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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 16, 1970, Lethbridge, Alberta Tfcumlay, July U, THE inHUIDOl HMALD 13 m IH Hki fill roJkli mm a QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherty, Roedhouse and Too Narrow Your Incfwtivfts Too I.WP K 1 1 vi" BID a.m. Quotes) i.rr WESTERN OILS Jell l.skl SALE Quotes) a.m. Quotes) 7.25 Endnko I. H. by denying tax deduct-IbiUty to a good many follows quite clearly (hat any taxpayer who Board T In Sharj TORONTO (CP) Prices rose sharply in light mid-morning trading today at the Toronto stock market: It was the second consecutive session of sharp rally. On index, industrials gained .77 to 151.86 and western oils 1.48 to 128.03. Golds lost 1.03 to 150.24 and base metals .10 to 89.35. Volumn by 11 a.m. was shi-es, tip from at the same time Wednesday. Gaire outnumbered losses 91 to 51 with 100 issues unchanged. Among gaining stocks, Aqui-taine was up to Bell to 42, Bow Valley to Shell Canada to Dofasco to 21 and Inter-Provincial Pipelines to 20% JMattagami was up to Sherritt to 18% and Noble Mines 20 cents to ACTIVE TRADE The Montreal stock market moved ahead in active trading today, continuing a strong performance begun Wednesday. On the Canadian Stock Exchange, Western Buff Mines advanced 1 cent to 25. The company announced it has arranged financing which will permit it to acquire an option to purchase 12 unpatented mining claims in Beauchatel Township in the Kouyn-Noranda area of Quebec. Senior mines and oils on the Montreal Stock Exchange led advances with Falconbridge Nickel gaming 2 to 142. Shell Canada was up 1 to 28, Imperial Oil at 16, Inco at 39% Off Rally Hwky Oil tt Noranda slipped to 27. Among papers, MacMillan-Blocdel was unchanged at 22% after losing more than a point in Wednesday's trading. Abitibi Pulp and Paper slipped to Royal Trust gained to Royal Bank to 20% and Bank of Commerce was unchanged at UYi. Marshall Boston on the CSE remained active, trading shares by 11 a.m. but slipped 19 cents to 95 cents. On index, industrials were up 1.33 at 152.71, the composite 1.13 at 148.07, utilities .85 to 122.25 and banks .27 at 160.36. Papers slipped .18 to 82.48. DRIVE HARD NEW YORK (AP) market prices forged forcefully ahead this afternoon, topping the recovery highs set in the rebound from the market lows registered in May. Trading was moderate. At noon the Dow Jones average of 30 industrials was up 10.89, or 1.53 per cent, at 722.55. Advancing issues led declines by more than 3 to 1. Alcan and Canadian Pacific were both up Vt among Canadians while Distillers Seagram was up and Inco Mclntyre Porcupine droppal 1. On the American Exchange, Scurry Rainbow was up Brascan and Preston 11.37'A Kolser "-JO itev .25 Banll 8.40. Kam KV LONDON A member of Parliament MX today Britain's entry into the European Common Markd could mean in tost export trade to Canada, Australia and New Zealand alone. Sir Donald Russell, a member of the governing Consrarative party, and chairman of the Commonwealth Producers Association, told association members abolition of the- Commonwealth preference system would mean a loss of one-third of Britain's trade with Canada and Australia, and about one-half of her trade with New Zealand. "There is a real danger that United Kingdom exports would become uncompetitive in overseas markets, in which they now enjoy tariff Sir Ronald said. "We believe that large communities of overseas producers face disaster if their material interests in the United Kingdom market are not safeguarded. "These interests can be safeguarded without injury to the European- Economic Community, but Britain will have to fight hard to obtain he oonceMJooi to those firms which promote greater use of the