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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 11, 1973, Lethbridge, Alberta FOREIGN INVESTMENT: C of C seeks softer review OTTAWA (CP) The Cana- dian Chamber of Commerce to- day urged the federal govern- ment to soften proposed foreign investment review legislation, saying that otherwise economic development would be ham- pered. In a statement issued before a meeting with Industry Minis- ter Alastair Gillespie, chamber chairman Or Tropea said the foreign investment review bill "entails a degree of dis- cretionary governmental intru- sion into the economic proc- esses in the private sector that is both unnecessary for the achievement of Us obiectives and inimical to the healthy de- velopment of Canadian in- stitutions, political, social and economic." "It is so strongly biased against foreign investment per se that it would be Canadian economic prospects. Also, it creates a new area of conflict between the provinces c.rd fscerrl government." He said tbit instead of allow- ing only foreign takeovers or in- vestments that are of signifi- cant benefit to Canada, the bill should allow all those that are not actually 't armful. The statement said that chamber members do nol con- sider "that the present level of foreign ownership is a problem requiring government action to prevent a further increase." Government studies based on 1968 data reported that 99.5 per cent of the assets of the petro- leum and coal industries are owned by non-residents, with percentages for other industries being: rubber .93.1, transport equipment 86.6, tobacco 84.3, chemicals 81.5, machinery 71.8, electrical products 64.2, pri- mary metals 55.3 and mis- cellaneous manufacturing 53.9. Of all manufacturing assets, 58 per cent were owned by non- residents. Among chamber recommen- dations in a 65-page brief pre- sented to Mr. Gillespie were: federal government, in co-operation with the private sector, should develop a foreign investment policy in the context of a properly-articulated na- tional industrial strategy in which the long-term objectives being sought with respect to foreign investment and national goals will be clearly evident." development of such a foreign investment policy should be made only with the greatest cf objectivity and on the strength of sufficient and convincing evidence." chief goals to be strived for in Canada should be an emphasis on the importance of creating substantial and ef- ficient economic growth, par- ticularly in the private sector where most of this growth has traditionally been generated, with the government providing an appropriate business climate which will enable this growth to take place." .Monday, 11, 1973 THE LITHMIDOI HRALD 19 Liberals await Tory corporate tax position By PETER MICHAELSON OTTAWA (CP) Con- servative Leader Robert Stanfield is expected to in- dicate, perhaps Tuesday, how his party will vote on the gov- ernment's bill to cut corporate taxes, promised more than a year ago. If he says "No" the minority Liberals will be defeated if the bill comes to a vote in its present form. Conservative op- position, coupled with the New Democratic Party pledge to vote against the bill in any form, would defeat the govern- meent. But this likelihood appears slight. Mr. Stanfield is expected to go along with the corporate- tax bill, which would lower in- come tax for manufacturers and processors to 40 per cent from tbd present 49 and give them a faster capital-costs write-off for tax purposes. To avoid defeat, Finance Min- ister John Turner introduced the bill in i revised form last week to meet some Con- servative objections. Parlia- But Mr. Turner said be has had no firm indication of Stanfield support. KENITEX NEVER PAINT AGAIN! Any old or new exterior surface: WOOD, SIDING, STUCCO, BRICK, CONCRETE, METAL, etc. For No More Paint Problems 15 YEARS Written Guarantee Against Peeling, Chipping, Flaking! LETHBRID6E AND 100 MILE RADIUS PHONE 328-2439 Hunter Munns cf Topeka, Kan., look a break from the warm weather When temperatures rose to nearly 90, Huntsr took a drink from one garden a playmate sprayed him with another. 