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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 21, 1975, Lethbridge, Alberta Friday, Fabruary 21, 1975 THE LETHBRIDGE HERALD 35 New boss making new image Mobile mutt Nicky Napier examines a cart her husband made specially for their paralyzed pooch. Mrs Napier, a resident of Shoals, West Virginia, said the dog took readily to the two-wheeled contraption and now.gets around as well as she ever did. Taxes consume oil price hikes TORONTO (CP) An oil company president said yesterday that Canadians are not getting their money's worth from the increased price of petroleum. Jerry McAfee of Gulf Oil Canada Ltd. said Canadian consumers have come to accept that they must pay higher prices for petroleum products in order to ensure future supplies. But most of the increase was being "siphoned off "by the federal and provincial governments in the form of taxes and royalties. Mr. McAfee was speaking at a news conference called to discuss Gulf Canada's 1974 profits and outlook for 1975. Profits for 1974 increased 61 per cent to million or a share from ?100.2 million or a share in 1973. Total government revenues from the company's 1974 oper- ations, excluding fuel and ex- port taxes collected, were million. Mr. McAfee said the com- pany's income taxes for 1974 more than doubled to mil- lion from million a year earlier. ROYALTIES TRIPLE At the same time royally payments more than tripled to millipn from million in 1973. The 1974 earnings represented a 14.7-per-cent return on capital employed during the year, whicl amounted to about billion The oil company presiden said the current return is the "minimum" acceptable for a company faced with tre mendous risks and capita costs. "In view of the increased government take and gallop ing inflation which has added greatly to the cost of every new energy investment we make, our 1974 earnings although it looks large, is not sufficient to enable us to proceed with al the new energy projects we had he said. Because of increased taxes and royalties last year, Gul: cut million from its capital and. exploration spending program in 1975. A federal-provincia! meeting is scheduled in April to consider raising the domestic price of crude oil. Mr. McAfee said the in- dustry needs additional tax relief and he hoped govern- ment officials would make allowance for adequate revenue for the oil com- panies. Included in a char presentation, Gulf indicate! that, although the price of a barrel of Canadian crude oil was raised to last spring, the industry retains 47 cents a barrel compared with 53 cents when the price was a barrel. Banker warns Canada to guard Cuban market OTTAWA (CP) Cuba's top banker sidestepped questions on interference of American law with Canadian exports yesterday, indicating that it is up to Canada to protect its Cuban market. Raul Leon, president of the -Central Bank of Cuba, dis- played no concern in a news conference' over the fact that the U.S. Trading with the Enemy Act had hampered ex- ports from U.S. subsidiaries in Canada to Cuba. Asked about the situation, he would say only that Cuba's trading corporation gives companies in several countries a chance to supply goods. It was always interested in hearing from Canadian companies. But Cuba was independent of U.S. trade and technology Food empire plans change VANCOUVER (CP) The George Weslon Ltd. food em- pire is switching a wholly owned Winnipeg subsidiary to its 66 per cent owned Kelly Douglas and Co. Ltd. Westfair Foods Ltd. will be acquired by Kelly Douglas for 3.7 million class A shares. Kelly Douglas intends to seek shareholder approval to increase, its capitalization in order to make the acquisition. Westfair currently is owned' by Pcrrin Investments Ltd., a wholly owned subsidiary of .George Weston Ltd. and would trade with any country. He gave the same answer when he was asked what would happen to Canadian sales to Cuba if the United States lifted its embargo and started trading with the Caribbean country. While Mr. Leon was in Canada, officials in Washington gave the go ahead to a sale under which an American subsidiary in Toronto will sell worth of office equipment to Cuba. The sale was held up for months because of the Trading with the Enemy Act. Canadian exports to Cuba last year jumped 80 per cent to million. Canadian of- ficials talking about the visit to Ottawa this week of Mr. Leon expressed desire to con- solidate Canada's position in that market in advance of any relaxation of the U.S. attitude to Cuba. Offshore oil well tested SAIGON (AP) Mobil Oil Corp. announced Thursday successful results in further testing of its first discovery well off the coast of South Vietnam. "While the results of these preliminary tests are so far encouraging additional testing and drilling will be re- quired in order to define the size and shape of the structure and to determine the commer- ciality of the the company said. Seafarers9 union head is skilled negotiator TORONTO (CP) His name may not be as easy to pronounce as Hal Banks, but Roman Gralewicz appears to have established his own im- age as president of the power- ful Seafarers International Union of Canada. "It's the Gralewicz the SIU chief said in a recent interview. "Banks is just like the old robber barons of industry. Banks had his era." Mr. Gralewicz, 44, a hard- driving leader known for his skill as a negotiator, has been trying since'1973 to change the union's image of violence and intimidation that had been strong under Harold C. Banks. Mr. Banks, first SIU presi- dent, engaged in a takeover war with the Canadian Sea- men's Union that was punc- tuated by violence and tyran- ny. He