FmKh language in rated again the quatkm of how far tax incentives should be used to create non-tax results. The has been argued often and exhaustively with little instruction emanating from these debates. Since the tax system pervades almost all activity there is no denying tiiat its powerful influence, if used wisely, can promote any desired result. Indeed, the present federal tax System recogiuzes this and in a limited way is used to create incentives for activity considered important by the Government. For example, as a spur to the development of low cost housing, the law exempts limited dividend housing corporations from taxation. Credit Unions, once considered essential to fill a gap in the rural financial comrrranity, are also tax free, as are new Cooperatives and new mines during their first three years of operation. In order to promote the development Bf domestic technology, the law provides bonus deductions for expenses incurred in scientific research. As well, industrial research by private enterprise is rewarded with non-taxable government assistance grants. The tax law also contains deliberate disincentives. In order to discourage Canadian business from advertising its products In .foreign magazines aimed at the Canadian market, at the expense of advertising in Canadian periodicals, such foreign advertising costs are not allowed as business expense deductions. In the current dicussion over the shape of tax reform' there are those who argue that the system should be made even more incentive-oriented, while others, including the government, feel as strongly. that the tax system should be used for raising revenue and not for carrying out non-tax policy which can be achieved in other ways. It is not intended here to evaluate the arguments for and against any incentive tax system. However, every so often something occurs which should cause government to review the effectiveness of the tax incentives that are part of the present system, with the idea of improving them. Such need for reconsideration is pointed up in a recent dispute between a taxpayer and the revenue authorities. The argument concerned the deduetibiliiy of the cost of a feasibility study which was un-detaken by the company prior to buying a certain parcel of land in Saskatoon. Back in 1965, in response to complaints that -the tax law ignored certain business legitimate business ex-peiuoi, the law relating to ex-pease deductibUity wts changed. Among the changes were provisions making deductible the expnem of fighting a tax earn with1 Ottawa, making deductible the money a landlord pays out to obtain a lease cancellation from a tenant, making deductible for the first time, the expense laid out by the owner of a business building in landscaping the grounds, and allowing some of the expenses of making representations to governments to be charged off against the taxpayer's income. Included in the amendments was a provision which allows taxpayers to write off the expense of investigating the suitability of a site for a building planned by the taxpayer for use in a business carried on by him. Previously expenses such as this were treated as non-deductible outlays of capital. It was considered an important breakthrough when the government agreed to recognize these types of expenditure as valid tax deductions. These new sections of the law havai't been the subject of much dispute as they are fairly straightforward and1 require little interpretation. Indeed, that's precisely what the Tax Appeal Board pointed out in the case recently considered. The facts of the case were quite simple. A Saskatchewan holding and investment com-, pany spent in excess of in investigating the advisability of acquiring a property on which it could erect a building