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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 16, 1970, Lethbridge, Alberta Iin SIM ss QUOTATIONS Montreal Supplied by Roadhouse and Mcfuaig LAST BID OK SALE 11 roc Quotes Hhoo Quotes Quoin WUTIHN OILS Inter Steel flpt Invest Or Alminex 5 M Jefferson Lake Invest Mutual Joutel IOS Vent Banff 12 Kalser Res in Mutual Ac F Asper Guarantors Lot Not Happy Shakespeare warned that if someone else to be of a nonsonally guarantee the new for losses suffered as a Prices B In Lighl TORONTO CP Prices o the Toronto stock market wer mixed to fractionally higher i light trading On industrials rose to and golds to Base metals also dropped t and western oils t Volume by 11 was shares compared with a the same time t Trade was unchangtt Among Canadian issues on the New York Stock Exchange Mclntyre Porcupine slumpet 1 points to Dom Mines rose to and ing V4 to tern tional Nickel was up Vt a Oh the American Stock Ex Scurrv Rainbow 0 tacked on Vt to Molybden ite Canada ost 316 at Oil Gat Kam Can South Ont Cdn Ex Gas Mentor Cdn Homesfd Newconex Cdn Ind Gas Oil SsclflU Pe Cdn Long Is Cdn Super Hola Cen Del Rio Chleltan shell nv Dynamic Pelt v Gt Plains Ra Mill city West Cdn New Cont while Xuk Humac A CAL Permo 86 Acr011 Pelrol Pinnacle 95 Place Gas 1 27 North Conl PoMer J5 West Warn Ranger Scurry Rain Soooner West MISCELLANEOUS Inland Na INDUSTRIAL ajjj Atco fnd Gaz Metro Aquatalne Tr Cdn P Brit Nfld Tr Cdn Cdn Brew B Tr Cdn P Cdn Hydro Tr Cdn F Cdn Pacific Inv Westcoast CPR Pfd Western P Crows Nest In MUTUA Cygnus AGF Spec Cygnus B All Cdn C Cum Prop All Cdn D Gt Cdn Oil S All Cdn V A Amr Gr Home B SO Cdn Gr Home Pltfld Cdn Invest Hud Bay Co Col Mutua Hud Bay Oil Cmnw nte Hud Bay Pfd Cmnw Lev Hugh Russ Corp Inves Husky Oil Corp In S Husky Oil War Dreyfus F Inter Prov Pipe Gr Equity Intl DIM Pfd Gr In 5h TORONTO MIN Supplied by Richards LAST BII Quotes INDUSTRIALS Moisons Mutual Gr F Cem Mutual In Nat Res 6M N W Fin te N W Gr 1600 Principal Gr 1050 Mutual RWent Fund 3fd 3000 Royfund VI 15 M Unlled Ac ler Universal Sav on GARY Anuk M Arctic MIntnfl Atlas Explor 05 Beth Copper 03 Bornite Ridge Block Bros 30 Brenda Sugar E STOCKS Capt Inter Tr L A Churchill Copper Coronation Credit 1 26 t Gas Crestbrook F Ind Croyden B Pfd Dolly Varden Dynasty ipe Giant Mascot no s Pfd Granlsle Pfd A 2 Vi Key Indust War Hys Tr Interior Braw cific Jericho 09 t FUNDS Kami ocp i Copper a Lornex om Lytton Minerals vid Madrona 34 errf New Cronin 10 F New Imp Mines Okanagan Kelicop F Primer 23 Pyramid seeks satisfactory relationships he should be neither a lender nor a That old adage should be updated to include guaranteeing of loans made to others as a Guaranteeing loans made by banks to others may not only result in impaired personal relationships when the guarantor has to make but can also cause the guarantor to suffer a painful encounter with the Income Tax Third party guarantees are A parent mil guarantee a bank loan made to a a friend will pledge his credit to help someone receive a bank loan to launch a business suppliers frequently guarantee loans made to valuable and usually a company will be required to guarantee the financiers of its subsidiary and affiliated It is only when the borrower collapses and the tender calls upon the guarantor to honor his commitment that the tax cost of making the guarantee Is The guarantor makes the payment and because his ability to pay tax is somewhat often seeks to charge the loss against his other taxable In almost all the current law prohibits Jlis One is permitted to deduct from his income only those expenses which are laid out to earn that As he may offset business losses against bis other income but under no tircumstances can he deduct payiients or expenses of a capital In most the law considers payments made by a guarantor to remedy the financial default law has been clear on the point for some time even though not unanimously endorsed by until recently it had been thought that where one guaranteed a loan for someone on purely business any fees earned for giving the guarantee would be taxable and any loss suffered by having to honor the guarantee would be That if one guarantees a loan made to and charges a fee for so that might be sufficient to give the transaction a business as opposed to a personal in which case the tax results would be more That proposition is still sound but the circumstances under which the courts will apply it are more narrow than one might have A recenl decision of the Exchequer Court makes the In the case before the the taxpayer was a lawyer besides his professional owned 100 per cent of a small business In the business had been started by his father around the turn of the century and on his death there had been a number of negotiations the resulting