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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 26, 1971, Lethbridge, Alberta Friday, February 26, 1971 - THE LETHBRIDGE HERALD - 21 Market upward trend continues Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, Madhouse and McCuaig) LAST BID OR SALE (11:00 i.m. Quot��� 01:00 �.m. MOttil 111.CO �.m. Guoteu Your taxes by I. II. Asper WISTMN OILS TORONTO (CP) - Prices on the Toronto stock market were mixed to fractionally higher in moderate mid-morning trading today. On index, Industrials were up .18 to 177.37 and golds 1.47 to 181.13. Base metals lost .33 to 92.07 and western oils .42 to 204.92. Volume by 11 a.m. was 658,000 shares, up from 625,000 at the same time Thursday. Advances outnumbered declines 121 to 115 with 144 issues unchanged. Strongest sectors were banks, merchandising and chemicals. Canadian Imperial Bank climbed % to $21, Royal Bank % to $24%, Petrofina % to Grain prices Winnipeg Grain Prices WINNIPEG (CP) - Rape-seed at the Vancouver position was sharply higher by mid-session today on the Winnipeg Grain Exchange with strong exporter buying. In other commodities the trading was mosty light and prices were slightly easier. Oats and barley had a light domestic shipper trade. Thursday's volume of trade was 483,000 bushels of flax, 1,-530,000 of rapeseed and 321,000 of rye. Mid-session prices: Flax: May Vz lower 2.53&B; July % higher 2.52%B; Oct. % higher 2.55'/sB; Nov. unchanged 2.54%A. Rapeseed Vancouver: March 1% higher 3.17%; May 4% higher 2.96%; July 2% higher 2.76 %A; Sep. % lower 2.64%A. Rapeseed Thunder Bay: April V* lower 2.97%; June 1% higher 2.81%B; Oct. unchanged 2.62%; Dec. 1% lower 2.61A. Oats: May % higher 85%B; July unchanged 85%; Oct. unchanged 86%A; Dec. not open. Barley: May % higher 1.31%; July unchanged 1.29%; Oct. unchanged 1.24A; Dec. not open. Rye: May 2% higher 1.16 %A; July VA higher 1.09%A; Oct. % higher 1.12%B; Dec not open. Prices for class two wheat Thursday for export to countries outside IGA: 1 Nor 1.80 %; 2 1.78%; 3 1.74V4', 4 1.71% 1 Durum 1.79%; 2 1.76%; : 1.67V4 4 1.623s IGA prices: Nor 1.80% 2 1.78%; 3 1.74%; 1.71%; 1 Durum 1.79%; 2 1.76 %; 3 1.67%; 4 162% Grain quotes Thursday (basis Lakehead): $20%, Prairie Oil 1 to $15V4 and Total Pete 35 cents to $7.25. Toronto Dominion Bank was up % to $20%, Inco % to $44%, Imperial Oil % to $19!4 and Husky Oil Vt to $17%. National Sea Products dropped % to $9, Noranda % to $32%, Bell % to $47% and Hudson's Bay Oil and Gas V* to $2iy4. Western Decalta lost 25 cents to $6.60, Northern and Central Gas % to $15 and International Utilities % to $39%. BANKS UP MONTREAL (CP) - Banks jumped over four points to a new high for the year of 185.01 in light trading on the Montreal stock market today. Most major banks lowered the prime leading rate to 6% per cent following the Bank of Canada's announcement Tuesday that its rate was being cut to 5VSi per cent. Prices in other sectors were fractionally stronger except pa' pen, down .22 to 90.31. Industri als were up .04 to 178.22, utilities .05 to 153.69, the composite 43 to 174.83. By 11 a.m. 335,800 shares had changed hands. Toronto-Dominion was up Vt, Royal Bank % to $24%, Bank of Commerce % to $20%, Bank of Montreal % to $14%, Bank of Nova Scotia % to $23% while Royal Trust was off % to $29% Falconbridge rose $1 to $137%, Distillers-Seagrams % to $51%, CPR % to $70%, Rio Algom % to $19% and Husky ill % to $17%. MacMillan Bloedel was 'in-changed at $26% after announcement of a drop in earn ings from $42,550,721 to $17,425,816 during 1970 despite higher sales. TRADE ACTIVE NEW YORK (AP) - The stock market dipped slightly today as it digested the gains of recent sessions. Trade was active. The Dow Jones average of 30 industrials was down 3.35 points at 878.63 by noon. Among Canadian issues Canadian Pacific rose a point to $70%. Distillers Seagrams was ahead