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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 2, 1972, Lethbridge, Alberta in trouble TORONTO (CP> Once-taunted Clairlone Sound Corp. las failed to file required financial information so its shares lave been burned from (ratling in Ontario. Clairtone's shares were removed from the Toronto Slock Exchange in January. Now Ihe Ontario Securities Commission las ruled they cannot be traded-ovcr-lhc-counler. Clairtone, now the wing of Industrial Estates Ltd., an agency of the Nova Scotia lovernment, ceased lo operate n the normal sense in mid-1070. The million plant opened at Slellarton, N.S., in 196S to make television sets is closed except for a parts and service department. Clairlonc suffered losses of about million whan it failed [o live up lo early promise. Shares which once sold for more than are worth only a few cents, and three million of them are owned by Vancouver, Calgc (Supplied by Dohcrty, ft LAST HID 01 a.m. Ouoles) a.m. Q WESTERN OILS Hugh Rusiell 1m nex 6.30 Husky Oil fa Easl Gas 8.00 Husky Oil B camera Husky Oil Vrfar ihland Inter P P Oil Gal 6.00 Infer Prov Sice sn Sovlh 7.fO Koiier dn Ex 370 Lobfam dn Hormcrcf 9 M MGF fAanags dn Ifid Gas Oil Pacllic Pete dn Super 49.25 Rainier dn Long -31 Sanded harler 4.W Teledyne r e tan 13.W) cdn See Dome 75 White Yuktxi t Plains 3135 Virile Id 1 Cdn Oil 9.W Wcslwi Pfd OOl 01 l.f.l Cdn Oil 5.93 AeroH firmac 55.35 NorJh Cont ancdn Pel? 14.37 WcM Warner Pan Ocean 17.12Va PIPE LINE S Pelrol Alia Gas New Pinnacle .36 Alia Gas Prof Place Gas .95 Alia Nat Gas Ponder .55 Fr.rand Not G? Ranger 33.50 N and C Gas curry Rain KDO M and C 8 Pld pocncr ,70 Pacific Trans 17.00 Ga; Melro Total Pcta 7.20 Gar MMro A Ulsler K35 Trans Cda V.i. D3calfs A. 15 Trans Cda D Pete Tl.lZVa Trans A MISCELLANEOUS Trans Cda Wa INDUSTRIES WC gel t mount of contributions made y j Ihe fund plus interest earned e n those contributions. a If the child doesn't enter sec- nd year university for other c osl-secondary education) his arent's original contribution is clurned to him, without inter- st. Any interest earned on his i noney while it was kept by the und is forfeited to help finance F lose who do go on to higher t ducalion. The most attractive eaturc of the scheme is that IB worst thing that can happen o Ihe participant is that he ets his money back without in- s orest, while if his child quali-es academically, he can be ubstantialty relieved of the kyrocketing cost of financing he child's higher educalion of Ihe scholarships. The plan is philanthropically nspired and administered on a basis by several oul-tanding Canadian citizens vhose chief aim is to make uni-'ersity education available to he children of Canadians whose income level could not otherwise support it. So much for the concept of the plan, in the absence of which many thousands more young Canadians would be forced lo apply for government [jrants or other public assistance in order to enjoy the benefit of post-secondary education. Since the Canadian Scholarship Trust started, and parents began making contributions toward their children's potential scholarships, the revenue department has insisted that relief, ear Ihe Interest on ach parent's contribulion be 1 located and Iho parent must nclude it in his income- for tai alculalion purposes. Tills has created tax hard-hips for many parents hey have to pay tax on Interest ncome which they don't ually receive and in fact may ever receive if their child oesn't want or qualify for lost-secondary education. CST officials have argued. iluation with revenue and li-lance department officials for everal years now wilh no In fairness to Din jyjvorn-ncnt officials, Iheir answer hai wen lliat when the interest on he parenl's deposits is earned t must be taxed. Tho unhappy arenls and CST officials havo een asking for a change in thi aw to permit the interest to ao-umulale lax-free and only be-ome taxable in the hands f the law by tax officials. The background to the case with Ihe formation by a ormer Ontario lawyer, himself low a judge, a non-profit oundation for promoting and inancing universily education. f h e Canadian Scholarship Itust (CST) requires those who snroll their children in the plan o