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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 2, 1970, Lethbridge, Alberta A Tax IEI UUWIMNWINS Montreal Supplied by Rondhouse and McCuaig LAST BIO OR SALE Ouoltll ClliOO Quotwi OuolMI WISTMN OILS Horne Pit Dreylui F 1U1 Almlntx 590 Hudson Bay Co Gr EaultV B administered its On hat the Minister of National Revenues function New M ie affairs of individual For the The importance of this committee is seen from the fact hat it was assigned the crucial 1 By ASPER All of the federal Ban Market A TORONTO CP The Toonto stock market advanced noderately i n midmorning rading On industrials were up 63 to golds to ase metals to and pestern oils to Volume by 11 was up from at the june time Gains outnumbered losses 128 o 61 with 152 issues Strongest sectors were oil refiners and genjal Thirteen of the exchanges 17 ublndexes were Among advancing Inemational Utilities was up 1 o Supertest common 1 to Alcan to Walkr G o o d e r h a m to CerrAddison Vt to Interlational Mogul to and Sanff Vt to Thomson Newspapers was town to Noranda to Opemiska to Sheritt to Hudson Bay Mining to Bankeno 10 to and Pyramid 13 to 60 APERS DOWN MONTREAL Montreal stock market moved ihead in all sectors except pajers in brisk trading Banks led the gainjig to Utilities limbed and industrials Lead dvance pushing the composite index up 33 to Papers were off o Canadian Arena up to reports net earnings of or 77 cents a share for he fiscal year ended June down from or 96 cents a share in the previous Results for the latest year elude an extraordinary net gain of or 91 certs a share arising from the sale of National Hockey League franchise rights to Vancouver and Highlighting International Utilities rose to Versafood to Hudson Bay Mining and Smelting Vt to CPR to Bell Canada to and Texaco Canada to Canadian Vickers lost Vz to Velcro to Toronto Dominion Bank to and Noranda Vt to Combined volume on the Montreal and Canadian Stock Exchanges to 11 was shares traded compared with shares at the same time MODERATE TRADE NEW YORK CAP Stock market prices posted a modest gain early this afternoon in moderately active At the Dow Jones average of 30 industrials was up o Advances held more than a 2tol lead over losers on the New York Stock Alcan was up among Canadian issues to while son Bay Mining picked up to S20V4 and Dome Mines added to On the American Stock Brascan rose to Canadian Javelin aded to and Scurry Rainbow Vt to Hudson Bay Banff Hudson Bay 0 B P Oil and Gat Hugh ftus Pfd cdn South Husky OH Cdn Export Gas Husky Oil W Cdn Home Inter frm F Cdn In G and 0 Intel Utilities Cdn Superior Interprov S a Central Del Rio Jefferson Laki Charter Joutel Chleftan Kaiser RM Dynamic Pelt Kam Kotia French Pete Lake ont P Great Plains Mentor Mill City Newconex New Continental Pacific Pete N Cdn Oil Rank organza Numac Selkirk Hold Permo Shell Inv Petrol Shell Inv Pfd rnnade Shell Inv WIs Place Gas Sicks Rainier Ponder W Cdn Gr In Shares 1 P Invest Gr Invest MUtUII 105 Vent r Mutual Ac F Mutual Gr F P Mutual In i P N W Fin N W Gr Principal Gr Regent Fund Royfund United Ac VANCOUVER VANCOUVER Anuk 21A lion Arctic Mining Atlas Explor Beth Copper Bornlte Rldg Block Bros Brenda Pro Sugar kon capt Inter STOCKS Churchill Copper A Creslbrook For 1 PM 7m Croyden 1 2 00 Varden SI Hm Dynasty JSiA Endako PM ijm Giant Mascot 80 Key Indust 32 3225 Growers B 4100 BreV ft 1150 Jericho 10 MM Kamloops Coper Ic siJiA Lornex Madrona 36 FUNDS New cnnln 07 New Imp Mines Okanagan Hellcop Primer 17 Pyramid 55 Silver Stand T C Explor 40 Texmont 46 58 Western Mines Weslcoast Res Western Explor F Utlca 78 INDUSTRIALS Securities of Canada OR SALE Quarts Quotes KOO East Sullivan Falconbridge 14 B7Va FrobfiX 27 First MaritlmeS Giant Gunnar Granduc I960 Headway Hollinger Bay MS Hydra 2325 Highland Belt Iron Bay ISO 1000 Joliet Quebec Kerr Addison i 31 Key Anncon