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Lethbridge Herald, The (Newspaper) - May 19, 1973, Lethbridge, Alberta Saturday, May 19, 1973 THE IETHBRIDGE HERALD ft Prairie cities had smallest price increase OTTAWA (OP) The stee- pest increase in consumer prices in 12 urban areas studiec last month was in Saint John N.B., with Halifax a distant sec- ond. The smallest price rise was in the Prairie cities and city groups of Winnipeg, Saskatoon- Kegina and Edmonton-Calgary. Statistics Canada said Thurs- day that food prices were a ma jor element in increases in al cities. Food-price boosts rangec from just under one per cent in Edmonton Calgary to 5.6 per cent in Saint John. The survey measures only price increase within each ur- ban area and does not compare prices between the areas. The picture by area: St. John's, Nfld-: The price index increased generally by HI per cent to reach a level 7.e per cent higher than in April last year. The food index rose 2.9 per cent and the clothing component increased 1.1 per cent. A decline of .6 per cent in health and personal care 'costs was attributed to lower prices for some drugs, toilet soap and toothpaste. The remaining groups were unchanged. B.C. bank to open U.S. office VANCOUVER (CP) A spo- kesman for the Bank of Brit- ish Columbia says the bank will open its first office outside the province an agency in San Francisco this summer. Peter Darling, vice pres- ident, international operations, said the branch will open July 12 at 300 Montgomery St., in an office suite that was part of the Bank of America's original headquarters. He said the agency will not carry out any retail banking functions, but will have the power to accept deposits from outside the United States, carry out money market transactions and provide commercial lend- ing and foreign exchange ser- vices. David Muller, of the banks in- ternational b a n k ing depart- ment, is to be in charge of the new office. H. H. Smith Ltd. Customs Broker EDMONTON PHONE 424-9796 CALGARY PHONE J63-S050 I LETHBRIDGE PHONE 328-8141 Ph. 344-3822 Halifax: Prices rose 1.3 pe ceiit over-all during the mont with a yearly increase of 5 per cent. The food index ad vanced 4.2 per cent while th clothing factor rose one per cent and housing and trans portation costs rose marginally Remaining components wer little changed. Saint John, N.B.: Th monthly increase for the gen eral index was 1.9 per cent an the yearly boost was 6.6 ps cent. The increased food inde was attributed to higher price for restaurant meals and mea fish and poultry, eggs, milk bu ter, fresh vegetables, banana and apples. The clothing com ponent rose by one per cent an the housing index .3 per cent Health and personal care costs climbed two per cent. Quebec City: Prices increasec 1.1 per cent during the month and 4.7 per cent over the year The food index rose 2.6 per cen while the clothing element in creased 1.3 per cent. Highe train fares and increased price for new cars, motor oil ani tires boosted the transportatioi index .4 per cent. The housinj and health care indices rose marginally while other factors remained unchanged. Montreal: The price index ad vanced one per cent in April and 5.2 per cent during the year. The biggest increase was in the food index, up 2.6 per cent, while the clothing com ponent rose 1.1 per cent. The transportation and health'care elements each climbed .4 per cent while there was little change in other indices. Ottawa: The over-all index in creased .9 per cent during the month and 5.5 per cent over the year. The food index led al price increases, rising 1.8 per :ent, followed by a 1.6 per ceni iwost in health care. The cloth- ing element rose 1.4 per cent ;he transportation index .4 per cent and the bousing component ,2 per cent. Toronto: Prices were .9 per cent above March levels and >er cent above the April, 1972 igures. The clothing index .opped price increases, climb- ing 1.9 per cent. Food prices ad- vanced 1.7 per cent and health and personal care items rose .6 per cent. The housing index in- creased .2 per cent the recrea- tion and reading element was pushed up .4 per cent. Other actors remained unchanged. Thunder Bafir, Ont.: The over- all index was raised one per cent in April and 4.9 per cent during the year. A 2.7 per cent ncrease in food prices pushed .he food index above other price boosts. Health and personal care followed with 2.4 per cent increase while the housing and clothing indices moved up 4 per cent. Other elements rere unchanged. Winnipeg? A .8 pel' cent gen- eral increase in April helped shove the yearly price increase bo 5.6 per cent. prices in- creased 2.2 per cent while the clothing factor rose 1.5 per cent. The health and personal care section edged up .4 cent the recreation and reading index climbed .2 per cent. Saskatoon-Regina: Higher ood and clothing prices were t. 2. 