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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 2, 1974, Lethbridge, Alberta fO-THE LETHBRIDGE Tax columA New mining tax system alarming By I. H. ASPER WINNIPEG British Columbia or both prov- nces may soon be a battle- ground in one of the most vigorous debates recently seen in Canada over tax The subject is mining axes but the least important ispect is the question of how nuch the mining companies vill have to pay. Instead the dominant issue likely be the technique or principles which the two gov- ernments appear to be in- roducing into the system. If although they will ipply only to the mining the precedent could easily be extended to other of business. Legislation s momentarily expected in .he Legislatures of the two provinces. It all began when the NDP government of Manitoba en- gaged Professor Eric Kierans 3 couple of years ago to make a study of the mining industry in Manitoba to determine whether or not the return to the people for the Jevelopment of the prov- ince's natural resources was Fair. Last year the Kierans Report was made extremely unsettling effect. The Kierans Report declared that the mining companies were making super that profits beyond a reasonable return on capital invested. It went on to say that the Canadian income the provincial mining tax and royalty were inadequate to ensure a reason- able piece of the action for the public and that a radical new approach was required. Mr. Kierans suggested all sorts of including government-operated mining companies. Because of the NDPs well publicized leaning toward crown ownership and involvement in business by then the Manitoba government had already bought a 25 per cent interest in a Tantalum mining company and had established a crown owned mineral exploration the Kierans Report produced a public expression of alarm. Interestingly the opposition to the Kierans plan came from a broad section of the community and its oppo- nents included identified labor and NDP supporters. The gov- ernment's performance in building up multi-million dollar annual losses in the businesses it had already taken over was enough to convince even many of its own supporters that state ownership wasn't practical. With an election in the the government disowned the Kierans Report and defused the situation by appointing an in-house task force to study the Report and make recommendations to government. That postponed a declaration of government policy until after the election which was held last summer. In the the mining industry engaged its own con- sultants who studied the Kierans found its credibility challenged its accuracy and suggested that if the government felt the tax sys- tem wasn't giving it a large enough piece of the the government was welcome to put up its share of the go into joint mining ventures with the and split the proceeds. The next event occurred a few weeks ago when the NDP. government of British Columbia announced it would introduce a stiff new mining tax system whereby on top of all other royalties and taxes there would be a special tax. That a tax based not on the profits of the mine but on the price obtained by the company for the regardless of the cost of producing it. The battle being joined on the Pacific the Manitoba government moved. Two weeks ago Mines Minister Sidney Green tabled the Report of the government task force studying the Kierans Report. At the same time he announced the govern- ment's intentions in the tax area. In the Manitoba government proposes that henceforth the royalties charged the mining companies will be set by the Cabint and will not be subject to approval in the Legisla- ture. The second implication is that the royalty rates and charges may differ from one company to the next. The third ingredient is that the special taxes will be based exclusively on the world price of the ore and will ignore the ability to pay principle because the amount of profit earned will not necessarily be a consideration in determining the taxes to be paid. The fourth and from the practical point of view of the mining industry the most is that the govern- ment says it will through this technique double the tax reve- nue in 1975 over the 1974 level. The legislation will be in- troduced within the next week or so and although there have been reports that the B.C. gov- ernment may be having second it appears1 Manitoba will proceed. If look for a fierce legislative crossing. Opposition parties are united in their determination to prevent the power to set tax rates from being taken away from public parliamentary debate and tucked away in the private recesses of the backrooms of Cabinet. Mr. Asper is a Winnipeg lawyer. Pair of Queens Queen Elizabeth left and Queen Margrethe of Denmark are beaming with smiles as they arrive at Windsor Castle in England yesterday. Prince Philip is at centre. Queen Margrethe and Prince Henrik are in London for a four-day state visit which will include a round of functions for the royal couple. Sears 28450 COIANDER. H n d y311 MA ICE CUBE TRAY. Lever 45009 COASTER SET. Plastic JKY6 MUG TREE. Holds 6737 BOWL SET. 4-Piece aluminum colander for strain-action ice fay in alu- coasters in stand. Set of 6. in avocado or black. bowl set. Assorted color ing fruits and vegetables. minum. 88c 88c 88c 88c 88c BOARD COVER SET. 3 utility scrapers. FASTENER. Spring clips for tightly fastening the cover to 88c 88c 1he boord- 88c F64. TONGS. 3108 STEAK KNIFE SET. Sel80606 FONDUE FORK SET BOTTLEG1410 COOKIE EGG POACHER. Aluminum70W CONDIMENT SET. 4-PcFI600 SHOPPING REMINDER Utility tongs in stainless steel. of 2 stainless steel stealcof 4 stainless steel Attractive naveltvDECORATOR. Complete withindividunl egg poacher orcolored glass cruel set. Oil.AII your basic shopping re- knives with rosewood handled fondue forks. opener on spring hanger. 