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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - March 1, 1971, Lethbridge, Alberta im sim ss .v i i\ami: Market lower in light trade TORONTO (CP) - The Toronto stock market was down fractionally in light mid-morning trading today. On index, industrials dropped .06 to 177.33, golds 1.41 to 181.29 and western oils 1.70 to 207.21. Base metals were unchanged at 92.39. Volume by 11 a.m. was 565,-000 shares, down from 658,000 at the same time Friday. Losses outnumbered gains 114 to 109 with 165 issues unchanged. Livestock Lathbridge Livestock AFTERNOON SALE Calgary Livestock CALGARY (CP) - On offer to 11 a.m., about 350 bead; practically all of them bred heifers to be sold at a special sale. A few slaughter cattle on offer were mainly cows. Slaughter trade was moderate. No choice steers were offered with other grades steady. No slaughter heifers were offered and cows and bulls sold steady with last week's close. Good slaughter steers 30.50 to 31.50, medium 29 to 30.25. Good cows 20 to 21 medium 19 to 20, camners and cutters 16.50 to 18.75. Good bulls 24 to 25.50. The few replacement cattle sold were mostly stock and feeder cows at steady prices between 20 and 23. Hogs base price 22.25 to 22.45. Grain prices Winnipeg Grain WINNIPEG (CP) -Heavy liquidation pressure in Vancouver rapeseed continued to dominate the market at mid-session on the Winnipeg Grain Exchange today. The heavy pressure from commission houses met with good exporter scale-down buying and the sharp declines in the March future at the opening spread through the other futures in both Vancouver and Thunder Bay rapeseed. Declines ranged from two to nine cents. Trading at Thunder Bay was considerably lighter than Vancouver although futures were lower at mid-session. Exporters were good buyers in the flax on the scale-down. Offers from commission houses and hedges were increasing. Oats and barley had a light domestic shipper . trade while rye continued inactive. Friday's volume of trade included 346,000 bushels on flax, 3,892,000 on rapeseed and 91,000 on rye. Mid-session prices Flax: May % loler 2.53%B, July % lower 2.51%A, Oct. % lower 2.54, Nov. VA lower 2.53 %A. . Rapeseed Vancouver: March 8% lower 3.06%A, May 4% lower 2.9iy4B, July 4 lower 2.69 %B, Sept. 2 lower 2.61'/4. Rapeseed Thunder Bay: April 9% lower 2.87%A, June 4% lower 2.75y2A, Oct. 5 lower 2.56A, Dec. 3 lower 2.57A. Oats: May % higher 85%, July, Oct., Dec. not open. Barley: May y8 lower 1.31, July, Oct., Dec. not open. Rye: May, July, Oct., Dec. not open. Ivaco Industries was down % to $9, Consumers Distributing % to $16%, Dofasco V* to $24%, Toronto Dominion Bank % to $20%, Massey-Ferguson Vs to $10% and Bell % to $47%. Acklands rose % to $6%, Jefferson % to $11%, Calgary Power % to $27, Huron and Erie V* to $20%, Denison % to $29%, Ranger % to $14% and National Pete 15 cents to $3.35. Trading was halted in common and preferred shares of Overland Express. The company requested the halt after the first 30 minutes of trading, pending release of information. STOCKS NOON MONTREAL (CP) - Prices moved narrowly in light trading on the Montreal stock market today. Only fractional gains or losses were recorded in all sectors. On index, industrials were up .08 to 177.81, the composite .04 to 174.53, and banks .08 to 184.87. Utilitieis were off .11 to 153.71 and papers .25 to 90.78. Volume by ll a.m. was 486,400 shares. Highlighting losses, Credit Foncier was off % to $44%, Bell Canada % to $47%, Algoma S'ceel % to $15% and Bombardier V* to $13%. Shell Canada was up % to $34%, Canada Cement % to $40%, Royal Bank % to $24%, Noranda % to $32% and Rio Algom % to $19. Wall St noon NEW YORK (AP) - Blue chips advanced cautiously on the stock market today while prices of lower-grade issues dipped slightly. Trade was moderately active. The Dow Jonas average of 30 industrials was ahead 0.76 at 879.59 by noon. Among Canadian issues, Dome Mines rose a point to $66%, Granby Mining % to $21% and International