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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 23, 1970, Lethbridge, Alberta AKIPAIIC i ''ft, 5 i: .i'Mi' pug I .HM ll QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherty, Rwdhouse and McCuaig) LAST BID OR SALE (11 -CO im Quotes) Quotes) WESTERN OILS Kaiser RM 13.M Gr. Equity 5.35 5.17 Almlnex 4.W K.m Kolla 1.85 Or. In. Sh. 2.7! 2.99 Asamera 11.12'A L Ont Port Ctm 1.90 Inv. Anothc guage. It Implies that in order a make its concepts work, Arises and unsuitable for whltt laper, non-governmcat tax experts have not yet been afford- Problem Solvi By I. II. ASPEK. i that either the government had made an incredible error Trade P With Coi TORONTO Prices rose noderately in light mid-morn-ng trading today as the Toronto lock market entered its second gaining session. On index, industrials were up 57 to 154.73, golds .27 to 152.60 md western oils 1.32 to 138.23. Jase metals lost .09 to 91.02. Volume by 11 a.m. was hares, compared with be same time Wednesday. Gams outnumbered losses Up afidence to 50 with 153 issues unchanged. Largest advances were in beverage ajxl pipeline sectors. International Utilities was up to Noranda to 27, Alberta Gas Trunk to Consumers' Gas Vt to 16, Walker-Gooderham to 41% and Aqui-taine to Banff was up 25 cents to Ranger 30 cents to and Alcan Va to 21'A. MOVE AHEAD Prices moved ahead in all sectors on busy trading on the Montreal stock market, today. Provincial Bank of Canada rose to 10 following an announcement it will merge with the People's Bank Aug. 3. Shareholders of Provincial Bank will receive one share of the new bank for each share previously held. The merged banks will retain the name Provincial Bank of Canada. Among other banks, Banque Canadienne Nationale rose 'A to 12, Bank of Montreal VB to 15% and Royal Bank to In senior oils, Aquitaine rose Vi to 9% while up Va were Pacific' Petroleum at 22V4, Imperial Oil at 16% and Husky Oil at 8V4 Shell Canada was off Va at International Utilities was up 1% to Noranda to 27 V4, Domtar at 13 and Bell Canada 'A at Hudson's Bay Co. slipped VB to On index, papers were up .732 to 81.73, banks .59 at 156.77, the composite .40 at 151.76, utilities .32 at 126.41 and industrials .39 at 155.99. CUTS GAINS The New York stock market gave up some of its early gains today in moderate trading. At noon, the Dow Jones average of 30 industrial stocks was ahead 2.95 to 727.62, after being up as much as 5% points at one time. The Associated Press 60-stock average was up 1.8 at noon to 243.7. Distillers Seagrams was up and Alcan Va among Canadian issues. Hudson Bay Mining picked up and Granby Mining Massey was off Vs and Walker Gooderham dropped Brascan was up Vs on the American exchange and Canadian Javelin added Vi. Scurry Rainbow picked up Vs while Preston dropped Pacific Pel'e" 21JS Myt. Ace. J.m 4.62 Cdn Ex Gel 3.30 Rank Org My. Gr. 3.6S 4.03 Cdn Grlgol 6.30 Selk Hold 11.50 {Jut- In J'J JJJ Cdn Homisld 5.90 28.00 IM 167 CMeftan 1.35 Yuk USD its the capital, regarding the next steps in the tax reform irogram, deserve attention. The first bulletin confirmed that the government has revised its timetable for implementing whatever tax restruc-uring it finally accepts. When the tax white paper was tabled in November, 1969, Ottawa indicated ttie public would be given until spring, 1970 to make its submissions, then the parliamentary committees would report this summer following which the cabinet would consider their reports and introduce, legislation n the fall to go into effect at the beginning of 1871. A tight .timetable