id Labrador Lake Shore Leitcn Langis Silver 08 13 Macassa Madsen 260 Malarlic Marlin McNeely ff Maybrun AHaclntyre Mefa announced last week wil have an effect on the direction Canada takes in the ields Regardless of ie decisions made in je minister in charge of a delartraent stamps and guides its ictivity with his own While all areas effected by he shuffle are undoubtedly the appointment of lerb Gray as Minister of Naional Revenue can be singled ut for special It is lie department he now heads hat touches the lives of every from the highest laid executive to the lowest on a daily function of the Revenue Department has been little The finance department has historically been responsible for the design and maintenance of the tax while the revenue department merely supervised comparable to that of a corporate controller than that of a But things have As the taxation system has jecome more pervasive and exended itself into almost every facet of commercial the influence the revenue department exerts on the economy has become very The tax inhibitions and whether in tariff policy estate planning rulings or income tax regulations are by and large left to the policy decisions made by the revenue SETS POLICY He looks at the law and decides what he thinks is a fair and reasonable He then sets the policy which Department officials apply in each individual There are some spectacular examples of how important this can be tax law and the customs arilf rules are very eaving the Minister of Naional Revenue with extremely wide discretionary The wlicies he sets in exercising lis discretion can be profoundy important to the business ommunity and the consumers serves because the Ux comxnent in the price of goods is In income tax such hings as the departments ude as to what constitutes a apilal the deductibility of business including entertainment the deducibility of contributions to department approved pension the power to determine and prevent what constitutes though tax minimization by and a host of equally significant basicaly settled y the policies adopted by the ievenue The appointment of Gray o this highly sensitive portfolio s applauded by those who enow his At 39 he has already acumulated the credentials the job First and he is a lawyer who practised his profession for several years before entering public After earning a commerce degree from he moved on to take law at Torontos Osgoode being called to the Dntario bar in From there he returned to his native Windsor where he set up a general aw Taxpayers who may have felt that the revenue department has tended to ad arbitrarily may be eomfortec by Grays ascension since the basic training a lawyer receives lies in the fundamentals of individual civil liberty and protection of the individual both from other individuals as well as from the state BUSINESS PRACTICE The business community may also have cause for approving the appointment since the new minister has had practical ex perience in solving commercia and legal problems in the real While not a tax law it is generally known that his law practice frequently took him into the business Since entering politics in 1962 Gray has successfuly faced the electorate four times In Parliament he took on the first chairmanship of the House of Commons Trade and Economic Affairs of analyzing and making e c o m mendations regarding he White Paper on Tax The new minister is also no tranger to financial laving served as Parliamenary Secretary to Finance Minister Edgar As he earned a reputation for toughness tempered with a sense of air play in Parliament when ie piloted major Bank Act and similar financial legislation through lie He gained some prominence ast fall when the Prime ster asked him to join the without taking special responsibility for ing the Government on policies related to encouraging domestic control over the Canadian Presumably his concern