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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 3, 1970, Lethbridge, Alberta Your QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Dohcrty, Raadhousc and McCuajg) LAST BID OK SALE a.m. Quotes) a.m. Quotes) a.m. Quores WESTERN OILS Husky Oil Dreylus P.S. 10.1911.7 Almlnrx 5 at nearby Mispec Point with the docking of its first official customer, the giant oil tanker H. J Haynes. The vessel loaded with crude oil from the Persian Gulf, is the largest ship ever to cross the Atlantic. One of Port Haynes biggest ships afloat, it arrive in Bay of Fundy waters nea the lenr.inal Tuesday nighl an docked Wednesday morning. Capable of handling tanker up to tons, the Canapoi was built at a cosl of more tha milion by interests of Sain John industrialist K. C. Irving. Mr. Irving, who also owns In Irving Oil' Co. Ltd. refinery a Saint John East and the Sain John Shipbuilding and Dry Doc Co. Ltd., said at opening cere monies the terminal repre sented "Ihe beginning of a era'1 for the city and province. The terminal, refinery an s lipyard arc part of an over-al development plan, he said, "am we are looking forward to th day when conditions will war rant expansion of the shipyarc to enable repairing, refittin, and eventually the building o tankers such as the one that i here today." The H. J. Haynes is fee ong with a 62-foot draught anc a 160-foot beam. LOCATED OFFSHOHE The actual mooring lermina at Canaport is located abou feet offshore, offering tankers unlimited manoeuvrini room and a water depth of 14i to 170 feet, depending on tides. After docking, the H. J Haynes began preparation to pump its cargo through under water pipes to an onshore "farm" of 10 massive holding tanks, each with a nine-million gallon capacity. The tank farm Is connects by underground pipeline with Jie Irving refinery, six miles away. Should a spill occur, officials say, the oil would flow directly nto a holding pond capable o: containing up to barrels Only part of the oil collectet at the terminal will be used al :he refinery. The remainder wil re exported to a number of joints in the United States by ;ankers in the class. Select! The Montreal Expos, while not exactly shattering basebal records this year, may have scored a tax law homerun i their recent contest with th.e Ottawa team. This week's news release from (lie minister of national revenue appears to break new and imporlan ground in a complex area o (he law. W i a t is most surprising about the whole Expos' tax affair is that the government appears to have made one of its infrequent advance rulings, anc even mor.e unusual, has given publicity to the fact. Both rare-ties are welcome and the practice should be encouraged. Perhaps these events occurred more by accident than through design. Early last week, press reports rumored that through private negotiation the federal government was about to grant a 59 mi -lion tax concession to the baseball team. In little time, a growing chorus of protest could be heard from alienated westerners. Vancouv.erites, among whom still smoulders the belief that Quebec was handed the LVO lax pic games at the expense (heir bid, and from Ontari political leaders ready lo a lack any further federa largesse directed to Toronto arch riva Montreal. Revenue Minister Jean-P srre Cole lest no lime in as sessing the potential furore Remembering the trile A bi true maxim that not onl i must justice be done, it mus appear to be done, he issued press statement explaining th situation. From its contents and olhe public data it appears tha when the team was formed million was expended to ac quire the league franchise (th right to play in the Natiotia Baseball League) and sonje 30 odd baseball players. The re ported allocation of the >ricc is SI million for the franchis and 59 million for the players The tax question that arost is nol one of a concession 01 granl from fhe government, bu whether or not the 510 million outlay is a deductible business expense for the club, and if so when should the deduction be claimed: in the year the ex pense was incurred or over f period of several years while o Ihe purchased players are ac lively