Nickel % to $10%. Canadian Pacific was off % at $70Vi. On the American Stock Exchange, Canadian Javelin was up % to $15% and Brascan Ltd. % to $16%. Jupiter Corp. eased % to $10%. Coldest Feb. 28 registered at Vancouver VANCOUVER (CP) - A temperature of 18 above Sunday in Vancouver made it the coldest Feb. 28 on record. Another record-nine above-was set at Ab-botsford in the Fraser Valley. On top of that, there was a 12-inch snowfall from Friday to Saturday in and around Vancouver, bringing the winter's total to a record 69.9 inches. Hog prices EDMONTON (CP) - Prices to 11 a.m. provided by the Alberta Hog Producers' Marketing Board: Edmonton: Quoted 22.25 to 22.65, selling 22.65, average Friday 22.45. Calgary: Quoted 22.25 to 22.45, selling 22.45, average Friday 22.30. Red Deer: Quoted 22.25 to 22.30, selling 22.30, average Friday 23.55. Lethbridge: Quoted no sales. Average Friday 22.40. Total hogs sold 1,441. Average Friday 22.44. Pollution, water rights resolutions passed MEDICINE HAT (CP) - A resolution asking the federal government to prohibit provinces from making deals with foreign companies or countries to erect dams along the border was passed by the Alberta Fish and Game Association here. At its 42nd annual meeting Dollar value MONTREAL (CP) - U.S. dollar in terms of Canadian funds up 1-16 to $1.00%. Pound sterling up y8 to $2.43 7-16. NEW YORK (CP)-Canadian dollar up 5-64 at 99!/4 in terms of U.S. funds. Pound sterling up 1-64 at $2.4121-32. the association passed 17 resolutions concerning pollution and water rights within Alberta. TTie members declared themselves opposed to any government policy which would permit exports of Canadian surplus waters to foreign lands. The association will recommend to the government that private citizens be allowed to take court action against anyone damaging natural resources and that landowners be forced to allow government research teams on their land, providing no damage will occur. The delegates opposed the proposed Cascade - Pipestone road through Banff National Park and the proposed multiple - use policy of wilderness areas. Budget reaction CALGARY (CP) - The pro-vincial budget received some support and a little criticism for the manner in which it approached the problem of unemployment. Dr. Don Seastone, an economist at the University of Calgary, said Saturday the "extensive" public works program would accelerate economic activity. "The size of these projects is significant - they are big and labor intensive." But Mayor Rod Sykes said the province has failed to do as other provinces and the federal government which started emergency construction to provide more jobs. "I see no positive measures to stimulate the economy and deal with unemployment. "The province doesn't seem to have responded to the need to stimulate construction which is normally used for rapid pump printing. "It's hard to believe that this is an election year ... if indeed it is. The addition of money to the public assistance section was an indication "the province expects a continued high level of unemployment." The mayor also was not impressed by the allocation of $11 million to help local transportation and another $10 million to aid in land purchases for city transportation plans. "You can't talk about an amount of that size and rapid transit in the same breath." Clarence Sloan, president of the Calgary Labor Council, said unemployment measures could not be criticized, "but they are just not enough." "The government will definitely have to take stronger mea- sures with so many students to enter the job market." The budget is a "relatively Indifferent document," says the leader of the provincial New Democratic Party. "The government is certainly not using budget as an instrument to balance the business cycle," Grant Notley said in an interview. Pointing out that capital expenditure is to be $173 million, down from $203 million last year, he said "in my judgment there should be an increased expenditure in this area to generate more employment