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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 18, 1970, Lethbridge, Alberta IrtT Tnv iliimxiuMSS QUOTA IIUINa Vancouver, Calgary, Montreal (Supplied by Doherty, Koadhouse and McCuaig) LAST BID OR SALE e.m. Quotes) a.m. Quoits) (11 iM a.m. Quottsl OILS Husky 01 War 4.50 Corp Invest SFJ.W Almlnix 5.2J Infer Prov Ppe 12.63'A Drtylus F U.S. 10.38 Tax Rulings Welcome Bv I. H. ASPEK ing the plan in no way detracts gation follow. Often the taxpay- establishing an independent from its worthiness. er would not have engaged in board composed of legal, Market In Early TORONTO CP) The Toronto stock market was fractionally higher to light mid-raorning trading today as it its second consecutive saining session. On index, industrials were up 33 to 163.29, golds .24 to 164.65 and western oils 2.53 to 181.22. iaee metals dropped .16 to t6 21 Volume by 11 a.m. was shares, down from at the same time Thursday. Gains outnumbered losses 127 to 66 with 162 issues unchanged. Among advancing issues, Chrysler was up Hi to Aquitaine to Home A to Bell to tfassey-Ferguson to and Northern and Central Gas to Bank of Nova Scotia dropped to Pine Point 1 to Noranda to Kerr-Addi-son Vt to and Lake Du-fault to MONTREAL was slow today on the Montreal stock market following technical difficulties which interrupted the flow of regular mar-tet i h f o r m a t i o n to display wards snd tickers. Prices were generally higher extending Thursday's strong performance despite the lack of Tiinute-by-minute stock quota-ions and summaries. An exchange official said the difficulties originated in Trade ment on the floor of the Montreal and Canadian Stock Exchanges which provides input data to a central computer. He expected normal services would be restored before the. end of the day. Bell Canada gained to Aquitaine to Imperial Oil to International Utilities to and Alcan Vs io Royal Bank was off to Trizec Corp. and Cummings Properties saM agreement in principle has been reached to form a joint venture to purchase and operate the First National Building in Detroit. Purchase price was not disclosed. The 26-storey office building is one of the largest buildings in Detroit. A record of early transactions in the two issues was not immediately available. MODEST GAINS NEW YORK (AP) Stock market prices were vip modestly in moderate trade Friday. At noon the Dow Jones average of 30 industrial stocks was ahead 2.19 at 759.86. Advances led declines on the New York Stock Exchange by less than 2 io i. Analysts said profit-taking was evident but this was offset by some hope the prime rate of interest would be cut soon. At noon the Associated Press 60-stock average was up 1.1 points at 254.1. All categories were mixed except rubber issues, metals, and airlines, which were up, and electronics, unchanged. Canadian Pacific was up IVs to Other Canadian stocks showed only fractional changes, except Mcintyre Porcupine, off 3 at Dome Petroleum rose 5Vs to on the American Stock Exchange. Brascan Ltd. was up at 12.00 Jefferson L B.P. Oil Gas 4.70 Joulil Can Soulh 4.25 Kaiser Res Cdn Ex Gas 5. OS Kam Kotla Cdn GrWt.ll 9.25 L Ont Port Cdn Homtsld 6.70 Mentor Cdn Ind Gas Oil 11.00 Newconex Cdn Long Is .70 Pacific Cdn Suoer 37.50 Psnk Org Del Rio 11.87'A Shell Inv Charter Shell Inv Pf Chleftan 8.75 Shell Inv Wt Dornn Pete ROD Sicks Ralnle Dynamic Pete 1.54 West Cdn S French Pele 7.00 While Yukon Gt Plains 28.00 CALG Mill City 2.17 Acroll New Cont 1.13 Ana Pete Numac 7.7S Barons OH Permo 1.00 North Cont Petrol 1.47 Plains Pete Pinnacle 93 West Warne Place Gas 1.22 Madison Ponder 60 Qulnalta Ranger 12.50 Rexdale