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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 2, 1971, Lethbridge, Alberta IETHBRIDGE HERALD July 1971 Fractional drop in stock prices TORONTO CP Prices on trading on the Montreal stock the Toronto stock market drifted fractionally lower in light m i d in o r n i n g trading On industrials dropped to Golds climbed to base metals to and western oils to market Combined volume on the Montreal and Canadian stock exchanges at 11 was 400 compared with 100 at On wanks lost to industrials to Uie composite to and Volume at 11 was j utilities M to i I Miaincd unchanged at 81 29 Great Britain and Canada m down from at the same time Declines and advances were vestments dropped SI to Inco s to Texaco to at 89 with 164 issues Weakest sectors were merchandising and j Real utility and communication issues posted fractional Trading was halted in the snares of IDS following a cease trading order from the Ontario Securities The stock closed Wednesday at 56 up 10 Investors Group A dropped Husky Oil s to and International U t i 1 i t i e s 3s to s to Mclntyre 2 to TransCanada PipeLines 14 to Inco to Pan Ocean 5B to and White Pass and Yukon VI to Dome Pete rose 4 to Falconbridge 1 to Moore 3a 10 Opemiska T8 to Lake Diifault Vi to Bell to Noranda to and Bow Valley Is to LIGHT TRADE MONTREAL CP Prices fell moderately in light morning Dome Petroleum advanced S3 o Telephone 2 to Hudsons Bay Oil 3s to Moore s to and Noranda to DROPS NEW YORK AP Slock market prices dropped in to days slow despite news the joblessness rate had de clined in The noon Dow Jones average of 30 industrial stocks lost to Among Canadian Mc Intvre Porcupine added to and Inco was off a like j mount at Distillers Sea grams lost 6 to and Mas seyFerguson was down i at On the American Stock Ex Canadian stocks were Trading su in IOS shares ROTARY ENGINE A rotary called The Wankel after Felix Wankel of Germany who devoted it during the is to be used in experiments con dueled by General Some engineers have called it the ideal automotive power plant of the The key workng parts go round and round inside o cylinder rather than up and down as in conventional auto For size comparision and ordinary sized soda bottle is placed alongside the small The lax column Extreme caution by public By ASIEIl Although it is only two weeks jnce Finance Minister Benson the uncertainty that has haunted the Canadian tax world since he presented his original white it is al ready clear that this time reaction is extremely cau This is a welcome im jrovement over past perform Following each main step in the proceedings leading to re vamping the tax system the Carter the 1869 white the senate and com mons reports there was im mediate and widespread public often While the June 18 proposals were generally per haps with more relief than genuine no one has ecstatically endorsed or vehe mently rejected the new There are many reasons for the relative The most ob vious is that the interested pub lic has become skeptical when reading early reports of com plex prepared chiefly from governmentini tiated rather than by independent analysts after an indepth study of the actual leg There have been too manv recent situations where early joy turned into eventual I peal of the revised plan and dismay after the full implica believe it is futile to argue fur i ntmit as Barley crops burn TORONTO CP The On1 ately and expires in 15 days un t a r i o Securities Commission today issued a temporary ceasetrading order in the shares of Investors Overseas Services the giant Gene vabased financial The order is effective immedi Hog sale EDMONTON CP Aver nge prices to 11 today provided by the Albsrta Hog Producers Marketing Board Edmonton Wednesday Red Deer Wednes day Calgary Wednesday Lethbridge no Wednesday Lioydminster no sales today or Total hogs sold to 11 total sold Wednesday provincial average Sow average ess amended or con The commission did not give a reason for its order but it came just a day after a twoday annuai meeting of IOS here saw an intense fight for control of the Management retained control of the company but faces court action from a dissident group which claims a series of voting IOS is a Canadian corporation registered in Saint but has its head office in Ge IOS shares last traded on the Tcronto Stock Exchange closing at 56 up 10 cents for the IOS shares once traded for as high as