opportunities and to fill the gap left by the slowdown in the private sector." And because the province's deficit is going to $166 million from $112 million, he suggested a complete review of Alberta's tax system. "A province, unlike the federal government, can only deficit finance for a limited amount of time. "In my view, while we still have some opportunity to consider various options, Alberta should set up its own version of the Carter Commission . . . to examine taxation." Raise gas price PARIS (AP) - French gasoline prices were increased Monday by one to two centimes a litre (about .72 to 1.4 cents a gallon). The increases brought the cost of ordinary gasoline to at least 1.09 francs a litre and super to 1.19 francs a litre (about 79 and 86 cents a gallon). The increases were tied to the recent agreement in Tehran between oil companies and producing nations. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, Roadhouse and McCuaig) LAST BID OR SALE (11:00 a.m. Quotes, t11:00 a.m. uuotesi (11:00 a.m. Quotes) WESTERN OILS Husky Oil Husky Oil B Pfd Husky Oil War Inter Prov Plpa Intl Utll Pfd Inter Steel Pipe Jefferson Lake Joutel Kaiser Res Kam Kotta L Ont Port Cem MGF Manage Alta East Gas Almlnex Asamera BP Oil Gas Can South Cdn Ex Gat Ashland Cdn Homestd Cdn Home Pfd Cdn Ind Gas Oil Cdn Long Is Cdn super Cen Del Rio Charter Chleftan Dome Pete Dynamic Peta Total Pete Gt Plains Mill City New Cont North Cdn Oil Numac Permo Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Spooner Spooner W. Decalta MISCELLANEOUS INDUSTRIALS Agra Ind 7.50 Afco Ind Aquatalne 4.73 �.1S 17.25 6.40 5.50 4.90 12.00 8.60 15.00 17.50 .69 38.75 Mentor 12.37'A Newconex 6.75 Pacific Pete Rank Org Selk Hold Shell Canada Shell Inv Pfd Shell Inv Wts Sicks Rainier White Yukon CALGARY Aeroll Ana Pete Barons Oil North Cont Plains Pete West Warner �1S? Madi'son 23.62V2 RexdalR 23.62'/* Rexaale 7.05 88.50 1.16 7.25 32.00 1.76 .81 7.95 7.35 .70 1.44 .78 1.55 .58 17.12V3 orp Invest 5.41 5.91 43.75 Corp In St F 4.84 5.29 8.85 Dreyfus F U.S. 11.92 13.06 12.50 Gr Equity 5.99 6.58 39.37V4 Gr In Shares 3.32 3.65 8.25 Invest r 10.67 11.67 11.75 Invest Mutual 5.22 5.71 Mutual Ac Mutual Gr F Nat Res N W Fin N W Gr Principal Gr Royfund 30.62VJ United Ac 17.50 Universal Sav 7.05 7.75 I!?2, VANCOUVER ?J"S Arctic Mining ?�i/c, Atlas Explor 17 00 Be,h Cooper .81 5.75 1.10 2.90 1.90 .87 5.70 5.19 5.71 4.96 5.45 7.23 7.90 4.31 4.74 5.18 5.69 3.97 4.36 5.36 5.53 4.64 5.70 Pfd .02 .34 .39 .35 .16 .34 .14 .55 14.50 4.40 7.00 17.62VS 15.00 5.12'A .87 1.30 5.62V4 1.85 6.50 Brit Nfld Cdn Brew. A Cdn Brew B 5.25 30.25 35.57 Croyden Dolly Varden Dynasty Fort Reliance Giant Mascot Graniste 12.12'A Kev Indust 15.25 Growers B N and C B Pfd 31.00 Bath Norse Gaz Metro 4.50 Hys PIPELINE STOCKS Alta Gas Tr L A 48.00 Alta Gas Tr L P 74.00 Alta Nat Gas 24.50 , Cdn W Nat Gas 16.00 8.87V* 'nlan3 Nat Gas 25.12V2 K �nd C Gas Metro Pfd A 65.00 Block Bros Brenda ?J B.C. Sugar .13V* B.C. Sugar .05 capt Inter Churchill Copper Col Cellulose Coronation Credit ____ Crestbrook For Ind 7.25 .22 .35 4.65 .62 4.25 10.25 .26 2.75 1.05 2,70 Interior Brew Jericho Cdn Hvdro Car 16 Tr Cdn p,Pe 32"� �er,c.ho Cdn & ?nv ��* � �" /p.T Copper rpp dm omm. ir Cdn P Pfd A 63.25 �>rn_ex .... CPR Pfd Crowsnest Ind Cygnus A Cygnus B Cum Prop Gt Cdn Oil 9* m Tr P War lo.oo Lytton Minerals �?�ia Westcoast Tr 23.62V6 New Cronin Western Pacific 4.85 New Imp Mines HIS2 MUTUAL FUNDS He"C�P 6.10 AGF Special 2.57 Pyramid Gt Cdn Oil 6-75 1 00.00 All Cdn Com 7.61 8.32 silver Standard Home A Home B Home Pltfld Hud Bay Co Hud Bay Oil Hud Bay Pfd Hugh Russell 26.371/3 All Cdn Dlvld 8.73 9.54 Texmont 28.50 All Cdn Vent 3.35 3.66 Tro|an Amr Gr F 5.23 5.74 Western Mines Cdn Invest F 4.44 4.87 westT*.