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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - October 16, 1970, Lethbridge, Alberta Prices Mixed In Light Trade TORONTO (CP) - Prices on the Toronto stock market were mixed to fractionally higher in light trading today. On index, industrials rose .13 to 168.13 and golds 3.16 to 184.13. Base metals ateo dropped .05 to 97.93 and western oils .70 to 185.87. Volume by 11 a.m. was 642,000 shares compared with 596,000 at the same time Thursday. Among rising issues. Ocean Cement gained 1% to $19%, Aimco % to $11, Dome Mines 1% to $67, Scurry-Rainbow 1/4 to 24 and Sherritt Vs to $18. Hudson Bay Oil and Gas lost % to $40y2, Shel Canada Vs to $33%, Hudson Bay Mining 1/4 to $21%, United Bata five cents to $4.35 and National Pete 10 cents to $4.80. UNSETTLED MONTREAL (CP) - The Montreal stock market was unsettled in light trading in today's morning session. Among declining issues, Canada Cement Lafarge slipped Vi to $34, Consolidated Textiles Vz to $13, Algoma Steel % to $1374, Shell Canada Vi to $331/4, Bras-can Vi to $1372 and Canadian Vickers Vi to $6. Crown Cork jumped $5 to $145, Distillers-Seagi-ams rose Vi to $49%, Canron % to $13, Royal Trust % to $27 and Placer Vs to $341/8. On index, industrials gained a fractional .04 to 171.61 and papers .41 to 87.77 while banks dipped .08 to 177.21 and utilities .13 to 139-36. The composite index was unchanged at 166.51. C 0:1 b i n e d volume on the Montreal and Canadian Stock Exchanges to 11 a.m. was 326,200 shcres traded, compared with 299,900 at the same time r iday. MARKET LOWER NEW YORK (AP) - The stock market eased lower in slow trat'ing today as investors appeared to find little motivation to move into the market. At noon, the Dow Jones average of 30 ir.v.. .atrial stocks was off 1.65 to 766.22. Mjst stock categories were mixed. At noon, the Associated Press Real Estate Sluggish TORONTO (CP) - The Canadian real estate market was "sluggish" during September, the Mortgage Insurance Co. of Canada says in its monthly newsletter. Interest rates did not change significairiJy and it-was "in the main another month of slow demand for mortgage funds." Loans for builders were "very short to none available in most parts of the country." The situation was similar for loans for rental projects. The company, wMch surveys the major population centres, said homeowner loans were plentiful in 21 areas. There was a shortage in Quebec City, Winnipeg, Calgary, Victoria, the Okanagan Valley of British Columbia, and in some Ontario centres. Conventional mortgage rates ranged from 1 per cent to 10% in most areas witJi the rate going to 11 per cent in parts of the Maritimes, Northern Ontario and the Okanagan VaUey. The National Housing Act rate ranged between 9% and 10% per cent with one bank-not identified - quoting 9%. Beef Futures WINNIPEG (CP) - There were bids and offers near current levels in the November and March futures but no trades on the live beef futures market Thursday. A total of four contracts were traded Wednesday. Open High Low Close Nov. 28.85B Jan. 29,25N March 29.50A eo-sf""'- -"...age was unchanged 262.6. Among Canadian issues on the New York Stock Exchange, Mclntyre Porcupine slumped 1% points to $16872. Dome Mines rose % to $64% and Granb;- Mi: ing % to $24%- Intern tional Nif^fcel was up % at $45. On the American Stock Exchange, Scurry Rainbow Oil tacked on % to $23%. Molybdenite Canada ost 3-16 at $5%. Medicine Has Exploration Permit Sold EDMONTON CP) - The provincial government received $1,095,912 from the sale of petroleum and natural gas permits. The highest price paid was $135,565 by Bailey Selburn Oil and Gas Ltd. for a permit to explore 19,040 acres in the Rosedale area northeast of Calgary. National Trust Co. Ltd. paid $113,608 for a permit on 20,160 acres about 75 miles due north of Edmonton and Husky Oil Ltd. spent $103,367 for 13,600 acres northeast of Medicine Hat hear the Alberta-Saskatchewan border. The sale increased the artiount paid to the province this year for permits and leases to $27,634,003. .Manitoba Vlay Lose Egg Issue OTTAWA (CP) - Justice Minister John Turner said Thursday he doubts that Manitoba can bring a reference before the Suprenie Court of Canada to determine the constitur tional validity of provincial marketing regulations. He was replying in the Commons toGeraldW. Baldwin, Conservative House leader. Manitoba maintains that Quebec and other provinces are interfering with interprovincial trade with regulations restrictions of broiler chickens and eggs. It has given notice it will try to contest, beginning Monday, the Quebec regulations in the Supreme Court of Canada. Mr. Turner said a reference to the Supreme Court of Canada requires agi-eement on the facts in a case. And the facts were in dispute in this case. Farmers Pay Hired Hands More Money OTTAWA (CP) - Farmei-s aren't making as much for their products but they're paying their hired hands more, the Dominion Bureau of Statistics reported today. The index of farm prices for agricultural products was 112.3 in August, a decrease of 1.6 points from the July figwe of 113.9. It was 5.2 points below the August 1969 index of 117.5. The decrease in the price index was caused mainly by lower prices for cattle, hogs, poultry and potatoes. Meanwhile average wages paid to farm hands rose to $1.36 an hour in August this year from $1.31 m 1969 and $1.23 in 1968. These wages include board. Without board, average farm help wages rose to $1.61 an hour in 1970 from $1.55 an hour last year and $1.42 an hoiu* in 1968. BUSINESS OPPORTUNITY ROBO CAR WASH FOR SALE ONLY ONE OF ITS KIND IN VICTORIA B.C. EXCELLENT RETURN WITH GREAT POTENTIAL REQUIRES INVESTMENT OF $120,000 Apply 756 Hillside Ave., * VICTORIA, B.C. MISCELLANEOUS QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherty, Roadhouse and McCuaig) LAST BID OR SALE (11:00 a.m. Quotes) (11:00 a.m. Quotes) f 11:00 a.m. Quotes) WESTERN OILS Alminex ...... Asamera ..... Banff ........ BP Oil Gas ... , Can South ... . Cdn Ex Gas ... Cdn Homestd ., Cdn Ind Gas Oil Cdn Long Is ... Cdn Super ..... Cen Del Rio ... Chleftan . Dynamic Pete . Gt Plains ..... Mill City .. .. New Cont ... . Numac ....... Permo ....... Petrol ........ Pinnacle ...... Place Gas ..... Ponder ....... Ranger ... . Scurry Rain ... Soooner . . West Decalta .. 4.20 S.OS 7.35 10.25 .71 37.75 MISCELLANEOUS INDUSTRIAL Inter Steel Pipe Jefferson Lalairk iiegaUy on sdidie streets, leaving their keys with self-appointed attendants who rear-ramge and guaird the vehicles day and night. sonally guarantee the new loan, for losses suffered as a result As well, the bank required him to deposit substantial collateral seciuity. The taxpayer agreed. Interestingly enough, he was very conscious of the potential tax results that would flow from a financia. collapse of the company and his being required to personally make good on his guarantee to the bank. He sought tax counsel. He was advised that if he entered into the arrangement on a business basis, then any loss he suffered might qualify as deductible busin.ess losses. Following that suggestion he guaranteed the loan to the company but entered into a written agreement whereby he was to be paid a fee by the company for that accommodation. The fee was set at 1 per cent of the loan amount. The company's downward progess continued, he was never paid the fee and in due course it collapsed. The bank realized on its security given by the company and found a deficit of $19,000. When called upon he made good the bank's loss and claimed a deduction of the $19,000 as a business loss. The Revenue Department disagreed and took the case to the Exchequer Court where it was decided that the loss was not deductible because it was occasioned not in a business venture but was suffered as a result of his attempt to preserve a capital asset: his company. This would make it a non-deductible capital loss. It is not deductible because the present law provides that since capital gains aren't taxed, capital losses aren't deductible. The interesting part of the court's judgment is its rejection of the taxpayer's argument that since he was charging the company a fee for his guarantee, this would