indeed! So tight in fact, ft gave rise, with some justification, to the proposals, or worse, the leg-slau'on had been prepared in dvance in the expectation that nothing the public might have o say would influence the tax aw changes. To his credit, Finance Minis-er Benson has always said liat there was nothing magic bout the January, 1971 head-ine, being careful to explain hat this was only a target, and a flexible one at that. Nevertheless, until last week he suspicion prevailed that hese assurances were only camouflage and that the gov-rnment intended to use par-iamentary majority to ram hrough the tax renovations early in 1971 in the hope that )y election time 1972, the issue would be forgotten. Non-partisan participants in he dialogue were understandably relieved a few days ago when finance officials announced that the 1971 implementation date had now been Instead, the government expects to receive the reports of the parliamentary committees by late fall, consider them for several months while new legislation is drafted, introduce the tax bill in late spring or summer of 1971, conduct parliamentary debate hrough fall and winter, with he new laws taking effect January 1, 1972. The revised timetable is realistic. It reflects well on the government's appreciation of he depth of interest Canadians lave developed in this reform, recognizing that its social and economic implications far outweigh the tax effect. The deferral also authenticates Mr. Benson's assurances against railroading. The extra time should guarantee that there will be ample and sympathetic consideration given to those critics who have contributed valuable time in accepting the Government's invitation to discourse. LESS FORTUNATE The second Ottawa disclosure is less fortunate. When ;he deferral was revealed, government officials also let it be known that once the new legislation was introduced, i would go through Parliament as though it were regular tax law, without being referred again to committee. Thus while it is acceptable that separate commons and senate committees spent a year considering the conceptual aspec of the plan, they will be denied the opportunity to study the special law itself in order to assess how well it carries ou its intended effect. If that interpretation of the report is accurate, the government may well be on its way to committing a monument! error. It's quite true that as a rule tax legislation does not go through open committees where witnesses may be heard But this is not mere tax leg islation it is a new fisca package which, unlike minor improvements in the law o changes in tax rates, prom ises to have a significant per manent effect on all forms o financial activity in Canada The white paper is purposefully drafted in loose, ambig uous and often vague made in the" law. Since the u n i d e n 1 1 fled liangcs are not spelled out, ut, they have had no public ttention. Surely the public tiould be entitled to make representations on those aspects when the legislative specifics are revealed. There will be wide scope for ew comment. In all of the over tax reform there has >een no discussion on the spe-ific means by which the government intends to implement :s ideas. Since the means and echniques haven't been dis-losed because they would necessarily be highly an opportunity to make the mportant contribution of which they are eminently making certain that the aw is well drafted, leaves no oopholes, creates no traps, is clear, unambiguous and workable. They can only do so once specific legislation is introduced. The bill will be lengthy and highly technical. This