* e. 88.50 24.50 9.75 67.50 6.15 80.37V* 18.50 20.75 14.25 2.65 20.75 38.50 iv.12V* 16.50 43.50 27.25 8.25 39.50 17.00 7.75 5.25 3.90 4.95 34.00 10.25 26.871/2 34.75 16.00 15.75 15.12'/* 24.12'/* 5.25 8.12V* 11.50 19.00 34.12'/* 19.00 23.75 11.00 29.87V* 10,871/a 22.75 32.50 15.25 42.25 3.70 10.25 14.75 19.00 19.62VJ 3.70 1.40 20,07V* 14.75 23.75 24.50 20.75 New York stocks Supplied by Richardson. Securities of Canada Amr T and T Anaconda Bth Steel Chrysler Comsat Dupont GM Gulf Int Harvester Kenn Copper 49.25 Montgomery Ward 35.25 20.371* Sears 21.62V3 Std Oil of 26.62W Texas Gulf 65.00 Texas Co Woolworlh N.J. 135.75 35.75 80.00 32.00 36.25 79.371/2 74.75 120.121/2 36.171/2 47.62V2 Wesllnghouse Elec 79.I2V2 U.S. Steel 31.50 TORONTO AVERAGES 20 Indust 177.59 up .70 20 Golds 181.29 off .80 10 Base Me 92.31 off .08 15 W Oils 207.41 off .90 Volume 924,000 NEW YORK AVERAGES 30 Indust 879.59 up .76 20 Ralls 195.94 15 Utilities 121.17 off .25 65 Stocks 289.97 off .13 Volume 5.440,000 Monday, March 1, 1971 - THE LETHBRIDGE HERALD - 17 By I. H. Asper your taxes Skyrocketing government spending i During the next few weeks, as Canadians perform the annual ritual of filling out their income tax forms, there will be more than the usual cries of anguish. For some, taxes will be up (Manitoba increased both its corporate and individual tax rates this year) and for all, there's the special 3 per cent surtax, which will continue throughout this year. On top, individual real income will be down for many, because of unemployment in the latter half of the year, and because everything costs more due to inflation in the earlier part of the year. There's little relief in sight, particularly when one analyzes the report on the National Finances published this time each year by the Canadian Tax Foundation. With the Federal Government's esti mates for 1971 spending starting to come in, and as each of the ten provinces presents its budget in the next two months, a rather gloomy tax future seems certain. The real question being asked with growing frequency by taxpayers at all levels is: when is enough enough. The more sophisticated are beginning to wonder aloud as to where we are going, and why. Whether it is this year, next year or five years from now, a moment of truth is coming, a time when the public may well demand a major change in the role it will permit and expect the Government to play in the lives of its citizens. The growth of all government spending, particularly at the provincial and municipal levels, presumably in response to the public's demand for public services, indicates that unless the trend is reversed, or at least arrested, there will eventually come a day when government may very well totally control and manage the nation's economy. Put another way, freedom of individual economic movement and choice might disappear. Consider the indicators. This year all governments will take about $30 billion in revenues, up considerably from the $11 billion they took only a decade ago. Government spending is growing at a much faster rate than the economy. In 1960, governments took about 27 per cent of the Gross National Product - this year the take may be around 38 per cent. If one puts all the data into a computer to establish the trend, George Orwell's prediction that 1984 will be THE year, seems alarmingly appropriate. The trend to a government-run economy appears more sharply in the number of gov- Second dam is planned on Kootenay LIBBY, Montana-Construction of a second dam on the Kootenay River, 10 miles below the Libby dam, is likely to start by 1980 at the latest. Its purpose will be to smooth out the surges caused by the hourly fluctuation in water put through the Libby dam for power generation. At a meeting of authorities here last week it was reported that the closing of the atomic generator at Hanford may make it necessary to advance the construction of the second Libby dam. A measure is now before the Montana legislature calling for an earlier start. With eight generators in the Libby dam and one in the re-regulating dam, total capacity will be nearly 900,000 kilowatts. The second dam will cost $16 million. It will create a 10-mile lake at the foot of the main dam. The Libby dam is part of the Columbia treaty with Canada. The river rises in the Rocky