earning income for Ihe 1 club? The lax results can be s quite spectacular. CUT I.N HALF Obviously if these costs arc deductible, then assuming a fifty per cent tax rate, the af t ter4ax cost will be rcdncec f from million to 55 million However, deducibility of the 1 expense is only half the prob lem: the question of the timing of the deduction is equally im portant. If, as would normally be the case in tax law, Ihe d.e-' duction can only be offse againsl the club's income in the year Ihe expense is incurred then there is little advantage to be gained because it would be most unlikely thai in the first few years there wculd be any profits against which to charge the initial expense. 1 The law provides that where a company suffers an operating loss, such as would undoubtedly be the case if the taxpayer had to write off a million expense in its first year, then the loss can be carried forward and applied as an offset only against the profits earned in the next five years. While this may be helpful in most cases, where the loss is substantial, a fiv.e year period may not be long enough to earn enough profits to be able to fully offset the loss suffered in the initial year. In that case the taxpayer will lose part of his deduction. The ruling in the case of the Expos seems to solv.e both problems. The tax office has authorized the deducibility of that portion of the expense related to the player acquisition, reportedly million. That in itself will produce major tax savings. As well, the minister fias indicated that the deduction need not be taken in the year the expense was incurred (and presumably when there was little taxable .income to reduce) but may be amortized and spread out over the estimated useful plaving years of the baseball olavers "c-auired by the team. This should ensure full lax VAGUE RULING The ruling is vague and will undoubledlv require considerable amplification. It is difficult to know how long the useful playing career of each player will last and ov.er what number of years the tax deduction mav be claimed. The principle is valid and the government's decision is equitable for a variety of reasons chiefly that it is unfair to tax profits unless one allows all expenses incured to cam that profit to be deducted, regardless of the nature of the expense. However, the ruling draws attention to the fact that for many decades the same enlightened treatment has been and will continue to be denied to less prestigious taxpayers whose circumstances ai-e quite similar lo that of the Expos. The law has denied de-ductibility to payments made by a taxpayer to get out of an onerous business contract; where a builder buys a contract for the right to work on a project, the cost of buying the job has been held non deductible; where a restaurateur acquired a pancake house franchise, the cost wasn't allowed as a write-off; there are dozens of cases taxpayers have bought customer's lists from former competitors without being able to deduct the cost. This is but a minute listing of the many similar types of expense which are incurred every day in the nation's commercial dealings, involving in the aggregate, much more in tax than was contemplated in the Expos situation, for which t h e government has refused tax relief. The failure to relieve this patent inequity has been crit-ized by the legal and accounting professions, as well as by the 1967 Carter Royal Commission, for many years. While the White Paper indicates an undetermined measure of perhaps in 1972, the fact that the Expos have apparenlly been granted fast, fast, fast re-i.ef. makes Ottawa's treatment of similar cases appear some- what unfair. Surely tax justice might not r to be selective. (.Mr. Aspcv is a Lethbridge Livestock 4 (Supplied by Canada Department of Agriculture) On offer lo 11 a.m. 180 cattle. Receipts mostly slaughter steers and heifers. Trade active. Good and choice butcher steers continue to meet good demand at firm prices. Good to choice butcher heifers meeting an improved demand at strong prices with odd sales to 25.60. Medium and good cows about steady, quality and condition considered. Good heavy feeder steers selling at steady rates. Choice sleers 