would not be the first time that Parliament and the public a plan in principle, but vhat com'es out in legislation is something else. To deny the )ublic the benefit of submissions and appearances before committees of Parliament by tax professionals commenting on the reform bill itself would je tantamount to insulating the government from those who mow more about the subject han it does itself. PUBLIC HEARINGS There are many other reasons that dictate the necessity of referring the legislation to public hearings, even apart from the fact that this is specifically what the Carter Commission urged. One such reason is that there are recurring rumors to the effect that the actual law will contain many major items that can't be readily discerned from the white paper itself. Should that be true, and these changes ere carried into law, then the credibility and integrity of the entire white paper process would be tarnished something that neither Mr. Trudeau nor Mr. Benson would relish. Admittedly, public hearings on the specific legislation should not simply be a rehash of the white paper (as eventually amended) controversy. This could readily be avoided, if when the legislation is ready for public hearings, strict terms of reference and subject limitation are imposed on participants. They could be required to confine their submissions to matters which were not clearly raised in the white paper, or to the means by which the objectives are being accomplished, or to the technical imperfections in the proposed law. For the government to do less would please only the opposition parties who would then have been handed a modern photocopy of the 1956 pioe-line issue abuse of Parlia- PttG 48.00 CALOAHY Uni.S.vlnoV 5.76 Dynamic Pete 1.13 A 77 VANCOUVER French Pele 5.05 Jna .07 ZO Sin Arctic Mining .30 Mill City 1.30 N rth Cont M14 Atlas Ex 1.11 New Cont .89 .2! Beth Copper 12.75 Numac 5.00 Warner .37 Bornlte Ridge .35 Leduc Calmar .M Block Br 3.00 Petrol 1.02 17 Brenda Pinnacle .70 B. C. Sugar 14.00 Place Gas 1.07 RfixHaie 10 Cap Inter 3.00 Ponder 44 Churchill Cop 3.25 Ranger 8.80 PIPELINB Croyden tU Scurry Rain 14.00 Alta. Gas Tr. A 41.87'A Dolly Varden .37 Soooner 1.28 Alta. Gas Tr. 70.00 Dynasty 6.70 West Decalla 4.10 In Nat. Gas 9.00 Endako 13.00 MISCELLANEOUS Nor and Cent 11.50 Ft. Reliance .49 INDUSTRIALS Nor. and Cent. B 25.00 Giant Mascot 19.50 Trans, Can. P 28.00 Key Ind This year's cherry crop In he Okanagan Valley was the lest in four years with a box or pound yield, Ed Conville, head of iritish Columbia Tree Fruits Ltd., said at Kelowna. B.C. Mr. Conville said he also an-icipates good crops of apricots, peaches, pears and ilums. Last year there was no ammercial crop of soft fruit. TURN DOWN BID Directors of United Bata Resources Ltd. announced at Calgary that they have personally decided not to accept a takeover offer from Canadian Industrial Gas and Oil Ltd. President A. A. W. Kryczka said a circular explaining the directors' position will be forwarded to shareholders as soon as possible. He said United Bata also does not intend to proceed with an amalgamation with Planet Oil and Mineral Corp. (f K Thomas Nationwide Transport Ltd. of Australia has purchased, for cash, Gill tnterprovinical Lines Ltd., a major Vancouver-based trucking company. Guy F. Atkinson Co. of south San Francisco has announced the purchase of the Commonwealth Construction Co. of Vancouver and Calgary. Polychemical Industries Ltd. of Edmonton is negotiating on possible sale to Dart Industries Inc., a major United States firm with net sales in 1969 ol more than Brew A