3. Q-X WITH MOLY -SAVES- 15% TO 60% EVERY YEAR ON OPERATING AND REPAIR COSTS Available Now for Automobiles Simply add 16 oz. to 5 qts. oil or in proportion To Crankcase and Automatic Transmission Tested by Tachometers and Used Oil Analysis Q-X Moly improves efficiently of oils three times. Increases film strength of oils four times Eliminates dry starts. Reduces frictional drog between moving parts 5% to 20% ASK FOR IT AT SERVICE STATIONS OVERSEAS EMPLOYMENT OILWELL DRILLING PERSONNEL We ere now accepting applications from; TOOLPUSHERS DRILLERS ASSISTANT D.C. ELECTRICIANS RIG MECHANICS MECHANIC-WELDERS who are Interested in future international assignments. years experience in position applied for is re- quired. Previous experience on rigs de- sirable. Two-year contracts, single and married status. Excellent pay and special allowances. Reply in full stating experience and references toj MR. M. J. CONROY, PETER BAWDEN DRILLING 640 8th AVENUE S.W. CALGARY, ALBERTA 72P 1G7 the main reasons for a .8 per cent rise in the general con- sumer index in April. The April level was 4.9 per cent higher than in the same montli last year. The food index moved up 1.6 per cent while clothing prices advanced 1.9 per cent. The housing component was pushed up .3 per cent while re- maining prices remained much the same as the previous month. Edmonton Calgary: The gen- eral index increased .8 per cent to a level 5.5 per cent higher than in April last year. Health recreation indices rose 2.2 per cent. Increased prices for den- tists' services, ladies' hair- dressing, some drugs and toilet soap helped push up the health care element. Higher prices for newspaper subscriptions, bi- cycles and phonograph records accounted for the higher recrea- tion index. The housing com- ponent edged up .3 per cent while other prices remained the same as in March. Tax column Canada, U.S. on collision course I. H. ASPER The cult of economic nation- alism in Canada may be on the way to losing its chief U.S. investment in Canada That's the way it is going to be if President Nixon has his way and succeeds in passing stiff new tax laws which will, at the very least, have the effect oJ dissuading American firms from building plants or taking over facilities in Canada, with one tax program he has in mind, and, persuading existing American-owned plants in Can- ada to return home with an- other program he is offering in the tax field. Continuing American in- vestment in Canada, seemingly impervious to attacks by NDP Wafflers. such as Toronto's Mtelvin Watkins, may well be arrested, and indeed dramati- cally reduced, not by any Cana- dian action, but, rather, by none other than the man ultra- nationalists in this country have characterized as the arch-vil- lain in a plot to colonialize Can- ada, the U.S. president himself. !f President Nixon is successful, ic will have accomplished in one short year what economic nationalists in Canada have >een attempting to achieve, in vain, for the past decade: the withdrawal or substantial re- duction of U.S. investment in Canadian industry. Although it is not the purpose of this commentary to evaluate t, Canadians would do well to ake a long and sober look at the consequences of the Nixon )lan to repatriate American in- vestment before they rub their jands in glee at the thought of jetting rid of all of that Yankee 'economic domination." Two key phrases which ftould be understood by all Ca- nadians who wish to follow the day which is beginning to de- relop: "Runaway plants" and They are merely policy extensions of the general theme rf the Nixon administration's retrenchment policy which has, as its cornerstone, the with- drawal of Americans from their investments abroad and a re- turn to the homeland, where balance of payment difficulties, currency devaluation problems, and the twin problems of jobs and inflation are uppermost in the public mind. Mr. Nixon's avowed aim and facet which seems to accom- plish his objectives, regardless of what technique he may choose to use, is to bring home the American money that has been invested abroad, where it will be put to work creating jobs for Americans. In short, he wants the jobs in the United States not in Can- ada. He also wants the balance of payment benefits from manu- facturing products in the United States and selling them abroad, rather than exporting U.S. capi- tal to Canada where it is used to produce goods which are sold in Canada, but which might oth- erwise be export sales for the United States. So, we get legislation in the form of the "runaway plants" concept and Let's start with Disc. For several years, many lead- ing American companies, were manufacturing their products in the United States and then sell- ing them at a low mark-up to a subsidiary company, say in Canada, for sale in Canada. The profit from the manufacttTing end, which is not spectacular, was being retained in the United States, where it was being taxed at U.S. rates. How- ever, the profit from the sales end, which is normally higher than the manufacturing profit, was being earned in the foreign country, in