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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 21, 1972, Lethbridge, Alberta >i, itn IM UTHMJDOI muie Stocfe prices dip in light trade Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, McCiitlg Limited) LAST BID OR SALE OuotHl l.m. Quoin) a.m. L let) TORONTO (CP) -Gold is- tues edged fractionally higher while prices in most other major sectors on the Toronto stock market drifted lower in light mid-morning trading. The industrial index was down .22 to IM.70, base metals .14 to 88.07 and western oils .73 to 221.43. Golds were up .54 to 162.04. Volume by 11 a.m. was shares compared with at the same tune Thurs- day. Declines outnumbered ad- vances 148 to 100 with 196 issues unchanged. Banking, industrial mining, pipeline, real estate, beverage and chemical issues recorded sharp declines as 10 of tie in- dustrial index's 17 sub-groups moved lower: Communications, merchandis- ing, steel anl oil refining stocks moved moderately Higher. Faknobrldge dropped IVi to Canadian Utilities to Canadian Imperial Bank to Patino Vi to Pan Ocean to and Cominco Cinsumers Distributors lost to S24, Bank of Montreal Vs to SO, Great Plains to Vi, Numac to and BP Can- ada V, to fl4Vi. Grafton Group was up ]i to Massey Ferguson to Imperial Oil to Shcrritt IV, to and Stelco at the same lime Thurs- day. Declines on the Montreal Stock Exchange Included Fal- conbridge Nickel, down 2 to Great Papers 1H to and H to Among gains, Credit Fonder rose Hi to Great West Life Assurance 1 to and Demson Mines to On the Canadian Stock Ex- change, Fallinger rose five cents to on chares. NEW YORK (AP) Stock market prices remained moder- ately lower but steady today in heavy trading. The Dow Jones average of 30 industrials at noon was down 5.87 at 904.43. Losers included Dome Mines off 14 at International Nickel down at Mc- Intyre Porcupine off at Distillers Seagrams off V contracts. WATERLOO, Ont. (CP) Waterloo Lutheran University announced here that Senator Paul Martin, leader of the gov- ernment in the Senate, will be- Named chancellor come university chancellor next spring. He succeeds Lieut. GOT. W. Ross Macdon- aid of Ontario, chancellor since The tax column Tax jungle only a formality By I. H. ASPER Topic: "ConunitmeDt to tax jungle now only a formality' Two events this week though geographically separate! by s e v e r 11 thousand miles serve to bring into sharp focus the issue created by the suc- cession duty system six Cana- dian provinces intend to Intro- duce this year. The first event is purely sym- bolic of the problem. When one of Canada's wealthiest indus- trialists, K. C. Irving, discloses that he has left Canada, IDC that announcement happens to be made from Nassau, thi best- known North American tax ha- ven, it is difficult to escape the conclusion that Mr. Irving's move may have been influenced by the Maritime provinces' de- cision to introduce a provincial death tax. If the fear of death taxes did in fact encourage Mr. Irving's departure, he joins a growing list of distinguished and afflu- ent Canadians who have in re- cent years departed these shores to take up residence in other areas where no death taxes are levied. Jt was to pre- vent a trend toward a mass exodus of capital from Canada that the federal government abolished estate taxes at the same time as it introduced the capita] gains tax. However, six rrovinces, the four Atlantic and he two prairie governments, ive stepped in to fill the va- cuum and the repercussions are yet to be fully appreciated. The other tax event of the week arose in front page stories m Winnipeg newspapers, to the effect, that because of Mani- toba's derision to levy a suc- cession duty tax on the assets of nor residents, at least one rust company was moving those securities it held for non- residents outside of the prov- nce and into a tax-free juris- diction, such as Alberta. Whether or not the trust com- panies admit the transferring of assets, it has in fact already taxied. Both these incidents hould cause the provincial gov- ernments involved in the suc- cession duty debacle to pause and reflect on what they are doing. When any country levies taxes at high rates and be- comes uncompetitive with oth- r jurisdictions, it risks losing Is entrepeneurs to the other area. There's no magic in this, t just happens. The peculiarity of the pro- wsed new succession duty laws hat sparked the Manitoba story, Is the government's state- ment that the tax will be charged "on the value of all property of the deceased at the ate of his death which is situ- ted in the province, whether he deceased died domiciled or resident to or outside the prov- ince and whether his benefici- aries are domiciled or resident in or outside the province." In plain the pro- posed law siyi that if a resi- dent of Detroit owni shares or bonds In a Winnipeg company, dies, and leaves those secur- ities to his son in Loe Angeles, the government of Manitoba would levy a succcadon duty. Now, no one can argue with the government's legal right to tax these assets if it wants to, but Ice wisdom of it is another thing. The resident of Detroit sim- ply responds by selling bis Man- itoba Investments and Investing his capital in a'place which doesn't levy a tax on non-resi- dent investments. There is no shortage sf places where one can put his money to work on that basis. What is of more con- cern is that tie provinces which impose the tax in this way will become quite unattractive placet In which to invest. NO ASSURANCE When atked If he had under- stood the full implication! of the proposed method of taxing DOD resident