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Lethbridge Herald (Newspaper) - July 2, 1971, Lethbridge, Alberta 24 - THE LETHBRIDGE HERALD - Friday, July 2, 1971 Fractional in stock TORONTO (CP) - Prices mi the Toronto stock market drifted" fractionally lower in light m i d -m o r n i n ig trading today. On index, industrials dropped .48 to 180,24. Golds climbed .06 to 170,24, base metals .15 to 93.62 and western oils 1.25 to 219.50. Volume at 11 a.m. was 454,000 shares, down from 562,000 at the same time Wednesday. Declines and advances were even, at 89 each, with 164 issues unchanged. Weakest sectors were pipelines, steel, merchandising and banking. Real estate, utility and communication issues posted fractional advances. Trading was baited in the shares of IOS Ltd., following a cease trading order from the Ontario Securities Corn-mission. The stock closed Wednesday at 56 cents, up 10 cents. Investors Group A dropped 1% to $7%, Mclntyre 2 to $113, IransCanada Pipelines Vz to $331/a, Inco % to $38, Pan Ocean % to $14% and White Pass and Yukon y* to $13. Dome Pete rose 4*A to $100%, Falconbridge 1 to $116, Moore % to $37, Opemiska % to $11, Lake Dufault y4 to $14, Bell V\ to $46%, Noranda M> to $35, and Row Valley % to $25%. LIGHT TRADE MONTREAL (CP) - Prices fell moderately in light morning trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was 342,-400 shares, compared with 408,-100 at 12.30 p.m. Wednesday. On index, Uamks lost .87 to 206.08, industrials .67 to 181.87, the composite .60 to 179.27 and utilities .19 to 152.78. Papers remained unchanged at 81.29. Great Britain and Canada Investments dropped $1 to $14, Inco 7/s to $37%, Texaco lk to $32Vi>, Husky Oil % to $151/4 and Inter national Utilities % to $42%. Dome Petroleum advanced $3 to $100, B.C. Telephone % to $65, Hudsions Bay Oil % to $467/8, Moore % to $367/s and Noranda % to $34%. DJA DROPS NEW YORK (AP) - Stock market prices dropped in today's slow trading, despite news the joblessness rate had declined in June. The noon Dow Jones average of 30 industrial stocks lost 3.65 to 889.38. Among Canadian stocks, Mclntyre Porcupine added V2 to $125 and Inco was off a like amount at $36%. Distillers Seagrams lost % to $51% and Mas-sey-Ferguson was down % at $10%. On the American Stock Exchange, Canadian stocks were unchanged. Trading suspended in IOS shares TORONTO (CP) - The On-t a r i 0 Securities Commission today issued a temporary cease-trading order in the shares of Investors Overseas Services Ltd., the giant Geneva-based financial empire. The order is effective immedi- Hog sale EDMONTON (CP) - Aver-nge prices to 11 a.m. today provided by the Alb*rta Hog Producers Marketing Board: Edmonton 20.85, Wednesday 20.62; Red Deer 20.75, Wednesday 20.11; CaLgary 20.75, Wednesday 20.13; Lethbridge no sales, Wednesday 20.39; Lioydminster no sales today or Wednesday. Total hogs sold to 11 a.m. 508, total sold Wednesday 3,744, provincial average 20.49. Sow average 12.61. ately and expires in 15 days unless rescinded, amended ox* continued. The commission did not give a reason for its order but it came just a day after a starmy, two-day annual meeting of IOS here saw an intense fight for control of the company. Management retained control of the company but faces court action from a dissident group which claims a series of voting irregularities. IOS is a Canadian corporation registered in Saint John, N.B., but has its head office in Geneva. IOS shares last traded