CALGARY CP The crop outlook in Alberta last week remained good aided by unset tied the Alberta Wheat Pool said today in its crop The in its report for the week ending June said southern areas recieved little rain while good to excessive rainfall was recorded in cen tral and northern Irrigation in southern areas now is being used and rainfal in southern areas was needec becaise some barley crops were starting to Soil moisture conditions gen erally were described as goot with only the southern a recording less than last year The pool said gophers am although n o were causing con WICKESHOMES of the 70s Show Homes OPEN NOW at 25th and 12th 3 to 9 Weekdays 12 to 5 Saturday and Sunday AS LOW AS DOWN SCHWARTZ AGENCIES COLLEGE MALL AlBERTA PHONE 3283331 SHOW HOME 3285382 Treasury bills OTTAWA CP New 91day Government of Canada treasury cern in southern crops crops in the whili nortl and Peace River regions wer being affected by flea beetle and red turnip Wire worms also were evident i some wheat in the Peace re Miscellaneous quotations Montreal Supplied by Roadbause and McCuaig LAST BID OR SALE Alia East Gas QuoteSi WESTERN OILS 195 Ashland BP Oil Gas Can South Cdn Ex Gas Cdn Homestd Cdn Home Pld Cdn Ind Ga5 Oil Cdn Super Cen Del Rio Charter Chieflan Dome Pete Dynanic Pete Gt plains Lochlsl Mill City New Cont h Cdn Oil twoies QuoteO dismay inter utu um tions of e government plan are Another reason for the over the conceptual Thev still hope the plan an be further improved in the straint is that many who strong one way or the on the white paper believe the present compromise plan is the best they can achieve are weary of DEBATE One can look for still further debate in several important including the small business tax and the and dont want to see any further divisive They adopt the view that when one is threatened with a great gains tax The first hurdle Benson will have to clear in defending the sntcifics of his capital it is wise to tax structure is to an gratitude when he is offered something less the question If all capital gains are to he why ers recognize the political all capital losses to be Lethbridge yearling steers and heiers meeting a good local de AFTERNOON at steady A few Calgary calves in heavier weight ranges were selling CALGARY CP On offer to 11 about 175 feeder steers jess than 750 pounds to more mostly cows and replacement Trade was Insufficient slaughter steers or heifers to establish a 750 pounds to Good feeder heifers to Good stock steers calves to Good stock heifer Cows were mainly 31 to kinds with all grades base price Good slaughter cows medium to canners and cutters 18 to Livestock Replacement cattle MACLEOD On offe the Fort Macleod Auctioi this week were 545 cat vilh steady trade on feede Heifers were mostly 73079 showing some pres Hugh Russell Husky Oil Husky Oil B Pfd Husky Oil War Inler Prov Pipe Infer Sleel Pipe Jefferson Lake Numac Permo Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Spooner Total Decalla MISCELLANEOUS INDUSTRIES Aqra Ind Atco Ind 800 Aquataine Bril Nfld Cdn Brew A Cdn Brew B Cdn Hydro Cdn Pacific Inv CPR Pfd Crowsnest Ind Cygnus A Cygnu Kaiser Res U Kam Kotia 70 10 62Vi L Ont Port AflGF Manage Mentor Newconex Pacific Pete Rank Org Sclk Hold Shell Can Shell InV Pfd Shell Inv Wts Sicks Rainier Tclcdyne West Cdn Seed White Yukon CALGARY 21 00 Ctnnw Lev Corp Invesi Alii Corp in St F 700 Dreyfus F Gr Equity in Shares Gr F Invesi Mutual Mutual Ac 5M Mutual Gr F Res N W Fin N W Gr Ana Pete Barons Oil North Cont West Warnei PIPELINE STOCKS Neouex accuses grain firm NEW YORK CAP Neonex International a British Col million at an average price and yieid of and per Last same amount and and per 1112day million at and per Last same amount and and per Bank rate up MONTREAL CP The Mercantile Bank of Canada an nounced Wednesday an increase of Vt per cent in its prime lend ing rate to fid per effec tive July A Mercantile spokesman said tlic move is a continuation of the banks policy to keep its lending rales in line with the cost of Prop Gt Cdn Oil 5 Gt Cdn Oil 67 Home A Home B Home Pitlld Hud Bay Co Hud Bay Oil 3150 2 35 46 50 Hud Bay Oil Pfd Principa Roytund Temp Gr 2225 United Ac Universal Sav VANCOUVER Anuk Arctic Mining 2872 Atlas Explor 525 Bath Norse 460 Beth Copper Block Bros Brenda Sugar Sugar Pld Capt Inter Churchill Copper Columbia Cell 41 Coronation Credit Crest F Ind Croyden 1B Gas Tr L A Varden Alta Gas Tr