28.25 to 28.50; good 27.50 to 28; medium 26 to 27.50. Choice heifers 25 to 25.50; good 24.25 to 25; medium 23 to 24. Good cows 21 to 22; medium 19 to 20.50; canners and cutters 15.50 to 18.50. Good bulls 23 to 24. Good heavy feeder steers over 900 !bs. 28 to 29.10; medium 26 to 27.5U. Butcher hogs sold Wednesday t.o.b. Lethbridge 25.95 base price. .Good Iambs 22. Calgary Livestock CALGARY (CP) On offer lo 11 a.m. about head; mostly good and choice slaughter steers. Trade was active. Slaughter sleers were steady; hsifers were steady to strong; cows were unevenly steady and bulls were steady at week's lower prices. Choice slaughter steers 28 to 28.90, good 27 to 28, medium 26 to 27. Choice heifers 25.25 to 25.90, good 24.25 tc 25, medium 23 to 24. Good1 cows 20.25 to 21.15, nedium 19 lo 20, canners and cutlers 17 to 19. Good bulls 23.40 lo 24.50. Replace ment cattle were mostly fleshy steers in the heavier weight ranges. Prices were generally steady. Good feeder steers more lhan 750 pounds 27.50 to 29.30. No stock or slaughter calves were offered. Hogs base price 233% 251 K 25214 Jan 248 24C-S Mar 246 14, 244% 245 Vi May 245 243% 244% Oats Ocl 867i 84% 86ls Dec. 86 85 86 May 88% 88 88% Barley Oct 120 Dec 1.21 120Vi 120'i May 125 124% 124% Rye Oct lOSli 1091s 109S Dec 109V4 108 108V' May 114% SiNLilC1 Market In Activ (CP) The Toronto stock market was moderately higher in active mid-morning trading today. On index, industrials rose .53 to 161.06, golds .08 to 159.24 and western oils 2.41 to 175.19. Base nietals dropped 06 to 95.35. Volume by 11 a.m. was s lares, up from at the same time Wednesday. Strongest sectors were beverages, pipelines, merchandising and industrial mining. Dome Pete was up 1 to International Utilities to Alberta Gas Trunk ?i to Shell Canada y2 to 530, Kaiser Resources to S1214, Canadian Hydrocarbons Vs to Lake Dufault to Sherritt to Canadian Superior Oil to and Asa-mera to OSF Industries dropped Vz to and National Drugs 15 cents to PRICES CLISITJ MONTREAL Prices on the Montreal stock market moved fractionally higher in active trading today. Banks, utilities and the composite indices all showed advances in morning transactions. Senior mines and oils showed particular strength as Shell Canada led advances with a gain of to Trans Mountain Pipe Lines was up to S175s, Husky Oil to and Imperial Oil Vs to e Trade Kaiser Resources advanced to S12, Hudson's Bay Co. to International Utilities Vi to Noranda to ?28y4, and Consolidated Textiles to Imperial Tobacco was unchanged at On index, industrials advanced .37 to 163.63, the composite .30 lo 159.36 and utilities .18 to 131.63. Banks and papers were unchanged. MARKET RALLIES NEW YORK (AP) The stock market firmed after a brisk early rally today. Trading was moderately active. Advances held a lead of nearly 4 to 1 over declines among issues tra'ded on the New York Stock Exchange. At noon, the Dow Jones average of 30 industrials was up 6.64 to 763.28. The Associated Press 60-slock average was ahead 1.6 to 251.3 at noon. Control Data was up 2% to Polaroid 1% at Me-morex Hi at Telex Vz to IBM 414 at 5268% and Xerox 1 at Among Canadians, Walker Gooderham was up at Distillers Seagrams rose to Dome Mines lost to On the American Stock Exchange Brascan LU1. rose a point to and Scurry Rainbow Oil at Ltd. Earnings Down CALGARY (CP) Renting Ltd. lost during the six months ended June 30, compared earnings of in the same period a year earlier. The company's grosr revenue remained near S10 million, hut operating costs and int e r e s t c larges on long term debt increased. Renting realized on le disp o s a 1 of investments compared with a year ago. The company is an amalgamation of nine petroleum related firms, the interests of which range from aviation to geophysical surveys and futures WINNIPEG (CP) Trading n ive beef futures was lighl today with some trades in January and September futures. Open High Low Close Sept. 29.75 29.80 29.75 29.80 Nov. 28.80N Jan. 28.80 2S.80 Value MONTREAL (CP) U.S. dol-ar in terms of Canadian funds Off 5-32 to Sl'.Ol 25-32. Pound terling off 3-16 to NEW YORK (CP) Cana-lian dollar up 1-32 at 98'A in errns of U.S. funds. Pound ster-ing down 7-64 