on the Toronto Stock Exchange Wednesday, closing at 56 cents, up 10 cents for the day. IOS shares once traded for as high as $14. WICKES-HOMES of the '70s Show Homes OPEN NOW at 25th St. and 12th Ave. N. 3 to 9 p.m. Weekdays 12 to 5 p.m. Saturday and Sunday AS LOW AS $975 DOWN Treasury bills OTTAWA (CP) - New 91-day Government of Canada treasury bills auctioned Wednesday; $170 million at an average price and yield of 99.166 and 3.37 per cent. Last week, same amount and term, 99.216 and 3.17 per cent. 182-day: $45 million at 98.259 and 3.55 per cent. Last week, same amount and term, 98.383 and 3.30 per cent. Bank rate up SCHWARTZ AGENCIES LTD. COLLEGE MALL LETHBRIDGE, ALBERTA PHONE 328-3331 SHOW HOME 328-5382 MONTREAL (CP) - The Mercantile Bank of Canada announced Wednesday an increase of Y4 per cent in its prime lending rate to 6V4 per cent, effective July 1. A Mercantile spokesman said the move is a continuation of the bank's policy to keep its lending rates in line with the cost of funds. SET ELECTION DATE VIENTIANE (Reuter) - General elections will be held in Laos on Jan. 2, 1972, it was announced here. UP TO 60% REPLACEMENTS WE HAVE: A $9.95 MUFFLKR FOR MOST CARS FREE INSTALLATION 10 MINUTE INSTALLATION LIFETIME GUARANTEED MUFFLERS FREE INSPECTION AND ESTIMATES ALL AT IIMUTE 509 6th Avenue South INSTALLATIONS Phone 328-8134 ROTARY ENGINE - A rotary engine, called The Wankel after Dr. Felix Wanke! of Germany who devoted it during the 1950's, is to be used in experiments conducted by General Motors. Some engineers have called it the ideal automotive power plant of the future. The key workng parts go round and round inside a cylinder rather than up and down as in conventional auto engines. For size comparision and ordinary sized soda bottle is placed alongside the small engine. The tax column Extreme caution by public By I. A. ASPER Although it is only two weeks since Finance Minister Benson ended the uncertainty that has haunted the Canadian tax world since he  presented his original white paper, it is already clear that this time pub-, lie reaction is extremely cautious. This is a welcome improvement over past performances . Following each main step in the proceedings leading to revamping the tax system - the Carter Report, the 1969 white paper, the senate and commons reports - there was immediate and widespread public response, often emotional. While the June 18 proposals were generally welcomed, perhaps with more relief than genuine approval, no one has ecstatically endorsed or vehemently rejected the new plan. There are many i*easons for the relative calm. The most obvious is that the interested public has become skeptical when reading early reports of complex legislation, prepared chiefly from government-initiated releases, rather than by independent analysts after an indepth study of the actual legislation. There have been too many recent situations where Barley crops burn CALGARY (CP) The crop outlook in Alberta last week remained good aided by unsettled weather, the Alberta Wheat Pool said today in its crop report. The pool, in its report for the week ending June 26, said southern areas recieved little rain while good to excessive rainfall was recorded in central and northern areas. Irrigation in southern areas now is being used and rainfall in southern areas was needed becaise some barley crops were starting to burn. Soil moisture conditions generally were described as good with only the southern areas recording