make the transaction a business venture. The court felt that it had to look behind this aspect and decide what he really intended. It concluded that the real object of his giving the guarantee was to preserve his company, not earn the fee, which it concluded was incidental to the transaction. From this decision it becomes even more clear than before that it is almost impossible for a taxpayer (other than a professional guaranotr such as a surety or bonding company) to claim a tax deduction of personally guaranteeing the debts of another person. The question is still open on whether or not the loss would have been deductible if the guarantor and the company had been strangers and the guarantor's only reason for making the accomodation was the earning ol a fee. Under those circumstances, it would seem likely the loss would be deductible. However, because of the frequency of the concurrence of this type of transaction, it would be fitting if the revenue department now issued a bulletin setting cut the circumstances, if any, under which it will permit a guarantor's loss to be deductible. (Mr. Aspcr is a Winnipeg lawyer) Hog Prices EDMONTON (CP) - Hog prices today provided by the Alberta Hog Producers Marketing Board: Edmonton: quoted 23.25 to 23.40, selling 23.40. Average Thursday 23.70. Red Deer: No market, average Thursday 23.58. Calgary: No market, average Thursday 23.47. Lethbridge: Quoted 23.00, selling 23.00. Average Thursday 23.39. Lloydmlnster: No market, average Thursday 22.98. Total hogs sold to 11 a.m. 201. Sows selling 15.25. Total h(^s sold Thursday 6,567, average 23.61. Livestock Lethbridge Livestock AFTERNOON SALE Calgary Livestock CALGARY (CP) - Receipts to 11 a.m., 2400 head, practically all replacement cattle and stock calves. Trade was active. Slaughter caittle sold in line with Thursday's close with quality considered. Quotations given are Thursday's closing prices. Choice steers 27.50 to 28.10, good 26.50 to 27.25, medimn 25.50 to 26.25. Choice heifers 26.25 to 26.90, good 25.50 to 26.25, medium 24.50 to 25.25. Good cows 21 to 22, medium 19.50 to 20.50, camiers and cutters 15 to 18.50. Replacement cattle and stock calves were of mixed quality with prices on all classes being in line with last Friday's sale. Good feeder steers 550 to 700 lbs. 31 to 34, 700 to 90O lbs. 29 to 30.60, 900 lbs. up 27 to 29.10. (Jood feeder heifers 550 to 650 lbs. 29 to 31.20, 650 lbs. up 26.50 to 29.10. Good stock steer calves under 400 lbs. 38 to 41.25, 400 to 500 lbs. 36 to 28.50, 500 lbs. up 34 to 35.75. Good stock heifer calves under 350 lbs. 31 to 33.80, 350 lbs. up 30 to 33. No hogs were sold to 11 a.m. Potato Prices WINNIPEG (CP) - There wcire bids in the May future at current levels, and trading in March at five points above previous close levels on the Maritime potato futures market Thursday. No contracts were traded Wednesday. Open High Low Close Nov. 2.25N March 2.55B April 2.65N May 3.05 3.05 PLANE KILLS 9 TEGUCIGALPA, HonAiras (Reuter) - A Honduran air force plane landing Wednesday night killed nine persons when its landing gear hit a bus on a highway near the airport. The pilot, who pulled up, later made a crash-lauiding. KAZ HIRAGA President NOW AVAILABLE THE �AAGNIFICIENT MAGNAVOX WITH LOW FACTORY TO DEALER PRICING Watch For The Premiere Showing ACME TELEVISION COllEGE MALI IMPORTANT NOTICE COTTAGE OWNERS You may be eligible for an ASSESSMENT AND TAX REDUCTION # When your dwelling was used exclusively for holiday or recreational purposes in the previous year, and % If your dwelling was not occupied by you or members of your family for more than 120 days during the same year, and # If you did not receive revenue by way of rental for the use of the dwelling during the same year, and # If you complete and file a certificate as to lliese matters not later than November 15 in the previous year * * * To Obtain This Reduction (In 1971) YOU MUST FILE YOUR CERTIFICATE BY NOVEMBER 15, (1970) At Your Own Municipal Office Where You Remit Your Taxes DEPARTMENT Of MUNICIPAL AFFAIRS PROVINCE OF ALBERTA A.W. MORRISON F.C. COLBORNE Deputy Minister Minister ;