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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 8, 1974, Lethbridge, Alberta LETHBRIDQE HERALD May Alberta ready to support two-price system for oil OTTAWA Alberta is prepared to support the federal government's proposal to set up a domestic two-price system for crude oil even if proposed legislation is scuttled by a federal says Alberta Attorney- General C. Mervin Leitch. But the province has serious reservations with two sections of the now before com- that was introduced after Prime Minister Trudeau and the provincial premiers agreed to terms in March. Mr. Leitch told the Commons natural resources committee Tuesday there are provisions in the bill were not part of that agreement and which indeed are in direct conflict with fundamental philosophies upon which the agreement was He said the Alberta govern- ment takes exception to the portion of the proposed legislation that gives the federal cabinet power to regulate the the the production and the sale of a provincial natural re- And in Alberta's case the province is particularly inter- ested in the price and flow of crude he said. The agreement between Mr Trudeau and the provincial premiers fixed the wellhead price for Canadian crude oil at a which is about below current world prices. Mr. Leitch said Alberta will support this price even if the government is unable to pass its legislation because of a federal election. While the province has ex- pressed concern over another minor section of the Mr. Leitch said fundamental objections are directed at the scope of power of the cabinet. permits the executive council to terminate an existing agreement between a producer province and the federal government or to decline to negotiate a renewal agreement and to impose by unilateral action maximum prices on a natural resource owned by a he said. one of the negotiating parties by legislation purports to reserve unto itself powers of the most dubious constitutional it invites the other party to embark upon a course of ju- dicial confrontation which to date all sides have attempted to avoid in the interests of the Canadian Mr. Leitch said Alberta also takes exception to a section of the bill that he says gives the government the authority to the office of the premier of a province or any of its ministers and demand to see their files and take such files and documents as in his opinion may afford evidence of a contravention of the Bank Rate 0-Ups and Downs Budget tax plan to cut booming gas profits Bank rate reaches record The Bank of Canada has boosted its lending rate to a record per effective April 15. The increase was up one per cent from the previous rate in effect since Sept. 1973. It is the first time the rate has been increased by one per cent since January 1968. Officials of chartered banks interpreted the in- crease as evidence of a tougher anti-inflation policy by the government. Price of twine to ease SIMMENTAL BREEDERS The Stettler Auction Mart is conducting a sale that may be of interest to you. Twilight Simmental Sale MAY 11 at p.m. This sale is being conducted for Circle 3 Cattle Co. of Lethbridge SELLING WILL BE 106 LOTS 1 Purebread Yearling Bull 10 Open 1973 Heifers Cows with Heifers Calves at foot 15 Bred Bloods 70 Open 1973 Blood Heifers to SALE CONDUCTED STETTLER AUCTION MART LTD. C.Q. McKay and Associates P.O. Box 1238 Alberta Phone 742-2785 OTTAWA Baler twine is being imported by the boatload and sisle twine price should Agriculture Minister Eugene Whelan said Tuesday. Stanley Korchinski had complained in the Commons that the price of baler twine has risen 300 per cent to about a bale from about But Mr. Whelan said that applies only to plastic baler twine and only about 10 per cent of farmers use the plastic product. He said the price of sisle imported from has risen but not by anything like the 300-per-cent figure cited by Mr. Korchinski. Shipments of sisle baler twine were arriving by ship at Saint and Toronto and this should help ease the he said. Revenue Canada Customs and Excise Revenu Canada Douanes et Accise INFORMATION SERVICES HAVE YOU ANY QUESTIONS FOR CANADA MONDAY TO TELEPHONE 0900H 1700h 327-2688 328-2603 SERVICE DE RENSEIGNEMENT DOUANES DU LUNDI AU 0900h-1700h-327-2688 328-2603 Sears SuppOSG...on Mother's or any day of the you want to get Mom out of the kitchen. Surprise her with a loving gift. Kenmore microwave oven 399 This revolutionary new way to cook pre- pares meals in minutes. Cooks a whole dinner for including baked potatoes and layer cake in just 30 minutes. It actually cuts cooking time by Saves time on clean-ups because you cook right in your favourite china server or on glass or paper. The oven never gets hot. Spills just wipe off with a damp cloth. And because you cook without your foods retain more of their natural vitamins. portable Microwave oven is Woodgrain finished. And takes only of counter space. Needs no installation. Plugs