contribute a specifier amount of money to the fund. The money so contributed is nvested, earns interest and is accumulated by the fund's manager. If the subscriber's child completes his 'irsl year of universily satisfactorily, financed by himself or his patents, Ihen he is offered a scholarship to assist him in financing Eiie cost of his subsequent years at university. The amount of the annua scholarship is based on Market pi remain lo TORONTO (CP) Prices on tlic Toronto slock market remained fractionally owcr in light mid-morning trading loday. The Industrial inc ex, considered a major indicator of market Irend, was off .01 lo 210.81, golds .75 lo 192.87 and base melals .19 lo 90.57. Western oils, however, managed lo rise .77 to 259.86. Volume by 11 a.m. was shares compared with traded by the same time Friday. Among sectors pushing Ihe market down were beverage, real eslate, chemical and indus-tria mining stocks while merchandising, [nisi and loan, bank and utility issues managed slight increases. Declines outnumbered advances 104 to 95 while 178 issues remained unchanged. Reed Shaw slipped Vt lo Marlborough Properties Vi to Ripley International 'A to Acres '.'s lo and Murritl Photofax Is !o 55. Moore gained to Dome Pole to Home Oil B Vi lo BP Canada lo and House of Braemore -Ta to Falconbridge Nickel declined lo Kerr Addison Vs to and River 5 cents to Erameda advanced 25 cenls to and Tormex 10 cenls lo SI. 20. Canadian Southern Pete was off 10 cents to Ranger iwer o and Houston Oils 5 cents lo MONTREAL (CP) Advances outnumbered declines in ight trading on the Montreal stock market today. Combined volume on the Monlreal and Canadian slock exchanges al 11 a.m. was compared wilh at Ihe same time Friday. Utililies gained .54 lo 157.88, hanks .18 to 2CG.II, the composite .03 lo 220.40 while indus-rials declined .14 to 230.64 and papers .11 to 91.09. On the Montreal Stock Exchange, TransCanada Pipe-Lines rose to 4CVi and Canadian Hydrocarbons to while FalconbTidge Nickel gained -Ti to On the Canadian Slock Exchange, S and L Diversified rose fo on s lares traded. NEW TO UK (AP) The slock markel loday resumed the downward drift that has prevailed most of the time since Labor Day. Trading was sluggish. The noon Dow Jones average of 30 indusfrials was off to 051.16. Declining stocks had a 6-to-S lead over advancing issues. Among Canadian issues, Canadian Pacific added Vt to wu'le Massey Ferguson lost Vi to S17% and Dome Mines dropped lo On the American exchange, Brascon was up at treaty talks set OTTAWA (CP) Talks will begin late in November in Washington for revision of the United States-Canada tax treaty, tlie finance deparlmenl said today. The treaty, signed in 1942 ant modified in and 1965, pro-vid es for t he avoi d ance o double taxation on incomes earned by residents of either country. It also governs withholding taxes on incomes pait across the border. Und er the revised Income Tax Act passed by Parliamen last year, the Canadian rate o witholding tax was to go up to 25 per cent, but remain at its old level of 15 per cent for countries with which Canada lias a Intl 77.50 Sp-cial Cygnus A cdn Invest F A col Mutual Falccn Copper 11.75 cmmv Inter Jensrar 15.W Cnmw Lev HOTTIP B 35.75 Ccrp Invest Hud Bay Co Corp In SI F Hud Bay Oil JJ.50 Dreyfus F U.S. ivd Bay Pfd 53.53 Gr in Shares Toronto mines (Supplied By Richardson LAST BID 0 a.m. Quoles) a.m. MfNES llcrlex Acme Osishc Advocale Ash. 1.50 PJRG Pcinf Akaitcho .51 Placer Dev. Bralorna 2.05 P.C. Exp. Broulan .28 Ouetec fAan Beliilehe.Ti 17.00 Rayrock Brunswick 3.E.O Radiore Cdn. N.W. Land Rio Algom Canada Tung. 1.65 Roman vote on joining El New York Times News today iromart Jens Olio Krag and ic chiefs of all the parlinmen ary factions issued final state lenfs on the issues. Debates are being held in shops, offices and factories. The streets are filled with activist landing out literature. "Yes1 and "no" banners in brilb'an colors are blossoming on builc ings. Denmark's constitution re-uires that any change in th country's sovereignty be ap >roved by a five-sixths major .y of the 179 members of Par ament. The motion to ratif lie treaty of accession lo th 5. E.G. got only 141 votes, mak ing it necessary to submit Ih reaty to a