less than last year. The pool said gophers and grasshoppers, although not widespread, were causing concern in southern crops while rapeseed crops in the north and Peace River regions were being affected by flea beetles and red turnip beetles. Wire-worms also were evident in some wheat in the Peace region. Neonex accuses gram firm NEW YORK (AP) - Neonex International Ltd., a British Columbia firm, filed a $32 million federal-court lawsuit here Tuesday, accusing Norris Grain Co. of Chicago and its president, Bruce A. Norris, of reaching an agreement. The plaintiff, a Vancouver-based conglomerate, asserted that an agreement was reached Dec. 16, 1969, as part of a Neonex program to get control of Maple Leaf Mills Ltd., through stock deals, but that Norris refused last Nov. 6 to go through with the deals. The complaint filed in Manhattan federal court said Norris Illinois, the Chicago film, had agreed, to sell its stock in a Winnipeg affiliate, Norris Grain co. Ltd., in exchange for 2,550,000 shares of Neonex stock. By Gene Fawcette WHAT'S THE LOCH MESS MONSTERS FAVORITE FLAVOR? NO OME'S SURE, BUT AVARlETY Of AWIMAL. AND SYMTMETlC ESSENSES WHICH HAVE BEEN TROLLED THROUGH TH� DEEP LAKE SEEM TO ATTRACT A NUAABER OF LARGE OBJECTS RECORDED BY SONAR SOUNDINGS. 1 naMarvMrvHTvn ,,, BUT THIS fS NOT ALL W TtfENAME OFSCt�tfCE-A COMfWy/MSCOnstAtO MAS Off�ft�P$2.+MfLLtONFOfi MOOF7NAT'H�$$IBu1$#�ALf 292Z for lurthmt information fnd ttarnped, i�lf-oddf��ied nv�lop� to NEW' �/o Conodo Wid�, 245 Si. Jom.i W., Montreal 126, Canada. Miscellaneous quotations Vancouver, Calgary. Montreal (Supplied by Doherty, Boadhouse and McCuaig) LAST BID OR SALE (11:00 a.m. Quotes/ 01:00 a.m. QuoTes) (11:00 a.m. QuofftM) WESTERN Alrntnex Alta East Gas Asamera Ashland BP Oil Gas ' Can South Cdn Ex Gas Cdn Homestd Cdn Home Pfd Cdn Ind Gas Oil Cdn Long Is Cdn Super Cen Del Rio Charter Chleftan Dome Pete Dynamic Pete Gt Plains Lochlel Mill City New Cont North Cdn Oil Numac Permo Petrol Pinnacle Place Gai Ponder Ranger Scurry Rain Spooner Total W. Decalta MISCELLANEOUS INDUSTRIES OILS 5.80 5.20 19.25 11.00 7.00 5.35 3.70 7.40 U.W/2 10.62V2 .52 43.50 15.12V2 6.25 6.85 100.00 1.01 32.50 1.14 1.58 .70 6.20 9.15 .60 1.16 .62 1.43 .45 14.75 20.62V2 1.78 7.35 5.90 Hugh Russell Husky Oil Husky Oil B Pfd Husky Oil War Inter Prov Pipe inter Steel Pipe Jefferson Lake Joutel Kaiser Res Kam Kotia 21.00 Cmnw Lev 15.37V2 Corp Invest 43.25 Corp In St P 7,00 Dreyfus F U.S. 12.50 gr Equity 7.12V2 Gr ,n Shares 10.75 .64 Invest Gr F Invest Mutual 3.72 4.09 5.51 6.02 5.17 5.65 12.49 13.69 6.47 7.10 3.57 3.93 11.05 12.05 5.38 5.88 * A7iA Mutual Ac SfQ/2 Mutual Gr F L Ont Port Cem. 2.45 T.80 .91 5.50 5.25 4.60 13.00 Agra Ind Atco Ind Aquafatne Brit Nfld Cdn Brew A Cdn Brew B Cdn Hydro Cdn Pacific Inv CPR Pfd Crowsnest Ind Cygnus A Cygnus 8 Cum Prop Gf Cdn Oil S Gt Cdn Oil 6-75 Home A Home B Home Pttfld Hud Bay Co Hud Bay Oil Hud Bay Oil Pfd 9.371/5 8.00 26.75 5.75 29.50 36.00 14.75 23.00 11.00 27.50 MGF Manage Mentor Newconex Pacific Pete Rank Org Seik Hold Shell Can Shell Inv Pfd Shell Inv Wts Sicks Rainier Teledyne West Cdn Seed White Yukon CALGARY Acroil Ana Pete Barons Oil North Cont Madison West Warner PIPELINE STOCKS AJta Gas Tr L A 43.87Va Alta Gas Tr L Pfd 73.50 Alta Nat Gas 23.00' Cdn W Nat Gas 18.00 Inland Nat Gas N and C Pacific Gas Tr N and C B Pfd Gaz Metro Gaz Metro Pfd A Tr Cdn P Tr Cdn.P Pfd B Tr Cdn P Pfd A Tr P Cdn War 5.44 5.45 7.42 4.74 5.50 4.37 5.61 .90 .35 .06 .02V2 .27 . .41 5.37V2 wc Trans 5.75 12.00 6.15 100.00 32.25 31.50 2.35 18.50 46.50 57.00 Western Pacific MUTUAL FUNDS AGF Special All Cdn Com All Cdn Divid All Cdn Vent Amr G F Cdn Invest F Col Mutual Cmnw Inter Nat Res N W Fin N W Gr Principal Gr Royfund 30.37V2 Ternp Gr 22.25 UnUed Ac 14.25 Universal Sav ^*S2 VANCOUVER f'f. Anuk To?,, Arctic Mining 2-B7V2 Atlas Explor Bath Norse Beth Copper Block Bros Brenda B.C. Sugar B.C. Sugar Pfd Capt Inter Churchill Copper Columbia Cell Coronation Credit Crest F Ind Croyden Doily Varden Dynasty Fort Reliance Giant Mascot IHIY? Granisle 15A1V* Growers B 14.00 Key mdust Hys Interior Brew Inter Mariner Kamloops Copper Lornex Lytton Minerals New Imp Mines Okanagan Helicfjp Plains Pete Primer Pyramid 8.37 9.15 Sliver Standard 9.46 10.34 Texmont 3.70 4.04 Tojan 5.97 6.56 Western Mines 4.61 5.05 WC Res 6.44 7.02 Western Explor 14.05 15.44 Utica 5.98 5.99 8.11 5.21 6.05 4.79 5.84 32.00 6.25 66.00 33.75 41.00 61.50 9.45 26.00 6.25 2.97 26.74 29.22 4.83 5.31 7.35 8.08 .20 .11 .48 1.30 16.75 3.90 7.25 20.00 16.00 7.25 1.15 4.25 1.35 4.75 .18 .30 8.15 .51 5.10 11.00 3.05 .20 2.25 4.90 .88 .08 8.00 2.20 .75 4.90 .28 .lO'/a .68 1.45 .60 .50 3.35 .08 .18 .30 Toronto mines, industrials Supplied by Richardson Securities of Canada (11:00 a.m. Quotes) LAST BID OR SALE (11:00 a.m. Quotes) -(11:00 a.m. Quotes! MINES Acme Advocate Asb. Akailcho Black Bay Bralorne Broulan Bethlehem Brunswick Canada Tung. Casslar Central Pat, Chirno Con west Cons. Rambler Coin Lake Cochenour Dickenson Mines Denison Mines Deer Horn D'Eldona Dome Mines Donatda Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. Bovis Granduc Headway R.L. Hollinger Hudson Bay M-S Hydra Ex. Iron Bay Iso Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langls Silver Madsen R.L. Ma)an)c G.F. Martin McNeely Maybrun Maclntyre Me fa Midrim Intern Mogul New West Home New Athona New Calumet New Imperial Noranda Northgate .14 2.25 .42 .07 1.77 .25 16.75 6.00 2.16 22.62V2 2.45 1.32 9 80 1.96 .14 .33 1.15 26.00 .06 . .47 61.00 .O8V2 .99 1.05 3.15 114.00 .23 1.10 8.00 2.00 7.10 8.50 40.00 22.25 .24 3.25 1.51 37 8.30 .32 39.00 2.90 .06 .86 .70 9.50 .14 113.00 .121/2 .21 11 50 9.00 .15 .23V2 .75 34.75 9.80 Nor I ex Opemiska Osisko Patino Pine Point Placer Dev. Quebec Man Quebec Man Rayrock Radiore Rio Algom Roman Corp. Sherritt Gordon Silver Miller Steep Rock Tek Corp. Texmont Upper Canada Western Mines Wright Har. Wlllroy Windfall Yellowknife Br, Zenmac INDUSTRIALS Abltibi Alcan Algoma Steel Atco Ind Atlan Sugar Bell Tel Brazil Trac B.C. Tel Burns B.C. Forest B.C. Sugar CAE Ind Cdn Brew Chemcelt Col Cellulose Ca( Power Coron Credit C.W.N. Gas Cdn indust Canada S S Cdn Marconi Cdn Vickers Chrylser CPR Cominco Cons Bath Cons Gas Dlst Sea Dom Bridge Domtar Dom Textile Dom Stores Dome Pete .44 11.00 .31 21.00 29.621/2 30.50 .17 .17 1.25 .34 16.25 7.00 17.12'/2 .07V2 2.26 6.50 .59 1 78 3.30 1.18 1.00 .13 5.60 .tV/2 7.W/2 22.50 13.25 8.00 7.25 46.50 18.75 64.25 13.371/a 19.50 20.00 4.70 7.25 5.25 4.25 27.00 1.20 11.00 13.50 31.50 3.15 Dofasco CAB Fd of Amer Gt Cdn Oil Gen Motors Gt Lakes Pap Gulf OK Cda Greyhound Hawker Sid Huron, Erie Hiram Walk imperial Oil Imperial Tob Int Nickel Int Pipe Inv Gp A Int Utilities Indust Accept Laurentide Kelly Doug A Loeb Loblaw A Metro Stores Massey Ferg McMillan Bloe Moore Corp Molsons A Molsons. B North, Cent Power Corp Price Co Rothmans St. Law Corp Shell CDA Simpson's Simp Sears Steel of Can Selkirk A Texaco Traders