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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 25, 1971, Lethbridge, Alberta March 1971 THE IETHBRIDSE XEMID 23 Market prices sharply lower TORONTO CP Prices dropped sharply lower in light Alcan 3s to Rio Algom li to and Cana midmorning trading today dian Homestead 10 cents to the Toronto Stock On Industrials were Telephone rose to down to Base Metals to and Western Oils to Golds advanced to Volume by 11 was 000 compared with 000 at the same time Wednes Losses outnumbered gains 154 to 84 with 184 issues un Weakest sectors were pa pipelines and real Nabors Drilling was down 14 to Asbestos K to International Utilities Vz to C of C raps pulp firms option delay CP Two pulp and paper companies op erating in west central Alber ta should not be granted fur ther extensions of forestry leases if their options are not exercised by July officials of the Edson Chamber of Com merce Northwestern Pulp and Pow er of and MacmillanBloedel of Van couver have until that date to decide if they will go ahead with mill expansion and con struction Macmillan Bloedel is considering a millior mill near Whitecourt and Northwestern is studying a expansion plan for its Hinton Chamber officials said North western has tied up forestry leases in the Edson area for 15 years and some of the lands should be opened up to native lumber The company was turning the area into des olate sand hills with no con certed effort at The chamber intends to turn its views over to the Alberta Chamber of Commerce for study and possible presentation to the provincial Home A 3i to Hudsons Bay Oil and Gas to Northern and Centra Gas to Bethlehem to Preston 25 cents to and Great Plains U to LIGHT TRADE MONTREAL CP Prices were down in all sectors in light trading on the Montreal stock reflecting a decline in the New York On industrials dropped 0 to utilities to banks to com posite to and papers 45 to By shares were Koffler Stores was up to Worthington to Maritime Electric to and Hollinger to Trans Mountain Oil Pipe Line was off to Asbestos to International Utilitie 3s to Boyal Trust to S32V4 and Fraser Companies to DJA OFF NEW YORK AP The stock market decline rolled into the fifth consecutive session in fairly active trading The noon Dow Jones average of 30 industrials was off at The average had fallen Mclntyre Porcupine jumped li points to Granby Min Hog prices ing was up lost at Canadian to Down 1 were Distillers Seagrams at International Nickel at and Massey at On the American Stock Ex change Scurry Rainbow Oil was off fe at Jupiter was down 14 at Nimsick urges study VICTORIA CP A mem ber of the opposition New Democratic Party suggestec in the legislature that a roya EDMONTON CP Hog commission be set up to study prices provided by the Alberta Hog Producers Marketing Boad today Edmonton Quoted to 20 selling average Wednesday Calgary Quoted sell ing average Wednesday Red Deer Quoted lo selling average Wednesday Lethbiidge No Aver age Wednesday Lloyclminster No Av erage Wednesday Total hog safes Wednesday the mining industry in British Leo Nimsick Kootenay said such a commission coiild among other the possibility of mining projects being set up on an equity shar ing Speaking during debate or spending estimates of the de partment of Nim sick said because of many out dated practices in lie mining the people of are not getting their rightful re turns from tlie He suggested the govern Miscellaneous quotations Montreal Supplied by Koatihouse and McCuaig LAST SID OR SUE Tax column 11 00 m Quoitsi WESTERN OILS Aita East GK Alminex Asamera Oil Can Southern Cdn Exp Gas Ashland Grid Cdn Home Cdn Home Pfd CQn Indus Gas Cdn Long Is Cdn Superior Cent Del Rio Charter Chiettan Dome Pete Dynam Pete Total Pete Great Plains Lcchiel Mill city New Cent Nurth Cdn Oil Numac Permo Petrol Place Gas Ponder Scurry Rain Spooner west Decalta ttO 600 2025 AiO 500 Home Oil A Home Oil a Horne and Pit Hud Bay Co Hud Bay oil Hud 8ay Oil Hugh Rus Pfd 10 Husky Oil 7 i5 Husky Oil B 17 00 Husky Oil War 11 00 Int Pro Pipe 70 Int util Pfd 3875 Inter Steel 12 Jell Lake Joutel