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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 19, 1974, Lethbridge, Alberta 18-THE LETHBRIDQE HERALD -Tuesday, February 19, 1974 1250 Million Dollars Balance of Payments Defi ricit cut Canada's 1973 trade and payments deficit was cut to almost half of the 1972 level as a result of a healthy jump in sales of goods to countries other than the United States. A report issued by Statistics Canada showed a deficit in 1973 of million, compared with a million deficit in 1972. Canada had sizeable trade surpluses during both years, but were offset by deficits in the non-trade area. Brief criticizes govt's involvement on banking OTTAWA (CP) Canada's chartered banks have told the government they have serious reservations about provincial government involvement in. the ownership of banks. "The principle of such a move is questionable, and may in fact produce harm rather than the Canadian Bankers Association (CBA) said in a brief released today. The association said federal proposals to allow 25-per-cent provincial government own- ership of new banks and up to 10 per cent of existing banks should be considered only as part of the larger question of Gold price falls from top record LONDON (AP) The price of gold fell today from record highs after an expected in- crease in the value of official gold holdings by the nine Com- mon Market countries did not take place. Gold reached a record an ounce in London and Zurich, the world's two main centres, Monday as finance ministers of the Common Market countries were meeting in Brussels. Published reports indicated some of the nine planned to in- crease the value of their official gold holdings to or more an ounce from the pegged value of an ounce. Such action would help those countries meet the foreign-currency drain of oil prices that have quadrupled within the last year. Tax tips For farther information, call the District Taxation Office. If yon live in a toll area, ask your long-distance operator for ZENITH (MOW and yonr call will be placed without charge. Q. In connection with the new capital gains provision, what information should I retain to support values of my farm property as at December 31, 1971? A. In support of your values, it will be useful to retain the following: (a) A brief description of the property, including location and size together with your original cost. (b) The type of land (arable, bush or (c) The type of farming done. (d) A description of each building with date of acquisition and cost, together with the dates and costs of any additions or (e) The property assessment for municipal tax pur puses. (f) Insurance coverage. (g) Information on any sales of similar property in your area. Q. When filing tax returns, are commercial reserves and elevator deductions to be reported as income for the year they were paid out to a fanner? A. Normally these will have been reported in the year when credited to his account, and would therefore not be included in his income when actually received. Q. I have rented out my farm on which there is a complete set of buildings which are not fully depreciated. Can I continue to claim capital cost allowance under Part XMI, or would i be leuuiied to claim under Part XI? A. Your claim for capital cost allowance on the farm buildings must now be made under Part XI of the Regulations. Capital cost allowance is recoverable back to January 1, 1949 on disposal of assets. This includes allowances claimed previously under Part XVU. Q. My husband has a farm tractor that he uses, not to earn his living, but to do. fanning and a little logging and collecting of firewood. Can be claim any depreciation on this farm tractor? A. If