at $55%. Hudson Bay Mining was off Vt at $22% and International Nickel % at $43%. On the American Stock Exchange, Canadian Javelin was down % at $14% and Jupiter Corp. off % at $10%. Among Canadian stocks Brascan was up % at $16%. Alts East Gm Almlnex Asamara B. P. Oil Can Southern Cdn Exp Gat Aihland Grid Cdn home Cdn Homt Pfd Cdn Indus Gas Cdn Superior Cant Del Rio Charter Chleftan Dome Pete Dynam Pete Total Pete Gt Plains Mill City New Cont North Cdn Oil Numac Parmo Patrol Pinnacle Place Gat Ponder Ranger Scurry Rain Spooler West Decalta 2.05 1.V0 .84 J.70 �7S 18.00 11.00 MISCELLANEOUS INDUSTRIALS Agra Ind Atco Indus Aquatalne Brit Ntld Corp Cdn Brew A Cdn Brew B Cdn Hyd Carb Cdn Pac Inv CPR Pld Crowsnett In Cygnui A Cygnus B Cum Prop Gt Cdn Oil Sds Gt Cdn Oil Sds Home Oil A Home Oil B Home and Pit Hud Bay Co Hud Bay Oil Hud Bay Oil Hugh Rus Ptd Husky Oil Husky Oil B Husky Oil War Inter Pro Pipe Int Utll Pfd Inter Steel Jell Lake Joutal Kaiser Res Kam Kotla Lake Ont Pt Ca Il.i2'/i MOF Manage 39.00 Mentor l:.]2'/> Newconex 6.65 Pac Pete Rank Organ Selkirk Hold Shell Canada Shell Inv Pfd Shell Inv Wts Sicks Rainier West Cdn Sd White and Yuk CALOARY Acroll Anac Pete Barons Oil North Cont Plains Pete West Warner Madison Rexdale PIPELINE STOCKS Alta. Gas Tr. A 47.75 Alta. Gas Tr. pld. 74.00 Alta. Nat. Gas 24.50 Cdn. West Nat. 25.121/1 In. Nat. Gas 5.37'/a Nor. and Cent. 32.00 Nor. and Cent. B 35.50 Gaz Metro l�.12'/i Gas Metro A 4.W 6.20 16.75 6.35 5.4S 4.95 12.00 8.25 15.00 7.10 86.25 1.12 7.10 32.50 1.70 .85 7.85 7.55 .70 1.60 .76 1.46 .58 14.25 23.50 1.80 7.00 47.�7/2 .12 6.80 2.00 .08 1.28 4.30 .16 .34 1.47 .67 .26 3.35 .13 .29 fit Toronto mines, industrials Supplied by Richardson Securities of Canada LAST BID OR SALE (11:00 a.m. Quotes) miW a.m. Quote*) I11:0O a.m. Quotes) High Low Close Flax May 254 252% 254 Jly 252% 251% 252% Oct 255% 254% 255 Nov 255% 254% 254% Rapeseed Vancouver Mar 315% 311% 315% May 292% 289 % 292% Jly 273% 272% 2737k Sep 265 Rapeseed Thunder Bav Apr 299% 298 298 Jun 279% 277% 279% Oct 262% Dec 262% Oats May 85 % 85% 85% Jly 85% Oct 86% Dec 86% Barley May 131 130% 130% Jly 129% Oct 124 Dec 125 Rye May 115% 113% 113% Jly 108% 107% 108% Oct 112 Dec 113% Calgary hospital faces deficit CALGARY (CP) - The board of trustees of Calgary General Hospital was told the hospital may face a $2 million operating deficit this year if the province refuses to increase its grant. M. M. Dyck, executive director, said if there is a staff freeze, the estimate deficit could be reduced to about $1.25 million. The 1970 operating deficit was $262,000. MINES Acma Advocate Alb. Akaltcho Area Mlnet Bralorne Broulan Bethlehem Brunswick Canada Tung. Casslar Central Pat. Chlmo Conwest Cons. Rambler Coin Lake Cochenour Cralgmont Dickenson Mines Denison Mines Deer Horn D'Eldona Do meMines Donalda Discovery Mines East Malartlc East Sullivan Falconbridge Frobex First Marltlmes Giant Y.K. Bovls Granduc Headway R.L. Hollinger 2.25 23.50 2.38 1.45 9.80 1.73 .13 .40 8.25 1.40 28.50 Hudson Bay M-S 21.25 Hydra Ex. Highland Bell Iron Bay Iso Jolfet Quebec Kerr Addison Key Anacon Labrador Lake Shore Lelfch Langls Silver Madsen R.L. Malartlc G.F. Martin McNeeiy Maybrun Maclntyre Met a Mldrlm Intern Mogul New Athona New Calumet New Imperial Noranda .07Vi Northgafe 2.22 Opemiska .48 Ostsko 1.65 Patlno 2.60 Pine Point .27 Placer Dev. 14.62'A P.C. Exp. 5.10 Quebec Man Rayrock Radlore Rio Algom Roman Corp. Sllverflelds Sherrltt Gordon Silver Miller Steep Rock Slscoe Tek Corp. Texmont 06'/a Upper Canada .86 Western Mines 65.00 Wright Har. .18Vi Wlllroy 1.02 Windfall 1.05 Yellowknlfe Br. 3.60 Zenmac 137.00 INDUSTRIALS .27 Abltlbl 1.10 Alcan Algoma Steel Atco Ind Allan Sugar Bell Tel Brazil Trac B.C. Tel Burns B.C. Forest B.C. Suoar CAE Ind Cdn Brew Chemcell Col Cellulose Cal Power Coron Credit C.W.N. Gas Cdn Indust Canada S S Cdn Marconi Cdn Vlckers Chrysler CPR Comlnco