Gp Trans Mtn Trans Can Union Gas Union Oil Versatile Mfg A Pp Pp 8.62V2 West eel 27.00 63.00 22.87J/2 9.25 21.00 52.75 Onion Car Weston's B Woodward's A West Cdn Sd Zenith Elec BANKS 24.12V2 Can Imperial 14.00 Montreal 17.25 Nova Scotia 13.1216 Royal 95.75 Tor-Dom 24.50 12.75 63.00 6.10 80.12 Vz 16.00 22.00 14.12Va 2.80 21.50 37.00 24.50 19.25 38.25 28.12V2 8.25 43.00 18.25 8.75 5.37'/2 3.75 5.50 41.50 10.50 23.50 36.50 18.25 17.75 15.87'/2 5.50 7.75 11.50 19.00* 36.00 20.37V2 25.121/2 25.50 14.50 23.75 13.37 V? .23.50.. 33.87V2 15.87V2 46.00 4.15 11.25 17.00 17.12V2 24.00 4.60 1.55 23.371/2 15.87V2 26.371/2 26.75 25.37V2 New York stocks Supplied by Richardson Securities of Canada Amr T and T Anaconda Beth Steel Chrysler Comsat x Dupont GM Gulf Int Harvester Kenn Copper .03 45.121/2 Montgomery Ward 35.25 20 Golds 170.15 off 18.75 Sears 87.87Va 10 Base Met 93.66 up .19 22.75 Std Oil of N.J. 75.62'/2 15 W Oils 219.73 up 1.48 26.371/2 Texas Gulf 118.75 Volume 1,067,000 70.50 Texas Co 35.87V2NEW YORK AVERAGES 140.371/2 Wicks Corporation 44.87V2 30 Indust 890.41 off 2.62 79.00 Woolworth 48.00 20 Ralls 214.87 off .26 31.25 W|Stins9t^5e Elec JJ-g 15 Utilities 118.50 UC 27.871/2 TORONTO AVERAGES 65 Stocks 298.51 off .58 33.25 20 Indust 180.20 off .52 Volume 6,160,1 III early joy turned into eventual dismay after the full implications of a government plan are appreciated. Another reason for the restraint is that many who held strong opinions, one way or the other, on the white paper doctrine, believe the present compromise plan. is the best they can achieve; are weary of combat, and don't want to see any further divisive debate. They adopt the view that when one is threatened with a great injustice, it is wise to show gratitude when he is offered something less offensive. Others recognize the political ap- peal of the believe it is revised plan and futile to argue further over the conceptual aspects. They still hope the plan can be further improved in the legislative area. FURTHER DEBATE One can look for still further debate in several important areas, including the small business tax incentive, and the capital gains tax system. The first hurdle Mr. Benson will have to clear in defending the specifics of his capital gains tax structure is to answer the question: If all capital gains are to be taxed, why aren't all capital losses to be Livestock Lethbridge Livestock AFTERNOON SALE Calgary livestock CALGARY (CP) - On offer to 11 a.m., about 175 head; mostly cows and replacement cattle. Trade was active. Insufficient slaughter steers or heifers to establish a market. Cows were mainly medium kinds with all grades steady. Good slaughter cows 21.50 to 22.60, medium 20.25 to 21.25, canners and cutters 18 to 20. Replacement cattle were Wool market slow OTTAWA (CP) - The federal government would be doing a disservice by continuing to provide an incentive for persons to produce sheep for the declining wool market, Agriculture Minister H. A, Olson said here. But he forecast a good future for lamb producers. Prices for lamb were close to an all-time high while Canadians produced only 25 per cent of the lamb consumed in Canada. Mr. Olson said payments of more than $12 million over the last 32 to 14 years have not prevented a decline in the sheep population. Edmonton curbs air criticized OTTAWA (CP)-The Canadian Owners and Pilots Association said today that transport department rules restricting the use of Edmonton International Airport are