to be leased to others. The company sought to deduct tha feasibility study costs on the ground that it qualified as a business deduction. The Tax Appeal Board refused to allow the deduction, mainly, because on examination it appeared that the taxpayer was really only an investor and was not then carry-, ing on any business, even had it built the building and leased it out to other business enterprises. Board Member, J. 0. Weldon, Q.C., emphasized that feasibility study costs are only deductible under the 1965 amendment when they are incurred by a taxpayer who is already in business, and not just proposing to go into of establishing himself hi a particular business can't deduct those expenses unless he actually decides to proceed with the venture. This appears to KimewUat restrictive. It would seem to in Canada's best interest to encourage people to explore new ideas and as many potential ventures as possible. This might be stimulated by extending the deductibility provision, relating to these costs, to all business studies whether conducted by existing business or by would-be entrepreneurs. In extending the deduction It is more than likely the dividends to the public would far exceed the rather minor costs in lost tax revenue. The more new entrepreneurs we create, the less danger we face from undue concentration of commercial power in too few hands. As well, if the tax climate encourages the study of more business opportunities and new businesses are cresftd as the result their taxes will more than offset the revenue loss arising from allowing greater deductibility to these investigation costs. (Mr. Asper is a Winnipeg South 2.9S Newcontx J.JO 09 Cdn Exp Gai 3.30 Pat i.mlooBS 10 Cdn Home 6.20 Rank Ind Gai 8.25 Shell Inv Cdn 25.25 shill Inv P Cent Del Rio f.OO Shell Inv W Charter A.25 Raliil Chlettan 6.50 wast cdn S Dome Pete 4W5 White and Dyna Pete 1.15 CAU1 French Pete '85 Acroll Gt Plains 11.50 Anic Pete Mill city 1.20 Baron) oil Numac 5.10 North U t.5, Minerals I 2.20 'H? Madrona 32 y New tronln 07 t ,H5 New trip Minn Yuk. 13.25 N Ccp .55 ARY Primer Pyramid 21 'J7 Silver Stand M Eg 1.04 West Warn .40 western Mines 4.25 Pinnacle 70 Leduc Cam .OS Westcoast Res .25 Place Gas 1.09 Madison .17 wetern Ex Rain 14.25 PIPELINE West Dec 4.10 Alta Gas T MISCELLANEOUS Alta Gas Tr INDUSTRIALS Cdn Wast Hi Atco Indus 8.50 Inland Nat Afluataine 16.25 North and Brit Ntld Cp 4.10 North and C Cdn Brew A 28.00 Gas Metro Cdn Brew B 34.00 Trans Can Cdn Hyd Car 11.25 Trans Can Cdn Pac Inv 21.25 Trans can CPR Pld Tran can F Crows Nest 40.00 Westcoast T Cygnus A 4.15 West Pa Cygnus B 4.00 VANCOUVE Gt Cdn Oil 3.50 Gt Cdn Oil Sd 100.00 Arctic Mlnlr Home Oil A 13.50 Atlas Ex Home oil B 14.25 Bethlehem C Home and Pit 2.10 Block Broth Hud Bay Co 13.50 Brenda Hud Bay Oil 50.00 BC Sugar Hugh Rus Pfd 20.00 BC Sugar F Husky oil 7.75 captain Inte Husky Oil War. 2.25 Churchill Co Inf Pro Plpa 7.85 Croyden Int Ulll Pfd 53.50 Doly Varde Int Steel 5.75 Dynasty TORONTO MINI Supplied by Richardso LAST BID a.m. Quotes) INDUSTRIALS Molson's A Abltlbl 7.50 21 00 North, cent Algoma" Steel' 12.25 Atco Ind 8.62'A Power Corp Allan Sujar 5J5 Bell Tel Brazil Trac 12.25 B.C. Tel 56.75 Burns 7.87'Af B.C. Forest. 