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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 18, 1974, Lethbridge, Alberta Turner walks tightrope with federal budget Herald Ottawa Bureau OTTAWA The challenge facing Finance Minister John Turner as he rises in the House ot Commons tonight at 8 to present his fourth budget has been likened to that of a circus tightrope walker. Faced with continuing in- flation, a tapering off in eco- nomic growth and rapidly changing international condi- tions. Turner must decide whether to alter or plunge for- ward with the remedies pre- scribed in his defeated May 6 budget. He must also decide whether to escalate or defuse the building battle with the particularly oil- rich over the contentious issue of resource taxation. A decision by the finance minister to re-introduce intact the resource tax proposals of last May could precipitate a constitutional brouhaha that would pale the large economic issues. The original budget proposals would have rendered provincial resource royalties non-deductible in calculation of federal income tax. The net effect, according to the resource companies and producer provinces, would be onerous double-taxation, leading to an unacceptable fall-off in exploration and development. In the past six months, the minister has been presented with substantial evidence that the predicted decline in devel- opment already has begun. Turner has expressed his con- cern, but he has given no in- dication that Ottawa is on the verge of backing down from what is considered a question of important principle. Housing priority One option open to the finance minister would be to reimpose the non- deductibility provision, while at the same time introducing new, ad hoc provisions to en- courage exploration. While the precise measures for the balancing act won't be known until Turner begins his address to the House, it can be predicted with some certainty that housing will be a priority issue. Housing was also a priority item in the May 6 budget, but the situation has worsened in the past six months, in- dicating the probability that there will be even more incen- tives added to the original package. The latest housing figures, published last week by Central Mortgage and Housing Corpo- ration, showed that urban starts during October were down 42 per cent from the same period a year earlier. At a meeting two weeks ago in Ottawa with Prime Minister Pierre Trudeau and the finance minister, the 10 provincial premiers were in agreement on the need for im- mediate action to bolster the sagging housing market. One.proposal put forward by the premiers and viewed with interest by the prime minister was for tax changes to encour- age the redirection of capital and labor from non-essential construction, such as office buildings and shopping centres, into the home building market. Other measures, detailed in the May budget, which the fi- nance minister may re-in- troduce, included, the estab- lishment of a new home own- ership savings plan. Under this scheme taxpayers would be able to contribute, tax free, a year to a maximum of into a Registered Home Ownership Savings Plan. Interest deductions Another provision of the earlier budget would have allowed the deduction of up to of net interest income from securities such as bank deposits. Canada Savings Bonds and mortgages. In public references to his May 6 budget. Turner has re- peatedly described it as "the first budget ever defeated in Parliament, but re-instated by the Canadian people." leading to the conjecture that the ma- jority of the original package will be brought back intact. But changes in economic conditions in the past six months, give support to the argument that the finance minister will make several major adjustments. One area where there could be such adjustment would be in the matter of corporation taxes. The earlier budget would have imposed a 10 per cent corporate surtax, yielding an additional million in revenue. See related story, page 5. Lethbridge area gets LIP grants The federal government approval of Local Initiatives Projects for Lethbridge and district totalling ac- cording to Senator Earl Hastings. Sen. Hastings, provincial co-ordinator for LIP. said from Ottawa this morning that the following applications have been approved: Lethbridge Auxiliary Hospital: for a life enrichment and activation program. Human Concern: for a human enrichment program; Blood Indian band. Stan- doff: for community improvement and recreation development at Moses Lake: Peipan Indian band. Brocket for bush clearing; Lethbridge YWCA: 538 for an action program; Mrs. Jean Kuijt, Lethbridge: for a nursery service; City of Lethbridge: 125 for senior citizen services; Fort Macleod Historical Society: for a police and Indian gallery; Leo. D. Bourassa. Fort Macleod: for Fort Macleod and district recreational activities. Sen Hastings also announc- ed three LIP grants for Taber and Raymond- They are: Town of Taber. for recreation facilities and a senior citizens home: Royal Canadian Legion. Taber: to upgrade the cenotaph; Town of Raymond: 220 to improve the Raymond ice