the subsidiary, and being taxed in Canada. Also, all of the jobs associated with the sales operation were in Canada, rather than the United States. Last year, President Nixon in- troduced the Disc program which offers a tax holiday, to the extent of 100 per cent, and] for an indefinite length of time, for all manufacturing com- panies which would return to the United States their sales op- erations so that that profit would be earned in the United States. Even though the profit wasn't to be taxed, nevertheless the jobs associated with the sales end would be in the United States. There is no doubt that thb tax concession is a powerful magnet and although it is im- possible to measure its effect yet, there is equally little doubt that many American companies with foreign export sales are in the process of taking advantage of the Nixon plan. Canadians will remember that it was partially in response to this threat that last may Fi- nance Minister John Turner in- troduced his corporate tax cuts for manufacturing and process- ing industries as a counter in- ducement to Canadian industry to remain competitive. Having made it very attract- ive for the .tales end of the busi- ness to be kept in the United States, through the Disc tax holiday, President Nixon then put before congress his runa- way plant tax plan which is aimed at giving American man- ufacturing facilities an in- centive for staying at home and doing their manufacturing in the United States, rather than abroad. Here, there is no bene- fit to the American company, but rather a tax penalty for those who are attracted to es- tablish manufacturing subsi- diaries in foreign countries where the tax rate is lower than the American rate. In effect, the runaway plant legislation says that where a manufacturing company, which is owned by an American par- ent firm, is operating in a coun- jy where it is paying "an ef- fective tax rate" lower than 80 jer cent of the United States tax rate, the parent company in lie United States will be taxed in the United States at full United States rates on the earn- Gold speculation jars other market sections By SANDRA INGALSBE Canadian Press1 Staff Writer Gold fever hiq major stock markets again this week with >eculation and jarring price the RIVIERA MOTOR HOTEL Welcomes you to Edmonton To help make your stay more would like to introduce you to all our facilities. MORE PEOPLE STAY AT THE RIVIERA- BECAUSi THE RIVIERA OFFERS YOU MORE! Write or Telephone IVTERA MOTOR HOTEL 5359 CALGARY TRAIL 43-43-43-1 movements, leaving other sec- tors swamped with losses. Trad- ing ranged from light to active. Last week's clamor for gold peaked Monday when the To- ronto market's gold index recorded a 14-point gain for an all-time high close of 310.11. Three days of profit-taking lop- ped off 17 of'the 47.75 points picked up in the five previous sessions. Renewed demand Friday pushed the index up, on the week, 5.90 to 301.91. Canadian markets could not ignore the strong downward spiral at New York and indus- trials suffered their worst losses of the year. At Toronto, the in- dustrial index, considered a ma- jor indicator of market trends, recorded its steepest daily loss in almost three years Monday. Despite a slight gain at mid- week, it settled into a broad de- cline and closed the week at a five-month low, down 120.61 to 204.17. Many economists were hard- put to explain the demand for gold and the accompanying as- sault on the U.S. dollar. One ex- planation widely given was that the "crisis of confidence" created by the Watergate scan- dal pushed nervous investors away from U.S. dollars and stocks. Analysts agreed it is impos- sible to tell when gold will peak because buying is emotional and speculative. Reports of continuing inflation and announced increases in bank rates are also worrying in- vestors. Will nnn LIFE INSURANCE VW9UUU (Initial Amount) (20-Year Decreasing Convertible Term IT WOULD PAY YOU TO COMPARE THIS WITH ANY OTHER TERM PLAN' MONTHLY PREMIUMS (P.A.C. Plan) Age Age Age 40-515.74 Age Age KEN BELSHER OCCIDENTAL LIFE of CALIFORNIA 439A HOLIDAY VILLAGE Phone 328-0944, Ret. 328-0994 ings of the foreign subsidiary. In other words, where a coun> try, such as Canada gives th< American subsidiary a tax break in order to attract the company to locate in Canada the American government wil simply tax the parent company in the United States an amoun approximately equivalent to the tax break the foreign country gave the company, in order to wipe out the effect of the in centive to locate the plant in the foreign country. The American runaway planl legislation hasn't yet cleared all the legislative hurdles in the United States, but it seems likely that it will, and there is very little doubt that it will be effective. What it means, in simple terms, is that countries such as Canada will no longer be able to use the tax system to attract American manufac- turing facilities to be built in Canada. Canadian reaction to these events