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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 3, 1970, Lethbridge, Alberta a THE IEIHORIDGE HERAtD Wotlnuiday, Juno 3, 1970------- SONNY AND a four-year-old bay gelding who was sluck on fhe second story of his Barn for a week after climbing a staircase In search of more food Is watched over by: (from left) Cheryl Burr, 9, JLsa Gallaty, 6, and Paulette Gallaty, 8 of Pontiac, Monday a veterinarian gaye the animal a sedative and he was low- ered down a makeshift ramp mada from hay bales. Federal Tax Will Hurt Oil I OTTAWA (CP) The maj oil companies operating in Can ada told the Commons finan committee Tuesday that go teroment tax proposals coul spoil an otherwise rosy futur tor the petroleum industry. The Canadian Petroleum sociation said its potential ma kat in the United States is "in creasing but taj change plans would reduce centives to explore and grow. Pat M a h o n e y South) asked why the industry needs Incentives other than th great demand it is forecasting. A. H. Nielsen, CPA presiden said tax incentives are neede because petroleum developmeu is a high-risk development an the risks are getting greater with exploration off shore an ia the Arctic. He cited statistics to shov that only about one of 20 wel drilled in two decades foun fields of more than barrels of oil. In the Arctic, costs of drlllin well were four or five times as great as in the Edmonton area. In exploration, cost of geophysical crew would be about a month in th Arctic, compared with abou in the Edmonton area. INCENTIVES IN U.S. Further', be said, producers in the U.S. have incentives throng; depletion allowances greate than In Canada. The tax gap would widen if the governmen proposals were instituted. Mr. Mahoney said the CPA had emphasized the growing U.S. need for oil imports in the coming decade because r widening gap between demand and domestic supply. "If the oil ain't there, but here, what difference does 1 make what the U.S. depletion allowances Frank Mflir, chairman of the CPA tax committee, said Can- ada might miss out on the grow- ing U.S. market without incen- tives. Asked by Mr, Mahoney what other sources could fill the U.S. gap, Mr. Mair suggested Vene- zuela, the Pacific area, perhaps Australia. Mr. Mahoney observed that In Venezuela the effective tax on oil production is about 68 per cent. WILL TTAVE TO EXPAND Mr. Xelson said the Canadian oil and gas industries will have to expand to cash in on a U.S. gap between demand and do- mestic supply that amounts to a deficit of more than barre's this year and is ex- pected to doublo or triple bv 1880. He said tho reserves offshore and in tho Arctic will have to be cploited at higher investment costs to meet U.S. demand, be- eauso "wo do not think tho Al- berta tarsands are going to competitive in the coming dec ade." The testimony contrasted with evidence before the committee last week from Syncrude Can ada Ltd, that vast reserves in tha Alberta oilsands would be marginally viable for exploita- tion by the tax climate is right. CPA said it agrees with the aim of fairness in taxation sel in the government's tax white paper, but opposes the methods planned to achieve the aim. "A tax system for Canada should provide for the develop- ment of the nation rather than redistribution of opment of our country's re- sources will provide more social benefits." It said Canada is not ready for a capital gams tax. OPPOSE PROPOSALS Specifically, the CPA zeroed in on depletion deductions allowed oil and min- ing companies for disappear- ance of their resource as they mine both to the present and proposed systems. The present system desig- nates one-third of production profits tax free, under the pro- posed system, depletion allow- ances would be granted on pro- duction profits only if earned by of tax-free al- owance for every spent on exploration. The CPA proposed instead hat allowances should be either 20 per cent of gross ore deduction of production cx- penses-or a rate of allow- ance for every spent on ex- >Ioration. Further, it said eligible explo- ation costs to be considered hould be broadened to