23.50 of i can B.C. Sugar 14.00 Selkirk A CAE Ind 3.90 Texaco Cdn Brew us Chemcell 4.85 win Col Cellulose S.I2VS 7, Cal Power 20.50 Coron Credit 1.05 'Mt CWN Gas Cdn Indust 8.75 Canada S S 51.00 XSJlSJJLS Cdn Marconi 3.25 Chrysler IB 50 west 'ton 5 CPR sifo Zenlt" Cominco 20.00 Cons Bath 11.6214 "n lmferls Cons Gas 15.37'A Dis Sea 45.75 Nova Scotia Dom Bridge 14.00 Domtar 13.00 'or-Dom Dom Textile TORONTO Dom Stores 11.62Vi Arm. Dome Pete 44.00 Advocate Fam Play 9.00 Fd of Arner 43.00 Jfines Gt Cdn Oil 3.85 Ralrfler trnr Gen Motors 68.00 SEX am Gt Lakes Pap 17.25 Bratorne Gulf Oil Cda 14.25 BroK Hawker Sid 1.70 Bethlehem' Huron, Erie 15.75 pfimswSt Hiram Walk 40.50 caS Tun Imperial ON cassia' Imperial ON 15.87'A Central Pat Imperial Tob 13.75 Chimo Int Nickel 39.25 conwest Int Pipe 21.00 cons. Ramb Inv Gp A coin Lake Int Utilities 22.00 Cochenour Indust Accept 13.25 Craigmont Laurentida 3.80 Dickenson M Kelly Doug A 6.75 Denison Mir Loeb 4.05 Deer Horn Loblaw A D'Eldona Metro stores 17.50 Dome Mines Massey Ferg 8.75 McMillan Bloe 22.6JVi Moore Corp 28.87'A Discovery W NEW YOR Supplied by Richardso Amr T and T 45.1214 Mont Ward Anaconda 53.50 Sears Bth steel Std Oil of Chrysler 17.75 Texas Gulf Comsat 35.75 Texas Co. Dupont 122.75 Woolworth GM 65.75 Westlnghousi Gulf U.S. Steei Int Harvester TORONTO 1 Kenn Copper 42.62'A 50 Indus rk A 41.00 MUTUAL FUNDS k Dfd 70.00 AGF Special J.O! 1 15.00 All Cdn. Comp 6.01 6.57 Sas l.87Vi cdn Dlv 7.00 7.6S -.en 11.00 All Cdn Ven 2.98 3.26 en B J4.25 Amer Growlh 4.13 4.53 3.S5 Cdn In Fund 3.83 4.21 Pipe Mutual 4.8S 5.33 c comn Inter 10.51 11.52 A 52.00 cmn Lever. 2.M 2.85 Ipe W corp In ..4.60 5.03 ans 16.25 CorD !n 4.20 4.59 4.10 preyfus Fund 9.5310.44 Growth Equity 5.27 5.76 21 Grouped In Sh 2.63 2.68 n 17 tn Growth 9.21 10.07 1.00 In Mutual 4.49 4.92 pp 13.00 Mutual Ace Fu 4.07 4.48 eri 2.70 Mut Growth Fu 3.17 3.93 9.50 Mutual In 3.95 4.34 Nat Res 6.19 6.77 fd 13.50 NW Finance 3.22 3.54 r 2.90 NW Growlh 3.77 4.14 p 3.40 Prln Growth 3.43 3.77 .27 Royfund 4.51 4.65 36 United Ace 4.00 4.40 6.60 Unl Savings 5.60 6.12 ES, INDUSTRIALS n Securities of Canada OR SALE Quotes) a.m. Quotes) 13.25 East Malartlc 1.45 14.00 East sulHvjn S.70 10.87'A Falconbridge 142.00 17.12VJ 27 6.12V3 First Mariilmes 1.21 7.37'A Y.K 7.75 9.37W Gortdrum 3.10 27.50 .Gunnar 1.06 Granduc 7.60 19.25 Headway R.L. .10V4 Hollnger 29.00 Hudson Bay M S 21.6214 Sl.OO Highland Bell 2.75 A 8.25 1.46 p 15.00 jollet Quebec 21 p 2SJ5 Kerr Addlson 10.25 12.87'A Labrador 28.12'A 28.00 Lake Shore 3.30 2.55 Leitch 11.75 Langis Silver 21.25 Macassa 1-40 A 15.25 Madsen R.L 86 2.10 Malartic G.F 72 1.25 Martin McNeely .lovi KS Mayburn 22 18.00 Maclntyre 158.00 14.75 Meta 16to U.62'A Midrim 30 20.50 Intern 9.00 1775 New Athona 17 Calumet 22V: WINES New Imperial 1.71 09Vi Noranda 26.87'A 1.90 Northgatfi 9.75 37 Opemiska 12.50 1.90 Osisko 30'A 40 Patino 33.75 08 Pine Point 31.00 1.75 Placer Dev. 31.25 21Vi P.C. Exp 70 12.75 Quebec Man 20 5.10 Rayrock 1.22 1.92 Radlore 30 19.75 Rio Algom 17.75 2.15 Roman Corp. 6.60 7.23 Silyertleld 2.20 9.20 Sherritt Gordon 18.50 er 83 Silver Miller 08 .14% Steep Rock 3.00 42 Siscoe 1.85 10.00 Tek Corp 5.70 Inw 1.52 Texmont 49 2400 Upper Canada 1.40 08 Western Mines ..4.25 .96 Wright Har 1.65 BM Willroy 1.47 S2.00 Shooting At Car Plant DETROIT (AP) auto worker said by a union official to have resented his replacement on a job assignment by a colleague with less seniority was held for questioning today in the fatal shooting of three men in the Chrysler Corp. axle plant. James Johnson, 35, suspended earlier in the day for insubordi-naton, was arrested after1 two foremen and a production worker were shot Wednesday with an M-l carbine. The victims were Hugh Jones, 43, and Gary Heinz, 32, foremen involved in the suspension, and Joseph Kowalski, 53, who was hit by a bullet while trying to subdue the gunman. Makers Get Extra Breather WASHINGTON (AP) -United States auto manufacturers have been granted an additional two years to meet a weakened version of federal exhaust standards because gov-e r n m e n t certification tests failed to measure half of the tailpipe pollutants. John T, Middleton, administrator of the National Air Pollution Control Administration, announced the extension here with evident embarrassment, But he promised