Cons Bath MVi Cons Gas .24 Disf Sea 1.28 Dom Bridge 32.75 Domtar 1.50 Dom Textile 10.63% Dom Stores .30 Dome Pete �6.t7vi Dofaaco �00 Fam Play �� Fd of Amr ,4?L Gt Cdn Oil Al'7 Gen Motors Gt Lakes Pap 1150 Gu" �" C/� Power Corp 47.75 Price Co 17.00 Rothmans 65.50 St Law Corp 11.37V2 Shell CDA 25.00 Simpson's 18.00 Simp Sears 4.50 Selkirk A 7.50 Texaco 4.50 Traders Gp A 5.75 Trans Mtn Pp 26.62'/i Trans Can Pp 1.30 Union Gas 11.00 Union Oil 12.50 Versatile Mfg 30.25 Westeel 3.75 Union Car 8.62'Zi Weston's B 27.00 Woodward's A 70.25 West Cdn Sd 21.37% Zenith Elec 10.00 BANKS 19.62% Can Imperial 51.75 Montreal 20.75 Nova Scotia 15.50 15.25 11.00 83.50 2487'/) 9.75 58.00 6.20 81.37'/a 18 25 30:75 14.25 2.50 20.25 3S.62'/| 19.25 16.00 44.00 26.87'/) 8.37'/a 39.62'/t 7.75 5.25 3.90 4.90 33.50 35.00 16.12% 15.00 15 00 24.12'/) 5.50 7.75 11.50 19.00 34.12% 18.87'/:) 2.1.50 11.00 30.00 10.75 22.75 32.50 15.25 42.00 3.70 10.37'/! 14.87'/2 19.371/2 19 62'/2 3.60 1.40 21.00 14.75 22.87'/) New York stocks Supplied by Richardson. Securities of Canada Dollar Value MONTREAL (CP) - U.S. dollar in terms of Canadian funds was up 1-16 to $1.00 23-32. Pound sterling up 1-16 to $2.43 7-16. Amr T and T Anaconda Bin. Steel Chrysler Comsat Dupont Gen. Motors Gulf Int. Harvester Kenn. Copper Ward 49.25 Mont. 20.50 Sears 21.75 Std. Oil of N.J. 26.75 Texas Gulf 63.25 Texas Co. 137.50 Woclworlh 80.12'/) Westing. Elec. 31.50 U.S. Steel 31.50 36.00 35.00 20 golds 181.22 up 1.56 79.12'/a 10 base met. 92.24 off .1 75.75 15 west oils 205.20 off .14 120.37'/) Volume 1,115,000 36.00 NEW YORK AVERAGES 47.75 30 Ind. 878.63 off 3.35 78.25 20 rails 196.92 off .06 31.12'/) 15 utll. 121.64 off .26 TORONTO AVERAGES 65 stocks 290.39 off .74 20 Ind. 177.33 up .14 Volume 8,680,000 Livestock NEW YORK (CP)-Canadian dollar down 5-64 at 99 21-64 in terms of U.S. funds. Pound sterling down 15-64 at $2.41%. ROAD CONSTRUCTION FOREMAN SOUTH CENTRAL ALBERTA COUNTY requires the services of QUALIFIED ROAD CONSTRUCTION FOREMAN Capable of laying out and estimating road construction projects and on site engineering. Salary to be negotiated. Usual employee benefits including insurance, health benefits, etc. Apply stating age, marital status, experience, references and availability to commence work toi F. J. DAWLEY COUNTY COMMISSIONER COUNTY OF MOUNTAIN VIEW NO. 17 P.O. BOX 100, DIDSBURY, ALBERTA Lethbridge Livestock AFTERNOON SALE Calgary Livestock CLAGARY (CP) - On offer to 11 am., 1,196 head, mostly stock calves and yearling feeder cattle. Trade was active. There was a good demand from local buyers at strong prices for all classes of feeders. There were no slaughter cattle in Friday's offerings. Thursday's late sales closed steady on the following basis: Choice steers 31.50 to 32, good 30.50 to 31.50, medium 29 to 30.50. Choice heifers 29 to 29.60, good 28 to 29, medium 26.50 to 28. Good cows 20 to 21, medium 19 to 20, canners and cutters 16.50 to 18.75. Good bulls 24 to 22.50. Good feeder steers under 750 pounds 34 to 36.50, more than 750 pounds 31.50 to 34. Good feeder heifers 28.50 to 31.50, Stock cows 20.50 to 22. Good stock steer calves 36.50 to 40. lightweights higher, good stock heifer calves 32 to 35, light weights' higher. Hogs base price 21.85 to 21.90 currently 21.85. GOOD SWIMMERS Polar bears use only their front legs in swimming and have been seen 200 miles at sea Col. Harland Sanders, the bearded Kentucky gentleman who seems to wear only white suits, is known to most Canadians as a purveyor of chicken. The Colonel has now made an equally significant contribution to the development of our tax law. In an argument recently ruled opon by the Tax Appeal Board, the famed merchandiser showed businessmen how not to conduct their affairs if they want the benefits, few that there are, of tax deduction of their cost of doing business. Apart from the interest In the case created by the involvement