include of mineral rights and in- estment in plant on the well or mining site. The CPA urged abandonment several other government r o p o s a 1 s including one dividends from compa- ies would be fully taxes as per- >nal income, with credit to the hareholder for half the tax ac- ually paid by widely-held com- anies. Alberta Tops Billion Dollar Mark [ineral Production CALGARY (CP) Mining in Canada has come a long way since the early 18th century when "bog iron" was mined in the St. Maurice River region of Quebec and used for making pols, stoves and plows. The Mining Association of Cmada's latest figures show the nation's mineral production in 1968 was worth as Alberta became the second province to top the billioinlollar mark. Crude petroleum and natural gas boosted Alberta's 1968 min- eral output to sec- ond only to Ontario which reached the billion-dollar pla- teau in 1067. Canada exported worth of minerals in 1968 as it old First Show TORONTO (CP) Antique collectors can buy a piece of liistory at the first Canadian Antique Dealers Association show which opened Monday. Thirty-two dealers have decorated their booths with Canadian and European an- tiques made before 18G7. For sale at is an or- nate chunk of silver weighing Study On Allstate .aints TORONTO (CP) Financial' Affairs Minister Bert Lawrence old the Ontario legislature Tuesday that his department is itudying complaints about All- state Insurance Co. of Canada. He said a "handful at least" of complaints have been re- ceived, "but I don't know if inough evidence exists to hold 'ublie hearings." Dr. Morton Shulman (NDP Toronto High Park) has de- manded public hearings to de- ermine whether the company is meeting government regula- tions. Dr. Shulman cited an article n Consumer Reports magazine laying the company had given 'less than satisfactory service." A spokesman for Allstate of Canada, Charles Holman, said an interview Monday night that the survey broad nough to be meaningful. 20 pounds which was presented in 1824 by the Hud- sen's Bay Co. to its governor J. H. Peily. Another booth offers a look back at centuries of Chinese art from archaic jade carv- ings to intricate snuff bottles that charmed the senses of mandarins. A ceramic 16th century Ming lion costs and a Sung vase, dating from the 13th century will sell for Canadiana in the show in- cludes a mammoth burl maple bowl from the Ottawa Valley. It costs T w o French-Canadian weather-vanes are on offer- one of wood and metal at French-Canadian church carvings are being sold as wall-hangings and a carved post from a hearse Is selling as a lamp. A surgeon's campaign chest, used in the Crimean War, will sell for A percentage of profits from tha sale will go to the Na- tional Ballet School's scholar- ship fund. became the nation with the highest pcr-capita mineral out- status apparently achieved by accident. The mining association says tho country's position as the world's leading nickel producer goes back to 11183 when blasting operations by Canadian Pacific Railway exposed evidence of mineral wealth in tiro Sudbury basin of Northern Ontario. 1NCO FOUNDED The nickel in an extensive copper ore body wa'i a nuisance until 1892 when research re- sulted in a nickei-copper separa- tion process and The Interna- tional Nickel Co. of Canada Ltd. was founded. In British Columbia, the Bar- kersville gold rush led to discov- eries of lead, rinc and silver in the K o o t e n a y region where Cominco Ltd. now has a large project at Trail. Interest in the Yukon erupted in 183G when George Washington Carmack, taking a tip from a friend, touched off the Klondike gold rush with the discovery of a few flakes of gold in Bonanza Creek. Noah and Henry Timmins fi- nanced one of the first silver mines at Cobalt, Ont., and used some of the profits to join the Porcupine gold rush in 1909. Their property became Hollin- ger Consolidated Gold Mines Ltd. and a townsite was named after them. Henry's son Jules used Hollinger capital to stimu- late iron ore development in Quebec and Labrador in the 1940s. The lure of gold brought de- velopers into northwestern Quebec. Noranda Mines Ltd. was formed