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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - January 28, 1971, Lethbridge, Alberta .JhmUft Itmmf It, lfTf m 1HI UTNHIBOI HRAID - If Fractional dip in stock prices Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, Roadhouse and McCuaig) LAST BIO OR SALS The tax column (11:00 a.m. ouotesi WESTIRN OILS TORONTO (CP) - The Toronto stock market was mixed to fractionally lower in mid-morning trading today, Or index, industrials slipped .13 to 177.83 and base metals .34 to 91.32. Golds rose .12 to 162.64 and western oils 1.29 to 201.71. Volume by 11 a.m. was not available because of computer problems at the exchange. Gains edged out losses 101 to 95 with 175 issues unchanged. Weakest sectors were communications and steels. Eleven of the exchange's 17 sub-groups were lower. Unas Investments dropped Yz to $10, Shell Canada % to $33'/4, Compute! % to $6>/4, Leigh Instruments % to $12, Bank of Montreal Ya to $22%, Thomson Newspapers Yb to l% - %, CPR Yk to $69%, Cassiar % to $23V4, Sullivan 20 cents to $3.15. Alberta Eastern Gas 10 cents to $4.90. Dome Pete rose 2% to $83%, Ford of Canada 1 to $72, Texas Gulf Sulphur % to $21%, Intercity Gas % to $103/4, Home A Yi to $29%, Yellowknife Bear 15 cents to $5.05 Reserve Oil $1.85 to $9.00, Central-Del Rio Ya to $12Vi and Canadian Superiod Oil Ya to $38%. LIGHT TRADE MONTREAL (CP) - Prices turned mixed in light morning trading today on the Montreal stock market. Papers and utili ties moved fractionally higher. The composite index was off .07 to 175.25. Combined volume on the Montreal and Canadian Stock Exchanges was 308,017 shares at 11 a.m. compared with 363,600 at the same time Wednesday. Alberta Gas Trunk Line, off Vz to $49 on volume of 150 shares, reported 1970 net in come of about $2.60 a share, up from $2.47 on fewer outstanding shares in 1969. Construction expenditures are expected to total $70 million in 1971 compared with $85 million in 1970 and $68 million in 1969. Interprovincial Pipe Line, up Va to $26% on a 100-share trade reported 1970 net earnings of $1.16 a share, up from 96 cents in 1969. Dome Petroleum jumped $2% to $83%, Canadian International Power was up % to $25, Sea- grams V\ to $51%, Texaco Canada V\ to $30 and Brascan V* to $17'/4. On index, industrials were off .12 to 180.39 and banks .65 to 175.04. Utilities were up .34 to 152.97 and papers .38 to 94.20. SMALL ADVANCE NEW YORK (AP) - The stock market overcame profit-taking pressures today to make a small advance. Trading was active. At noon the Dow Jones average of 30 industrials, which had been behind slightly for most of the morning session, was ahead 0.27 at 861.10. Advances led declines on the New York Stock Exchange by 60 issues out of some 1,461 traded. Among Canadiansonthe NYSE Mclntyre Porcupine gained 2% to $136, while up % were Canadian Pacific at $68%, Hudson Bay Mining at $20% and International Nickel at $46%. Distillers Seagrams fell V� to $52%. On the Amex, Molybdenite Canada was off V* at $4.25. Serving you with  INTEGRITY  STABILITY  EXPERIENCE For over 60 years We write all kinds of INSURANCE HOME-BUSINESS-FARM-AUTO-and UFE and can save you $$ MONEY $$ SEE US SOON- TORSTf R HGtNCY M1VIAMCI MANftGII) � ItrKIH .r.lNTl A continuous family enterprlte for over 60 yeais 706 3rd Av�. S., lethbridge Phone 327-2793 British pound booms LONDON (Reuter) - The British pound this week reached a new three-year peak when its U.S. dollar rate was being quoted here at $2.4162. It was the third week of the sterling boom during which overseas currency investors have been switching into the British currency to take advantage of the high interest rate here. During those three weeks many countries have lowered their interest level, but the British discount rate has remained at seven per cent. Canada Trust cuts mortgage interest rates LONDON. Ont. (CP) - Can ada Trust Co. announced Tues day reductions