in this area will be reflected in future tax since he retains the foreign owner ship assignment along with the Revenue Gray assumes office a critically important time in the evolution of the tax The department has been neglected at the political level hes the fifth minister in almost as few That instability may have contributed to the breakdown in the previous good relationship between the department and taxpayers and their professional This would not be the first time adverse results have flowed from the failure of Government to maintain a minister in his post long enough to enable him to properly take MORALE LOW It is no secret that taxpayer morale has never been lower one serious editorialist recently predicted a middle income earners tax Some reactions to the White Paper support his Apart from the job of restoring taxpayertax collector Herb Grays new responsibilities will include translating the eventual tax reform plan from legislation into He will likely preside over the most mammoth taxation system overhaul Canada has yet There is no doubt he brings to his new post the talent necessary to discharge the responsibilities and meet the challenges on the It is really a question of whether or not the Government will leave him at his post long enough to take Asper Is a Winnipeg lawyer While and Yu Scurry Rainbow PIPELINE Spooner Gas Tr Western Decalta AUB Gas Tr L CALGARY Alia Gas Ha Acroll Inland Nat Ga Anaconda Pete N and C Barons Oil 06 N and C B N Continental Gaz Metro Plains Pete 1 Tr Cdn P pe Western Warner Tr Cdn P Madison 26 Tr Cdn P Pf Rexdale 10 Tr Cdn P UTUA1Br New Corp AGF Special Cdn Brew B Pfd All Cdn Con Cdn Hydro Car All Cdn Divk Cdn Pacific 1 Pfd All Cdn Ven CPR Pfd Amr Gr F Crows Hftst Induit Cdn Gr Cygnus A Cdn Invest Cygnus fl Col Mufua Cum Prop Cmnw In er Gt Cdn Oil Sands Cmnw Lev Home Oil A Corp Invest oil B corp in St TORONTO MINE Supplied by Richardson LAST BID Quotes INDUSTRIALS Motions A Ahitihi 7 5d MolSOnS B Abitlbl 7M Cent Alcan pembina Pp Algoma Sleel Power Corp Atco Ind Price Co Allan Sugar Rothmans Bell Tel St Law Corp Brazil Trac Shell CDA Tel Simpsons Tel Simp Sears Burns Sieel of Can Forast Selkirk A Sugar Texaco CAE Ind Traders Gp f Cdn Brew Trans tn Pp Chemcell Trans Can P Col Union Gas Cal Power Union Oil Coron Credit Versatile Mf CWN Gas Westeel Cdn Indusf Union Car Cdn S S Westons B Cdn Marcont Wtst Cdn Sd Cdn Vickers Zenith Elec Chrvlser BAN CPR Cominco Cons Bath cons Gas Scotia Dist Sea Vn Dom Bridge TorDom Domtar MINI Dom Textile Acme Dam Stores Advocate Asb Dome Akaitcho Fam Play Area Mines Fd of AmT Bslcher Iron Gt Cdn oil Black Bay Gen Motors Bralorne Gt Lakes Pap Broulan Gulf Oil Cda Belhlehem Ft Shortage OTTAWA CP Canada will run into its own natural gas shortage if markets aren1 Energy Minister Jrre said If we dont have bigger we wont have he Well have a shortage and the prices will go higher than they ever answering questions on the CBC television program Encounter about the latest gas export authorization to the said the American shortages of natural gas arent He said the shortage arose because the Federal Power Commission for the sake of consumer price for some years set the price so low that they didnt get enough exploration for new reserves and hence they are short The FPC was reviewing all contracts and upping the prices so theyll get more There were voices in including those of the New Democratic saying Canadas gas should be reserved for Canadian use but if we in Canada dont expand our In Gas well run into the exact same Greene Tuesday announce authorization of gas export applications for an trillion cubic feet for the over periods of 15 to 20 Greene it would be a bad negotiator who as some critics suggested should be done to use Canadas natural gas to force the to take more crude The wants all the natura gas it can get but limits crude oil shipment east of the Rockies