your husband is a farmer and is reporting his income from farming or logging be would be able to claim depreciation on the tractor. However, if he has no income from farming or logging, and the tractor is not being used for the purpose of producing income, he would be unable to claim any depreciation. Q. My husband and I jointly own a farm. The income has always been declared on my husband's income tax form and the cost of running the business has been claimed on my husband's form, also. As the farm is owned by both of us, can I claim the cost of operation on my income tax? A. The taxability of any income derived from this particular source, where there is a joint ownership, depends entirely on which of the partners supplied the money that originally purchased the properly or business. In most cases, it comes entirely from the husband. Unless the wife has money of her own that she earns herself, or she money that was left to her to invest in the farm, it is always considered for tax purposes to be the husband's income. revisions to the Bank Act, un- der which the chartered banks operate. The banks said the proposals would be harmful "not only for the Canadian monetary and banking system, but for the public at large." The federal proposals were advanced at the Western Eco- nomic Opportunities Conference in Calgary last July and stemmed primarily from demands of the western provinces, which claimed the banks centred mainly in Toronto and Montreal did not pay enough attention to .regional requirements. The tough tone of the CBA brief and earlier statements by bank spokesmen indicate the chartered banks plan to fight the proposals when they come before Parliament. Coal-cleaning plant study under way COLEMAN, Alta. (CP) A coal-cleaning plant touted as the most modern in Canada less than five years ago now is under study by the Alberta government following complaints about air pollution. Residents of this town, 90 miles west of Lethbridge, have complained bitterly to the province about black soot from the plant and its storage areas. Environment Minister Bill Yurko says two separate and independent appraisals are being made of the cost to move the plant. The appraisals are part of a provincial government program to help polluting industries relocate to more suitable areas. Coleman Collieries was ordered by the department of environment last October to find an interim solution to its dust problem by Feb. 1. This deadline has been extended 30 days, Mr. Yurko said, indicating bis department agreed with the company that the schedule to draw up plans for better scrubbing operations was a tight one. The company now is working under a May 1 deadline to find a long-term solution to dust emissions. Extend quota WINNIPEG (CP) The five-bushel quota on hard red spring wheat "C" has been extended to eight additional prairie shipping blocks and six delivery points in British Columbia. The extension, effective Feb. 25, on the prairies includes Edmonton south, Edmonton west and N.A.R. east. In B.C., the new points are Creston, Dawson Creek, Fort St. John, Groundoirch, Ponce Coupe and Taylor. Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited WESTERN OILS AND MINES Alton Mines Albany Oil .69 Almmex 7.00 Asamera 13.00 Ashland Oil Alta East Gas 7.00 BP Canada 14.75 Brenda Mines 8.25 Can Southern 5 Cdn Exp Gas 3.30 Cdn Homestead 7.37Vi Cdn Ind Gas 9.SO Cdn Long Island .34 Chieftan 10.50 Cdn Superior 55.75 Dome Pete 42.00 Dynasty 10.25 Fort Reliance .31 Giant Mascot 2.32 Gibraltar Mines 12.00 Granisle 8.50 Great Plains 28.00 Gt Cdn Oil Sds Lochiel Exp 2.95 Lytton Minerals 1.60 Noble Mines .96 North Cdn Oils 5.25 Numac 15.75 Pancdn Pete 12.25 Pan Ocean 1525 Petrol 1.80 Pinnacle .25 Place Gas .58 Ponder .51 Ranger Oil 41.50 Scurry Rainbow 21.50 Seibens 18.00 Spooner Total Pete Ulster Pete 1.38 United Canso 21.00 WC Pete 6.00 West Decalta 8.25 MISCELLANEOUS INDUSTRIES Acres Ltd 10.75 Aquitaine BCSugAPfd 1425 Block Brothers 3.85 Cdn Pac Inv A Pfd 34.50 Com Cap Corp 2.30 Carling O'Keefe A Pfd 24.00 Carling O'Keefe B Pfd 28.25 Crestbrook For Ind Crows Indus 27.25 Falconbridge Cop F and M Trust Co 5.00 Genstar 17.75 Glob Com Units 38.00 Home Oil A 49.50 Home Oil B 45.25 Hud Bay Co 16.50 Hud Bay Oil 44.00 Hud Bay Oil A Pfd 50.00 Hugh Rus C Pfd Husky Oil Husky Oil B Pfd Husky Oil D War 6.00 Husky Oil E War 9.00 Hys of Canada 3.35 Int Pro Pipe War 6.25 Int Pro Steel Kaiser Resources 4.95 Loblaw C Pfd 26.00 Magnasonics 5.25 Pacific Pete 33.75 Pac West Airlines 7.37V4 Pe-Ben Oilfield Serv Rainier Inc 3.87V4 Royal Trust 26.25 Sandwell 5.75 Teledyne 5.00 Trimac 7.00 West Cdn Sd Pro Westfield Min Weston A Pfd While Yukon PIPE LINE STOCKS Alta Gas Line A Alta Gas Line Pfd Alta Nat Gas Inland Nat Gas Gaz Metro Gaz Metro A Pfd N and C Gas N and C Gas B Pfd Pac Gas Trans Tr-Can Pipe Tr-Can Pipe A Pfd Tr-Can Pipe B Pfd Tr-Can Pipe War WC Trans WC Trans Wts CALGARY Acroll Barons Oils North Continental West Warner 3.50 1.44 59.12V4 9.00 12.50 63.00 10.00 5.87 Vz 64.00 12.25 23.50 10.50 33.75 63.00 S.25 4.20 .71 .09 .03 .31 VANCOUVER MINES Atlas Explor .36 Bath Norse 1.37 Dankoe 3.60 Davenport .70 Dolly Varden .70 Equitorial Res .17 Lornex 10.00 Northair Mines 4.65 Primer .12 Pyramid .15 Silver Standard 2.31 Valley Copper INDUSTRIALS Colum Brewing 3.00 Wardair 1.55 OILS August Pete .65 Plains Pete .21 Ponderay Explor .90 Stamp Intl Res .91 MUTUAL FUNDS All Cdn Compound 6.39 6.95 All Cdn Dividend 6.76 7.35 All Cdn Ventures 3.49 3.79 Amer Grow F 4.50 4.95 AGF Special 2.42 Cdn Invest F 4.90 5.37 Collect Mutual 5.09 5.59 Com Inter 13.54 13.54 Com Leverage 3.16 3.16 Com Venture _ 5.64 5.64 Corp Investors 6.29 6.91 Corp Invest S F 4.87 5.35 Grpd Income Shares 3.04 3.35 Growth Equity 7.30 8.02 Invest Grow F 11.921302 Invest Mutual 5.67 6.20 Mutual Accum 6.01 6.61 Mutual Grow F 3.18 3.50 Nat Resources 4.90 5.38 NW Cdn 5.31 5.83 NW Growth 4.42 4.86 Prin Growth 4.48 4.91 Provident Mut 7.38 8.07 Royfund 6.75 7.02 Temple Grow 7.41 8.12 United Accum 4.51 4.96 Universal Savings 8.01 8.81 Vanguard 5.85 6.41 Toronto mines, industrials (Supplied by Richardson Securities of Canada) MINES Acme Advocate Asb. Akaltcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central Pat. Chimo Conwest Cons. Rambler Coin Lake Cochenour Craigmont Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Malarlic East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. Granduc Hollinger Hudson Bay Hydra Ex. Iron Bay ISO Joliet Quebec Kerr Key Anacon Madsen R.L. Malartic G.F. Martin McNeely Maclntyre Meta Midrim Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgate Norlex Pine Point Placer Dev, Pax Exp. Quebec Man Ray rock Radiore Rio Algom Roman Corp. Sherntt Gordon Steep Rock Sunmngdale Corp. A Texmont United Canso Western Mines WH Copper Mines Wright Hargreaves Witlroy Windfall YeHowkmie Sear INDUSTRIALS Abrtitn Atean Aigoma Steel Alco ind Jannock Agra Ind Bell Tel Srascan A BC Tel Burns Forest Sugar A Valley Ind Ind O'Keefe Cellulose Power Credit Gas Pfd Industries Marconi Bathurs 6 Gas Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Motors Lakes Oil Sid Walker Erie Oil Nickel Pipe 3.15 Grp A 2.95 Intl Accept Doug A A Ferguson Bloed Corp A B Cent Corp Co CDA Sears Canada A Grp A Mtn Pipe Can Pipe Carbide Gas Oil Siscoe A Cdn Seed Etec Imperta 4200 16 SO 50.00 13.75 Nova Scotia Royal 19.12V4 21.00 27.00 17.62% 10.00 3.65 5.50 6.12% 23.50 2.25 10.50 16.75 17.25 15.87% 34.87% 27.50 17.25 42.25 41.25 24.50 10.25 41.75 31.37% 7.25 10.00 48.50 24.12% 33.25 17.50 5.62% 51.12% 27.37% 39.75 29.50 36.50 21.12 8.62% 17.50 18.00 4.55 S.50 1C.50 3.55 6.00 13.00 17.37% 31.25. 