in mortgage in terest rates which bring it in line with those offered by commercial banks. The new rate for NHA single family new dwellings is 9Ya per cent, down from 9% per cent For existing dwellings, the NHA rate is 9% per cent, down from 9% per cent. The new industrial and com mercial prime rate is 9% per cent, down from 10%. Alta East Gas Almlnex Asamera Banff B. P. Oil Can South Cdn Exp Gas Ashland Grid Cdn Home Cdn Indus Gas Cdn Long Is Cdn Superior cent Del Rio Charter Chleftan Dome Pete Dynam Pete Gt Plains Mill City New Cont North Cdn Oil Numac Pernio Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Spooner West Decal MISCELLANEOUS INDUSTRIALS (11:00 a.m. ttuotei) Hugh Rus Pfd 21.00 4.90 Husky Oil 5.80 Husky Oil B 16.00 Husky Oil War 12.12'/j Inter Pro Plpt SCHNAPPS FOR WILLY BONN (Reuter) - West German Chancellor Willy Brandt sent two bottles of Schnapps to ordinary citizen Willy Brandt because the latter, listed in the Bonn telephone directory, has been receiving a steady flow of official phone calls. The bottles were meant as a "toast" from one Willy to another, an accompanying message said. COMPUTER ACCOUNTING AND MANAGEMENT LTD. Data Processing Services 507 CANADA TRUST BIDG. TELEPHONE 328-7883 Before You Lease Look Into the scope, size and services of Beny Automotive Enterprises Ltd. With our experience, organization and capital, we tailor leasing arrangements to fit YOUJt needs for maximum service at minimum cost. For facts on leasinf can and trucks - contact Boris Koreshen-kov. Leasing rep. at: BENY AUTOMOTIVE ENTERPRISES LTD. Corner 2nd Ave. * Ith St. S. Phone 327-3146 Lethbridge, Alberto 5,( 5.10 4.30 11.50 7.35 12.25 .68 31.00 12.50 6.75 7.05 83.25 1.16 30.50 1.51 .80 7.35 7.85 .67 1.33 .86 1.18 .58 15.00 25.00 1.82 5.85 16.50 44.00 I.8S 12.50 37.00 l.87/i St Law Corp 17.25 Shell CDA 64.00 Simpson's 9.50 Simp Sears 23.50 Steel of Can 17.50 Selkirk A 5.25 Texaco 7.17!* Traders Gp A 5.8714 Trans Mtn Pp 7.00 Trans Can- Pp Union 0" Union Gas Versatile Mfg Westeel Union Car Waston's B Woodward's 'A' Wast Cdn Sd 26.50 1.55 12.00 12.25 7.00 3.40 27.50 69.00 23.12/iNEW YORK AVIRAOIS 39.25 30 Indust 861.10 up .27 73.50 20 Ralls 189.41 up 1.6* 33.00 15 Utll 124.11 off .25 65 Stocky 285.05 up .63 Volume 8,2/�,000 Grain price review Winnipeg Grain Prices WINNIPEG (CP) - Lighter trading at mid-session on the Winnipeg Grain Exchange today contributed to stronger price patterns in all commodities. The main activity centred in bartey where good exporter, domestic shipper, and processor buying continued to absorb the light wheat board offers. Thin offers were met by exporter buying in rapeseed and flax with rapeseed futures as much as 2V4 cents higher. Oats and rye were relatively quiet with prices steady to fractionally higher. Oats had a fair amount of domestic shipper buying while rye had a little local and commision house activity. Wednesday's volume of trade was 181,000 bushels of flax, 2,-088,000 of rapeseed and 198,000 of rye. Mid-session prices: Flax: May 1 higher 2.56A; July % higher 2.54>4A; Oct. V4 higher 2.36. Rapeseed Vancouver: Jan Dollar value MONTREAL (CP) - U.S. dollar in terms of Canadian funds was off 'a to $1.00%. Pound sterling was off 3-16 to $2.43%. NEW YORK (CP) - Canadian dollar up 1-16 at 89V's m terms of U.S. funds. Pound sterling up 1-16 at $2.41 47-64. RAINIEST SPOT Tlie rainiest spot on earth is Mt. Waialeale, Hawaii, and the driest is Atacama Desert, Chile 2% higher 3.2G&B; March V* higher 3.07A; May 1 higher 2.19A; July IV* higher 2.83A. Rapeseed Thunder Bay: April 2>,B higher 2.93%B; June \Yt higher 2.87%B. Oats: May unchanged SSVi; July V* higher 89A; Oct. unchanged 88B. Barley: May 1 higher 1.35A; July % higher 1.34; Oct. unchanged 1.29. Rye: May Yz higher 1.19%B; July Yt higher^B; Oct. not open. Prices for class two wheat Wednesday for export to coun-tires outside IGA: 1 Nor 1.81%; 3 1.79%; 3 1.74%; 4 1.6914; 1 Durum 1.79%; 2 1.76%; 3 1.67%; 4 1.63V4; IGA prices: 1 Nor 1.81%; 2 1.79%; 3 1.74%; 4 1.6914; 1 Durum 1.79%; 2 1.76%; 3 1.67%; 4 1.63%. Grain quotes Wednesday (basis Lakehead): High Low Close Flax May 255 254% 255 Jly 253% 253% 253% Oct 255% 25.V/4 . 