arena. U.S. launches retaliation against Canada Herald Ottawa Bureau WASHINGTON The United States has retaliated against Canada's import quotas on American beef, severely restricting Canadian exports of live cattle and hogs, beef, pork and veal to the U.S. On the eve of his departure for Japan, President Ford signed a proclamation Saturday which will cut Canadian exports to about 30 percent of the most recent five- year average. The retaliatory action will reduce Cana- dian sales of the affected livestock and meat to the U.S. by approximately million, according to a Canadian official. The proclamation, which will take effect upon publication in the Federal today or retroactive to last Aug. 12. It sets quotas for a 12-month period, and is subject- to automatic renewal in each successive one year period. The retaliatory action, which had been expected, followed a hearing last month by the office of President Ford's Special Trade Representative. At that time, spokesmen for the U.S. agriculture in- dustry were unanimous in demanding curbs on Canadian exports unless Ottawa dropped its own quotas imposed last August. The presidential proclamation states that the Canadian import restrictions "violate the commitments of Canada made to the United States" under the General Agreement on Tariffs and Trade. It also says that the restrictions "impair the value of tariff commitments made to the United States, oppress the commerce of the United States and prevent the ex- pansion of trade on a mutually-advan- tageous basis." The new quotas restrict the import of live cattle from Canada to head, about eight percent of the five-year aver- age. About head of Canadian cattle have already entered the U.S. since Aug. 12. the date when the figures become retroactively effective. A quota on beef and veal of 17 million pounds is established. This is about 38 per- cent of the five-year average, According to a Canadian official About 10 million pounds of Canadian beef has entered the U.S. during the quota period U.S. imports of live hogs will be limited to 50.000 head, roughly 75 percent of the five-year average. About head have been sold to the U.S. since Aug. 12. Pork imports will be restricted to 36 million pounds, about 55 percent of the five-year average. Some 10 million pounds of Canadian pork has already been sold during the quota period. The Lethbridge Herald LETHBRIDGE, ALBERTA, MONDAY, NOVEMBER 18, 1974 15 Cents HOORAY FOR WHOM? TORONTO (CP) One excited well wisher put her foot in her mouth this weekend as Princess Anne and her party rode past a group of spectators at Norcliffe Farms in King Township. "Hooray for Margaret, hooray for the woman called out, her shouts clearly heard in the silence. Princess Anne grinned. "I can't believe what I said the woman, refus- ing to give her name. "My husband is divorcing me already. If he read this, he would know he was right." Caramanlis victor in Greek election ISRAELIS FIRE MORTARS INTO LEBANON GUERRILLA BASES Israeli gunboats shell in Lebanon THE ASSOCIATED PRESS Hundreds of Palestinian youths defied Israeli riot police and shouted "Palestine is ours" in Jerusalem today in the first Arab protest in the Holy City in four years. Israeli gunboats shelled a Palestinian refugee camp in Lebanon during the night, and the Israeli government an- nounced that an Arab terrorist had been killed and a second captured after they swam into Seen and heard About town Coun. Steve Slemko telling a County of Lethbridge meeting more people than dogs are eating dog food Dr. Steele Brewerton, Magrath. flooring a father of twins by announc- ing in the delivery room jokingly. "Wait, there's a third one." Israeli waters with guns and explosives in floats. Demonstrations in support of guerrilla leader Yasser Arafat erupted inside and out- side the old-city walls of Jerusalem, and the Palesti- nian flag was hoisted briefly at a United Nations-run high school in a northern suburb. Arab youths managed to swing shut the huge Damascus gate, a scenic wonder of Jerusalem, before settl helmeted troops moved in from behind and forced them open. Police turned a water cannon on other demonstrators at nearby Herod's Gate. Security squads grabbed demonstrators and known agitators and led them into police vans. Police said 96 demonstrators were detained and 10 persons were injured, including thee policemen. By early-afternoon police and troops had cleared the streets and tourists were again stroll- ing quietly in the winding allevwavs. Inside 'Lay off another WOO... anyone there? ...Hello, 24 Pages Classified..........20-24 Comics...............8 Comment..............4 .....13-15 Family............18.19 Marke'ts............9.17 Sports.............10-12 Theatres..............7 TV....................6 Weather...............3 LOW TONIGHT 25; HIGH TUBS. 35; SNOW FLURRIES. Home buyers warranty plan to start in 1975 EDMONTON (CP) A warranty plan for buyers of new homes will probably be in effect by mid -1975, says Con- sumer Affairs Minister Bob Dowling. The plan, worked out by the consumer affairs department and the Housing and Urban Riots mark Ford's arrival in Japan TOKYO