to barrels with slight easing in that ceiling an nounced this week amounting to about more barrels daily Greene said the con cern about Canadian oil is about the fact tha we do import offshore oil for our eastern market and thence that Canadian supply of oil isn Canada was supplying jus one per cent of the need for natural he As things Canadian sales of crude oil to the had been increasing about 15 per cent a pretty good increase in anybodys busi Hog Prices EDMONTON CP Hog jrices today provided by the Uberta Hog Producers Marketjig Board Edmonton Quoted to selling Average rhursday Red Deer No Average rhursday Calgary Quoted Average Thursday Lethbridge No Average Thursday sales Average Thursday Hogs sold to 11 Sold yesterday average Sows Midrlm 1H5 Intern1 Mogul New Athona fjcw Cnlumef S Imperial Noranda Norlhqate Opemiska Osisko 23 Patino Pine Point Placer Exp 78 Quebec Man Fails To Complete Mill Deal TORONTO CP Neonex International of Vancouver announced here it had failed to complete on schedule two transactions which would give it control of Maple Leaf Mills of Neonex issued a statement saying its plans to issue Neonex common shares for 100 per cent of Norris Grain of which owns twothirds of Upper Lakes Shipping of had not been Accordingly the subsequent sale of upper Lakes Shipping to Leitch Transport was not the statement said The two transactions were agreed upon last December to give Neonex control of Maple Leaf Mills by acquiring the Maple Leaf shares held by Upper Lakes and Leitch No reason was given for the failure to complete the transac Erie Canada Tung Hiram Walk Cassiar Imperial Oil Central Imperial Tob K5Q Chimo Int Nickel 4350 Conwest Int Pipe Ramble Inv GD A Coin Lake Int Utilities Cochenour Indust Accept Craigmont Laurentide DIckenson M Kelly Doug A Denlson Mine Loeb Deer Horn Loblaw A DEldona Metro Stores Dome Mines Massey Ferg Dona da McMillan Blot Discovery M Moore Corp East Mai art Ic NEW YQR Supplied by Richardson Amr T and T Montgomery Anaconda Sears Bth Steel Std Oil of N Chrysler Texas Gulf Comsat Texas Co Dupont Woolworth General Motors Westlnghouse Gulf Steel Radiore 32 Rio Alqom Roman Sllverfields Sherritt Gordon Beef Futures WINNIPEG CP The Winnipeg live beef futures markel was inactive Thursday with some bids at current jut no Only two contracts were completed Open High Low Close Nov Jan Mar Pri Winnipeg Grain Prices WINNIPEG CP Trading was improved near the close with prices generally buoyant at the close of the Winnipeg Grain Exchange barley and rye trade was improved with commercial and exporter Oilseeds had a light trade all day with some liquidation pressure early in the Volume of trade Thursday was bushels of of flax and for Export loadings of Canadian wheat Thursday bushels to to to to to to Hong to to United Arab Bepulbic and to Prices for class two wheat for export to countries outside IGA 1 Nor 2 3 4 1 Durum 2 3 Review IGA prices 1 Nor 2 3 4 1 Durum 2 3 4 High Lnw Close Oct 263V3 260 260Vz NOT 2593A 253 253 Dec 244A 240 240 May 252y8 248 348 Rapcseed Vancouver Nov 235 232 Jan 231 228 226 Mar 226 223 224 May 224 221 221 Rapeseed Thunder Bay Oct 235 232 232 Dec 215 Apr 224 22214 222 Oats Oct 90 90 90 Dec 89 89 8914 May 89 89 Jly 92A Barley Oct 126 125 126 Dec 126 125 126 May 128 127 1277s Jly 127 Rye Oct 102 102 102 Dec 105 105 105 May 113 113 11314 Jly Steep Rock Slscoe Tck Ines Texmont 48 S Upper Canada Western Mines Wright WUIroy Windfall Wi ines Yeilowknlfe Zenmac STOCKS Securities of Canada Ward 20 Golds Up 10 Base Met up 15 W Oils up Volume NEW YORK AVERAGE 30 Indust up Elec 20 Rails up 15 Utilities off CANADIAN SEED PROCESSORS NOTICE OF PARTIAL REDEMPTION TO THE HOLDERS OF 7 SINKING FUND SERIES A Of WESTERN CANADIAN SEED PROCESSORS DUE NOVEMBER NOTICE IS HEREBY GIVEN that pursuant to he Trust Indenturj muds as October between WESTERN CANADIAN cccn irn BBITISH CANADIAN TRUST