in the taxpayer buying the company f r o m the After operating for some with only modest the company embarked upon an expansion program which Losses were incurred and its bankers were about to call their taxpayerowner sought extensions and new lines of The bank to keep the company going but insisted that the shareholder deposit substantial collateral The taxpayer Interestingly he was very conscious of the potential tax results that would flow from a collapse of the company and his being required to personally make good on his guarantee to the He sought tax He was advised that if he entered into the arrangement on a business then any loss he suffered might quality as deductible business Following that suggestion he guaranteed the loan to the company but entered into a written agreement whereby he was to be paid a by the company for that The fee was set at 1 per cent of the loan The companys downwan progess he was never paid the fee and in due course it The bank realized on security given by the company and found a deficit of When called upon he made good the banks loss and claimed a deduction of the as a business loss The Revenue Departmenl 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 This would mate it a nondeductible capital It is not deductible because the present law provides that since capital gains arent capital losses arent The interesting part of the courts judgment is its rejection of the taxpayers argument that since he was charging the company a fee for his this would make the transaction a business The court felt that it had to look behind this aspect and decide what he really It concluded that the real object of his giving the guarantee was to preserve his not earn the which it concluded was incidental to the 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 of another The question is still open 01 whether or not the loss wouU have been deductible if th guarantor and the had been strangers and th guarantors only reason fo making the accomodatioi was the earning of a Un der those i would seem likely the would be because of the fre quency of the o this type of i would be fitting if the revenu department now issued a bulle tin setting out the circum if under which i will permit a guarantors los to be Asper is a Winnipeg lawyer Cement gained to Aimco to Dome Mines 1 to ScurryRainbow to 24 and Sherritt Vs to Hudson Bay Oil and Gas los to Shel Canada Vs to Hudson Bay Mining to United Bata five cents to and National Pete 10 cents to UNSETTLED MONTREAL CP The Montreal stock market was un settled in light trading in todays morning Among declining Canada Cement Lafarge slipped to Consolidated Textiles to Algoma Steel to Shell Canada to Brascaii Vi to and Canadian Viekers to Crown Cork jumped to DistillersSeagrams rose Vi to Camon Va to Royal Trust Vt to and Placer Vs to On industrials gained a fractional to and papers to while banks dipped to and utilities to The composite index unchanged at C o i b i n e d volume on the Montreal and Canadian Stock Exchanges to 11 was shcres compared with at the same time T MARKET LOWER NEW YORK AP The stock market eased lower in slow tradng today as investors appeared to find little motivation to move into the At the Dow Jones average of 30 stocks was Off to stock categories were At the Associated Lethbridge Livestock AFTERNOON SALE Calgary Livestock CALGARY CP Receipt to 11 2400 practical ly all replacement cattle anc stock Trade was active Slaughter cattle sold in lint with Thursdays close witt quality given are Thursdays closing Choice steers to good to medium to Choice heifers to good tc medium to Good cows 21 to mediun to canners and cutters 15 to Replacement stock calves were of mixe quality with prices on all class es being in line with last Fridays Goal feeder Steers 550 to 700 31 to 700 to 900 29 to 900 up 27 to Good feeder heifers 550 to 650 29 to 650 up to stock steer calves under 400 38 to 400 to 500 36 to 500 up 34 to Good stock heifer calves under 350 31 to 350 up 30 to hogs were sold to 11 Potato Prices WINNIPEG CP There were bids in the May future at current and trading in March at five points above previous close levels on the Maritime potato futures marke No contracts were Iraded Open High Low Close March April May Has Exploration Permit Sold EDMONTON CP The provincialgovemment received from the sale of petroleum and natural gas The highest price paid was by Bailey Selburn Oil and Gas for a permit to explore acres in the Rosedale area northeast of Cal National Trust paid for a permit on acres about 75 miles due nortl of Edmonton and Husky 0 silver Standard T C Explor 36 t Trojan 39 F Western Mines Wettcoast Res Western Explor ires Utica 70 INDUSTRIALS on Securities of Canada OR SALE Quuiesl Quotetl 1100 East Sullivan i Falconbridge 0 Frobex 26 f First Maritimes