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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 11, 1970, Lethbridge, Alberta Jhimday, Junr 11, 197n THE UTHBRIDGt HERALD Light Trading At Toronto Grain Prices MISCELLANEOUS QUOTATIONS Many Problems Created _ I Currency Revalued TORONTO (CPI The To-! On the American Mock Ex- mixed change, Jupiter Corp. fell "j and Scurry-Rainbow and dian Javelin each rcnto stock market was i l.o fractionally lower in light mid-morning trading today. On index, industrials were down .30 to and. western oils .22 to 133.04. Golds were up .i to 153.20 and base metals .08 to 90.84. Volume by 11 a.m. was j shares, compared with j 29Q.GOQ at the s a m e time j Wednesday. Losses outnuinhered gains ICO I to 68 with 131 issues unchanged, i Volume Wednesday was the! lowest cf the year. Largest declines today were j in bank, chemical and real es- tate sectors. LIVESTOCK Lethbridge Livestock (Supplied by Canada Department ol Agriculture) On ctfer to U a.m. 120 cattle. Receipts about evenly di- between slaughter and replacement Trade ac- tive. Good and chuice butcher; Has .steers meeting reasonably good Jiy The only sector to past a i demand at steady prices. Good j Oct large gain" was food processing, j End choice butcher heifers fully i Mn' Among losing issues. Hud- j steady under good demand. Me-1 uec sun's Bay Oil and Gas was [dium and good cows weak to oO Kappscerl down to 34'.i. Home A -'a to lower. Medium and good re- Jiy 14% and Cominco to 22'Y placement cattle meeting very i Nov good demand at strong prices, j Jnn Choice steers 30.25 to 31: Mar good 29.25 to 30; medium 27 to' oats 23. i Jiy Choice heifers 27.50 to 28.10; I Qct good 26.50 to 27.50: medium 25 Dec to 26. Good cows 21.50 10 22.50: me-1 ?dl dium 20 to 21; canners and cut- the Canadian nients and account: the profit on foreign ex- I the law arising out of the for- change will he treated as ordin- eign exchange profits and ary income and the loss as do- 1 losses incurred Canadian' duclibie expense. Where a taxpayer result .rf .the current has bor- i change in value of the national rowed money repayable in for- currency. 17.00 15.00 3.50 7.00 it' payment was Insert on (he eign currency, then regardless) foreign currency's value al the of the use to which the borrow- j time the goods were sold. ed money is put. any gain j Resolving the business dis- arising from changes in foreign t (Mr. Asper lawver.) Winnipec currency exchange rates not be taxable nor will any loss j war 2.10 1300 3? CO 3000 8.75 2.30 Trns C Pipe War 6.50 Westeesst Trans 16.00 Western Pacific 4.10 MUTUAL FUNDS AGF Special 2-09 2.15 All Cdn Corn 5.9? 6.53 Madrons Ail Cdn Div 6.95 6.76 New Cronin All Cdn Vent 3.1 Primer Amer Grow Fd Silver Standard Canada Grow A.7Q 5.76 T.C. lixplor Cdn Invest Fd 3.94 Trojan..... Collect Mut 4.98 5.46 West Mines Cmnwllh Int .10.87 11.91 Wesicossl Res Cmnwllh Lev 2.68 5-95 Utica putes that fellow the current Canadian dollar revaluation will generally depend upon the] be deductible. specific terms of the agree-! One other tax issue becomes menls or customs of the trade; important particularly since which govern the transaction I Canada will have a floating, t j involved variable excharge rate. This UK Albena uog M a r i, ei i n [and complex tax ramifications. ing of determining whet her _ or When Finance Minister Benson j not one has made a foreign freed the Canadian dollar from i exchange profit Hog Prices EDMONTON" (CPi Price- to 11 a.m. today provided by loss. For i 28.83. Board: Etmonton: Quoted and sell- ing Wednesday's average its pegged 92.5 cent rate of con- example, one buys goods cue U.S. dollars, the day. incurring a debt to pay. but Canadian money doesn't pay it for several Good light stock steers 32 to Del 33.50. Dec Good stock steer calves 38 to 40.25. Good stock heifer calves :i2 to 34. Butcher hues sold Wednesday f.o.b. Lethbridge 28.40 base price. Sows dressed weight 21.10. 