by THE CANADA TRUSJ COMPANY as Trustee securing such amount of 7 Sinking Fund Debentures Series A of WESTERN CANADIAN SEED PROCESSORS bearing the ed distinguishing numbers and letters ond of the undermentioned principal have been drown by lot by the for redemption in whole or in part out of sinking fund monies on the 1st doy of and such debentures or portion thereof called for redemption will be redeemed on the 1st doy of at the principal amount thereof upon surrender of the said debentures with oil unmotyred coupons appertaining in lawful money of at The Canada Trust 3rd Avenue at 7th Street Coupon Debentures in denominations of each colled in A1472 A1592 A1703 A1786 A1474 A1602 A1705 A1809 A1490 A1623 A1714 A1820 A1503 A1627 A1715 A1826 A1516 A1632 A1733 A845 A1524 A1647 A1745 A1852 A1541 A1651 A1753 A1368 A1556 A1666 A17S7 A1878 A1559 AK67 A1763 A1568 AI672 A1784 Coupon Debentures in denominations of each called in full A0011 A0133 A0375 A0568 A0015 A0137 A0380 A0607 A0018 A0140 A0388 A0631 A0028 A0149 A0398 A0638 A0032 A0168 A0409 A0652 A0044 A0194 A0425 A0669 A0061 A0212 A0430 A0o73 A0063 A0236 A0435 A0674 A0065 A0237 A0447 A0716 A0068 A0292 A0450 A0729 A0071 A0295 A045 A0779 A0076 A0298 A0472 A0780 A0077 A0308 A0486 A0786 A0099 A0332 A0497 A0812 A0104 A0336 A0530 AOS13 A0106 A0342 A0540 A0860 A0113 A0356 A0565 Coupon 20 due November should be detached from the Debentures before presentation and cashed by the holder in the usual way at any branch in Canada of the Bank of NOTICE IS ALSO HEREBY GIVEN that in occordance with the terms of the said Trust all interest on any debenture specified in this notice OS having been drawn for redemption or any portion thereof to be redeemed shall cease from after tho 1st day ot Dated at Letnbriage this doy of WESTERN CANADIAN SEED PROCESSORS By Executive VicePresident and Potato Prices WINNIPEG CP The Mari potato futures marke was inactive Thursday with some bids in November a n March but no There were no contracts Open High Low Close Nov Mar Apr May Copper 20 Indust up Volume Lethbridge Livestock AFTERNOON SALE Calgary Livestock CALGARY CP On offer to 11 about head mostly replacement cattle and stock Trade was Slaughter cattle sold steady with closing prices Good to low choice slaughter steers to medium to Good to low choice heifers to medium to Good cows to to canners and cut ters 18 to Good bulls to Replacement cattle met a good at steady prices Good feeder steers less than 750 pounds to 750 to Mo pounds 28 to more than 900 pounds to Goo feeder heifers less than 600 pounds 28 to more than 600 pounds 26 to Good stock steer calves less than 40 pounds 39 to more than 40 pounds to Gooc stock heifer calves to No slaughter calves of PHARMACIST REQUIRED FOR RETAIL DRUG STORE In 1ETHBRIDGE Good fringe including Pension plan and with resume of to Box Lethbridge Prices Dip TORONTO CP The Toronto Real Estate Board reports that the resale price of homes in the Metropolitan Toronto area has stopped climbing for the first time in seven The board survey says prices have dropped in some areas after 10 years of increases in which some prices EARNINGS By THE CANADIAN PRESS Rcitmans Canada months ended June 30 1970 69 cents share 1969 56 m SIMPSONSSEARS Downtown Catalogue Office 740 4th South For Lease Square Feet and Basement Contact ABLE Operating POPE VATICAN CITY Reuters Pope Paul Thursday receivec Monsignor E d u a r d Gagnon bishop of Saint in private No details o the meeting were LIFE ASSURANCE COMPANY Take Pleasure In Announcing That Duke KWASNIE REPRESENTATIVE Has Earned The 109 NATIONAL QUALITY AWARD IN 1970 FOR THE 10th TIME Thii award is in recognition of the highest quality of lifts iniurance servica to the The award Is made by the life Underwriters Association of the Life Agency Officers section of the Canadian Ufe Insurance Officers Association and he Life Insurance Agency Management ;