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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 27, 1971, Lethbridge, Alberta Pay-as-you-go budget for Sask. REG1NA (CP) - Saskatchewan's Liberal government Friday brought down a "pay-as-you-go" balanced budget calling for record expenditures of $450.7 million with no tax increases or borrowings. The spending represents an increase of $45.7 million over the 1970-71 fiscal year. Record revenues of $451 million are anticipated, an increase of almost $50 million. The largest single slice of the budget pie again goes to education. Expenditures will reach $157 million, $108 million of wrjch will come from the department of education and the balance from the University of Saskatchewan and construction budgets. This $108 million is up more than $12 million from the current year ending March 31. Public works spendng will be almost doubled to $15.8 million from $8.3 million. The government said a $500 grant to individuals for home building will be continued and homeowner grants will be increased to $70 from $60, the second increase in two years. "This budget is designed to provide Jobs, accelerate devel- opment of our resources and job-producing industries, provide relief from the burden of property taxes and ensure for the people of Saskatchewan a higher quality of life," Provincial Treasurer D. G. Steuart said in his budget speech. "It is also proof positive of the soundness of our economy. It is the basic reason we have every right to be optimistic about the great future of our province." The growth in revenues is anticipated partly because of prospects of increased sales of grain and an improvement in the non-agricultural sector. But the largest contributing factor to increased revenues is an expected $70.6 million payment in federal equalization payments. Mr. Steuart said the budget's main objective was to find jobs for the unemployed and create summer work for students, speed up resource development and job-producing industries, take steps to shift the municipal tax load off farmers, home owners and small businesses, and give the fight for a clean environment the same priority given health and education. Common sense people wear 71m Common Sen* tent In tome localities herd reain protective lenses MoLewfWhyt  HMy*ra stwttarprooL  They're only half the weight of ordinary lenses.  They're backed by a $5,000.00 warranty against tya injury.  They're raNaMa in YOUR prescription. So who needs a taw? ��y^ Specializing in the fitting of Eye ij^'f Doctor's prescriptions J**^ Prescription Sunglauti  Children's Framei Magnifier! O Repair*  Reaienable Prices OPTICAL PRESCRIPTION CO. ^ 308 7th ST S 1FTHBRIOGI Phone 3? 7 3609 FAMILY AFFAIR - Stardom, family style is what Mia Farrow and Andre Prevln are practicing in London. The actress has the part of Joan of Arc and her composer-pianist husband conducts in staging the oratorio, "St. Joan at the Stake," with the London symphony orchestra and a chorus of 100. . - Saturday, February 27, 1971 - THE IETHBRIDGE HERALD _ 9 Home purchase payments down OTTAWA (CP) - Fractional reductions in mortgage interest rates announced during the last seven weeks will save home-buyers this spring about $3,500 on a typical purchase over the life of the mortgage loan. The saving on monthly payments would be $12 in the typical example-an $18,000 first-mortgage loan repayable over 25 years. Reduced mortgage rates were among a flurry of cuts in lending rates announced in response to the reduction Wednesday in the Bank of Canada's guiding rate to 5'A per cent from Sty. The Royal Bank of Canada set 'he pace on mortgage rates, with cuts of one-half of one percentage point to be effective Monday. Reductions of the same size had been made in January. Central Mortgage and Housing Corp., the federal lending agency, said reductions in its rates are expected to be announced soon. New assignments far officers OTTAWA (OP) - The defence department Friday announced new assignments for four senior officers during July and August. Maj.-Gen. D. C. Laubman, 49. Edmonton, will be appointed deputy chief of military person' nel at Ottawa forces headquar ters. Gen. Laubman, now commander of Canadian forces in Europe, succeeds Lt-Gen. Jacques Dextraze 51, of Montreal, annotated chief of personnel in December. Brig.-Gen. W. C. Leonard, 50, of Toronto, will take over command of the forces in Europe from Gen. Laubman. Brig.-Gen. Jacques Choui-nard, 48, of Montreal, will succeed Gen. Leonard, now commander of the 4th Canadian mechanized battle group in West Germany. Col. J. B. Archambault. 47. of Ottawa, will succeed Gen. Chouinard, now commander of the forces at Valcartier, Que. * You have n (so does the Boss and Landlord) Your Alberta Government has a taw that spells out your individual rights in working, looking for work, renting a suite, obtaining a room in a hotel or motel, or good service in a restaurant. Jit The law says an employer can only ask certain questions ^ when he talks to you about a job. Landlords cannot refuse to rent just because of your RACE, RELIGIOUS BELIEFS, COLOUR. ANCESTRY OR PLACE OF ORIGIN. Hotels, motels and restaurants cannot turn you away lor any of those reasons either. But -Your boss or boss-to-be, landlord or the hotef, motel and restaurant operators also have rights under Alberta's laws. Their concerns; have to be considered too! That way, rights work for everybody. Know YOUR Rights -and the OTHER FELLOW'S f*i�UTtmO*� For Free Literature spelling it all out send this coupon to the people who make human rights work: r L, HUMAN RIGHTS BRANCH, Alberta Department of Labour, ^IKipy" Room 1007,10808 - 99th Ave.. EDMONTON, Alberta. Please send me full information on Alberta's Human Rights Regulations. Name, Address, Town or Cily................................ Zc 1 ll The upshot in March will be interest rates on mortgages about one percentage point lower than they were at the beginning of this year-back down to the range of late 1968. While rates will vary on different types of mortgages and in various circumstances, the new rate prevailing for government-insured mortgage loans under the National Housing Act on purchases of new homes will be 8% per cent. The comparable rate on so-called conventional mortgages, which apply generally on purchases of older houses, will be 9V* per cent. Those rates are down from a peak last spring, when average charges exceeded Wk per cent on new-home NHA mortgages and 10% on conventional first mortgages. Taking the average of both types of mortgages in March as about nine per cent, that would I be a decline from an average of about 10 per rent at the beginning of'January. On an $18,000 first mortgage to run for 25 years signed early last month at 10 per cent, monthly payments would be $161.01 and the cost to the buyer over 25 years would be $48,303, exclusive of any insurance payments or municipal taxes. On the same basis, a mortgage at nine per cent would cost $149.04 a month and $44,712 over the life of the mortgage, a saving of $11.97 a month and $3,591 in the total purchase price. Such a reduction oi one percentage point in the interest rate also has the effect of opening up the possibility of home ownership to more people. Most lenders make it a rule that monthly mortgage payments should amount to no more than about one-quarter of the borrower's monthly income. Thus, a potential buyer requiring an $18,000 mortgage and earning, say, $600 a month would have been turned down early in January but might qualify next week. The decline of interest rates will have no immediate impact on existing mortgages. Some types of mortgages are open once a year for complete repayment. Home-owners with that kind of agreement might be able to benefit later this year if they should be able to negotiate a replacement mortgage at a lower rate than was fixed originally. Computer firm revenue clown CALGARY (CI3) - CDP Computer Data Processors Ltd. lost $194,033 during the s i x months ended Dec. 31, compared with a loss of $109,489 for the corresponding period. Gross revenue declined to $628,872 from $834,910. The company reported cash flow of $fi,927 for the six-month period due to cost - reduction programs which began in early 1970. $inglan