255% Rapeseed Vancouver Jan 329 324 Mar 312 306% May 294% 290 Jlv 284 281% The reason for telling the following tax tale is twofold. It has become almost part of our folklore, not entirely discouraged by tax officials, for lower and middle income earners to incorrectly assume that upper income earners minimize their tax bill through "expense account living" and "other clever devices," to use the words of some government officials. This is, by and large, a myth, as a recent court decision indicates. As well, the decision is instructive for the growing num ber of Canadian taxpayers, who are buying condominium apartments in holiday resort areas. Over the past decade, it has become fairly popular for North Americans to buy an apartment unit in such places as Mexico and Hawaii. They will often use the apartment themselves for their annual holiday and arrange with a local rental agent to lease it to others during the rest of the year. This has become a flourishing business for the apartment, builders in the world's sun and fun spots. They generally promote the sales of units on the basis that over a period of years the owner will not only enjoy free vacations but will earn enough rent during the off-season to eventually pay off the entire cost of the apartment. The tax treatment of these transactions can vary considerably because the Canadian owner of a foreign apartment unit must still account for his worldwide dealings to Ottawa. The tax results will depend on whether or not the taxpayer has really made a business investment or merely a oersonal property acquisition. The tax effect of this distinction can be significant. The issue recently came before the Exchequer Court. A Vancouver taxpayer and his wife had spent their holidays in Hawaii for several years. In 1964. attracted by the idea of owning his own place in the sun, he bought one apartment unit in a large building. In 1965 he sold it in order to buy a much larger unit in the same building. The apartment was unfurnished, so the taxpayer's wife bought furniture which her husband paid for. As well, he felt the apartment would be more readily rentable if the use of a car were attached-to the deal. For that reason, he bought a secondhand car. Then he arranged with a rental agent to manage the apartment in his absence, at a commission of ten per cent of all rents collected from others to whom the apartment would be rented. CERTAIN EXPENSES In each year there are certain expenses in connection with the aoartment. These would in-clude repairs, maintenance, property taxes, car upkeep, depreciation and perhaps interest on the money one might borrow to buy the unit. The question is whether or not these are expenses laid out to earn income. If they are, then the taxpayer can deduct them from his income, in calculating his tax bill. On the other hand, the law provides that expenses incurred by taxpayers as part of the'r personal or living costs, can't be claimed as tax deductions. In this case, the taxpaver rented the apartment to other tenants for only two or three months each year. The rest of the time it was either empty or-occupied by himself and his wife. For that reason, the expenses of upkeep exceeded the rents that were brought in, and thus the Canadian owner sought to reduce his Canadian income by the amount of the loss he suffered on his Hawaiian investment. The Canadian tax assessors disagreed, claiming that the purchase of the aoartment u�H was not an investment made for the purpose of deriving taxable income but was merely the buying of a personal asset to be enioyed as part of his normal life style. The tax law contains fairly stiff provisions to prevent taxpayers from claiming unwarranted