L Pld Dynasty Alta Nat Gas port Reliance 51 Cdn W Nat Gas Giant Mascot Inland Nat Gas oranisle N and C Growers B Pacific Gas Tr mdust N and C B Pfd Hys Gaz Metro interior Brew Gaz Melro Pfd A nter Mariner Tr Cdn P Kamloops Copper Tr Cdn P Pfd B Lornex Tr Cdn P Pfd A Lytton Minerals Cdn War New Imp Mines ans okanagan Helicup 490 i Pacific Pete MUTUAL FUNDS Primer AGF Special Pyramid f All Cdn Com Silver Standard 145 All Cdn Divid Texmonl All Cdn Vent 104 Tojan Amr G F 597 Western Mines Cdn Invesi F i6 WC Res Col Mutual Western Explor Cmnw Inter Utica WC Ti Wester bills auctioned Wednesday umbia filed a S32 million federalcourt lawsuit here Tues accusing Norris Grain of Chicago and its Brace of reaching an The a Vancouver based asserted that an agreement was reached as part of a Neo nex program to get control of Maple Leaf Mills through stock but that Norris refused last 6 to go through with the The complaint filed in Man hattan federal court said Norris the Chicago had to sell its stock in a Win nipeg Norris Grain in exchange for shares of Neonex Toronto industrials Supplied by Richardson Securities of Canada LAST BID OR SALE IOTM Quotas narket slow OTTAWA CP The fetlera government would be doing a disservice by continuing to pro vide an incentive or persons to iroduce sheep for the declining rool Agriculture Minis er Olson said But he forecast a good future or lamb Prices for were close to an alltime trigh while Canadians produced only 25 per cent of the lamb consumed in Olson said payments of more than million over the last 12 to 14 years have not pre vented a decline in the sheep Edmonton air curbs criticized OTTAWA Cana dian Owners and Pilots Associa tion said today that transport department rules restricting the use of Edmonton Internatioia Ailport are discriminatory and announced re in line with slaughter Slaugh ter held steady to a little stronger and stocker weights were Choice steers to Holsteins low choice heif ers lightweight to unnecessary Regulations Quotes MINES SET ELECTION DATE VIENTIANE Renter Gen eral elections will be hold in Laos on it was an nounced SAVE 60 ON REPLACEMENTS WE HAVE A MUFFLtR FOR MOST CARS FREE INSTALLATION 10 MINUTE INSTALLATION LIFETIME GUARANTEED MUFFLERS FREE INSPECTION AND ESTIMATES All AT IIMUTE UFFLER INSTALLATIONS 509 6th Avenuo South Phono 3288134 yjn By Gene Fawcette I THE LOCM NESS MONSTERS FAVORITE FLAVOR sO OKIES BUTAVARiETY OFANWAL AND SYNTHETIC ESSEWSE5 WHICH HAVE SEEM TROLLEDTHRCU6H TME DEEP LAKE SEEM TO ATTRACT A NUMBEROF LAPSE OBJECTS RECORDED BY SONAR Advorate Akaitcho Black Bay Bralorne Broulan Bethlehem Brunswick Canada Cassiar Conlral Cliimo Con west Rambler Coin Lake Ccctenour Dickenson Mines Denison Mines Deer Horn DEldona Dome Mines Dona Ida Discovery Mines East Malartic East Sullivan Falconbridge Frobcx First Miritimes 1 10 Gianl 800 Bovis Granduc Headway Hollinger Hudson Bay MS Hydra l4 Man a Norlex Opemiska Osisko Patina Pine Print Placer Quebec Quebe Rayrock Radiore Rio Algom Roman Siierritt Gordon Silver Miller Steep Rock Tek Upper Canada Western Mines Wright Willroy Windfall Yellowknife Doiflsco CAB Fd of Amer Gt Cdn Oil Gen Motors INDUSTRIALS 1 78 Abitibi Alcan Algoma Steel Atco Inri Allan Sugar Bell Tel Brazil Trac Tel Burns Forest Sutiar CAE Ind Cdn Brew Cot Cellulose Cal Power Coron Crpclil Gas Canada S S Cdn Marconi Crin Vickers Chrylser CPR Cominco Cons Bath Cons Gas Disl Son Dnm Bridge Donitar Dom Textile Dom Stores BH Dome Pete 7 12 25 50 Gl Lakes Pap Gulf Oil Cda Greyhound Hawker Sid Erie Hiram Walk Imperial Oil Imperial Tob In 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 Cent Power Corp Price Co Rothmans Law Corp Shell CDA Simpsons Simp Sears Sleel of Can Selkirk A 1 JO Gp A Tram Mtn Pp Trans Can Pp Union Gas Union Oil Versatile Mfg Westeel Union Car 6300 Westons B Woodwards A Cdn Sd Zenilh Elec BANKS Can Imperial Montreal Nova Scotia Royal TorDom BO IB 35 18 25 cently by the transport depart ment limit the use of the heav ily used airport by local aircraf certain hours of the week am o weekends and A times only tinerant air raft can use the The pilots association said in news release that the Edmon on situation should be of seri us concrcn to all Canadian p Dts since it could repeat itsel The problem was one of quate and it was u 3 the federal government irovide adequate IN OF A New York slocks Supplied by Richardson Securities of Canada T antl Stool Inl HnrvcMer