. Outlaw weapons on aircraft LONDON (Reuter) Anyone possessing a weapon on a Brit- ish-registered aircraft could be fined and jailed for up to six months, the depart- ment of trade and industry an- nounced Thursday. From Dec. 31, it will be an offence for any- one to carry or be in charge oi a weapon unless it is stowed somewhere inaccessible to pas- sengers. REVOLUTIONARY DIES TOKYO (AP) Tan Pu-jen veteran Communist Chinese revolutionary and party official died Dec. 13 in Kunming, South China. PRAIRIE LIVESTOCK LTD. SALE EVERY MONDAY AT 1 p.m. Let Us Take the Worry Out of Your Livestock Sales our contacts with professional order buyers, plm your early consignment, means top prices for you! ol our own happiness we ewe to Ihe support ol our loyal Idends, Thank you, and have J happy! PRAIRIE LIVESTOCK LTD. PHONE 223-3921, TABER DAY OR NIGHT Auctioneer: JOHNNY CHARITON tic. 593 Sales Manager GARY JENSEN COUNTY OF VULCAN NO. 2 requires SUPERINTENDENT OF SCHOOLS The County of Vulcan No. 2 employs 89 staff members in nine schools. Enrolment is made up of 940 elementary students. High school facilities are mainly centralized in Vulcan. POSITION: Chief Executive Officer of the School Committeo To be'determined considering qualifications and experieno COMMENCEMENT DATE: To be arranged. Expected to be March I-April 1, CLOSING DATE: January 18, 1971. Applicants are requested to submit a written resum their training and experience, references and salary pected to: Selection Committee Chairman, Superintendent of Schools Competition County of Vulcan No. 2, P.O. Box 180, VUtCAN, Alberta. of THE STOCKMAN'S MARKET SPECIAL NOTICE FOR HOLIDAY SEASON SALES The Regular Thursday Sale will be held on WEDNESDAY, DEC. 30th at 1'p.m. List your eaHle early for these final soles of 1970 7K TUESDAY-! :00 p.m. HOGS-SHEEP DAIRY CATTLE We Are Assembling Market Hogs Monday thru Friday REGULAR CATTLE SALE WED., DEC. 30 AT i P.M. and Fat Cattle IDe welcome the New Year with joy and happiness, but most of all with scisiisn for such fine SALES IN 1971 WILL BE TUESDAYS- HOGS, SHEEP and DAIRY CATTLE THURSDAYS- FEEDER and FAT CATTLE PERLICH BROS. AUCTION MARKET LTD. totaled in the hub of Southern Alberto'! livestock Industry 3 miles cast of Lethbridcje on Highway 3 and a Vi mile south. PHONE DAY OR NIGHT 378-3951 BOX 1057, IETHBRIDGE ;