15 COLORS Recall vehicles slow on repairs TORONTO (CP) Many owners fail to bring recalled and potentially dangerous cars in for repairs despite the fact the repairs are free, spokesmen for several Canadian automo- bile manufacturers say. A spokesman for Chrysler Canada Ltd. said the company recalled Crickets last May because the steering linkage tould bend under stress and jam, resulting in loss of control. He said the company sent owners registered letters, in- formed the government, and publicized the recalls. Those owners not responding were sent a second registered letter if the company knew their ad- dresses. To date owners have had the cars fixed and about 500 have not. A spokesman for Ford Motor Co. of Canada Ltd. said recall notices were sent to own- Compensation act changes opposed CALGARY (CP) Al- berta Federation of Labor op- poses several proposed changes to the Workmen's Compensation Act, says Harry Kosliak, assis- tant to the federation's execu- tive secretary. He told a Calgary labor coun- cil meeting that the proposed transfer of power to enact spe- cific regulations under the act to the department of labor from the board would make politi- cal issues out of compensation questions. He also criticized the govern- ment for planning to use pub- lic funds to finance the first few years of increased disability pension payments. Compensa- tion funds should be "the responsibility of the employ- er." Mr. Kostiak said the federa- tion supports the increase of dis- ability pensions but there should be mechanism providing for cost-of-living adjustments. lethbnidae f FURRIER FUR COAT STORAGE TIME THE LETHBRIDGE FURRIERS PHONE 327-2209 ers of 1971 Pintos with carbure- tor that could cause fires when cars backfired. REPAIRS FREE Repairs took only half an hour, and the company paid to have the work done. But date, only about SFper had the repairs done. Dr. Gordon Campbell, direc- tor of the federal transport min- istry's road and safety branch, said in a telephone interview from Ottawa that up to 90 per cent of first owners bring in re- called cars in the first two years of life. But only half of cars three or four years old arc brought in when recalled. After five years, less than a quarter are brought in. Mr. Campbell said it often is difficul to locate owners who have moved since purchasing their cars. R. G. Humphries, Ontario registrar of motor vehicles, said that by next spring the province will have computers pro- grammed to be fed identi- fication numbers of cars to be recalled. A list will be printed of the current owners of these cars and their addresses, no matter, .hiw many times the cars have been sold or the own- ers moved. He said that in cases of minor repairs, the manufacturer would be given the current names and addresses of owners. In more serious recalls, the province might withhold the right to renew the annual li- cence of a car not brought in for repairs. 100 feared dead after boat mishap DACCA, Bangladesh (AP) Almost 100 persons were re- ported missing and feared dead after a river boat collided with another launch and sank Friday night. Reports reaching here said the M.S. Rupali going to Barisol in southern Bangladesh, sank within seconds after the colli- sion in the Daleswari River near Munshiganj, 30 miles south of Dacca. About 200 passengers on the M.S. Rupali reached shore safely. The other launch was not damaged. Jim Foreman elected by taxpayers PICTURE BUTTE (Special) the resignation of its chairman, Mike Boras, the Pic- ture Butte Taypayer's Associa- tion was faced with an election recently. Slate of officers now includes chairman Jim Foreman, first vice-chairman Gaston Renaud, and second vice-chairman Jim Ostrup, Jr. Mrs. E. M. Martin will con- tinue her term as secretary- treasurer. ITS ANGLO STEREO PHOTO'S m Featuring super savings on all Stereo and Photo equipment. All prices slashed to give you the greatest savings ever. Sale continues all this week through Sat- urday, June 16th- Our courteous, experienced staff are eager to serve you. GARRY KOHN Manager WAYNE WINTEMUTE Assf. Manager ED IILLEY Photo Depl. Mgr. SHIRLEY THOMPSON Photo Sales JANICE POZGAJ Manageress RON MARKER Electronic DAVE DAHL Shipping and Receiving GEO. GERSTENBUHLEK MOnagtr ELECTRONICS AND STEREO EQUIP. Such famous names as SONY 4 PIONEER MARANTZ JBL TOSHIBA LIOYDS BSR GARRARD DUAL AND OTHERS ON FINEST QUALITY 1 fi ;sro yr-i 1 k W mi El Li PHOTO EQUIP. Such. well. known brand names as PENTAX NIKON KONIKA BRAUN DURST VIVfTAR OLYMPUS KODAK POLAROID BELL and HOWELL GAF and others WE URGE YOU NOT TO MISS THIS GREAT OPPORTUNITY TO BUY AT A GENUINE SAVING OUR ENTIRE STOCK HAS BEEN SLASHED FOR THIS EVENT 419 5th Street South Phone 328-6611 ;