47.75 23.00 22.00 7.62% 12.25 11.75 14.62% 8.75 13.37% 19.50 7.87% 12.12% 32.87% 14.00 47.25 15.00 15.37% 33.75 16.62% 9.00 13.25 9.87% 650 20.87% 20.75 3.45 2.60 29.87% 20.25 37.00 37.87% Arm. Anaconda Beth Steel CnrySler Comsat Dupont General Motors Gulf itfl Harvester Kerrn Compel Montgomery Ward Sears Exxon Texas Golf Texas Co. Wlx Corporation 51.87% 32.25 17.75 33.62% 160.50 49.75 29.62% 39.75 22 62% 84.37% 83.75 34.37% 28.62% Woolworth 18.75 Westingnouse Oec. 2? 00 US. Steel 3B.82H Sec. 24.50 TORONTO AVERAGES 20 Industrials 217 37 up 1 JO 20 Golds 544.43 down 6.66 10 Base Metals 108.19 down .24 IS Western 26040 up 1.59 Volume 2.403.000 NEW YORK AVERAGES 20 IrateStrWfc 828 77 up 8.44 20 ftafls 18655 up 1 77 IS Utilities 9269 down At 65 Stocks 28630 op 1 99 .Volume Stock market prices continue higher trend TORONTO (CP) Prices on the Toronto stock market remained sharply higher in active mid-morning trading today. The industrial index, consid- ered the main indicator of market trend, rose 1.18 to 217.25 and western oils 2.04 to 261.25. Golds fell 4.89 to 546.20 and base metals .09 to 108.34. Volume by 11 a.m. was 1.57 million shares, up from 1.15, million at the same time Mon- day. MONTREAL (CP) Prices moved higher in all sectors on the Montreal Stock Exchange in moderate trading today. Volume at a.m. was shares, compared with at the same time Monday. Banks rose 2.37 to 282.21, the composite 1.13 to 226.3S, industrials .99 to 241.60, utilities .98 to 142.96 and papers .06 to 132.57. Montreal Trust rose to Trans-Canada Pipelines Ltd. to Toronto-Dominion V2 to fSSVt, Mercantile Bank of Canada to and Placer Development Vi to Among speculative issues, Probe Mines fell two cents to 65 cents, trading shares. Winnipeg grain WINNIPEG (CP) All commodities, with the exception of flax, traded moderately on scaled- down price patterns at mid-session of the Winnipeg Commodity Exchange today. Flax posted marginal gains on a mixed demand while rapeseed fell as much as cents and rye dropped more than three cents. Monday's trading volume was bushels of flax, of rapeseed and of rye. Mid-session prices: Flax: May 1% higher 11.70A; July 2 higher 11.33A; Oct. 1 lower 10.46B; Nov. unchanged 10.48A. Rapeseed Vancouver: -March 8V< lower June 5 lower 7.28B; Sept. unchanged 6.90A; Nov. not open. Rapeseed Thunder Bay: May Vi lower July 2 lower 7.01A; Oct and Nov. not open. Rye: July3V4 lower 3.41B; Oct. and Dec. not open Grain quotes Monday basis Lakehead: High Low Close Flax May 1169 1165 1168% Jly 1131 1128% 1131 Oct 1047 Nov 1048 Rapeseed Vancouver Mar 762 737% 762 June 734% 710% 733 Sep 690 Nov 624 Rapeseed Thunder Bay May 726 715 726 Jly 703 Oct 619 Nov 612 Rye May 355 342 355 Jly 344% 332% 344V4 Oct 310 Dec 290 Dividends By THE CANADIAN PRESS Andres Wines Ltd., nine months ended Dec. 31: 1973, J1.70 a share; 1972, Canadian General Life Insurance Co., year ended Dec. 31: 1973, a share: 1972, Commonwealth Holidays Inns of Canada Ltd., year ended Oct. 31: 50 cents a share; 1972, 41 cents. Consolidated Pape Lines Co.. year ended Dec. cents a share: 1972, no comparable figures. Donobne Co. Ltd., year ended Dec. 31: 1973, a share; 1972. 65 cents. G and H Steel Industries Ltd.. year ended Dec. 31: 1973, a share: 1972. 94 cents. Hudson Bay Mining and Smelting Co.. year ended Dec. a share. 1972. Inland Nataral Gas Co. Ltd., six months ended Dec. 31: 1973. 52 cents a share: 1972, 61 cents. La Vereadrye Management Corp.. year ended Dec. 31: 1973. 83 cents a share: 1972. cents. CurrmielM MONTREAL