discriminatory and unnecessary. Regulations' announced recently by the transport department limit the use of the heavily used airport by local aircraft to certain hours of the week and to weekends and holidays. At other times only tinerant aircraft can use the airport. The pilots association said in a news release that the Edmonton situation should be of serious concren to all Canadian pilots since it could repeat itself elsewhere. The problem was one of inadequate facilities, and it was up to the federal government to provide adequate facilities. Pay increase proposed for govt, officials QUEBEC (CP) - A bill was introduced in the national assembly Wednesday proposing that members receive a $4,000 increase in salary and expense allowances. The increase, bringing members' salaries to $15,000 from $12,000 and expensive allowances $7,000 from $6,000, would be retroactive to last Jan. 1. Total salary of Quebec's premier would jump to $46,000 from $40,000, including an expense allowance of $11,000. Ministers' salaries would increase to $40,000 from $33,000, while ministers without portfolio would receive $37,000 instead of $29,000. FRAME STYLES FROM . . . AROUND-THE-WORLD mostly yearling fers meeting a steers and hei-good local de- mand at steady prices, A few stack calves in heavier weight ranges were selling steady. Good feeder steers ,less than 750 pounds 33.50 to 37, more than 750 pounds 30.50 to 33. Good feeder heifers 27.50 to 32.50. Good stock steers calves 35.50 to 38.70. Good stock heifer calves 31 to 34. Hogs base price 20.75. Macleod Livestock FORT MACLEOD - On offer at the Fort Macleod Auction Market this week were 545 cattle with steady trade on feeder steers. Heifers were mostly 730-760 pounds, showing some pressure. Heavy feeders sold in line with slaughter classes. Slaughter cows held steady to a little stronger and stocker weights were active. Choice steers 32.00 to 32.80; Holsteins 27.30; low choice heifers (lightweight) 27.00 to 29.90. Good cows 22.25 to 23.00; medium cows 20.00 to 23.00; canners and cutters 16.50 to 18.50; Good bulls sold 25.90 to 28.00. Good feeder steers 31,00 to 32.00; Holsteins (stronger) 27.30 to 28.10: Good heavy stocker steers 33.00 to 36.50; good light 38.00 to 42.00. feeder heifers 27.00 to good heavy stocker heifers 27.00 to 30.00; good heavy stocker heifers 31.00 to 33.50 good feeder cows and heiferet-tes 21.00 to 25.00. steers Go 30.00; in ram prices Winnipeg Grain WINNPEG (CP) - Rape-seed posted gains of up to seven cents at mid-session on the Winnipeg Grain Exchange today. Exporters were active in the" other commodites and prices were steady. The rapeseed market was apparently strengthened by a strong soybean market in Chicago and higher overseas prices for edible oils. Mid-session prices: Flax: July 1% lower 2.44%; Oct. y& lower 2.50%; Nov. ]A lower 2.49%; Dec. and May not open. Rapeseed Vancouver: July 7 higher 3.00; Sep. 7 higher 2.98%; Nov. 6V4 higher 2.88%; Jan. 3 higher 2.80%; March not open. Rapeseed Thunder Bay: June not open; Oct. VA higher 2.92%; Dec. 7 higher 2.79B; May not open. Oats: July Ve lower 76%; Oct., Dec. and May not open. Barley: July 7/a higher 1.0%B; Oct. Va lower 1.17%; Dec. and May not open. Rye: July unchanged 1.09V4; Oct. 1% higher 1.09%; Dec. 1% hieher 1.09%. Prices for class two wheat for export to countries outside IGA: 1 Nor 1.83; 2 1.81; 3 1.76; 4 1.73; 1 Durum 1.82%; 2 1.79%; 2 1.70%; 4 1.66%; IGA prices: 1 Nor 1.83; 2 1.81; 3 1.76; 4 1.66%; 1 