Mountain Trench, flows south near Cranbrook and on into the United States, and then loops back into Canada at Crest on, flowing into Kootenay Lake and then joining the Columbia north of Trail. The main Libby dam will make a lake backing into Canada. Constable, wife die in mishap SURRY (CP) - An off-duty RCMP constable and his wife, both about 23, were killed when their car flipped into a water-filled ditch in S'urrey, near Vancouver. Alex and Carol Durrant had recently moved to B.C. from Grande Prairie, Alta ernment, while in Manitoba have another 350,000 on staff. In the provinces, the number of government employees varies considerably from province to province. For instance in Ontario, IS out of every 1000 population work for the provincial government employees. In 1960 the Federal Government had about 150,000 employees on its pay- roll, but by 1970 this had climbed by 100,000 to 250,000. The provincial govern m e n t s government employees (not taking into account the 500 estimated to be hired if the government's state - owned auto insurance plan goes into effect) are now 23 government workers for every 1000 of population. These are major indicators. Voldez poor risk for oil pipeline ANCHORAGE, Alaska (AP) - Two consulting geologists say the potential for earthquakes makes Valdez a poor risk to be the southern terminal of the proposed trans-Alaska pipeline and recommend a route through Canada for North Slope oil. Previous Canadian route proposals received little support during a United States interior department hearing on the pipeline, which extended into its fourth day today. The hearing is on the department's 225-page environmental impact statement on the 800-mile pipeline from Prudhoe Bay on the Arctic coast to the warm-water port of Valdez. The route is proposed by the Alyeska Pipeline Service Co. C. I. Hawley and Gary Player, Anchorage consulting geologists, said Friday the planned oil terminal at Valdez would be in "a zone of structural weakness." During the last 70 years the area has aver aged an earthquake a year measuring at least five on the open-ended Richter scale, they said. AVOIDS TANKERS The two also said a Canadian route would avoid tanker shipment of the oil. Hawley and Player said the pipeline would go from Prudhoe Bay to Edmonton. The proposal would follow the current proposed route from Prudhoe Bay to Big Delta, turn easterly along the flank of the Yukon-Tanana upland, enter Canada at the Ladue River and cross the Yukon River to follow the Pelly River upstream. From the Pelly headwaters it would follow the Laird River downstream, enter the Great Plains near Fort Nelson, B.C., and then to Edmonton. The interior department statement said a Canadian route through the Mackenzie Valley would require an additional two to four years of study. The two geologists said their proposal has a cost and time advantage. "It would use most of the Alyeska engineering data and preserve the investment in construction camps north of the Yukon River," Hawley said. DELAY REDUCED He said the delay forecast by the interior department would be reduced because of existing highway and railway access to the southern portion of the route and the present engineering studies completed north of Big Delta, Alaska. . Hawley said It also would avoid two major seismic faults crossed by the Alyeska route. "If national security is really involved, wouldn't you rather have Alaskan oil moving through a pipeline 100 miles from the coast than in tankers vulnerable to submarine and air attack?" Hawley asked. Some members of the Canadian Parliament and the British Columbia legislature have recently voiced concern about possible oil spills from supertankers off the British Columbia coast while en route to West Coast refineries. Oil pipeline to Montreal not economic OTTAWA (CP) - The National Energy Board believes a Northern Ontario oil pipeline to Montreal would not be economic although it has made no "complete and recent feasibility study," Energy Minister J. J. Greene told the