into any regular outlet. No. power Microwave oven No. 99941 defrost button Come see our Microwave demonstration and taste the delicious difference of foods cooked this fast new at Simpsons-Sears you get the finest guarantee satisfaction or money refunded and free delivery Simpsons-Sears Ltd. 4TTURE Open Daily from a.m. to p.m. Thursday and Friday a.m. to p.m. Centre Village Telephone 328-9231 By IRVING C. WHYNOT CP Business Editor OTTAWA Budget proposals by Finance Minister John Turner would more than double the federal tax take on the booming profits of the oil and gas finance de- partment officials estimated Tuesday. They said the rate of federal tax would increase to 13 per cent from five per but the provincial tax share also would 43 per cent from 40 per cent. Both the federal and provin- cial tax share also would in- crease for the mining meaning that in each case less profit would be left in producers hands. In both cases the higher profits are in part caused by sharply higher international prices. For the mining the federal tax share would be 14 per up from 12 Vz per and the provincial portion 27 per cent instead ot 25 per cent. That would leave the oil and gas industry with 44 per cent of production profits instead of the current 55 per and the mining industry with 59 per cent rather than 62.5 per cent. Mr. Turner said in his Mon- day night budget speech that proposed changes in taxes on these profits would increase federal revenue from the oil and gas industry by million and from the mining industry by million during the next fiscal year. Together. they account for more than half the expected additional income of million predicted for all his cor- porate tax changes. EXEMPT SOME Some corporate such as manufacturers and processors and small were exempted from his net of tax increases. That means the resource industries would pay for major share of the total in- crease in revenue. The projected budgetary in- crease in government take from the corporate sector is 45 per cent comparing the 1974-75 budget and the estimate for 1973-74. By the projected increase in total government spending is about 13 per excluding the flow-through effect of a planned export levy on crudr oil and support payments to bring higher priced offshorr crude oil down to tho Canadian price level. Mr. Turner justified the heavier taxes on these industries as coming from those enjoying rapidly rising profits. Canada's six major oil com- panies last year reported profits up 44 per cent over the previous year. The four that have reported first-quarter 1974 results are up more than 83 per cent. Oil company on the other say they need these higher profits to help pay the massive costs of new exploration. Recycling of waste oil benefit to world supply TORONTO Up to 10 million gallons a month of waste automotive and industrial oil could be reprocessed and used by the rubber an international meeting of rubber technologists was told today. Tom B. Royal of said the rubber industry at present uses mostly virgin about 10 million gallons monthly. If the industry turned to recycled three to five cents a gallon cheaper than virgin both the environment and the world supply of crude oil would he said in a report to a joint meeting of the Chemical Institute of Canada and the American 'Chemical Society. to think for a where does the waste oil go when you have your car oil The odds are very good that if this oil is not placed in a waste storage tank it is dumped on the ground either behind the station or at a landfill and possibly down the sanitary sewer system. gallon of this dumped waste oil eventually works its way back into our rivers and streams to Mr. Royal said unprocessed oil is uniform chemically be- cause of the method of selec- storage and and can include properties necessary for specific uses. The four-day joint meeting includes delegates from the United States and Europe. Two scientists with Phillips Petroleum Co. of told an opening session Tuesday that a worldwide shortage of styrene has led to development of a new synthetic compound for auto tires. By mixing medium vinyl polybutadiene with standard tire a substantial amount of styrene could be replaced and released for other said H.E Railsback and N.A. Stumpe Jr. Change made in price of feed grains WINNIPEG The Canadian Wheat Board has announced changes in domestic selling prices for prairie feed grains based on the latest survey of off-board prices conducted by the agricultural products board. The survey showed the weighted average prices for feed wheat and feed barley are while the price for feed oats is down cents a bushel. Effective the domestic basis Thunder Bay or are No. 3 Canada western red spring wheat a bushel. No. 1 feed barley a No. 1 feed oats a bushel. GUARANTEED SAVINGS CERTIFICATES Interest payable semi-annually or compounded to maturity. Member Canada Deposit Insurance Corporation Fm FARMERS MERCHANTS TRUST 309 7th Street Lethbrldge Phone ;