linn Glant cunnar p sranduc JS Headway 5 Hollinger JlZj Bay MS HL JJgVS Highland Bell ft Pp Jollet Quebec I22V2 Pp Kerr Addison Key Anscon Labrador Mg Lake Shore Leltch Langis Silver Macassa A Madsen d Malartic Martin McNeely NKS Maybrun a Maclntyre Meta 16 Mldrlm 32 Intern Mogul New Athona NES New Calumet New Imperial Noranda Northqate Opemiska OSISKo 29 Patlno Pembina P Alaoma steel Power Cor Atco Ind Price Co Allan Sugar Rothmans Bell Tel St Law Co Brazil Shell CDA Tel Forest Steel of Ca Sugar Selkirk A CAE Ind Texaco Cdn Brew Traders Gp Chemcell Trans Mtn Col Cellulose Trans Can Cal Power Union Gas Coron Credit union Oil CWN Gas 11J2V4 Versatile spent for acres northeast of Medicine Jat hear the AibertaSaskatch ewan The sale the amount paid to the province his year for permits anc leases to S S Union Car Cdn Marconi Westons B Cdn Vickers Woodwards Chrysler West Cdn CPR zenith Elec Comlnco BA Cons Bath Can Imper ConsGas Montreal Dist Sea Nova Scot Dom Bridge Royal Domtar TorDom Dom Textile Dom Stores Acme Dome Pete Advocate A Fam Play Akaitcho Fd of Arner SI Area MinM Gt Cdn Oil Belcher Iror Gen Motors Black Bay Gt Pap Company EDMONTON CP Imperial Tobacco Products was iven two weeks to pay a ine after conviction Thursday n Alberta Supreme Court of using a statement of fact which was untrue to promote the sale of Casino Justice R Sinclair o u n d the company guilty on of five counts under the Combines Investigation imvising a fine on one count and on The other counts of misleading or decepive advertising were The court also at he request of the the ssuing of a restraining order against the company to ensure he prohibition or repetition of such offences and as a protection for the public against the company using any future advertising statement of fact which is The company introduced the cigarettes into Alberta a year Advertisements said there vas in every pack of new The charges were laid against the company that there was not a bill or its equivalent in the Defence lawyer Mayor of Calgary asked for time to pay the fine because the firms head office is in Montreal He also said an appeal against the conviction would be filed in about two FIRST CONVICTION Consumer Affairs Minister Ron Basford said in an interview Thursday it is the first such conviction under a yearold amendment to the Combines Investigation Act which makes it an offence to use deceptive or misleading wording in promotional Basford said it is extremely important that Justice Sinclair ruled that the should be applied in a way that would protect all not just reasonable Justice Sinclair said in he judgment We must look at the intent of the legislation It is not o protect only the reasonable nan rather the intention s to protect the vast multitude which includes the he unthinking and the creduous who in making purchases So not stop to analyse but Fined often are governed by appearance and general Justice Sinclair smokes only a Basford quit smoking entirely in Lethbridge lawyer Bob Babki told The Herald he has been getting one tremendous runaround from the firm with which Major is associated in his lawsuit against Imperial Babki has filed suit for Lethbridge and Taber residents asking for specified damages and general damages as a result of the Casino promotion The Lethbridge and Taber residents claim they have worth of winning tickets which the company did not May Lose Egg Issue OTTAWA CP Justice Minister John Turner sale Thursday he doubts that Manioba can bring a reference beore the Supreme Court of Canada to determine the constituionai validity of provincial marketing He was replying in the Commons Conservative House Manitoba maintains that Juebec and other provinces are nterfering with interprovincia radewith regulations restrictOILS of broiler chickens and It has given notice it will try to beginning the Quebec regulations n the Supreme Court of Turner said a reference o the Supreme Court of Canada requires agreement on the acts in a And the facts were in dispute in this Oil Cda Broulan 25 Placer Hawker Sid Bethlehem 1650 Exp 73 Erie Brunswick Quebec Man Hiram Walk 4125 Canada Rayrock Imperial Oil Casslar ftadiore 34 Imperial fob Central Rio Algom Int Nickel Chimo Silverlields Int Pipe Conwest Sherritt Gordon Inv Gp A Rambler Silver Miller Int Utilities Coin Lake 18 Steep Rock Indust Accept Cochenour Slscoe Laurentlde Cralgmont Tek Corp Kelly Doug A Dickenson Mines Texmont 52 Loeb Denison Mines Upper Canada Loblaw A Deer Horn Western Mines Metro Stores DEldona Wright Massey Ferg Dome Mines Willroy McMillan Bloe Donalda 22 Windfall 15 Moore Corp Discovery Mines Yellowknlfe Prices EDMONTON CP Hog prices today provided by the Alberta Hog Producers Marketing Board Edmonton quoted to selling Average Thursday Hed Deer No average Thursday Calgary No average Thursday