Kaiser Res Kam Kotia Lake Ont Pt Ce MGF Manage Mentor Newconex Pac Pete Rank Organ Selkirk Hold Shell Canada Shell Inv Pfd Shell Inv Wts Teledyne west Cdn Sd White and Yuk CALGARY 25 SO AH Can Divl 2650 All Can Vent 357 390 2 OS Amer Gr Fund 553 1775 Can Inv Fund 4 55 4 99 43 SO Coll Mut 643 5700 Comm Inter 20 67 Comm Lever 335 17 37 Corp Invest 550 6CU 44 00 Corp In Fund J 87 5 O e 30 Drty Fd 12391358 775 1 06 6 so 33 10 I 22 1 50 7 30 7 25 64 128 65 1 30 56 23 871i Equity Gr In Shares Inv Inv Mutual Accum Mut Gr Fund Nat Res N Finance N Growth Prln Growth Roytund Un Accur 617 678 377 371 Tern G Savings rowth uAwrnuVEH VANCOUVER Agra tnd Atco Indus Aquatalne Brit NFId Cp Cdn Brew A Cdn Brew B Cdn Hyd Carb Cdn Pac Inv CPR Pfd Crowsnest In d Cygnus A Cyanus B Cum Prop Gt Cdn Oil Sds Gt Cdn Oil SdS 825 24 75 525 32 00 17 50 25 62tt T 9 50 T Plains Pete PIPE LINE STOCKS Alta Gas Tr A 51 35 Alta Gas Tr Pfd Nat Gas 2450 Can West Nat Gas 1650 in Nat Gas 13 CO Nor and Cent 16 iO Nor and Cent B 3200 Gar Metro 5 50 Gas Metro A 64 00 Trans Can Pipe 33 CO Can Pipe Pfd d3 00 Pipe A 62 CO 12 50 3J 67Vi 3500 15 ra 5 50 Arctic Mining 3 7S Beth Copper 15 2 Brenda B Sugar Church Copper Crest For Ind Croyden Legal and accounting professions tax recommendations make sense By ASPER i leaves his estate outright to his It is four years since Canwife with no strings adas legal and accounting pro fessions sat down with the Min ister of Finance to make rec there is no But if there aie any such asjtoms that are no business of where the husband provides i the the recom Since this is obviously unfair wishes to prefect their children to the and interferes with j a g a i n t being disinherited social relationships and cus1 tlirough die remarrying of the ommendations regarding chan that if the wife then j mendation that the law be ges in the tax This of the estate will go to the Canadian Bar Association j his then regardless of and the Canadian Institute of whether or not the wife actual ly does the whole es tate is 1625 1 50 663V 2600 Tr Can Pipe War 10 4 95 West Trans 23 50 6 87W West Pacific 4 75 1750 MUTUAL FUNDS 650 AGF Spec 273 100 00 Al Can Com 8 67 Utica Giant Mascot Granisle Growers B Bath Norsemina Hys Int Brew Jericho Lytlon Mn New Cronin Ok Helicopter 3 Silver Standard Texmont Trojan West Mines West Explor 4 75 1 o2 Toronto industrials Supplied by Richardson Securities of Canada LAST BID OR SALE Quotes MINES Quotes Quotes Acme Advocate Akaltcho Area Mines Black Bay Bralorns Broulan Bethlehem Brunswick Canada Cassiar Central Chimo Conwest Rambler Com Lake Cochenour Craigmont Dickenson Mines Denison Mines Deer Horn DEldona Dome Mines Donalda Discovery Mines East Malarllc East Sullivan Falconbridge Frobex First Maritimes Giant Y Bovis Granduc Headway Hollinger Hudson Bay MS 2300 Hydra Ex Highland Bell Iron Bay ISO Jollet Quebec Kerr Addison Key Anacon Labrador Lake Shore Leitch Langis Silver Madsen Malartlc Martin McNeely Maybrun Maclntyre Meta Midnm Intern Mogul New Athena New Calumet New Imperial Noranda Northgaie Opemiska ostsko Pattno Pme Point Placer 25Va 17 37 3 Quebec Man 585 Rayrock Radiore Rio Algom Roman Silverfields Sherritt Gordon Silver Miller Steep Rock Tek Texmont Upper Canada Western Mines Wright Har Willroy Windfall Yellowknlfe Zenmac INDUSTRIALS Abltibi Alcan Algoma Steel Atco Ind Atlan Sugar Dell Tel Brazil Trac B Tel Burns B Forest CAE Ind Cdn Brew Chemcell Col Cellulose Cal Power Coron Credit CWN Gas Cdn Indust Canada S S Cdn Marconi Cdn Vickers Chrysler CPR Cominco Cons Bath Cons Gas Djst Sea Dom Bridge 3450 9 30 11 162 06 260 2200 10 25 226 06 77 6800 360 1150 215 740 9 50 38 75 Dome Pets Dofasco Fam Play 29 Fd of Amer 23 75 Gt Cdn Oil 31 62W Gen Motors 315 167 9 25 3 40 81 950 1200 251 1 74 610 73 1 8t 3 70 13 535 11 24 50 435 750 4 80 550 28 SO 135 11 00 12 00 3700 365 10 75 15 mtar Gt Lakes Pap Gulf Oil Cda Greyhound Hawker Sid 35 Erie 19 75 Hirarn Walk 6 50 Imperial Oil 1 D Imperial Tob 20 Int Nickel 07 Int Pipe Inv Gp A Int Utilities Indust Accept Laurentlde Kelly Doug A Loeb Loblaw A Metro Stores Massey Ferg McMillan Bloe Moore