109'j llO'.i lOliis 108 1U91- 110'j llOla llOVi TORONTO MINES, INDUSTRIALS Supplied by Richardson Securities of Canada LAST BID OH SALE a.m. Quoies) s.m. Guotesi version to value of moved tip U.S. As 'a Major bas Near Calgaj-y Discovery a.m. INDUSTRIALS Abititii Alcan Alqcma Steel Aico Ind Allan Sugar Bell Tel Brazil Trac B.C. Tel Burns B.C. Forest B.C. Supar CAE Ind Cdn Brew CfiemceK Col Cellulcse Cal Power Coron Credit 1 CWN Gas Cdn Indust (CO 17.00 Traders Gp A .i.15 Trans AAtn Pp 6.37V2 Trans Can Pp 5.12'3 Union Gas 5 15V, Union Oil Versatile Mtg CALGARY Central- Dam st Calgary Livestock CALGARY (CP) On offer to 11 a.m.: about 1.025 head, mostly slaughter cattle of mix-; Del Rio Oils Ltd. has announced ed quality. Trade was active with a good local and out of province de- mand. Slaughter steers were steady with sales to 31.30. Heif- ers1 were steady with1 light- weight fed yearling heifers sell- ing stronger about 25 cents be- low heavy heifer prices. Cows were fully steady with sales to 23.50. Bulls were steady. Choice steers 30.25 to 31.20, good 29 to 30, medium 27.50 to 2fl.50; choice heifers 28 to 28.50, good 26.25 to 27.75, medium 25.50 to 26.50; good cows 22 to 23, medium 20.75 to 21.75. can- ners and cutters 18.50 to 20.50: good bulls 25 to 27. Replacement cattle were in short supply, being mainly fleshy two way steers selling steady. Good feeder steers over 700 pounds 30 to 31.50; good stock and feeder cows 21 to 24. s s Cdn Marconi Cdn Vickers Chrvsier CPR Ccns Bath Ccns Gas Dir-t Sea Dom Bridoe Oomiar Dom 10.00 ".00 20.50 major gas discovery at North Bragg Creek, 30 miles west of Calgary. Tlie company said Wednes- day the well, producing from about 12.000 feet, has recently been completed in several zones and "tests indicate an absolute open How in excess of cubic feet of gas a day." Central-Del Rio said Ihe well is expected "to go on .s..eam" Aug. I, through the existing west jumping pound gas plant, partly owned by Central's sub- sidiary Canadian Pacific Oil and Gas Ltd. The company also said its Ukalta Field. 50 miles north- east of Edmonton, will start production Nov. 1 under con- tract to Trans-Canada Pipe Lines Ltd. Tlie gas field, at a depth of Dome Pete Fsm Play Fd oi Amer Gf Con Oil Ger. Motors Gt Lakes Pap Gulf Oil Cda Hawker Sid Union Car Vision's B V.'ccflWBrd's A Wed Ccin Sd 25 Zenith Elec 21.00 BANKS 32 65'a Montreal 13.00 Nova Scolie Royal J5.CO Tor-Dom MINES 13.37''s Acme ".S7'-'2 Advocate Asb. Area Mines 11.37'-2 17.50 6.50 8.25 9.55 13.00 30.25 11.00 n.-o 20.75 'elcher Iror Hu Erie Hiram Walk Imperial Oil Imperial Tob Int Nickel Int Pipe Inv Gp A int Utilities indust Accept Laurentide Loeh Lobfaw A Mstro Slcres Massey Fera McMillan Bice Moore Corp Molson's Wiolson's 6 17.25 14.B7'.V 1.90 15 41.25 16.00 13.25 6.25 17.50 10.25 23.53 29.75 12.00 13.CO Slack Bay Bralorne Bro'jlan Bethlehem FroKex Firs! Maritime: Giant Y..K Gcrtdrum G'jnnar Granduc Headway R.L. Holllnger Hud. "Gay M-S Hydro Ex. Bell Iron Sav Joliet Quebec Kerr Addison Key Anacon Labrador Lake Short Leiich Longi: Silver Matisen R.L. Maiariic G.F. Martin McNeelv AAaybrun Maclntyre Meta Midrim Iniern N'cgul N'iv; Athona New Calumet New Imperial Narancla Norincitiie Cpemiska Ocisko Paiino Pint 1 ?5 E.50 mouths later. The question is whether (he loss or gain should be calculated only when the debt is paid, or al seme other date, since the exchange profit or loss fluctuates daily. The courts have resolved the issue by ruling (hat where a taxpayer incurs a debt payable j 13.50 .20 157.00 to about 97 cents result of business transactions which were in process but incomplete at the j moment of revaluation, some businesses u-ill suffer substan- tial losses while others will en- jay windfalls. FURTHER FACTOR A further factor is the tax treatment of those losses and gains if the gain made on foreign exchange is taxable, the bonanza will be cut in half, and if ihe foreign ex- change less is deductible, the loss will be similarly saKer.ed. Alberta Natural Gas Co. Ltd., These important tax consider- j 25 cents, June 30, record June aliens stem from the fact that 19, at present Canada does not al- Dominion Dairies Ltd.. 20 1 low deductions for capital losses j cents, July 15. record June 26. because capital gains are lax ijohlau- Groceterias Co. Lid.. free. Thus foreign exchange July 1, record Jure i6. wins and losses arising from Lobhtw" Co. Ltd., class A the curi'ent revaluation will Red Deer: Quoted and selling 28.85 Wednesday's average 25.88. Calgary: Quoted and selling 28.80. W e d n e s day's average 23.98. Lethbridge: No sales. Wed- nesday's average 28.40. Lloydminster: No sales. Grande Prairie: No sales. Total hogs sold Wednesday in a foreign currency and still i 4.614. average 21.10. has the obligation on his books 614. avtraye 21.iO. I at his year end. he can value j his potential gain or less at that Sows at all points 21.10. DIVIDENDS at have their tax fate decided on cents; class B cents; both July 1. record June 16. whether or not the transaction Provincial Bank itf Canada, 14 Oustbane Enterprises Lid.. 's cents, June 30, record June Cassiar Central Chimo Tung. Par. mbler Coin Lake Cochenour Craigmon! Dickenson Mine Dcniscn Mines Horn D'b'ldona Dome Mines Do-iBlda Discovery Mine East Malsrtic East Suliivsn Fs I con bridge Placer DEV. P.C. Exp. Quebec Man Rayrcctc Radicre Rio Algoni Roman Corp. Silverfields Sherritl Gordon Silver Miller Steep Rock Siscce...... Tek Corp..... Texmcnt Upper Canada Western Mines i Wright Har. Willroy Windfall Yellnwknlffi Br. 2B.DO .70 .20V: 1.20 2? 17.UO iS. 50 fram the gain or loss! cents, Aug. 3. record July 15. arose was a capital or income: transaction. Canadian law on the point not well developed, chiefly be- j cause in the past, the Canadian dollar has been fairly stable i and it is only in recent years that Canadian trading has gain- Beef Futures WINNIPEG (CP) A f contracts were executed prices 15 points below previous close levels on a day of light trade at the Winnipeg live beet futures market Wednesday. Cpsn High Low Close Tue. Jiy 30.70 30.90 30.75 Sep 28.87A 28.90A Nav 28.80A Jan 23.BOA 23.BOA 2S.80A I8.80A 28.EOA NEW YORK STOCKS Supplied by Richardson. Securities of Canada There were no stock or slaugh- feet, produce i _.. __ _rr__ nnn nili ter calves on offer. Hogs FOB Calgary to II a.m., base price 28.80. land. KINGDOM IS HUNGRY MASERU (CP) The prime minister of Lesotho, Chief Lea- bua Jonathan, Wednesday de- clared his entire vest pocket kingdom hunger stricken. In a radio appeal. Chief Jonathan re- quested famine relief from in- ternational organizations. Le- sotho has been hit by drought and this year's corn crop is only a third the size of last year's. Lesotho, an enclave surrounded South Africa, was formerly British territory oi Basilto- nitial rate of cubic feet a day." Anaconda Bern Steel Chrysler Dunont Gen Motors Gull........... Harvester Monlgom Ward Sears Std Oil of N.J. Texas Gulf Texas Co...... Westing Eler. U.S. Steel 20 Golds 153.35, up 3.09 ed major iniernationl volume. However, today the tax results of currency value changes can be quite significant. For example, a company builds a new plant, financing