at RISE OTTAWA (CP) Wages and salaries in a broad cross-section of industry a week in June, increasing slightly from in May, the Dominion Bureau of Statistics reports. But the averages declined in the highest-paid industries, to from a week in mining, and to from CLASSES INSURANCE AUTO HOME BUSINESS FARM AGENCY Motors Co. Ltd. TRAILER CITY YEAR rkri 1 flliT END dlLLL-UUI AMERICAN MOTORS AUTOMOBILES SQUIRE MOBILE HOMES SCAMPER TRAILERS CAMPERS MOTOR HOMES t CHALET FOLD DOWN UNITS MARK III FOLD DOWNS AND TRUCK CAPS MOBILCRAFT TRAILERS EVERYTHING MUST GO REGARDLESS OF COST! SAVE OVER SCAMPER 1300 SERIES 1 ONLY, Predicts Budgetary Deficits PRINCE GEORGE, B.C. have in be raised to meet Hie (CP) Two years of budget- deficit. Part of the million ary deficits for Britsh Colum- in accumulated reserves woijld bia were predicted Wednesday be used to cover the deficits, by premier W. A. C. Bennett. The premier was elaborating He said1 in an interview, how- on a statement he made Mon-ever, he is sure taxes will not day that the province migl WEI ONLY PLUS lie A MILE Beny Au Contact Boris 2nd Ave. and SPECIAL pf ff f Friday al 12 noon CAR unti' noon Mon' omotive Enterprises Ltd. Rep., Avis Rent a Car h St. S. Phone T, the first time since to bal-JrlOg r riCeS ance the 1970-71 budget. He said Wednesday that for EDMONTON (CP) Prices the first five months of SPECIAL SIX WEEK TRIAL COURSE IN ACCORDION 0 ORGAN GUITAR DRUMS each week atf music upplied for home practice. 11 a.m. provided by the Al- year, government revenue serta Hog Producers Market- from the B.C. forest industry ing Board: was down 32 per cent, and Edmonton: Quoted 26 to sales tax revenue "a little be-26.20, selling 26.20. Average low estimates." Wednesday 26.39. There may be a deficit of Red Deer: Q u o t e d 26 to between S10 million and S20 26.05, selling 26.05. Average million, compared to the sur-Wednesday 26.03. plus of predicted Calgary: Quoted 26.05 to earlier this year, the premier 26.10, selling 26.05. Average added. Wednesday 26.10. World economic conditions Lethbridge: Quoted 26.16 lo are to blame, he said, with J.10, selling 26.15. Average forest revenue hard hit because Vednesday 25.95. of a sharp decline in export Lloydir.inster: No sales to- prices. Difficulties had been :ay. Average Wednesday 26.50. created by forces beyond the Grande Prairie: No sales to- province's control. ay. No average Wednesday. He said these were "intcrna-Hogs sold to 11 a.m. totalled tional bankers and interna-30, sold Wednesday with tional governments trying to provincial average of 26.26. create unemployment as their Sow price 16.35. remedy to HOME IgllPprag Chassis mount and many, many feolures too numerous to list. YEAR-END SELL-OUT PRICED AT A SAVING OF OVER gf 2 ONLY 'THE MACHINE' 2 boor Hardtops. load- ed with the "Go" Pack-' age which includes: 340 h.p. 290 C.I.D., 4 barrel carbs., 4 speed full synchronized trans. Ram Air, hood scoop, mounted Tac, power disc brakes. Sell-Out Priced To Clear S3595 You Save Over rlayYwrWa) TO POPULARITY Course consists of 6 lessons, I supplied and an instrument s Thai's Right WE SUPPLY SPECIAL VALUE! T C SQUIRE DOUBLE UNIT SHOW 24-fool by 48-foot with cxt balh, low slope roof with ov plus asphalt shingles, carpet in bedroom, plastic tub enclosure, col mast. Regular Lisf Extra Special, Only EXTRA SPECIAL! 1 ONLY SQUIRE SINGLE UNIT SHOW 64'xl2', extra half bath, carpe ing and master bedroom. Regu Extra Special, Only 4 Door Sedan. V-J automatic, P.S., P.B a "alt wheel discs, radio srhang, Solex gloss, visibilit master group, iieavy duty ba tery, white sidewa tires. Dark Green. Reg List To Clear fo '71 Models Arrivinc Soon! ACCOUNTING AND MANAGEMENT LTD. Data Processing Services 507 CANADA TRUST BIDG. TELEPHONE Trices WINNIPEG Mari. ime potato futures market drew ight trade in November and May futures loday at previous close levels. Low Clo.sr Nov. 2.22 2.22 March 2..5DN April 2.72A May .1.1.) ]070 MODH in liv- ]S FOOT SCAMPER ar List With brakes and awning. Regular Lisf Clearance Priced MODEL 17 FOOT SCAMPER With toilet, brakes, awning, twin lanks. Regular List Clearance Priced At PIANO LESSONS ALSO AVAILABLE Enquire About Our Rental Pruegger's