Corp Molsons A Molsons B 23 2S Cent 15 12Vz Pembina Pp 800 Power Corp 700 Price Co 4650 Rothmans 17 St Law Corp 62 00 Shell CDA 1150 Simpsons Simp Sears Steel of Can Selkirk A Texaco Traders Gp A Trans Mtn Pp Trans Can Pp Union Gas Union Oil Versatile Mffl Westeel Union Car 26 Westons B 6550 Woodwards A West Cdn Sd Zenith Elec BANKS 5375 Can Imperial 3200 Montreal 14 Nova Scotia Royal TorDom 88 00 25 37Va 9 87Vi 6025 625 8450 1800 21 75 14 37 a 265 1600 3712 44 27 900 75 1800 8 50 5 37Va 4 00 3100 10 871 2612 166212 165 3D 2s 495 13 19 00 3J fi2 12 2J 00 1200 30 50 23 50 3300 1550 41 00 325 1000 16 50 19 37A 1600 380 2175 1500 25 37 2 23 12Va New stocks Supplied by Securities of Canada Amr T and T Anaconda Beth Steel Chrysler Comsat Dupont Gen Motors Gulf Int Harvester Kenn Copper 4B 62VMont Ward 21 12V Sears Std Oil of N 2612ViTexas Gulf 7050 Texas Co 13925 Woolworth 8325 West Elec Steel 33 00 20 Golds 194 96 up 2 3250 10 Base Met 9590 off 76 15 West Oils 20500 up Volume 3550 vnuv AURoar 5075 NEW YORK AVERAG 2 30 Ind 89533 off 404 3275 20 Rails 19698 off TORONTO AVERAGES 15 Utilities 12375 off 26 3650 20 Ind 16225 off 65 Stocks 29432 off 149 Livestock oa og saes Wednesday se e govern average Sows avment makc i mandatory for mining companies to allot 25 Potato futures WINNIPEG CP The Mari time potato futures market Wed nesday had a light Open High Low Close ing per cent of common shares to the government for the right to mine If it is a profitable ven he then the peo ple of would receive their just share for allowing the Lethbridae Livestock Supplied by Canada Department of Agriculture On offer to 11 a m 100 Receipts m o s t ly slaughter Trade Good and choice butcher steers meeting good demand at steady Good and choice butcher heif Apr We should economic May 2 75 2 75 democracy as weE as political company to exploit this nonj ers selling at strong prices un replenishablc COMPUTER ACCOUNTING AND MANAGEMENT Data Processing Services 507 CANADA TRUST BUILDING TELEPHONE 3287883 DOWTOWN PREMISES FOR LEASE 3200 ground floor no basement Half block North of Post presently occupied by Royal Trust Suitable for retail professional services Available 1st 1971 Phone 3281761 Royal Trust der good All classes of steady at the weeks sharp Medium and good feeder steers strong to 50 cents or more Choice steers 32 to 3270 Choice heifers 2925 to 2990 good 28 to Good cows to me dium 20 to 21 canners and cut ters 17 to Good heavy feeder steers over 800 pounds 31 to 33 90 me dium to Butcher hogs sold Wed nesday Lethbridge 2080 base Calgary Livestock CALGARY CP On offer to 11 about 950 head Chartered Accountants have re vived what was an annual cus tom by making a submission to Finance Minister Edgar Benj son and Revenue Minister Herb i In the representatives of the two professional bodies lave annually met with the ap propriate Govern ment Min isters and their officials in or der to draw to their attention situations where the tax law las produced unfair results which should be reiradied by for several years since the Report of the barter Commission on Tax Re orm in the whole subject cf tax reform has been up in the and spokesmen for the professions who represent Ca ladian taxpayers have been re luctant to recommend law changes on a piecemeal lUBJIIT BRIEF The fact that the Lawyers and Accountants Joint Com mittee decided to make a fresh submission to the Government is indicative of the feeling that some law changes can and should be proceeded with re ardless of what happens 10 tlie Governments tax reform This years brief leans strong ly in favour of improving tax payers civil rights under the law although it makes other valid points as For the LegalAc counting brief comments favor ably on the Goveinments re cently improved practice of sending out regular Circulars and Interpretation Bulletins de scribing how the Tax Depart ment is operating and letting the public know how it intends to apply and interpret the While this practice is a great improvement over the vhere one could rarely deter mine where he stood under the and where tlie law might be administered