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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 22, 1975, Lethbridge, Alberta Wednesday, January 22, 1975 THE LETHBRIDGE HERALD 29 10 Bank Rate Ups and Downs o_o Foreign oil companies9 income tax increased CARACAS (AP) Venezuela increased foreign oil companies' income tax payments Tuesday by an average of 38 cents a barrel to allow the government to .maintain its oil income at the same level while cutting pro- duction. The measure announced by the government, retroactive to Jan. 1, increased the com- panies' flat income tax rate to 72 per cent from 63.5 per cent, or to an average of from per barrel. The government also lowered the average tax reference which the companies' income tax, royal- ty and .freight charges are 84 cents a barrel for crude petroleum and refined products. It dropped to ?13.61 from Mines and Hydrocarbons Minister Valentin Hernandez told reporters the step means that foreign oil companies will pay more in income taxes for each barrel of oil they produce in 1975, but.that government earnings will remain unchang- ed due to a.plan'to cut oil New marketing board details expected shortly VERNON, B.C. (CP) Details of a new super marketing board to act as "watchdog" over all other marketing boards in the province should be announced by the end of the month, an of- ficial with the department of agriculture said here today. M.M. Gilchrist, who was speaking at the 39th annual convention of the Interior Vegetable Marketing Board, said the new body will replace the British Columbia Fresh Products Marketing Board set up in 1934. Mr. Gilchrist was chairman of that board from 1959 to 1974. Mr. Gilchrist said represen- tatives on the board will be from consumers, organized labor and growers. He said the new body.will "generally act as a keeping close supervision on all marketing boards. production by more than 10 per cent. Hernandez said the tax and reference price adjustments are in line with the Organiza- tion of Petroleum Exporting Countries' (OPEC) agree- ment to increase their stake in the oil industry. OPEC members agreed last month to increase their earnings to about a barrel. Venezuela, the world's third largest oil exporter, earned more than billion last year from the sale of its oil, most of which goes to the United States and Canada. Venezuela now produces about three million barrels a day. This will drop to about 2.6 million barrels under the con- servation plan. Spokesmen for the oil in- dustry, operated by 19 foreign firms including Exxon, Shell, Mobil, Gulf, Sun Oil and Te- xaco, had no immediate com- ment on the price ad- justments. HIGH BANK RATE In 1971, the highest bank in- terest rate was that of Brazil at 20 per cent and the lowest Morocco at per cent. Bank rate drops Bank of Canada gov- ernor Gerald Bouey has announced reduction of one-half of a percentage point in the bank's lending rate. The lending rate now is 8% per cent, down from 8% per cent. The lending rate is the rate i the Bank of Canada charges chartered banks for loans. It is the second drop in the rate since it hit its all-time high of 9% per cent last July. Alberta band seeks charter OTTAWA (CP) A lawyer for a proposed Bank of Alberta has filed notice in the Canada Gazette, an official government publication, that application will be made to Parliament for a charter. A bill introduced in the cur- rent session of Parliament would amend the Bank Act to allow provinces to Own up to 10 per cent of the shares of a bank. Merger plans okayed (CP) Premier Dave Barrett said Tuesday the British Columbia govern- ment has no objections to the proposed merger of Block Bros. Industries Ltd. tvith City Savings and Trifet Co. The announcement about the merger of 'the two com- panies was to have been made last month but was delayed at the request of the premier. Mr. Barrett would not give any details about what was worrying the government about the merger other than to say there were "a number of administrative areas that we were concerned about that are entirely cleared away." "We are pleased with the financial responsibility and management of Block Bros, and we have informed them that any decision they want to make in the trust field is en- tirely up to them." He said the B.C. govern- ment had no intention to Block Bros, shares and any moves the company wished to make were not in- compatible "with the kind of interests or directions we have in mind for such develop- ment in B.C." A merger of the two large Vancouver based companies would make City Savings' parent, First City Financial Corp. Ltd., one of the largest financial companies in Western Canada. In announcing the deferral of merger negotiations last month, Block Bros." said the company was convinced there was an urgent need for ad- ditional strong financial in- stitutions to serve the economic