Investment, Manitoba Finance Minister Saul Cherai- ack implied that the six prov- inces had not considered tins as- pect. But while he promised tc study the question, he would give no assurance that the plan would be changed. Regardless of how politicians deny It, the exodus is now on. It's a verit- able bonanza for Alberta which has stayed aloof from the plan. While the six provinces are reviewing their thinking, they might also reconsider the wis- dom of other aspects of their plan. For example, they pro- pose to tax gifts made from Grain price review WINNIPEG (CP) All com- nudities showed at least mod- est price gains at mid-session on the Winnipeg Grain Ex- change today, with the oilseeds leading the way. Flax continued to show strong gains In exporter buy- ing, going up as much as 3% cents in the deferred futures. Rapeseed posted gains of more than five cents in some fu- tures and rye was up one cent. Volume of trade Thursday included bushels of flax, of rye, of Vancouver rapeseed, of rye and of Thunder Bay rapeseed. Mid-session prices: Flax: May 2% higher Hog prices EDMONTON (CP) Aver- age prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board. Edmonton: 26.85, average Thursday 26.58. Red Deer: No sales, aver- age Thursday 26.53. Calgary: 26.00, average rhursday 26.50. Lethbridge: No sales, aver- age Thursday 26.63. Lloydminster: No sales, av- erage Thursday 26.22. Grand Prairie: No sales, av- erage Thursday 26.17. Total hogs sold 205, total hogs sold Thursday av- ;e 26.55. Sows average 16.15. July 3% higher Oct. 356 higher Rapeseed Vancouver: Jan. SVi-higher 2.54WB; .March higher June 3 higher Sep. 1 higher 2.47. Rapeseed Thunder Bay: May higher July 3% high- er Oct. unchanged 2.37B. Oats: May higher July unchanged Oct. 2 higher MB. Barley: May unchanged July not open; Oct. un- changed 1.08B. Rye: May 1 higher 1.02V.; July higher Grain quotes Thursday (basis High Low Clote Flu May 263V, 258 260% Jly 258V4 25314 256% Oct 261V4 259tt> 259V4 Rapeseed Vancouver Jan Mar 250 245 249 Jun 248 244 Vi 247% Sep 246 Rapeseed Thunder Bay May 238V4 234 237y4 Jly 237 Oats May 6By< 68 68 Va Jly 68H 68% 68% Oct 66 Barley May 103% 108% Jly 108 Oct 108 Rye May 10US Jly 100 Vi 99V4 99 IVeip York stocks (Supplied By Blchirdsoii Securltlei of Canada) ir T and T Anaconda Beth Stnl Chrysler Comsat Dupont GM Gulf Int Harvester Kenn Copper 45.50 MonlBOimry Ward 27.75 20 Golds 111.70 up .20 Sean 91.25 10 Base Met 15 54 oil .17 Std Oil rf H.J. 74I7IA 15 W Oils 221.30 oft .It I9.37V4 Gulf Volume 30.00 Texai CO 35.25 w_ AUMMAAKC 62 62V5 wlckea Corp 48 00 TORK AVERAGES 152.00 Woolworth 41.50 30 Indust 904.43 off 5.B7 wnttnghouse Elec a.llVi 20 RlllS 251.71 Off 1.26 27.00 U.S. STeel 31.50 15 Utllltlis 118.10 off -BO 3000 TORONTO AVIRAOEI Stocks 315.99 off 1.92 23.25 20 Indust 194.64 off .2B Volume husband to wile, and witfa the exception of the first fUO.OOO (compared to in On- tario) they will tax Inheritaocea between husband and wife. This wipes out the 1968 estate and gift tax reform which, In recog- nition of the status of women in marriage, had exempt- ed from tax ail transfers of as- sets between married men and women. .That reform was not Inspired by tax generosity from govern- ment, but, rather, by the recog- nition that the modern mar- riage ts a financial as well as a domestic partnership. DISTURBING SIGNS There are disturbing signs that we are moving Irreversibly toward an Alice in Wonderland tax maze in Canada. While most commentators have warn- ed of this for years, no ene seems to have listened. That being EO, it will become a case of survival of the fittest. Translated freely, that means the province with the most at- tractive tax climate will attract the most entrepreneurial and development capital. At this writing, Alberta, with no gift tax, no death tax, no sales tax and a reasonably low income tax rate, looks like a winner. (Mr. Asper is a Winnipeg FAST, COMFORTAILB AIR CHARTER SERVICE UK our convenient, wtite-yonp-i own-schedule air clurter Krviee ..for routine businoi or plw- ure trips, Hidden unexpected emergencies, direct coa- nectionfi. Modem, quiet, fortatle Piper tiipltQei..tingle or twin-engine..flown by expert pilotx. Quite often the time nd pensa you uve mean real mon- ey too. Next out-of- town trip let you in your own personal To trip or for more tails just phone: LETHBRIDGE AIR SERVICE LTD. P.O. Box 850 Hanfltr No. 7 Kenyan Field, Prioni 327-1 Ml ELECTRICIAN Qualified electrician experienced in fractional motort required in future for eltcfrieol repair and service of industrial equipment in- cluding light duty mechanical Preference will be 'given to older active individuals now semi-retired or considering a more diversified light duty but chal- lenging work opportunity. This is a permanent position for the right party. Please reply in wrlllng giving qualifications and experience to: BOX 32, LETHBRIDGE HERALD All replies confidential. All replies will acknow- ledged. Interviews will be arranged with FOREMAN ATCO (Western) Ltd. hai an opening for a fore- man in their welding and metal fabricating thop. must have supervisory capabilities and be able to work himself wilh a minimum of supervision. He muit have worked in metal fabrication and should a journeyman welder or have several years related ex- perience. The reading of blueprints and the ability to do. material take-offs are a muit. Send written resume with salary expected to: ATCO (Western) Ltd., 5111 Crowchlld Trail S.W., Calgary 10, Albtrta Attamion: rarionnai enerson s 7th annual January exhibition pavilion 5 p.m. -10 p.m. Acres of New 72's and 71s and USED CARS and TRUCKS Indoors at 72 0 ;