one way in Vancouver and the opposite way in there is still room for The brief properly points out there is a danger that when the Tax Department prepares its Interpretation Bulletins stat ing how officials will apply the these interpretations can be so wide that in make new Law making is the function of not the civil As the professional associat ions feel that the Government In terpretation Bulletins should be issued in proposal form so that anyone who disagrees with the Tax Departments view of what the law means will have an opportunity to make repre sentations and have his views Another point made is that the system whereby the Tax Department will rule in ad on how it will treat a taxpayers proposed tranpac shauld be At the the advance rul ing system does not cover the Estate Tax law nor will the Government give an advance ruling on whether or not a pro fit made on the sale of ones assets will be treated as tax able income or a taxfree capi tal These are vitally im portant areas of tax law an the professional associa t i o n s are quite right in urging Uia the Government should extern the advance ruling system to include The Joint Committee of Law yers and Accountants also rec bmmends that the Estate Tax Act be Where one i Strom foreign money welcome CALGARY CP Alberta Uon expresed by Calgary remier Harry Strom has re assured representatives of the jetroleum industry the prov nce would continue to provide a welcome climate for invest including capital from oreign He told the annual meeting of the Independent Petroleum Association of Canada foreign money has played a large role n developing the provincial Konomy and would continue to e required in the Foreign investment only be came a problem when Alber ans are prevented from par icipatmg in economic oppor any executives the province encouraged corporations to use provincial technical and nanagerial expertise and capi The premier echoed the posi good 31 to 32 medium to mostly good and choice slaugh ter steers and heifers with the balance of the slaughter offer ing mixed grades of Trade was strong and Slaughter steers were filly steady heifers 50 cents higher cows steady with sales to and insufficient bulls on offer to establish a Choice slaughter steers 32 25 to good 31 to 32 medium 29 to Choice heifers 30 50 to good to me dium 27 to Good cows to 22 me dium 20 to 21 canners and cut ters 18 to Replacement cattle c o n tinued in short supply with those offered mostly heavy fleshy shortkeep steers selling at steady prices from 30 to Good feeder heifers to No stock or slaughter calves were on Hogs base price 2025 Serving you with INTEGRITY STABILITY EXPERIENCE For over 60 yearj We write all kinds of INSURANCE HOMEBUSINESSFARM AUTOand LIFE and can save you MONEY SEE US SOON A continuous family enterprise for over 60 yean 706 3rd S Lethbridge Phono 3272793 Ross elected IPAC leader He reminded 250 oil com Grain price review Winnipeg Grain Prices WINNIPEG CP Ship pers showed an active interek in flax at midsession on the Grain Exchange to day and prices moved to stronger March rapeseed after earlier heavy selling and some short covering began to regain some Other commodities were mostly Wednesdays volume of trade was bushels of of rye and of widow Tne tax valuation rules are also Under pres changed to accommodate this i ent whn one dies his es situation is Surely tale is axed on the basis of its there should be no tax penalj fair market value at the mo ties imposed against the wife ment cf death This is often dif simply because her husband ficult to ascertain as by the time tlie estate is distri buted to Uic deceaseds he value of the assets may have changed dramatically yet they are taxed on the value at the date of death For where there are volatile stocks in the es the situation has often een encountered where at the late of deaJi the investment wnfolio is ut three months when the investments are they hring in only Under these circumstances the heirs still pay tax on IMMEDIATE CHANGE The Joint Committee brief asks for an immediate change in the law to permit UK heirs to have a choice hi