it with a mortgage from a U.S. lending institution. The raort- 'os is rc-pay-ble in U.S. dol- i lafs. If the Canadian dollar '.ijvi i drops by 5 per cent, the Cans- i dian company will repay SI .05 j for every dollar harrowed. On a S500.000 mortgage, that rep- resent1; an additional cost (or loss) of Is it a deducti- ble expense? An American retires and moves to Canada', receiving a "Pritntn A WINNIPEG (CP) There was little activity at the Mari- time potato futures market nesday with a few contracts in March executed at two points above previous close levels. Open High Low Close Tue. Nov 2.30A 2.30A 2.30A liar 2.62 2.62 2.60B Dollar Value MONTREAL (CPi U. S. dollar in terms of Canadian funds up 15-32 to SI .04 17-32. Pound sterling up 3-16 to NEW YORK (CP) Cana- dian dollar down 28-64 at. 95 21- 32 in terms of U. S. funds. Pound sterling down 1-64 at S29.39 55-64. SB.B7V3 10 E tt.UVa 15 West Oil 131.75, oft 2.1 Volume 1 2650 NEW YORK AVERAGES 29.12V3 30 lods iBS.86, off E.49 62.00 20 Rails 139.87, off 1.57 32.B7V2 15 Util 9B.B3, Off l.f 113.00 63.37M 2s'oo 'TORONTO AVERAGES" is stocks 222'.53, off 2.73 44.12V-! 20 Inds 152.65, off 1.97 Volume Appointed Construction Outlook Publisher Dropping Says Official JOINS BENY'S SALES STAFF VANCOUVER (CPI John F. Evans, advertising director of The Province since 1959. has been appointed publisher of the Prince George Citizen, effec- tive Aug. 1. it was announced CALGARY (CPI The out- j tential. again threatens to look for construction in 1970 has I duce the volume of work dropped. R. G. Saunders, presi- j hially carried out." dent of the Canadian Construe- i pension from his employer, pay. able ?500 per month in U.S. dollars. By living in Canada, this would have represented J540 in Canadian funds. If Can- ada had devalued further, bv another 5 per cent, the pension would rise in Canadian funds j to S565 per month. Would the I extra S25 be taxable? I Another frequently encoun- tered situation is that where a Canadian company commits to buy supplies from a foreign company but only pay for them re- on delivery, in the foreign cur- i rency. Assume the price is Wednesday by Southam Press I day. ISICO.OOO payable in U.S funds Mr SauiKlers said Alberta is and delivery occurs after the tion Association, said Wednes-! stm more tlmn its own Canadian dollar has risen by W. E. PEARSON The appointment of Mr. Bill Pearson as Vice-President and General Manager of Labatt's Alberta Brewery Limited effec- tive May is announced by 0. G. McGill, Vice-Presi- dent, Labatt Breweries of Can- ada Limited, Western Canada Region. Mr. Pearson was formerly Plant Manager for Labatt's Ontario Breweries Limited in London, Ontario. He has also served Ihe company in British Columbia, Saskatchewan and Alberta. Me, Pearson succeeds Mr. D. J. McDougall who has been promoted to the position of Vice-President and General Manager of Labalt Breweries of British Columbia Limited. Ltd. He succeeds W. is retiring. Mr. Evans, born in Saska- toon, came to Vancouver from the Montreal Gazette. He be- j came a director of Pacific j Press Ltd. which produces the I Evening Sun and the morning Province, and a nee-president I of the Downtown Businessmen's Association. 10. Paul Wilson, now manager of the Montreal office of South- am, will become new advertis- ing director of the Province. "It isirt quite so encouraging i L. Griffith j now as it was at the beginning of the year." he told the Cal- gary Construction Association. ''Owners then reported that (heir over-all investment in con- struction this year would be nearly However, this year's new projects have got away to a rather slow start. "Financing is often difficult and more expensive. Business prospects in some cases have j become more uncertain. In' addition, the prevalence of work stoppages, both present and po- i five cents. It. now eo.