Kcnn Copper 45 15Vj 5 Montgomer Ward 30 Golds ot wcMlnnhnuu Eltc 30 RnllS oil IS Utilities UC T 50 Inclusl oil Volumo 3ay increase proposed for officials Good cows to ledium cows to anners and cutters to Good bulls sold to Good feeder steers to Holsteins stronger o Good heavy stocker to good light tecrs to Good feeder heifers to good heavy stocker heif rs to good heavy locker heifers to feeder cows and heiferet es to Grain prices Winnipeg Grain WfNNPEG CP Rape seed posted gains of up to sev en cents at midsession on the Winnipeg Grain Exchange to Exporters were active in the other commodites and prices were The rapeseed market was ap parently strengthened by a strong soybean market in Chi cago and higher overseas prices for edible Midsession prices Flax July lower lower i lower and May not Rapeseed Vancouver July 7 higher 7 higher higher 3 higher March not deducted Under the proposed if one makes a capital he pays But if he suf fers a capital loss he may only use the loss to offset against other capital gains he may ulti mately But if he never makes a capital then he may only deduct the capital loss against his other income at the rate of per It just doesnt make nor does it help to point out that thats the way they do It In the United States surely were wise enough to take from the United States system that which is while rejecting that which is And it is no comfort to those who insist upon a logical tax system to remember that this was ap proved by the senate and com mons They gave no reasons for their and in any it still de fies Take a situation that recurs The taxpayer is a farmer or small because his children dont want lo carry on the family sells his He realizes a capital gain The capital gain is tax SUFFERS LOSS He retires and invests all of his money in the Four years because his mvest merts arent he liq uidates and suffers a If he lives long enough 25 years hell be able to deduct the loss against his pension in If not as is often the hes in the inequitable position of having had two ex periences a taxable gain and a nondeductible 000 In fairness he shouldnt pay any because hes not To heighten ones perception of the one need only observe what would happen if his neighbor has the same re but in reverse That if he suffered a capital and then later made a capital the gain would not be taxed be cause the law as written pro vides that a loss can be car ried forward indefinitely to off set future But the re verse is not resulting in the Another shortcoming in the capital gains tax system is the failure to define capital Because ordinary profits are fully taxed and capital profits only the biggest source of litigation in the new tax just as it is will be over this Sure ly in a new tax system we can agree on a clear defini even though it may be REVAMPING NEEDED At the very if the gov ernment insists that each capi tal gains case be decided on its individual then the cur rent advance ruling system must be revamped to make it mandatory for the tax depart ment 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 busi ness income or halftaxed capi tal And as a the taxpayer ought to have the right of appeal to the courts Rapeseed Thunder Bay QUEBEC CP A bill was ntroduced in the national as sembly Wednesday proposing members receive a ncrcasc in salary and expense The bringing mem bers salaries to from l and expensive allow inccs from would be retroactive to last Total salary of Quebecs pre mier would jump to from including an ex pense allowance of Ministers salaries would in crease to from while ministers without portfolio would receive instead of June not open 714 higher 7 higher May not Oats July lower and May not Barley July higher lower and May not open Rye July unchanged lnK higher higher Prices for class two wheat I for export to countries outside GA 1 Nor 2 3 1 Durum 2 2 4 IGA prices 1 Nor 2 3 7fi 4 1 Durum 2 3 4 from any such advance ruling with which he These are but a few of the questions that must be raised before parliament delivers Canada into the uncharted sea of a new tax The time for perfecting the system is be not after it is upon Asper is a Winnipeg lawyer F ASPHALT PAVING FRAME STYLES FROM AROUNDTHE WORLD INSURE NOW AGAINST Our Coverage Includes loss of Standing Grain by Fire Competitive Call Us Now INSURANCE MANAGERS BROKERS AGENTS A continuous family enterprise for over 60 706 3rd Avenue Lothbridge Phone 3272793 GENE FORVTER ;