deductions or trying to "convert" non - deductible personal expenses into deductible business expenses. The issue came before the Exchequer Court. Government counsel cited the fact that the apartment was rented to outsiders for, at most, one to three months' per year. The Government's argument was that the taxpayer has simply bought a second home as his prime intent, and the idea of renting it out during his absence was an incidental aspect. Officials produced a letter written by the taxpayer in connection with leasing a car and the apartment. The letter explains that "the only people using the car outside of myself, would be respectable friends that I might rent the apartment to, and this would not happen for more than two or three months of the year." Based on this and similar evidence, the court concluded that the apartment was not bought as an investment, but as a personal asset. In effect, it ruled that the taxpayer's expenses in connection with the apartment were non - deductible personal living costs and not deductible business expenses That should rest the fears of those who lie awake nights paralyzed by the thought.'th a t someone's getting away with something, For those Canadians who find themselves in similar circumstances there's a lesson. The expenses of upkeeping a foreign apartment will only be deductible if the apartment is used for renting to others to gain investment income. The fact that the taxpayer uses the apartment himself for a few months per year will not, by itself, disqualify the deduction of a portion of the expenses. They can be apportioned between the business and pleasure aspects of the use of the apartment, much as is done now with cars which are used partly for business and partly for personal purposes. But the tax test will still turn on the real purpose of buying the apartment: business or pleasure. And that will be judged by how vigorously and to what extent the business (renting) aspect is pursued. (Mr. Asper is a Winnipeg primarily, and not incidentally, I lawyer). Livestock market report Calgary Livestock CALGARY (CP) - Receipts to 11 a.m., 900 head, mostly mixed classes of slaughter cattle with a fair percentage being cows. Trade was moderately active. Slaughter steers sold under pressure a $1.25 lower than the week's hisdi. Heifers were steady, cows were $1.25 lower for the week. Bulls were steady. Choice steers 31.50 to 31.80, good 30.50 to 31.25, medium 29 to 30.25. Choice heifers 29.25 to 29.90, good 28.25 to 29, medium 26.75 to 28. Good cows 19.50 to 20.50, medium 18 to 19.25, can-ners and cutters 15 to 18. Good bulls 23 to 25. Replacement cattle were mainly heavy, short - keep steers selling at generally steady prices. There were no stock calves on offer. Good feeder steers 750 pounds up 30 to 32.40, good feeder heifers 28 to 29.60. Good stock and feeder cows 18 to 22. Hogs base price 21.30 to 21.55. Lambs sold steady Wednesday. Good lambs 26. Hog prices EDMONTON (CP) - Prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board: Edmonton: Quoted and selling 21.25, average Wednesday 21.13. Calgary: Quoted 21.30 to 21.55, selling 21.55, average Wednesday 21.78. Red Deer: Quoted and sell ing 21.30, average Wednesday 21.61. Lethbridge: No sales, average Wednesday 21.28. Lloydminster: No sales, average Wednesday 20.80. Total hogs sold 406. Total Wednesday 3,809, average 21.40. Sows at all points 12.65. Higher standards for salesmeh Rapeseed Thunder Bav 324 306% 290 282% Apr 295% Jun 289% Oats May 89% Jly Oct Barley May 134% Jly Oct Rye May Jly Oct 119% 291% 286 133% 118% 291% .286 89% 88% 134 133% 129 118% 117% 121% Beef futures WINNIPEG (CP) - Some trades were completed in May at 25 points below previous levels on the Winnipeg live beef futures market Wednesday. There were 12 trades Tuesday. Open High Low Close Mar 32.10 32.10 May 32.00 32.00A Potato futures WINNIPEG (CP) - The Maritime potato futures market Wednesday had only