Scurry Rain 22.50 PIPELINE Spooner 1.94 Alfa Gas Tr West Deceits 6.20 Alia GBS Tr MISCELLANEOUS Alia Gas (N INDUSTRIAL Inland Nat 12.25 Gr In 2.92 3.2 1.15 Invest Gr Invest Mutual .U! SM 1 72 Mutual Ac F 4M 5.12 Com 1.95 Gr F 52 Nat RCS 7.29 S J? 3'22 4M 59.00 N W Gr i-" if' S i S'A Universal Sav 6.59 7.20 r V '.00 VANCOUVER Md' Anuk to a press report released in Ottawa on Monday, the Department of National Revenue is about to introduce an advance tax ruling system. De-wnding on its mechanics, it can w one of the most significant ind welcome tax reforms ever ntroduced in Canada, equal in mpact to many of the major changes proposed in the tax reform white paper. The manner in which the plan was disclosed, through a press release, is surprising. Ordinarily, major changes in the tax system are announced in the Finance Minister's budget speech or contained in a Government white paper. However, the unusual method of the present, when one em-wrks on a commercial venture sr reorganizes his affairs thare is no way in which he can know with certainty how She tax law will treat him. He can consult his professional advisers but because the law is so complex, each case depends upon its own peculiar circumstances so that the advice he gets is usually vague and non-commit-al. The tax cost of guessing wrong can be overwhelming. Indeed, there are many cases where a taxpayer completes a transaction in the belief that it pruvikes no tax, only to find that the Government's view is the reverse and years of tax transaction at all had he mown to advance the Tax attitude. In recent years, the need for an advance ruling system has >een heightened. Because ot the uncertainties ot the tax implications of certain kinds of business transactions and the overwhelming and often crippling effect of making a tax judgment error, many normal business transactions have been stymied. The tax law provides he Revenue Department with many discretions as to whether or not to levy taxes in given cases. The Department has generally refused to disclose in advance how it will exercise that discretion. You do your deal and take your chances. MAY BE REMEDIED It now appears this highly unreasonable situation may be remedied. The Government pro-sose that taxpayers will be en-itled to apply for and obtain a ruling as to the tax consequences of a proposed before they embark upon it. The ruling will be given in writing and be binding upon the Government. That doesn't mean that if the ;ax officials give an interpretation of the tax law which the :axpayer believes is incorrect that the taxpayer is bound by it. All it does is tell him that if he goes ahead, he will have a legal dispute with the Revenue Department. In all likelihood, those cases will slill go to court but the taxpayer will at least be proceeding with his eyes open. Apparently the Revenue Department intends to charge the taxpayer a fee for the advance ruling service. The minimum fee is to be and presumably much higher in complicated cases. This is quite unnecessary and detracts from the quality of this major and enlightened reform. The Government makes the law and no citizen should ever be required to pay a fee to his Government for lie pleasure of being told how that law affects him. If the law is so vague or complex that its meaning and interpretation is ambiguous then clearly It should be the obligation of the state, and not at the cost of the individual to freely and openly advise the public as to its rights and obligations under the law. Indeed, the concept of charging a fee for access to justice is against all trends. This feature of the new system should be withdrawn. STILL