-ts Ihe Ca- in construction but "one can nadian only only be impressed as one j because the Canadian dollar travels across this country that buy irore American dol- there are also pronounced re- j ]ars. Is the resulting saving a gional disparities in the rela- j capital gain or regular tax- tive level of construction ac- j able income? tivity." The general rule is that where ALAN MELROSE I Alan lived most of rits in lethbridge, receiving his I ieducalian here. He is on ardent; j golfer and curler being a mtjm- of the Henderson Lake Golf jClub and the Lethbridge Curling i Club. He is also a member of rHe Associated Canadian j Alan had 5 sales experience and is well known I to many. He tnvitrf oil his many friends and acquaintances see j him at Beny's for their every I motoring need. SALES REPRESENTATIVE A leading appliance manufacturer requires a sales representative for Southern Alberta. The we are leaking for will reside in lethbridae, be aggressive, a self starter, capable of promoting the sale of our products with an established dealer organization. He should own a late model car and be be- tween 21 and 40 years of age. Retail sales experi- ence would be a definite asset. Remuneration by salcry and commission with all expenses paid. Our company offers a complete training pro- gram. All replies treated confidentially. Please reply in writing giving a complete resume to Box 46, Herald ALL CLASSES INSURANCE AUTO HOME BUSINESS FARM 706 3rd Ave. S. Phone 327-2793 STORE FOR RENT GOOD LOCATION ON 5lh STREET SOUTH Suitable for shoe store or ladies' wear store APPtY: Stan's Men's Wear 321 5th SI. S. SERVICE STATION FRANCHISE AVAILABLE An opportunity to own your own business in Ihe City of Lethbririge Applicants require V Managerial ability Approximately 10.000 AM replies kept in strict connderup WRITE BOX 37, LETHBRIDGE HERALD BURTON BISHOP LAND AND MACHINERY COMPLETELY UNRESERVED AUCTION SALE WED., JUNE 17th-l p.m. CRESTON, B.C. ON THE BISHOP FARM, ACROSS CRESTON FERRY (Follow the signs) APPROX. 400 ACRES Frontier Auction has been instructed by tha owner lo sell this land because Mr. Bishop is retiring from farming. located in the beautiful Kootenoy Flats wlmri is surrounded by the magnificent Selkirk and Purcell mountains, this is some of the finest Farm land in Canada. Water rights nre available and Ihe land :an be irrigated. The land is suitable lor dairying, grain farming, or market gardening. To Be Sold in Two Parcels Terms Available For more information on land auction or to view, contact Guy Browell at Town and Country Estates Ltd., Creston, (604) 428-9724 or Burton Bishop (604) 428- 9724. FARM MACHINERY John Deere 4020 Tractor cab and hyd.; John Desre 820 tractor; John Deere 105 combine, complete; John Deere 55 combine; 2 John Deere 12' press drills, LLA, fert. and grass attachments; 15' Danish cultiva- lor; 15' John Deere 100 cultivator; 15' Glenco cultiva- tor; Hesston 10' self-propelled swather; 2 John Deere 16" 5-bottom plows; Cose 16' disc, hya'.; Howard 80" rotovalor; 20' Gooley cultivator; 20' CCIL harrows; 7 sections John Deere flex harrows; 2-lon fertilizer spreader spring-tooth harrows; Mon- arch pump with engine; 1966 Ford 3-ton truck with 4-spd., 2-spd. R.E., hyd. hoist, steel deck and grain box; fuel truck wHh 400 gal. tank; 500 gol. fuel tank; 69 Versatile sprayer, 300 gal. 62' boom; 43' Mayroth auger, 20' steel packer; 30' Crowfoot packers. Auction Conducted by ihe Professional Auctioneers of Frontier Auction Service Box 2074, Fort St. John, B.C. Phone (604) 785-3569 MIKE ALDOFF RAY EGGER ;