light activity. There were 18 contracts Tuesday. Open High Low 2.45 Mar1 Apr May Close 2.45 2.65N 2.90N EDMONTON (CP) - The I Alberta cabinet was told here licensed real estate agents should be better educated and should undergo more strict licensing procedures. It was one submission in a brief submitted to the cabient by the Alberta Real Estate Association. The association said purchasing a home is the largest single investment most people make but a real estate salesman requires less education than a plumber and qualifications required by the provincial secretary are minimal. GOVERNMENT EXAM "The applicant for a salesman's licence must have resided in the province of Alberta for any three months of his life, be 21 years of age and be able to communicate in the english language," the brief said. "He Is required to hold a $1,000 surety bond and to pass an elementary government examination. . . . "However, as surety bonds are easily obtained by virtually all applicants, too much emphasis has been placed upon the bond as a prime qualifying standard." Representing 2,200 agents in the province - 85 per cent of the province's total - the association requested government legislation to bring the remain. int 15 per cent under control ol an advisory council. It suggested such a council could recommend appropriate action to the insurance commissioner in cases of malpractice or breach of ethics. Net earnings By THE CANADIAN PRESS Canada Packers Ltd., 39 weeks ended Dec. 26; 1970, $7,872,000, $1.31 a share; 1969, $7,503,000 $1.25. Crown Zellcibach Canada Ltd. year ended Dec. 31: 1970, $6,500,000, 82 cents a share; 1969, $13,800,000, $1.78. Hudson's Bay Oil and Gas Co. Ltd. year ended Dec. 31: 1970, $20,170,000, $1.02 a share; 1969, $18,883,000, 95 cents. International Harvester Co. of Canada Ltd., year ended Oct. 31: 1970, $2,031,000; 1969, $3,261,-547. Pacific Petroleums Lid., year ended Dec. 31: 1970, $16,950,000 80 cents a share; 1969, $14,560,000, 70 cents. Great Canadian Oil Sands Ltd., year ended Dec. 31: 1970, $16,028,000 loss; 1969, $25,546,000. New banking service head appointed LONDON (CP) - Geoffrey Styles, 50, of Regina has been appointed as a general manager of a new international banking service known as Orion Multinational Services Ltd. Orion has been formed through co-operation of four major banks: the Royal Bank of Canada, the Chase Manhattan Bank of the United States, National Westminster Bank of Britain and Westdeutsche Lan-desbank Girozentrale of West Germany. With its head office in London, Orion Multinational will co-ordinate and promote a multiple form of worldwide banking service which includes Orion Bank Ltd., an international merchant bank, and Or'on Termbank Ltd., which will spe- Styles, graduate of the University of Saskatchewan, has been with the Royal Bank of Canada for the last 20 years. CP Rail Appointment Mr. E. H. Shute E. H. Shute, project manager for CP Rail's Alytlt yard project in Calgary since 1969, has been appointed manager for CP Rail in Alberta. Prior to the yard project assignment, Mr. Shute was superintendent of CP Rail's Calgary division. CP Rail EDMONTON CATHOLIC SCHOOLS F. E. DONNELLY and H. M. MACDONALD will be at ihe Park Plaza Motor Hotel to interview prospective teachers interested in employment with the Edmonton Catholic School District beginning September 1, 1971 on the following dates: January 28th - 7:00 p.m. - 10:00 p.m. January 29th - 7:00 p.m. - 10:00 p.m. January 30th - All Day Interviews will also be held at the University of Lethbridge on: January 28th - 9:00 a.m. - 5:00 p.m. January 29th - 9:00 a.m. 5:00 p.m. v. rocesshig an J jSy stents J&mitcd 1003 4th Avenue S., lethbridge Telephone 328-4426 Jbata 7^' rocessm vices NATIONAL CONFECTIONERY MANUFACTURER REQUIRES SALES REPRESENTATIVE For LETHBRIDGE and DISTRICT Salary, bonus and car supplied. Personal interviews held week of February 1st. Reply Box 68, Lethbridge Herald ;