UNANSWERED The proposal doesn't spell out the very important mechanics of the plan, and many important questions remain unanswered. Who will make the advance tax rulings, a group of revenue officers whose enthusiasm for collecting more revenue has been known to influence their interpretation of the law, or will Government show wisdom ana accounting auuwri-ies who give an objective inter-ffctation of the law regardless )f whether it results in more or ess revenue for the Crown? It is also to be hoped that the system will permit a tax-layer to appeal to the tax courts ;or a final interpretation of the law when he receives an advance ruling with which he disagrees. This is the practice followed in the United States where an advance tax ruling olan has been in force for a long time. Also, justice will be best served if all advance rulings across the country be made by the same board so that the rulings in Victoria don't differ from those in Halifax. A great deal of time will be saved and duplication avoided if the Government publishes all rulings it makes and discloses the facts of each case, giving anonymity to the taxpayer so that his affairs may remain private. This new law should provide that all advance rulings as published will be binding on the Government not only as regards the particular case on which it has ruled, but also on all other situations which are considered subsequently if the facts and circumstances are similar. That will avoid the necessity of the Government having to make rulings to every case. The Carter Royal Commission on taxation recommended an advance tax ruling system; the Canadian Bar Association and the Canadian Institute of Chartered Accountants have long urged its introduction. The Government has shown wisdom to adopting it. Ottawa will earn new respect from and lift the morale of taxpayers through this plan, but only if it is implemented with fairness and good judgment. (Mr. Asper a Winnipeg Arclic ''I! Alias Explor .90 'f? Belh Copper 15.50 Bornlle 'IL Block Bros 3.85 Brenda ".00 B.C. susar 15.SO capt Inter '.10 Churchill Copper IM Creslbrook for 1 6.1 2Vj Croyden 34 STOCKS poly Varden 52 L A Dynasty 7.00 L Pfd 72.00 Endako 13.B7Vs t) 21.00 Fort Reliance .54 as Giant Mascot 24.00 N and C B Brit Nfld 4.70 Pac Gas T Cdn Brew A Pfd 29.50 Gas Metro Cdn Brew B Pfd 35.50 Tr Cdn Pip Cdn Hydro Car. 15.25 Tr Cdn P Cdn Pac Inv 24.00 Tr Cdn P F CPR Pfd 8.50 Tr Cdn P Crows Nest ind 49.00 Westcoast T Cygnus A S.25 Western Pa Cygnus B 6.37W MUTUAL Gt Cdn 01! S 4.30 AGF Specla Gt Cdn Oil 6-75. 100.00 All Cdn Co Home A Al Cdn Div Home B All Cdn Ve Home Pltfld- 2.15 Amr Gr F liod Bay Co 15.00 Cdn Invest Hud Bay Oil 40.00 col Mutual Hud Bay Oil Pfd 56.50 Cmn'.v Inter Hugh Russ 20.00 Comnw JS.OO Key Indus! 32 r 12.00 Hy's ___ Fc Chicken OTTAWA for pork and chicken will come down next month along with onions, apples and pears, the agriculture department says in its October food outlook. Beef prices will be about steady, potatoes slightly higher and grapes will also be more expensive in Eastern Canada. PORK: Larger seasonal slaughter is expected and prices will be correspondingly lower. BEEF: Since supply and demand is steady, little change in prices can be expected. EGGS: There are adequate supplies with slight price variations'. POULTRY MEAT: Broiler antT roaster chickens will be in. plentiful supply at relatively low prices. Turkeys of all weights will be in adequate supply at steady prices. POTATOES: Supplies are moderate and prices a little higher. ONIONS: There are larger supplies and lower prices. APPLES: Supplies are Increasing and prices are a little lower. PEARS: Average supplies keep prices lightly lower. GRAPES: Below average Porfe? To Drop plies in the east have pushed prices higher. Cauliflower, brussel sprouts, rutabagas, pumpkin, and squash are in plentiful supply at seasonally low 5.00 interior Brew 4.SO 29.75 Jericho 10 Ptd 40.50 Kamloops Copper .10 fd A 58.50 Lornex 8-60 War 9.75 Lylton Minerals 2.40 r 19.25 Madrona W Ific 5.00 New cronln 07 FUNDS New Imp Mines 2.00 2.10 Primer 16 TI 647 700 Pv.