improved testing of 1972 cars. Because current tests measure only half the hydrocarbon and carbon monoxide emissions, he said, all 1970 model autos fall significantly short of required federal exhaust-reduction standards. New cars now are certified by the government as meeting emission limits of 2.2 grams of hydrocarbons a mile and 23 grams of carbon monoxide. But the actual figures, determined by more accurate testing procedures, are 4.6 grams of hydrocarbon and 47 grams of carbon monoxide, Middleton said. Middleton weakened the current standards 60 per cent for carbon monoxide and 10 per cent for hydrocarbons and gave auto manufacturers until 1972 to meet Lethbridge Livestock (Supplied by Canada Department of Agriculture) On offer to 11 a.m. 150 cattle. Receipts mixed quality. Cattle market moderately active. Good and choice butcher steers meeting reasonably good demand at about steady prices. Good A choice butcher heifers meeting only fair demand prices weak to 25" lower. Cows sell readily at steady rates. Bulls steady. Medium and good stacker and feeder steers' meeting good demand at firm prices. Choice steers 28.50 to 30; good 28.50 to 28.50; medium 26 to 28. Choice heifers 26.50 to 27.20; good 26 to 26.50' medium 24.50 to 25.50. Good cows 21 to 21.90; medium 20 to 21; canners and cutters 16.50 to 19.50. Good bulls 26 to 26.50. Good heavy feeder steers 28.50 to 30; good light stock steers 31 to 32.60; good feeder heifers 26.50 to 29.50. Calgary Livestock CALGARY (CP) On offer to 11 a.m.: about head, mostly slaughter cattle of mixed quality. Trade was slow. Slaughter steers and heifers were 50 to 75 cents lower for the week. Cows were steady with sales to 22.10. Bulls were steady. Choice steers 29.50 to 30.20, good 28.75 to 29.50, medium 27 to 28.50' choice heifers 27 to 27.60, good 26.25 to 27, medium 25 to 26; good cows 21.50 to 22, medium 20 to 21.25, canners and cutters 18 to 20; good bulls 26.50 to 28. Replacement cattle were fleshy steers weighing more than 750 pounds and fleshy heifers weighing more than 650 pounds. Prices were generally steady. Good feeder steers over 750 punds 28.50 to 31; good feeder heifers over 650 pounds 26.50 to 27.50. There were no stock or slaughter calves on Grain Prices Winnipeg Grain Prices WINNIPEG (CP) Barley had a heavy trade at mid-session of the Winnipeg Grain Exchange today as the Canadian Wheat Board raised prices Vi cent. There was heavy hedging pressure in flax with prices unchanged to two cents lower. There were also heavy hedge offerings in rapeseed, but prices were erratic with July futures higher and other futures off one cent. Oats and rye were having a light trade with prices steady. Volume of trade Tuesday included bushels of flax, bushels of rye and bushels of rapeseed. Prices for class two wheat for export to countries outside IGA: 1 Nor. 2. 3 4 1.5M; 1 Durum 1.WS; 2 3 4 IGA prices: 1 Nor 2 3 4 l.SM; 1 Durum 2 3 4 High Low Close Flax Jly 285% 284V4284V4 Oct 2S1 275% 275% Nov 270% 268 268 Dec 265% 262V4 262V4 May 268 266% 263% Rapeseed Jly 283 279% Nov 267V4 268 Jan 262% 259% 259% Mar 258% 256V4 256V4 May 252% Oats Jly 75% 75% 75% Oct 76% 76% 76% Dee 76% 76% 76% May 77% Barley Jly 111 110% 111 Oct 113% 113 113% Dec 113% 113% May 116% 116 116% Rye Jly 96V4 96Vs 96% Oct 100V4 100 100 Dec 101% 101% 101% May SMALL FRY A tuna may reach a length of 10 feet with a weight of 900 ACCOUNTING AND MANAGEMENT LTD. Data Processing Services 507 CANADA TRUST BLDG. TELEPHONE STOCKS i. Securities of Canada 21.75 20 Golds 148.46 olt 2.81 60.00 10 Base Met 89.56 up .11 4J 57.00 15 West Oils 130.93 up 4.38 114.25 Volume 26.62'A NEW YORK AVERAGES 30.50 30 Indus 723.71 up 12.05 20 Rails 124.60 up 1.14 31.00 15 Utilities 104.45 UP .SI IVER4GES 65 Stocks 225.47 up 2.91 .64 