requirements of western Canada. Wholesale Some days wedonltsell any insurance. That may seem a bit strange, but then, we offer a lot of things other than life insurance. For instance, we offer some excellent financial planning programs. We can show you how to minimize taxes through income averaging annuities. We'll show you how the capital gains provision of income tax legislation affects you. We'll show you how to take the right steps to protect your capital. And we can custom- tailor a Registered Retirement Savings Plan to meet your specific objectives. And that's just a part of our financial planning services for individuals. We can also offer a comprehensive Business Planning Service, including employee benefit programs, to the businessman. In short, we do a lot more than Sell life insurance. So maybe it's TO: The Manufacturers Life Insurance Company Suite 310, 740-4th Ave. S., Lethbridge, Alberta I'd like to know more about: Income averaging annuities. I___I Business planning services. I___I How to protect my capital. I__j M. C. "Matt" Slavich, CLU 327-5514 Erie 327-5514 time you started thinking of us as something more than just life insurance men. You'll be surprised how helpful we can be. The Manufacturers Life Insurance Company Thinking with you. Defeired profit sharing plans. Capital gains taxes. Flexible Registered Retirement Annuity. Life insurance (yes, we sell that, too.) D D POSTAL CODE prices in U.S. drop WASHINGTON (Reuter) Wholesale prices in the United States fell for the first time in 14 months in December, largely reflecting a sharp decline in food prices, the U.S. commerce department reported today. But for all of 1974, wholesale prices were up almost 21 per cent. Farm products fell by 2.5 per cent, chiefly because of declines in the prices of fresh and dried fruits, oil seeds and grains. The price of sugar and con- fectionery also fell sharply in December, dropping by 4.4 per cent. Over the last three months the rise in the index has slow- ed to 13.4 per cent, a sharp decline from the 35.2 per cent three monthly rate recorded at the end of September. Prices for consumer food products also fell in December, with price falls seen in fresh and dried fruits, beef and veal, fresh fruits, eggs, fats and oils, the Commerce department said. The Commerce department said the prices of industrial commodities were unchanged in December, the first time there has been no rise since October, 1972. Rising prices of automobiles and auto equip- ment were responsible for an increase in the transportation equipment index. The price of gas fell, but price rises were recorded for natural gas, electric power and bituminous coal. AMC offers car rebates TORONTO (CP) American Motors (Canada) Ltd. announced Tuesday cash rebates ranging from on 1975 Gremlins and Hornets to J600 on some Matador models. The rebates will be made directly to customers who take delivery between Jan. 21 and Feb. 28. Similar rebates have been announced by Ford, General Motors and Chrysler. FEW PRECIOUS STONES The term precious stones actually applies only to diamonds, rubies sapphires and emeralds. All others are semi-precious. The pearl is not a precious stone. After-Inventory SPECIALS Merchandise on Sale fhursday, Friday and Saturday, January 23rd, 24th and 25th. Limited quantities. LADIES' CO-ORDINATES Includid iisortid pints, bluirs, skirts. MODUS, vists. 20% OFF LADIES' CAPES SHAWLS White or cream color NOW....... 20% OFF LADIES' VINYL SHOES Reg. PRICE Broken sizes VINYL GIRLS'SHOES Assorted sizes Reg. 25I ASSORTED LADIES' KNIT TOPS Size Reg. LITTLE GIRLS' VINYL SHOES Assorted styles Reg. VINYL BOYS' SHOES Assorted sizes and styles Reg. 250 CARTONS CIGARETTES Kings indngulir. Limit 2 par customer................ 4 90 WENS' PJ RUNNERS Size 11-13 NOW...... 2 PRICE INFANTS' DRESSES OR DIAPER SETS Now 25% on ASSORTED BOYS' SWEATERS Pullovers and cardigans SizeS.M.I___ 396 CALICO PLACE MATS 97' INFANTS'3 PIECE KNIT SUITS Size 12-24 months Yellow only Reg. BOYS'FISHERMAN KNIT SWEATERS Size Reg. 5 96 ASSORTED DRESS SPORT MENS'SHIRTS Assorted sizes ind colors. Raj. J7.96 Long slants......................... 4 BOYS' STRIPED SKI SWEATERS Reg. MENS' FISHERMAN SWEATERS Cardigan or pullover Reg. MEMS'JACQUARD PULLOVERS Size Reg. WENS'LAMBSWOOL CARDIGANS Size S.M4- Reg. r 9 96 MENS'WINTER WEIGHT SPORT SHIRTS Assorted plaids Reg. 3 96 VANHEUSEN DRESS SHIRTS Assorted sizes Reg. 750 POLAROID CAMERAS Squirt SdMlir 2 VilMS to 129.88-NOW PRICE SHEARS Cuts polyester Stretch and double knits Reg. RENDEZVOUS HAIR DRYER Reg. ZELLERCREST MAM'ZELLE PANTYHOSE SizeS.M.L Reg. NOW.............. IL PRICE FURNITURE Reg. ANTIQUING KIT J44 RENDEZVOUS MIST SALON HAIR DRYER '25 Reg. LONG PLAY RECORD Assorted Reg.66t. 4s'l Zellers County Fair Locattd in Shopping on Mayor Magrath Optn dally a.m. to 6 p.m. Frl. a.m. to 9 p.m. Taltphont 328-8171 ;