through the efforts of such men as Toronto lawyer James Y. Murdoch and Nova Scotia-born prospector Edmund Henry Home who first looked for gold before finding copper. Brothers Gilbert and Charles MOUNTAIN FILING CABINET. Two brothers have tackled a mountain in the Rockies. Not to climb It but to turn It into and underground itoraga vault. Weekend Magazine this large and expensive hole In thtt ground that may wind UD with all our valuable documents. IN YOUR LETHBRIDGE HERALD WEEKEND LnBino introduced Canada to radium and uranium. They found the original Eldorado de- posit in 1930 at Echo Bay at the eastern end of Great Bear Lake in the Northwest Territories. Tho economic impact of min- ing is widespread. Newfoundland reaps1 benefits from one of the world's largest iron ore Ore Co. of Canada in Labrador. Northern New Brunswick has been stimulated by lead-zinc mine.'! and Brunswick Mining and Smelting Corp. Ltd. at Bathurst. Development of Mattagaml Lakes Mines Ltd. led to the first zinc reduction plant in Eastern Canada at Valleyiield, Quo, Manitoba became an impor- tant nickel producer with its de- velopment at Lynn Lake by Sherritt Gordon Mines Ltd. and International Nickel's project at Thompson. NEW MINES OPEN Potash has become a major factor in the Saskatchewan economy. Seven mines were opened between 1962 and 1368, starting with International Min- erals and Chemical Corp. (Can- ada) Ltd. near Esterhazy. In the north, production spurted in the 1960s with the opening of Pine Point on Great Slave Lake. Tho Yukon benefits from a copper mine run by New Imperial Mines Ltd, and an hostos ir.hie run by Casslar As- bestos Ltd. Canada now is the world's leading producer of' nickel, zina and silver and second in ura- nium, molybdenum, asbestos, sulphur, potash, titanium, gyp- sum, selenium and tellurium. It is exceeded in total production only by tho U.S. and Russia. The U.S. is Canada's biggest mineral customer, taking 59.4 per cent of production in 1968, but Japan ranks as Canada's fastest growing mineral market. About 24.8 per cent of Can- ada's industrial labor force is directly or indirectly dependent on the mining industry, with more than persons di- rectly employed in exploration, extractive operations, smelting, refining and other related min- ing activities. Ask About Tha NEW INVISIBLE MULTIFOCAL LENS WiULTILUX) NOTICE TO USERS OF CITY GARBAGE DISPOSAL SERVICE The two-week strike against the City which ended May 24 caused a disruption In the City't normal garbage pick-up service. Users of the servlco will receiva adjustments on their next regular two-month utilities bill. Instead of being charged for two months of garbags collection they will be billed for Vh months of service. Residential users will be charged Instead of the normal and commercial will receive similar adjustments. T. I. FERGUSON, City Manager. )iefenbaker no Visit Japan OTTAWA (CP) Former onservativo prime minister ohn Diefenbaket- leaves here ednesday for a two-week visit Taiwan and Japan, Mr. Diefenbaker is making TO trip at tho invitation of tho governments concerned. Ho will bo in Taiwan from UEO 5 to n, and then attend tpo '70 in Osaka until .lime 13 icn bo will go on to Tokyo He turns to Ottawa June 17 Ilinswarth's DRESS STOCK! Suede and Leather Coats Smart suedei and luxury leather socrtj. popular wllh gals "In the Faultlessly crafted in a var-g lety of styles and Sizes 7 lo 15 ORIGINALLY PANT SUITS Regular and Novelty Pan! Suiti in a variety of styles and colon. Ordinarily to ONLY....... 12 SI 0.99 JUMP SUITS The famous Jumpsuit. Now In dispose! cloaranee. Ordinarily to ONLY .m...... SPORTSWEAR STOCK! DRESSES Knits and Wcols Crepes Polyesterj Sizes 7-15 Ordinarily to IMAGINE....... All wcqfher conis Including tha famous "driizlor: TOW on a disposal prise. Ordinarily To ONLY HUNDREDS of DRESSES Our Spring Stock on our disposal. Ordinarily to IMAGINE C.99 15 CRIMP PANTS PONCHOS BATHING SUITS NOW ON DISPOSAl S7.99 7 A marvoloui collection of dresses, including stylet for afternoon and faucinais wear. Ordinarily To IMAGINE....... ACRYLIC CARDIGANS JEANS BLOUSES NOW ON DISPOSAL InswarthTs DOWNTOWN COLLEGE MALL ;