Ptd 58.50 Trans Can. P. A 55.00 -Brew. 4.10 Cdn Hydro Car. 13.50 Trans. Can. P. W 12.00 Jericho 08'A Cdn Pac In Pld. 21.00 Trans. Pr. Pipe Kam. Copper .10 CPR Pld 8.25 West. Trans ...17.75 Kara Copper .18 Cyonus A 4.50 West. Pacific 4.10 Lornex 6.70 Cygnus B 4.25 MUTUAL FUHDS Lytton Mln. 2.18 Gt Cdn Oil 5 3.85 A.G.F. Spec. 2.03 Madrona 33 Gt Cdn Oil S 6-75 100.00 All Cdn. Com 6.0S S.65 New Cronln .07 Home A AH Cdn. Dlvl 7.10 7.74 New Imp M. 1.66 Home B 15.00 AH Cdn. Vent 3.05 3.37 North Star Cop .55 Hud Bay Co 13.25 Am. Gr. Fd. 4.15 4.54 Pyramid 2SVi Hud Bay Oil 34.25 Can. Gr. 4.47 J.13 Silver Stan. Grain Prices Winnipeg Grain Prices WINNIPEG (CP) Traders ontinued to abandon July and uy the deferred fu-ures at mid-session of the Vinnipeg Grain Exchange to-ay. With the July flax and rape-eed being delivered through IB clearing houses, traders tere reluctant to deal in that nonth, leaving flax one cent ower and rapeseed unchanged. Deferred months were all ligher with the exception of Hay rapeseed which had no rade. Oats, barley and rye were airly quiet with the occasional rder being filled immediately. The volume of trade Wednes-iay included bushels of lax, of rye and of rapeseed. Prices for class two wheat tor export to countries outside IGA: 1 Nor 2 3 161V4; 4 1 Durum L70J4; 2 3 1.57Y4; 4 IGA prices: 1 Nor 2 3 1.61V4; 4 1 Durum 2 1.6714; 3 1.57y4; 4 High Low Close Flax Jly 280 278% 278% Oct 270V2 270% Nov 265 263% 263% 3ec 2C1 260% 260% May 265 264 Rapeseeil Jly 282% 280% 282V4 NOV 272% 272V4 Jan 269 264% 269 Mar 265% 265% May 258% Oats Jly 75% Oct 76% Dec 76% May 77% Barley Jly Lethbridge livestock (Supplied by Canada Department of Agriculture) On offer to 11 a.m. 150 cattle. Receipts mostly choice butcher steers and heifers. Cattle market active. Good and choice butcher steers meeting good demand at steady to strong prices. Good and choice butcher heifers 50 cents or more higher. All classes of cows sell readily at firm rates. Bulls steady. Medium and good heavy feeder steers meeting good demand at strong prices. Choice steers 29.50 to 29.90; good 28.25 to 29.25; medium 26 to 28. Choice heifers 27 to 27.50; good 26 to 26.75; medium 25 to 26. Good cows 21 to 21.60; medium 20 to 20.75 canners and cutters 16 to 19. Good heavy feeder steers (over 830 IDS.) 29 to 30.50; medium 27 to 28.50. Good feeder heifers 26 to 28.50. Butcher hogs sold Thursday f.o.b. Lethbridge 28.10 to 28.25 base price. Calgary Livestock CALGARY (CP) On offer to 11 a.m., about head; mostly slaughter steers and heifers of mixed quality. Trade was active. Slaughter cattle sold at steady prices. Choice slaughter steers 29.50 to 30.20, good 28.75 to 29.50, medium 27 to 28.80. Chocie heifers 27.25 to 27.70, good 26.25 to 27, medium 25 to 26. Good cows 21.50 to 22.10, medium 20.25 to 21.25, canners and cutters 18 to 20. Good bulls 26.50 to 27.50. Replacement cattle were practically all fleshy steers and heifers selling at steady prices Good feeder steers weighing more than 750 pounds 29 to 31 Good feeder heifers 26.50 to 28.40. No stock calves were offered Good veal calves 46 to 50. Hogs base price 27.85 to Oil 8.25 Coll. Mutual 4.875.35 Texmont 50 Husky Oil War 2.30 Corp. Inv. 4.445.09 Trojan .51 In Prov Pine 8.90 Comm. Inter 10.84 11.88 west. Mines i.m Inll Ulil Ptd 25.00 Cbmm. Lev. 2.66 2.92 Res 30 inter Pipe 5.75 Corp.f Exp. MINES, INDUSTRIALS Supplied by Richardson Securities of Canada LAST BID OR SALE a.m. Quotes) a.m. Quotes) a.m. Quotas) INDUSTRIALS Molsons fl 13.1216 Frobex J3 .blliDI 750 Norlh, Cent 11.50 Marltimes 1.11 Pemhina Pp 18.00 ,m Alcan 51.12'A Povver corp 6.00 Giant Y.K 8.00 Alooma Steel 12.50 Price Co 7.37V5 Gortdrum 3.30 Atco Ind 1050 Rothmans 9.0JI Gunna- Sugar 5.75 sjmpson's 14.75 Headway R.L 10.50 Bell Tel simp sears 19.37VS Holllnger 29.25 Brazil Trac 13.6214 steel of Can 21.37'A Hud. Bay M-S 21.63'A B.C. Tel 59.00 Selkirk A 11.00 Hydra Ex 20 Burns 7.B7V3 Texaco 21.50 Hiohland Bell 2.85 B.C. Forest 22.50 Sp A 8.75 Iron Bay 2.50 B.C." Sugar 15.75 -rrans Pp 16.00 [so 1.50 CAE Ind 4.00 Tr4ns Can pp JMel Quebec .54 Cdn Brew 6.75 Gas 13.00 Kerr Addisor. 