referendum, wliict will be binding on the govern Pal. 1.45 Silver Miller Imp Oil Cri mt> Sfeep Rock 1.93 Imasca 26.50 6.15 Tek Corp. 4.50 IrU Nickel Cons. Rambler Texmont Int Pipe 36.75 Co n Lake Upper Canada 2.25 Inv Grp A Cochenour .32 Western Mines Int Urtl 43.00 CraigmonT Wriqht Hargreaves 1.00 Ind Accept 27.37'A Qickenson Mines KiB Kaps 11.00 Denison Mines 29.75 Windfell .07 Laurentlde DKT Horn YellDwknrfe Bear Kelly Doug A 7.75 D'Eldona .40 Zemnac Locb 3.55 Dome 66.00 INDUSTRIALS Loolaw A 6.50 Donalda .12 AWIibl Met Discovery Mines .69 Atcan 23 oo' Massey Pcrg East Malartrc 3.20 McMillan Bloft 35.00 East Sullivan 2.22 ij IQ AAoore Corp Falcanbridge Sljgar Molsons A 3B.25 Frobex .31 Aara ,nd a 1200 iV.olswis B 28.25 First Waritlmes .50 He M Tel Cent Gisnt Y.K. 7.25 orazi Trae 2D75 Power Corp 13.12% Bovis 2.10 Bc Tcl 57 co Price Co Granduc 3.30 Burns 17 25 Rolhmans 51.00 Headway R.L, 6.O) R r TOM St. Law Corp 21.00 Hollinger JO.CO BC Suiar SI. 50 Hudson Bay M-S AI'QQ Simpson's 27.50 Hydra Ex. .19 CAE ind fitw-, Sears Iron Bay rrin 7371'-, Steel of Cda 35.50 Iso chemcell 3M Selkirk A 25.00 Jolicf Quebec .21% Cell EO Texaco w.00 Kerr Addison Prvw Traders Grp 19.00 KEy .20 3 Trans Win Pp 23.75 LafcraSr 43M GM PW 11 W "a PP Lake Shore 3.00 rri j Unton Gas 13.37% Langis Silver .05 500 Union oil Madscn R.L. .61 Vickeri 11 13i', Versafile Wig Malarflc G.F. .63 Chrysler Wcstccl 21.50 Mddntyre r nrr'in'f r, Wesron's B Mela .ll'.b r-r' IS 12'') Woodward's A 27.25 Mdrfm .5J ij'Mi'l West Cdn Seed Mogul 11.37Vi cVaqrams 3775 Zenilh 3.0S Nu West HomeJ a JO Dom BANKS New Alhtma .12 nomtar 16.00 Cdn Imp New Cdlumet Ocm Mon1rcjJ M.ijW Horse Copper 3.J5 Dom li.62Va Nova ScollS 37.75 Noranda 41.00 Dome Pete 42.37% Royal 35.12% 5.45 Dofasco 2E.DO Tor-Dom 3J.37VJ New York stocks (Supplied By Richardson Securities of Canada) Amr T and T Sears 20 Golds 193.05 oU .57 17.75 Sid Oil of W.J. 10 Base 9056 off .70 BeJh Sreel 27.E7V'j Texas Gull 1U.JS VJ Oils 258.66 off Cnryslcr Texas Co 36, SO Vclurne Comsat 53 25 Wickes Corp 25 25 NEW YORK AVERAGES Oupont T65 Woekvcrlh 37.25 30 351.14 olf 2.11 Gen Motors 77.75 West ing house ETec 20 Rails 217.00 off .70 Si" Harvester S Kenn Copper 22.50 TORONTO AVERAGES SlocXs 303.40 off .51 Monfgornery Ward 20 Indus! olf .17 Volume G. wi TOR com me ning t first m this fa The velope this weekend mill the admis sion of a group of women slu denls lo traditional rnen-onlj colleges. Educational historj was made when 114 girls wer accepted as co-residential grad tiates and und ergradu ales fo .he start of the academic yea in three of the university's 2 all-male Calgary livestock CALGARY (CP) Reccipls on the Calgary livestock market lo 11 a.m. totalled 375 lead mostly slaughter steers ant cows. Trade was active. Slaughter steers were steady wilh over finished kinds sharply discounted. A few slaughter heifers were fully steady. Slaughter cows were steady with heifcry kinds high er. Few bulls were steady. Good to low choice slaughter slecrs 30.50 to 31.75, medium to 30.50. Choice heifers 31 lo 31.70, good 29.50 lo 30.7S medium 28 lo 20.25. Good cows 25.50 to 26.50, medium 23.50 to 25.25, canners and cutters 19 to 23.25. Bulls 26 to 30. Replacement callle were mostly slock calves selling a steady prices. Good slock steer calves 400 poum s and under 4C lo -19. GOCK steer calves OVCT 400 pounds 44 to 45.50. Hogs base price exper storage on N-OTTAWA CCP) Experts at Atomic Energy of Cannrla Ltd. arc recommending that Canada plan to store radioactive wastes from power plants in above-ground suggest wastes re-process its wastes lo remove additional radioactive experience in grain's trading. Now it is also ering expanding into lum-ntario com and rapeseed vidual United Stales citi-viil not be permitted by States law to buy money inCa And earn i The Canada S denominations ranging they oifer an average an maturity in 1984. That's a highly comp savings dollars. And yo in your bonds anytime. paid plus any interest to work inada. up to 3V ngs Bonds are on sale in from S5Q to S25.000. And nual yield of 7.30% if held lo elilive interest rate on your j have the freedom to cash You'll always get what you e. Canada Savings Bonds until lan double your money. And anada Savings Bonds are j of our country, jr