deciding when the inherited assets should be evaluated for tax pur It is suggested that the estate beneficiaries should be able to elect to value the as sets on any one of three dates the date of death or six months thereafter or the date on which the estate assets are actually This would certainly im prove the fairness of the Despite the value of these recommendations by the lead ing spokesmen for the profes their most import ant contribution is a series of pro posals which would eliminate those provisions of the present law which abuse the fundamen tal civil rights of taxpayers and deny in many the basic elements of natural jus This aspect will be the subject of a subsequent com Because of the importance of their and in mond that the Joint Committee of Lawyers and Ac countants is an objective and independent tie Govern ment should accept and act quickly on these proposals for law Asper a Winnipeg mayor Rod Sykes who said dollars know no The desire of some Cana dians to emphasize domestic control sounds said but contains an im plicit Foreign investment helped build Canada and moves to re a r d economic nationalism were striking at the roots of our The premier said it cannot be effectively argued in Alber ta there can be foreign own ership of energy Such resources are avail able for licence or other form of terminal Owner ship does not pass to the com pany developing the The province has and pre serves the right to regulate the manner in which operations may be tlie terms for development and the royal ties Export clearance of Cana dian wheat included bushels to to Ireland and to Midsession prices May 1 higher July 1 higher 2 IVi not Rapeseed Vancouver March lower May high er July Vi lower not Rapeseed Thunder Bay April higher June higher not Oats May Vz lower 8 DANGEROUS PROFESSION When Queen Shubrid of Vr died morp than years four harpists were among j May servants entombed with Jly CALGARY CT Alistair Ross of Western Decalta Pe troleums Ltd is he new presi dent of the Independent Petro1 Icum Association of Canada He succeeds Gene Roark president of Husky Oil Can ada Ltd S llilner of Chieftan De velopment was chosen first vicepresident and Jourdie of Ashland Oil Canada second Government cuts grants over strike VICTORA CP Provin cial operating grants to schoo districts in British Columbia are to be reduced by one twen tythird for March because oi the oneday teachers strike last A letter to this effect has been sent by Education Minis ter Donald Brothers to dl school saving the grants will be reduced by one twenty third because there are 23 working days in The operating grant covers all costs of keeping the schools open for the including the cost of secretarial jani fuel and other daytoday Dec not Barley May lower not Rye May Vt lower July unchanged un changed not Prices Wednesday for Class Two wheat for export to coun tries outside IGA 1 Nor 2 3 4 1 Durum 2 3 4 163 IGA prices 1 Nor 2 3 4 1 Durum 2 3 4 Grain quotes Wednesday basis High Low Close Flax May 256 Jly Oct 256 Nov 255V4 254 Rapeseed Vancouver Mar May ep 348 SOOVs 289 25SY4 234 257 255Vi 346 297 2784 27814 Hapcseed Thunder Bay 294 Apr Jun Oct 274i Dec Oats May 84 Jly Oct Dec Barley May 1317s Jly Oct Dec Rye May 11534 Jly 110 Oct 293 274 13H4 10954 293 274i 263 835J 131i 129 122 122 108 110 JOINS BENYS SALES STAFF DONAT Beny Chevrolet UEMER5 Oldsmobile wish to announce the recent ad dition to their sales staff of Don Don is a native son of and educated He recently spent four years in the retail sales field in A ried man with 2 Don is a member of the and an ardent He wel comes his many friends and acquaintances to see him at Benys for their motoring He will be very pleased to as sist roccssinq an d 1003 4th Avenue Lethbridge Telephone 3284426 ct Beef futures WINNIPEG CP There was only a light trade on the Winnipeg live beef futures market Wednesday but several trades points were executed at 35 over previous close Open High Low Close 32 50 31 M Operated by ROJO ENTERPRISES Is proud to introduce VIC VOGT General Mariager JOYCE GUILLEMAUD VicePresident 1240 3rd AVENUE SOUTH 3281101 ;