8 cookie molds and 4 cfecorat-sauce warrnw. salt and pepper. quircments at your finger- 88c 88c 88c 88c tps 88c 88c 88c'ps 88c 70177 ASH TRAY. Glnssm COOKIE CUTTER SET. UTTLE FORK SET.SJB30SS SAUCEPAN SET. TwoFllO ICE CRUSHER. Heavy53666 WOODEN BOWiS. ociSSWIO SAIAD BOWl. Woven globe ash troy with melalof 3 metal cookie cutters Ser Combination of 12 cocktailhandy aluminum sauce-duly aluminum ice of 2 diameter bowls. 10 handle An otum.num stainless plasticpans. pi. 88c 88c 88e 88c 88c 88c 88e 42-K10I9 SALAD SERVERS. F96 GIANT UTILITY TONGS 317 Two-piece fork ond spoon set. chrome plated. poly Cover high. 88c B3490 Can iron Vray TILE TRIVET. Cast with tile insert in coaster iron mounted sharpener. 88c S'MS.TSS cold residing 2 for plastic colors 32-G7320 Measuring IRON FRY PAN. Spoon Set 5 pc. set in ry pan. aluminum with 88c luindlos 88c MEAT THERMOMETER. iliminote guestwork in your 47-fllSI HATER. ploltd rootling with this chrome kitchen Ideal ploftd IrisrmomjMr. light mixing. RACK 3-Arm. O6 OO plastic twinging Towel Rack. OOV OOC OOC SS003CS-CHOPP.NO BLOCK A x x Two tone w.th tlicet and handle. serves. 88c 77-F1121 ScoOpLevoraction alum- IW WAJTf rour mum plasnc handlu. of AMorted. 88c 88c at Simpsons-Sears you get the finest guarantee or money refunded and free delivery 'Simpsons-Sears Ltd.- Store Open Daily a.m. to p.m. Thursday and Friday a.m. to p.m. Centre Village Mall. Telephone 328-9231 Salmon survival threatened again By NELSON BRYANT New York Times Service NEW YORK The Atlantic salmon's survival is once again being threatened by says Richard A. chairman of restoration of the Atlantic -Salmon in Inc. About 10 years the Danes began netting young on the high seas off Greenland. These salmon included fish born in the rivers of North the British Isles and other countries. By when it seemed clear to many fisheries experts that the high seas netting was endangering world salmon the 15-nation International Commission for Northwest Atlantic Fisheries of which Denmark is a agreed that the high seas fishery should be phased out. It was a also agreed that the inshore netting of salmon off which is part of would be limited to metric tons a total of about salmon. In says the Greenland inshore salmon harvest was metric and in 1973 metric tons were landed. says Danish government has the audacity to request that I.C.N.A.F. sanction these violations by revising the limit a limit that was never honored in the first Denmark Buck make its request at the June meeting of I.C.N.A.F. in Nova Scotia. The Buck have said that the length and remoteness of coastline makes policing of the salmon fishery difficult. The Danes also say that the decline of tht Greenland cod fishery is one of the reasons the salmon harvest should be increased. says so unsound as to be unworthy of consideration. How can the failure of one fishery justify the over-exploitation of Salmon are anadromous fish. Born in they go to sea to attain then return to the streams of their birth to spawn. Denmark and several of the other I.C.N.A.F. nations have no salmon-producing rivers of their and Buck observes that the Canada and other countries with such rivers are pouring millions of dollars into fishways and pollution control to aid in the restoration of the species the Greenland offshore and takes perhaps as much as 40 per cent of all the salmon that go from these countries to the Greenland area to feed and grow before returning to their native Bank rates increased on new consumer loans TORONTO Some chartered banks increased rates on new consumer loans Wednesday by as much as one percentage point. Existing term loan rates are unchanged. Royal Bank of Canada in- creased its charge for new term loans to 13.5 per cent from 12.5 per cent. Royal certified service clients will pay 12.75 per cent. Toronto Dominion Bank set its rate at 13.3 per up from 12.5 per cent. Bank of Nova Scotia several days ago raised its rates on Scotiaplan loans to 13.25 per cent from 12.5 per cent. Most chartered banks have been granting consumer term loans at 12.5 per cent since the fall of 1973 when the rate was increased from 11.75 per cent. Last the banks in- creased their prime lending those charged to most credit-worthy to 10.5 per cent from 9.5 per cent and said they were studying revisions to consumer loan rates. Canadian Imperial Bank of 4 Commerce and Bank of Mon- treal said they are still reviewing their rates on consumer loans. The increase by Royal amounts to about eight per cent while that by Bank of Nova Scotia is about six per cent and Toronto Dominion 6.4 per cent. Royal attributed the increase to higher costs of attracting deposits and to generally higher interest rates. Toronto Dominion said its increases resulted from a general shortage of money anH in fit A vtAdt fit money to the bank. It is attempt to keep margins in a spokesman said. Participating banks said rates on Chargex balances are unchanged. Charges on demand loans are not affected by the term loan increases. LIMIT MORTGAGES Some chartered banks have restricted the size of residential mortgage loan commitments to not more than Royal Trust Co. has increased its residential loan rate to 10.75 per cent and also increased the rate it will pay on term deposits. The increase is the third in a month. It is currently offering com- mercial and industrial mort- gages at 11 per cent. Most lenders are quoting rates between 10.75 and 11 per cent but commitments are being made on a selective basis. Both Royal Trust and Mon- treal Trust announced rate in- creases of up to one-half of a point on investment certificates. Both companies offer 9.5 per cent for five-year certificates. INSURANCE LIABILITY BONDS AUTO FIRE ROSSITER AGENCIES LTD. 1911 Floor 117 4th ft. PIMM MM Ml ;