was eventually remov- ed as president and the union placed under a trusteeship in 1963. Mr. Gralewicz said the days of a one-man union are over. "It's all organization now. Today's unionism is a different ball game. It's a different era." UNOPPOSED Son of a laborer and native of the tough Point St. Charles district of Montreal, Mr. Gralewicz took over as SIU president in 1973, succeeding Leonard McLaughlin. He was returned to the post unoppos- ed in last year's election. At one point in his career, he left the SIU to take a job as a time-study analyst at Northern Electric Co. Ltd. He returned to the SIU in 1958, and worked as a dispatcher, a port agent in Halifax, a grievance director and, in 1966, executive vice- president. A brisk and meticulous ad- ministrator, one of his pro- jects is to brighten the SIU's seven union halls. For ex- ample, the once grubby Montreal headquarters has been redone with hew paint, shag carpeting and modern furniture. "When you get the guys away from the docks and the gin mills and into a nice, clean they are in a different guys change he said. New halls have been estab- lished in Halifax, Vancouver and Thunder Bay. Mr. Gralewicz also is promoting the idea of a train- ing school for Great Lakes seamen in the belief that shipowners won't object to paying higher wages for well- qualified men. "You know what a captain makes a he said. "With the school, a kid can see where, after going through so many steps, he can get to be a cap- tain. For the first time, there's a future in the in- dustry." He has been given most of the credit for a pension plan that starts in April for the 500 members of his union. U.S. boosts aid ADDIS ABABA U.S. embassy announced to- day that the United States is giving an additional million in famine recovery aid to Ethiopia. The embassy said the grant brings to million total U.S. drought relief contributions to Ethiopia since late 1973, in- cluding million for emer- gency food supplies. American officials said the grant "has nothing to do" with fighting in Eritrea province or difficulties in relations between Washington and Ethiopia's five-month-old military government. "This deal has been in the works for a long time, well prior to the current a spokesman said. The money will pay for roads, wells and resettlement of starving nomads." If you had a savings plan that gave you high interest and let you saw tax dollars, you'dcaUitsniart.Tliat'swhatwecaUit. Introducing We figure with inflation and taxes taking more and more of your earnings., it's become harder just to get by now, let alone save. That's where the Commerce SMART registered savings plan comes in. The SMART plan, is really a double-barrelled savings plan. It not only gives you good compound interest rates on the money you save, but it also saves you some of the money you'd normally pay on income tax. For example, if your taxable income is and you put into SMART you'd only pay taxes on You sec, since the SMART plan is registered with the Government, the Income Tax Act lets you deduct a certain amount from your income and lets you accumulate this money tax-free until you really need it. Your accumulated savings will be treated as taxable income in the year they are paid out to you. At the Commerce we think a plan that allows you to SAVE MONEY AND REDUCE TAXES is smart. Which is why we named our plan the way we did. Uj ffllART lave money And Reduce Taxes How much money does it require to start? The minimum contribution has been set at 850. And you can contribute as often as you like. The amount you wish to save (within allowable limits) is entirely up to you. You may, if you choose, make a single lump sum deposit. Alternatively, the Commerce can make it easy for you to save systematically regular transfers from your chequing or savings accounts can easily be arranged. What's the best age to start contributing? You can begin at any age so long as it's before your 71st birthday. In fact, the sooner you start the better. Because, how much you end up with in your Registered Savings Plan depends on how long your money has been accumulating as well as the amount you've contributed and the interest rate you earn. For instance, if you started saving a year at age 25 and assumed an average compound interest rate of 7 your retirement savings would amount to at age 65. other hand, if you waited until age 45 and contributed a year at the same 7% compound rate, your savings would only total even though you had contributed exactly the same amount So you see, the whole idea is to let your money keep working for you as long as possible. Can you make withdrawals from your Iff) ART plan? While withdrawals are not permitted you may de-register your Plan. At that time, your accumulated savings will be treated as taxable in-' comeintheyear received. However, you may use your savings to purchase an annuity thereby spreading your taxes over a number of years. Is JfftART the plan for you? The Commerce SMART registered savings plan makes a lot of sense for just about everyone. It doesn't matter whether you're a successful businessman, a busy working wife, a young family man, an active career girl, or someone who's just interested in a good savings plan. How can you start ffflART? Come to the SMART Information Centre located at the Commerce branch nearest you. We'll be glad to help you set up your SMART plan or give you any further information you may need. Commerce SfllART registered savings plan In addition to regular banking hours our 331-7th Street S. branch will be open SATURDAY, MARCH 1 p.m. for the sole purpose of providing information and accepting applications on Commerce Registered Savings Plans. ;