has been fairly quiet at the official level, and public opinion in this country has not yet been fully informed as to the scope of what is happening. Each person's view of the situ- ation probably depends on his political and economic philoso- phy. Nevertheless, it is no secret that economic officials in gov- ernment in Canada are con- cerned, and with just cause. The American policy is a new and very effective form of eco- nomic isolationism, and every time the United States begins to look inward, history has shown that it has a significant and usually adverse effect on Can- ada. The situation warrants a broader Canadian public under- standing and discussion. What is more, it now becomes neces- sary for Canada policy makers, both at the federal and provin- cial level, to reappraise our na- tional policies and attitudes when dealing with the United States. All Canadian dealings with the United States from here on in, whether it is in auto- pact negotiations, or the sale of energy to the United States, should be viewed and conducted in the light of current U.S. tax policy. We are not without cards of pur own in the poker game of international trade, particularly with the United States, but it is time a national policy, linked to and implemented by provincial governments as well as the fed- eral government, was devised in the light of the new U.S. mood. We are in for some tough bargaining in the years ahead. (Mr. Aspcr is a Winnipeg law- yer) Brick by brick Building construction in downtown Lethbridge steadily ahead this spring. Above, additional floor space atop the professional building provides a backdrop for this view of progress on the new library Bond prices Supplied by Doherty McCuaig Limited GOVERNMENT OF CANADA BONDS 5V2% Oct. 1, '75 96.00 97.00 8 July 1, '78 103.00 104.00 4% To Sept. 1, '83 78.00 79.00 5% To Sept. 1, "92 79.00 81.00 3 Sept. 15 Perp 38.00 40.00 April 1, "75 98.50 99.50 714% July 1, '75 100.00 101.00 PROVINCIAL GOVERNMENT OF CANADA GUARANTEED BONDS Alberta '90 Ontario 7 '88 Ont Hyd 9 New Br ,o '94 '90 Nfld 8 To '74 N. S. '92 Quebec '74 Alberta '90 Man Hyd 8 '91 Sask '90 Nfld '90 ACT 8 '74 Man Tel 8 To '74 104.00 91.00 106.00 106.00 99.00 82.00 100.00 105.00 96.00 104.00 1C5.00 100.00 100.00 INDUSTRIALS Alta G T '90 105.00 Alcan '91 106.00 B.C. For '92 106.00 B.C. Tel 9% '90 105.00 Bell Tel 9's% '79 106.00 Bell Tel '93 107.00 CP Ltd '89 102.00 106.00 93.00 108.00 108.00 10100 84.00 102.00 107.00 98.00 106.00 108.00 102.00 102.00 107.00 108.00 108.00 107.00 108.00 109.00 104.00 CP Sec Cdn Util CWNG Gulf Oil Inter P P Massey Noranda Wo Int Nickel N and C G St of Cdn Tr Cdn P Tr Cdn P 10% WC Tr '90 106.00 '91 106.00 '90 106.00 '90 101.00 '90 105.00 '80 103.00 '90 104.00 '90 104.00 '91 105.00 '90 104.00 '90 106.00 '90 108.00 '93 98.00 108.00 108.00 108.00 103.00 107.00 106.00 106.00 106.00 107.00 106.00 109.00 111.00 98.75 CONVERTIBLES Alta G T '90 138.00 148.00 Cons Gas '89 81.00 84.00 Dynasty 7 '82 97.00 102.00 Acklands '88 99.00 101.00 Scur Rain '88 88.00 90.00 WC Tr C '88 78.00 82.00 WC Tr 7Vi% '91 98.00 100.00 Commerce bank increases rale TORONTO (CP) Canadian imperial Bank of Commerce announced today an increase in he interest rate for non-che- queable savings accounts to five ier cent from It was the second rate adjust- ment in a week as the bank had earlier increased the rate from per cent. The move to five jer cent brings the rate for Ca- nadian Imperial to the same evel as that adopted earlier his week by most other banks n a round of increases in loan and savings account rates. Greyhound revenues increased CALGARY (CP) Grey- hound Lines of Canada Ltd. earned or 23 cents a share during the three months ended March 31. During the same period of 1972, the company earned or 37 cents a share. But this included a non-recurring gain of compared with extraordinary income of this year. Gross revenues were up from Gold futures WINNIPEG (CP) Gold fu- tures, U.S. funds, Winnipeg Commodity Exchange: close Thursday. Jly 73 108.00; Oct 73 110.90A; Jan 74 113.20A; Apr 74 115.30; Jly 74 117.30A. Thursday's volume: 118 con- tracts. ecirrY Hartford Insuranc INiUKANvt and going from our market. ecirrY Hartford Insurance on all Livestock coming from our market. NOTE: NO SALE MONDAY, MAY 21st VICTORIA DAY Slaughter hogs will be accepted for shipment Tuesday SLAUGHTER HOGS ASSEMBLED AND SOLD MONDAY THRU FRIDAY. WE BUY AND SELL FAT AND FEEDER LAMBS DAILY Wednesday a.m. FAT CATTLE SALES FRIDAY 10 a.m. and FEEDER CATTLE SALES 1 p.m. SPECIAL STOCK CALF AND FEEDERS Special for Fri., May 25th 350 Head of Stock Calves and Feeders EXPORTERS OF SLAUGHTER HOGS EXCELLENT FACILITIES FOR FEEDING AND LOADING HOGS. ED FRENCH 378-3986 DAN (CLASSEN ........345-4358 KEN MILLER, MAGRATH 758-6607 LOU DEJAGER 345-4489 WHIT HENINGER 328-7354 CONSIGN ALL YOUR LIVESTOCK TO: C. E. FRENCH LIVESTOCK "In The Heart of Canada's Ranching Country" Ph: Office 327-0101 327-3986 Alberta P.O. BOX S.S.1-7-7, LETHBRIDGE, ALBERTA ;