money lo work in Canada anaria Savings Bonds. Just telephone us. We'll be giati Royal Securities L'mited G SY.' Calgary 2, Albert ;h, Royal Securities: h on Canada. unties Limited. CharloHelown, ion, Ottawa, Quebec Ciry. onn to, Vancouver, Valeria. W.nnipe 3, Hog prices EDMONTOX (CP) Average prices lo 11 a.m. providec by the Alborla Hog Producers Marketing Board loday: Edmonton: 27.35. Average Friday, 37.10. lied Deer: 37.15. Average Friday, 37.29. Calgary: 37.15. Average Fri day, 37.12. I.ethbridge: No sales. Average Fric ay, 37.25. I.loydminstcr: No sales. Aver age Friday, no sales. Fort Mnclrod: No sales, aver age Friday, No too expensive to throw away. Th e reprocessing is wh a1 causes problems because some of the wastes are liquid, which are more difficult and hazard ous to handle, the AECL spokesman said, "We (in Canada) use natura uranium, so fuel costs are low and there is no need for repro cessing." lie said the fuel is stored Ir its solid state, which is "muc less prices Winnipeg Grain WINNIPEG (CP) A gen cral selling Iremt continued a mid-session of the Winnipeg Grain Exchange today. Prices were sharply lower in all commodities as commission house selling met buyer inter cst on the way down. Volume of trade was heavy. Volume of trade Friday them in abandoned mines or tunnels, such as the United States plans. A proposal by a special committee muter Dr. W. M. Campbell of Toronto, special adviser on povvev projects for AECL, is being circulated lo Canadian authorities. A spokesman for the Crown corporation said a dcfitiite national plan could result. The proposal calls for Ihe first of the "engineered storage facilities" to he constructed somewhere in Ontario in the mirt 1880s, which is h'kely to be tlic earliest Canada would need them, the spokesman said. Spent fuel needs to be stored for ns long as a million years, but the storage facilities would 2 be built to last only about 100 years. By 2080, authorities hope re-. K catchers It hav e com o i ip r with a use for the waste, ways to reduce waste or hettcr wnys lo store it. the spokesman said. FOOTKALL-F1EU) SIZE r The mtcl ear-wast e vault s probably would be built of con-- crcfe wiih earth fill workers off job SYDNEY, W.S. (CP) Som 100 employees of the city's rm nicipal works and water depar mcnt walked off the job carl today to protest the erection o a screen near the timeclock i the department's warehouse. A spokesman for the men members of Local 759 of th Canadian Union of Public Em ploy oes, said they are con1 plaining about lack of space t punch the Fawcette AROUNO HOME VOU CAN NOW START VtXJR BARBECUE WITHOUT R.UIP, e KINDLING, OR MATCHES BY PUTTlNSTHECHARCOAL INTO A NEW ELECTRIC IGNITER MT yj FROMWHICWTHEYCANTHEN BE POUHFOINTOTHEGHIU... I o if you do hold your maturity, you will more tl you'll have security. C backed by the resource If you'd like io put yo and tor Canada, buy C drop into our office or to help. Mail to: Merrin Lynch 480 Sovcnlh Avcnu Merrill Lyric OJ We're bullis MH Mem 1 Lynch. Royal Se Edmonlon, Halilax, HAT Sainl Jotn. St oL pe ill ft! CO bo CREDIT MANAGER ATCO (Wcslern) tld. has an immediate open ng for the ovo posilion. Successful applfcant mus have commercia credil ex-riencc, ho a self-starler, and copoblo of assummg the po-on of Credit Manager for ihrca compan es w Ihin a one-o yenr max mum period of tfme. Candidates enrolled in, or having completed Iheir M.C.I. uries, or wilh equivalenr educalion and experience will given preference. Reply in wri ing, gfv ng qunlifitntfoni and salary ex-tled tor ATCO (WESTERN) LTD. 5115 Crowchild Trail bushels of flax of rye and o mpeseed. Mid-session prices: Flax: Oct. 2 lower Nov. HR lower 3.35A; Dec, lower 3.25A; May 3 lower 3.32A Itapcseed Vancouver: Nov lower Jan. ]ov. er 2.77HA; March 57a June 2.75 1 r A. Oct. lower 2.5BUA; No% lower Dec. lou cr May lowe 2.63UA. Oats: Oct. lower Alberta Attention: Personnel lower E4A; May 1 Irm cr 85; .July -Ti lover Bar Joy: '-i and would be about r the of a football a spokesman fo the city says the screen Dec. lower I.27TsA May lower July un changed Rye: Oct. 3'.a lower 1.I8B Dec, lower May 21 lower July Dr. Campbel estimated in a rc-- cent statement. Canada does not have the same kinds of problems with its