up 1.51 Volume German Bank Rate Cooled Off FRANKFURT (Reuters) The West German federal bank announced here a reduction 01 the bank discount rate of one-half per cent to seven per cent The reduction from the postwar high of 7.5 per cent follows the introduction of a package ol government measures to coo! off West Germany's overheated economy. In Bonn, the Bundesral (upper house of parliament) today approved these measures, which include a 10-per-cent refundable increase of income anc corporation taxes. The new discount rate is the rate at which interest will be charged by the central bank to commercial P Study S] WASHINGTON (CP) A group of six major Canadian and United1 States companies announced Wednesday it soon will launch a research project to survey the feasibility of constructing a natural gas iated from Alaska through Canada to the U.S. border. The pipeline would carry an estimated potential price tag of It would run from Prudhoe Bay on Alaska's North Slope and from the northern coast of the Northwest Territories-, to Emerson, Han., on the Minnesota Section of the U.S.-Canada border. The scheme was outlined in an announcement by the Northwest Project Study Group. LIST COMPANIES The group's member companies are: Atlantic Richfield Co., Humble Oil and Refining Co., Standard Oil Co. of Ohio, TransCanada PipeLines Ltd., Michigan Wisconsin Pipe Line Co. and Natural. Gas Pipeline Co. of America. WOULD SET KECOUD Construction of the Northwest project would give Canada the two longest gas pipelines in the Western world. TransCanada's existing mainline, system runs approximately miles from Alberta to iftr i ff n happening in Alberta FAIRS EXHIBITIONS JULY July 20-25 Lethbridge District Exhibition lethbridgs July 21-25 Red Deer Exhibition Red Deer July 23-25 Agricultural Fair Colonial Days lloydminsrer -July 23-26 Banff Indian Dayi Banff July 23-Augusf 1 Klondike Days Edmonton July 25-26 Fete au Village Legal July 1 Medicine Hat Exhibition Medicine Hal July 27-29 Agricultural Fair 'July 29-Auguit 1 Agricultural Fair Vermilion July 31-Auguil 2 lac La Biche Pow-Wow Days Lac La KEEP THIS LIST FOR HANDY REFERENCE. Prices EDMONTON (CP) Hog prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board: Edmonton Quoted 28 to 29.75, selling 28. Average Wednesday 28.47. Red Deer: Quoted 28.40 to 28.50, selling 28.50. Average Wednesday 28.01. Calgary: Quoted 28.40 to 29, selling 29. Average Wednesday 28.32. Lethbridge: Quoted 28.70. Average Wednesday 28.50. Lloydminster: No sales. Average Wednesday 28.05. Sows: None sold. Hogs sold to 11 a.m. Hogs sold yesterday average price Financial Wizard Dies DETROIT (AP) Meyer L. Prentis, described as the financial genius who held the purse strings of General Motors during its crucial years, died here on his 84th birthday following a lengthy illness. He retired in 1951 after serving for 32 years as treasurer of the w o r 1 d 's largest automobile manufacturing ALL CLASSES INSURANCE AUTO HOME BUSINESS FARM 3rd JoRSTf n Phone Aye. S. Smitty's Pancake House Franchise Available Excellent location In Marathon Development Irt City of Lethbridge to open about October, 1970. Cash required approximately Capital investment returned In approximately four years. For further information pleise or phone SMITTY'S PANCAKE HOUSES LTD. 709 8th Ave. S.W., CAIGARY, Alberta. SPECIAL! ONIY 1 0-95 1 It from S p.m. Frl. until a.m. Men. PIUS ise RENT A CAR A MllE Beny Automotive Enterprises Ltd. Contact Boris Korilrnnkov, Rep., Avis Rtnt o Car 2nd ond 8th St. S. Phon. U.S. dollar in terms of Canadian funds down 1-16 at Pound sterling down Vt at is l public seivice by LQDQTtS ALBERTA BREWERY YORK (CP) Canadian dollar up 1-64 at 96 47-M in terms of U.S. funds. Pound sterling down 1-64 at 61-64. ____ 1 ;