10.521A Chemcell 4.75 union Oil 31.50 Key Anacort .40 Col Cellulose 5.00 Versatile Mtg 2.85 Labrador 28.63V3 Cal Power 20.50 9.JS Uake shore 3.35 Coron Credit union Car Leltch 1.60 CWN Gas 9.75 Weston's B 21.50 Langis Sliver .04 Cdn Indus! 8.25 woodward's A Macassa 1.30 Canada 55.. 20.50 West Cdn Sd 2.10 Madsen R.L 81 Cdn Marconi 3.25 Zenllh Eelc 1.25 Malartlc G.F. .75 Cdn Vlckers 6.25 BANKS Martin MctJeely. 10.00 Chrysler 20.50 _ Maybrun MOO Montreal 15.25 Mar.lntyre 157.50 Comlnco 20.00 Nova cons Bath 11.25 ,JoyaI 50 Midrlm !6 D ts a Tor-Dom 18-00 Intern Mogul 10.50 Dom Bridge UMVi _ w New .17 SSI5 T.vtii.' 10 Advocate Asb. 1.95 New Imperial 1.69 Stores ISJO Akaltcho 39 1575 Brunswfck PC. Exp. .72 iS Hiram Walk" 41 '37'A Central Pat. 2.20 Radlore .JO imperial Oil I! 16.62'A Chimo 1.21 Rio Algom 18.25 Imperial Tob 13.50 Conwest 9.30 Roman Corp. 7.00 Int Nickel 40.12V4 Cons. Rambler .85 SIlVMflBlds 2.20 Int Pipe 21.87'A Coin Lake 14 Sherrltt Gordon !rv Go A 635 Cochenour- 42 Silver Miller .08 Int Utilities sallS Craigmont ..._. 11.00 Rock, 3.M Kelly Doug A'.'- Peer Horn .07 Texmont .48 inch 535 D'EIdona 1.02 upper Canada 6.00 Dome Mines 55.50 Western Mines 4.30 Metro Stores 16.50 Donalda 29 Wright Har. 1.51 NEW YORK STOCKS Supplied by Richardson. Securities of Canada Amer. T and T 44.62VS Mont. Ward 20 Golds 152.60 Ananconda 23-75 Bth. Steel 22.25 Tex'a5 Gulf 113.62'A 1.53 Chrysler 2000 Texas Co 29.62'A Volume eSS 37.00 Woolworlh New York Averages Dupont 111.87VS West. E-ec. 30 Ind 737 62 up 2.95 Gen. Motors 66.50 U.S. Steel 30.50 20 Rails 130.63 up ?nl" Harvester" TORONTO AVERASES 65 Sto'ckseS228.93 Kenn. Copper 20 Ind. 155.07 up .91 Volume Futures WINNIPEG (CP) The Mari-tsmes potato futures market continued inactive today. Open Close Tue Nov. 2.30N 2.30N Mar. 2.57N 2.57N Apr. 2.70A And to add irony to invective, the government, now generally commended for promoting open government through the white paper process, would be soundly and properly criticized for aborting its own baby. (Mr. Asper is a Winnipeg lawyer) DIES SYDNEY (AP) Australian author George Johnston, 58, died at his home late Tuesday night. A former newspaper man's best known works include his autobiographical, My Brother Jack and, Clean Straw for Oct 113 112% 113 Dec 112% May 116 Rye Jly 98 96 97% Oct 101% 99% 100% Dec 102% May Pancake House Franchise Available Excellent location in Marathon Development in City of Lethbridge to be open about October, 1970. Cash required approximately Capital investment returned in approximately four years. For further information please write or phont SMITTY'S PANCAKE HOUSES LTD. 709 8th Ave. S.W., CALGARY, Alberto. 263-5683 COMPUTER ACCOUNTING AND MANAGEMENT LTD. Data Processing Services 507 CANADA TRUST BLDG. TELEPHONE Futures WINNIPEG (CP) A few Open Close Tue. trades were executed on the jj gl 25 31.05 31.30 Winnipeg live beef futures J' 297529652970 market Wednesday at prices lower than previous close Nov. -B.WH levels. Jan. 29.00 CLASSES INSURANCE AUTO HOME BUSINESS Adams SILVER 111 FIZZ m LONDON DRY GIN ;reat- tasting distilled remember ;