of a well-known personality, all businessmen can learn a valuable lesson from the Board's handling of the Sanders case. And al-thought it appears the Tax De-1 partment could have been a little more generous in its own attitude, the Tax Appeal Board had little choice but to reach its adverse decision because of the scarcity of the evidence put before it. Thte facts of the Sanders case many analgous situations. Col. Sanders pfsonally signed contract with a U.S. company, Sweet-Sue Kitchens Inc., whereby he acquired the right to produce and sell, a product known as Sweet-Sue Chicken and Dumplings. The contract called for Sanders to pay a royalty each year to the U.S. company based on his actual sales of the product, but there was a commitment to pay a minimum annual royalty of $20,000. The first year's royalty was payable in advance, so after signing the contract, Sanders wrote his personal cheque to the franchising company for $20,000. Sanders was the President and majority shareholder of a British Columbia company called Col. Sanders Kentucky Fried Chicken Ltd. As far as he was concerned, everything was done on behalf of the Canadian company and two months later he had the company issue a cheque to him for $20,000 to reimburse him for the money he had laid out. The Canadian company reflect- ed the $20,000 payment on its books of account as prepaid royalties. Unfortunately (as it turned out) the obviously busy Mr. Sanders did not instruct the company Secretary or lawycts to have the Board of Directors pass any resolutions or hold a formal Directors' Meeting confirming that in signing the contract and laying out the $20,-000, he was in fact acting for the company. This often occurs in a one-man-owned company. This lack of attention to detail might not in itself have been fatal to the tax case, but it didn't help. The Canadian company eventually decided there was no market for the chicken dumplings and did not go into production. The $20,000 pay- Beef futures WINNIPEG (CP)-The Winnipeg live beef futures market was quiet Thursday with some bids at current levels to 10 points higher but no offers. Wednesday's volume was two trades. Open High Low Close Mar 32.G0B May 31.90N Jly 31.25B Potato futures WINNIPEG (CP) - There were some offers at current levels but no buyers on the Maritime potato futures market Thursday. Four trades were completed Wednesday. Open High Low Close Mar 2.40A Apr 2.45A May 2.88A ment was written off as a business expense. That would be the normal procedure under tax law. However, the Tax Department refused to allow the deduction because the Canadian company could produce no evidence that the expense was incurred as a business cost. The tax officials rested their argument on the fact that the company hadn't made the original commitment; that, the royalty contract had never been legally assigned in writing to the company; that there was nothing in writing to indicate that the Directors had f o r m a 1 ly approved Sanders' actions as being undertaken on behalf of the company; and thus the payment of the $20,000 in royalties could not be classified as a deductible business expense. A second, and surprisingly uncharitable position was taken by the tax office. The company bought and paid for six of the Colonel's famous white suits. The cost was $900 and was treated as a deductible business promotion expense. It is difficult to believe that anyone would wear a white suit all year round in Canada for any reason other than to promote business, but the vigilant eye of the Tax Assessor fastened on this expenditure. The Department claimed that only the cost of three Dividends Bell Canada 66 cents increase of four cents, April 15, record Mar* 15. Gulf Oil of Canada Ltd., 15 cents, April 1, record March 5. G. Tamblyn Ltd., common 20 cents'; pfd., one per cent, both April 1, record March 12. Melchers Distillers Ltd., six cents, May 31, record