Commons. Mr. Greene said the board has "facts and figures under constant review" that show imported offshore oil is still cheaper than western oil would be despite recent price increases in world oil prices. He was replying to New Democrat Leader T. C. Douglas. Eldon Woolliams (PC-Calgary North) called on the government to pay for an "independent study separate and apart from free enterprise" of the economic feasibility of piping oil to Montreal. Mr. Greene said the government "does not envisage" paying for such a study. The National Energy Board would keep the government informed. In a reply to Hu Harries (L- Edmonton Strathcona) the minister said that "the present system is the most economical for Canada." MISSION LEAVES AMMAN, Jordan (AP) - A Pakistani army training mission left for home Monday after working in Jordan for more than three years, the government announced. They demonstrate the growth of government and the trend to continued expansion. In other areas of the economy, government power over the individual's life is seen when one considers that freedom of individual economic action is becoming more and more limited, firstly because the ordinary person has, after taxes, less capital to invest and secondly, because many aspects of Jhe economy are only available by permission (often discretionary) or by license from government - operating a taxi, producing milk, starting a trucking company are but a few examples. One of the most disturbing questions raised by the dramatic growth of government, is where will the money come from for the next grand public plan? Certainly the taxable capacity of the corporations can't provide much more. If governments nationalized all the 100,000 taxable Canadian companies, aside from paying the cost of acquiring them, that would have produced about an 11 per cent increase in government revenues, in the last year for which the data is available. For those who think a soak-the-rich-more tax policy will provide governments with substantial new revenue, the results would be disappointing. If a 100 per cent tax were imposed on all earnings in Canada over $25,000 per year, the less than 1 per cent of the taxpayers in that category would not even pay enough more to cover the annual interest on the national debt. Put another way, a 100 per cent tax on all incomes over $25,000 would permit no more than a 10 per cent tax cut for all other taxpayers. So it all comes back to the question of where we are going. It is generally conceded that more money is going to be spent on social welfare in the future. That means, give our present Canadian taxable capacity, that the man in the middle, the person earning between $5000 and $25,000 is going to face serious tax increases, whether they are direct or hidden taxes. However, the taxpayer Is becoming more and more knowledgeable. He is more aware today than ever before. His resistance to the annual parade of property taxes, sales taxes, income taxes and all the other deductions at source, is stiffening. The exact moment of confrontation can't be predicted, but it will come, unless governments are able to devise more sophisticated and less noticeable methods of increasing taxes. And behind It all lies the fiscal choice for Canada: less government, or all government. The confrontation can only be averted if government spends much more energy and ingenuity in stimulating and expanding the economy, giving individuals the prospect of accumulating private capital, increasing their incomes and thus expanding the national base against which future taxes may be levied. (Mr. Asper is a Winnipeg lawyer). BRIGHTEN UP THAT ROOM OR HALLWAY BEFORE SPRING! OZITE SHAG CARPET SQUARES Self sticking, rubbed backed. 5 colors to choose from! SQ. FT. 1.29 OZITE CARPET RUNNERS 27" wide, rubber backed. 5 colors to choose from! LINEAR FT. 1.50 SHORT OF CASH? CHARGE ITI CRESTLINE BUILDERS MARKET LTD. "LETHBRIDGE'S INDEPENDENT BUILDING SUPPLY HEADQUARTERS" USE YOUR CRESTLINE BUDGET ACCOUNTI 123 30th St. N. Phone 327-5444 or 327-5110 ;