Lethbridge Quoted selling Average Thursday Lloydminster No average Thursday Total hogs sold to 11 Sows selling Total hogs sold Thursday average Real Estate Sluggish TORONTO CP The Canadian real estate market was sluggish during the Mortgage Insurance of Canada says in its monthly Interest rates did not change significantly and itwas in the main another month of slow demand for mortgage Loans for builders were very short to none available in most parts of the The situation was similar for loans for rental The which surveys the major population said homeowner loans were plentiful in There was a shortage hi Quebec the Okanagan Valley of British and in some Ontario mortgage rates ranged from 1 per cent to 10 in most areas wifli the rate going to 11 per cent in parts of he Northern Ontario and the Okanagan The National Housing Act rate ranged between 9 and 10 per cent with one banknot identified quoting YOR Supplied by Riehardso Amr T and T Montgomery Anaconda Sears STOCKS Securities of Canada Ward 20 Golds up 10 Base Met off 15 W Oils off Volume YORK AVERAGES 3150 30 Indust off e Elec 6125 20 Rails off 15 Utilities up AVERAGES 65 Stocks off up Volume Texas Gu f Comsat Texas Co Dupont 11775 Woolworth General Motors Westlnghous Gulf Steel nt Harvester TORONTO Kenn Copper 20 Indust KILLS 9 Honduras Reuter A Honduran air SERVICE Drivers in Rome often double park illegally on side leaving their keys with selfappointed attendants who rearrange and guard the vehicles day and Pri WINNIPEG CP Trading as light with oilseed futures ower at the close of the Winpeg Grain Exchange Flax and rapeseed were on le easier pattern all dav with little exporter buying on the scale down about the only Domestic shippers were buyg moderately in barley and rye with prices moving ractionally in the three Volume of trade Thursday as bushels of of flax and of Thursdays export loading of anadian wheat included bushels to Algeria and to Prices for class two wheat r export to countries Review IGA 1 Nor 2 3 4 1 Durum 2 3 4 IGA prices 1 Nor 2 3 4 1 Durum 2 3 4 High Low Close Flax Qct 272 269 269 Nov 264 262 262 Dec 243 241 241 May 2534 250 250 Rapeseed Vancouver Nov 256 253V4 Jan 253 251 253 Mar 247Vi 244A 245 May 245 242 242 Rapeseed Thunder Bav Oct 253 Dec 263 Apr 244V4 241 241 Oats Oct 87 86 86 Dec 86 86 May 86 85 85 Jly 87 Barley Oct 128 128 128 Dec 126 126i 126Vi May 128 128 Jiy 127 Rye Oct 101 100 100 Dec 104 102 102 May 110 110V4 HOA Jiy plane landing Wednesday night killed nine persons when its landing gear hit a bus on a lighway near the The who pulled later made a 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 and If your dwelling was not occupied by you or members of your family formore than 120 days during same and If you did not receive revenue by way of rental for the use of the dwelling during the same and If you complete and file a certificate as to fhese matters not later than November 15 in the previous year To Obtain This Reduction In 1971 YOU MUST FILE YOUR CERTIFICATE 3Y NOVEMBER 1970 At Your Own Municipal Office Where You Remit Your Taxes DEPARTMENT OF MUNICIPAL AFFAIRS PROVINCE OF ALBERTA MORRISON COLBORNE Deputy Minister Pay Sired Hands More Money OTTAWA CP Fanners rent making as much for their iroducts but theyre paying leir hired hands the Dominion Bureau of Statistics reorted The index of farm prices for gricultural products was n a decrease of ratals from the July figure of It was points below the August 1969 index of The decrease in the price ndex was caused mainly by ower for wultry and Meanwhile average wages laid to farm hands rose to n hour in August this year in 1969 and in These wages include Without average farm iclp wages rose to an hour in 1970 from an hour last ear and an hour in Beef Futures CP There were bids and offers near current levels in the November and March futures no trades on the live beef futures market A total of four contracts were traded Open High Low Close March Supporter Joes To Prison CP An outpoken supporter of the terrorist ront de Liberation du Quebec as sentenced Wednesday to hree years in penitentiary for tting five fires in July and rying to set When sentence was imposed n Jacques the 21earold shouted Quebec politcal prisoners have never been He threw to courtoom spectators an 11pnge r in which he declared himself friend of the The responsible for the dnapping last week of British voy James Jasper Cross d Quebec Labor Minister crro has set ransom emnnds Which include tlw reeing of 23 persons it refers to political BUSINESS OPPORTUNITY ROBO CAR WASH FOR SALE ONLY ONE OF ITS KIND IN VICTORIA EXCELLENT RETURN WITH GREAT POTENTIAL REQUIRES INVESTMENT OF Apply 756 Hillside NOW AVAILABLE THE MAGNIFICIENT MAGNAVOX A WITH LOW fACTORY TO DEALER PRICING r Wateh For The Premiere Showing President COLLEGE ;