May 14. Hog prices EDMONTON (CP) - Prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board: Edmonton: Quoted 21.75 to 21.75, selling 21.75. Average Thursday 22.04. Calgary: Quoted 21.85 to 21.90, selling 21.85. Average Thursday 22.03. ' Red Deer. No sales. Average Thursday 21.90. Lethbridge: No sales. Aver-r ge Thursday 22. Lloydminster: No sales. Average Thursday 21.18. Total hogs sold to 11 a.m. 102. Average Thursday 21.98. Sows average 14.15. while suits, and not six, should be deductible. The tax law permits tlie deduction of only "reasonable" business expenses. When the issue came to trial, probably because the amounts at stake weren't high enough to warrant his personal attention, Sanders did not appear personally, but was represented by counsel, who filed the evidence described above. Appeal Board member Roland St-Onge, Q.C. heard the case and upheld the Tax Department's ruling. He did so primarily because the only person who could confirm all the company's arguments, Col. Sanders himself, hadn't testified. This wouldn't have been necessary if the company's books themselves had recorded the true nature of the transactions. But because the records failed to s h o w the facts, Mr. St-Onge had no alternative but to support the Government's claim. That's the point. The law provides that once the tax office makes a claim for tax, regardless of how wrong that claim may be, the onus is on the taxpayer to disprove that claim. While that violates the cardinal rule that he who accuses must prove his accusations, nevertheless it's the law. The Sanders company might very well win its case on an appeal by putting better evidence before the court. But for other taxpayers, particularly those who own their own companies, the lesson is clear. If one wants to claim the benefit of a tax deduction, he must be certain that his legal and accounting records are meticulously kept and fully reflect bis right to the deduction. That may mean that businessmen must keep more precise records of their dealings, and it may mean that the cost of complying with the tax law must rise, or that carrying on business is made mora cumbersome by the bookeep-ing requirements. But the tax cost of doing otherwise will too often be prohibitive. (Mr. Asper is a Winnipeg lawyer) The new Corolla Coupe. It's practically beautiful. A practiced person buys a practical car simply because it's practical. The fact that the car may be ugly doesn't seem to bother him. But it bothered us. "Why can't a practical car be beautiful?" we asked. And then along came our Coupe. The Coupe is every bit as practical as the ugliest practical car. Only it's not ugly it's beautiful. The steering wheel is simulated wood grain. The bucket seats are high-back and fully reclining. The floor is carpeted. The glass is tinted. The interior is padded. The ride is quiet. . From a practical point of view it gets up to 35 miles per gallon from , a powerful 73 hp engine. It has front disc brakes and an electric rear window defroster. It's big enough for a small family, small enough to park easily and surprisingly sells for $2173*-with everything. So now, a practical person can buy a practical car simply because it's beautiful.  'Suggested list price F.O.B. Vancouver. Freight, license, provincial and local iaxes extra. Get in and GO! r ALL-TERRAIN VEHICLES '1 Just name the conditions - muskeg, sand, rocky ; terrain, take country --I and COOT will get you I through! Great for hunt-i ing, fishing or just sports I driving. Industrial 2 advantages too. Action i four-wheel drive and articulating sturdy steel "twist - action" hulls. Amphibious. Just get in and go! CONTACT CANADA'S EXCLUSIVE DISTRIBUTOR A Division of Ace Explosives Ltd. HOME OFFICE: 6026  5th STREET S.E., CALGARY 27, ALTA. PHONE: 252-8156 (AREA CODE 403) ttmm Indicate In nply 'OmI�* or Tenon*!' Inurart. TOYOTA Mi Toyota cars are told and serviced ftorn