Durum 1.82%; 2 1.79%; 3 1.70%; 4 1.66%. he liq- $50,000 deducted? "Under the proposed plan, if one makes a capital gain, he pays tax. But if he suffers a capital loss he may only use the loss to offset against other capital gains he may ulti* mately make. But if he never makes a capital gain, then he may only deduct the capital loss against his other income at the rate of $1,000 per year. It just doesn't make sense, nor does it' help to point out that that's the way they do it in the United States; surely we're wise enough to take from the United States' system that which is good, while rejecting that which is bad. And it is no comfort to those who insist upon a logical tax system to remember that this was approved by the senate and commons committees. They gave no reasons for their judgment, and in any event, it still defies reason. Take a situation that recurs frequently. The taxpayer is a farmer or small businessman, who, because his children don't want to carry on the family enterprise, sells his assets. He realizes a capital gain of, say, $50,000. The capital gain is taxed. SUFFERS LOSS He retires and invests all of his money in the market. Four years later, because his investments aren't advancing, uidates and suffers a loss. If he lives long enough (25 years) he'll be able to deduct the loss against his pension income. If not as is often the case, he's in the inequitable position of having had two experiences - a taxable $50,000 gain and a non-deductible $50,-000 loss. In fairness he shouldn't pay any tax, because he's even, not ahead. To heighten one's perception of the inequity, one need only observe what would happen if his neighbor has the same results, but in reverse order. That is, if he suffered a $50,000 capital loss, and then later made a $50,000 capital gain, the gain would not be taxed because the law as written provides that a loss can be carried forward indefinitely to offset future gains. But the reverse is not true, resulting in the inequity. Another shortcoming in the capital gains tax system is the failure to define capital gains. Because ordinary profits are fully taxed and capital profits only half-taxed, the biggest source of litigation in the new tax world, just as it is today* will be over this question. Surely in a new tax system we can agree on a clear definition, even though it may be arbitrary. REVAMPING NEEDED At the very least, if the government insists that each capital gains case be decided on its individual facts, then the current advance ruling system must be revamped to make it mandatory for the tax department to give a binding ruling on whether or not it will treat the profit from a proposed sale of a s s e t s as fully taxed business income or half-taxed capital gain. And as a corollary, the taxpayer ought to have the right of appeal to the courts from any such advance ruling with which be disagrees. These are but a few of the questions that must be raised before parliament delivers Canada into the uncharted sea of a new tax system. The time for perfecting the system is before, not after it is upon us. (Mr. Asper is a Winnipeg lawyer) ASPHALT PAVING T0LLESTRUP SAND and GRAVEL Construction Co. Ltd. PHONE 328-2702 - 327-3610 INSURE NOW AGAINST Our Coverage Includes Loss of Standing Grain by Fire - Competitive Rates. GENE FORMER Call Us Now! fORSTtR ^G�NCY INSURANCE MANAGERS  BROKERS  AGENTS A continuous family enterprise for over 60 years. 706 3rd Avenue S., Lethbridge Phone 327-2793 ;