-amld 36 d 740 8 07 silver Standard 1.60 It 3.21 3.51 T C Explor 43 4.34 4.76 Texmont f 4.19 <.59 69 526 5.77 Western Mines 3.95 11.24 12.32 Westcoast Res .13 2.37 3.15 Weslern Explor .25 4.94 5.40 Utlca MINE Supplied by Richardso LAST BID e.m. Quotes) a.m INDUSTRIALS Molsons B Abltlbl 7.37'A Mirth, Cent Alcnn 22.25 Pp Algoma steel 13.12'A Power Corp Atco 10.42V: Price Co Allan Sugar 0.50 Sothmara Bell Tel 43.75 St Law Corp Brazil Trac Shell CDA B.C. Tel 61.00 Simpson's Burns Sears B.C. Forest 24.50 Steel of can B.C. Sugar 15.37'A Selkirk A CAE Ind I 5.00 Texaco Cdn Brew 7.50 Traders Gp Chemcell 4.80 Trans Mtn Col 5.50 Trans Can F Cal Power 24.25 Union Gas Coron Credit 1.05 Union Oil CWN Gas 10.00 Versatile dn Indust 10.25 Westee! Canada S S 23.50 Union Car Cdn Marocnl 2.95 Weston's B Cnd Vlckers 5.75 Woodward's airsler 26.75 West Cdn Sd CPR Zenith INDUSTRIALS g Securities of Canada OR SALE Quotes) a.m. Quotes) 14.00 Falconbrldge 134.50 13.50 Frobex 27 first Marlllmes 1.03 Giant Y.K 7.60 Gunnar 1.50 oranduc 7.SO Headway R.L. 12.00 !M2'A Hollinoer 34.00 15 Hud. Bay M-5 21.00 Hydra Ex 12 Highland Be'li' 2.75 10.50 Bay 3.25 10.00 joiiet Quebec -.23 p Kerr Maxm lo.so p 29.75 Anacoh .32 Labrador 32.00 Lake Shore 3.25 Leitch 1.50 I'M Lana'5 sllver Madsen R.L .'85 A 16.75 Malartlc G.F. .70 H! Martin McNeely 13.00 Maybrun .24 Ks Maclnlyre 151.00 20-M Meta Market Winnipeg Grain Prices WINNIPEG showing sharp declines to the early trading pressure on all rape-seed futures eased slightly at the close of trading on the Winnipeg Grain Exchange today. Trade to oats, flax and rye continued light to the close with some rye activity by the locals. Barley gained some strength with exporter buying. Volume of trade Thursday included bushels of flax, of rapeseed and of rye. Confirmation was received overnight of the sale of bushels of flax to Israel and bushels of rape-seed to Japan. Prices for class two wheat for export to countries outside IGA: 1 Nor 2 3 1.69; 4 1.6354; 1 Durum 2 1.74% 3 1.65 4 1.6514 IGA prices: 1 Nor 1.76H; 2 3 1.69; 4 1 Durum 2 3 1.65. High Low Close Flax Oct 27314 272% 272% Nov 262% 262'A 262'A Dec 253 251% 251% May 260% 259% 259% Rapeseed Vancouver Nov 242 237 237 Jan 239% 234 233Vg Mar 228 229% May 238V4 227 228 Rapeseed Thunder Bay Oct 243% 242 243% Dec Hog Prices EDMONTON (CP) Prices to 11 today provided by the Alberta Hog Producers' Marketing Board: Edmonton: Quoted 26.75 to 27, selling 27. Average Thursday 27.04. Red Deer: Quoted 26.85 to 26.90, selling 26.90. Average Thursday 26.73. Calgary: Quoted 27.35, selling 27.35. Average Thursday 27.54. LeUibridge: No sales. Average Thursday 27.80. LJoydminster: No sales. Average Thursday 27.21. Sows 16.35. To 11 a.m. today 282 hogs sold. Thursday hogs sold. Provincial average Lethbridge Livestock AFTERNOON SALE Calgary Livestock CALGARY (CP) Recepts to 11 a.m., 450 head, practically all replacement cattle. Trade was active. There were insufficient slaughter cattle on offer to establish a market. Replacement cattle were mostly steers of mixed quality, meeting a good local demand at strong prices. Good feeder steers 750 Ibs. and up, 28.50 to 31.90, under 750 Ibs. 32 to 34.40. Good feeder heifers 750 Ibs. up, 26.50 to 28, under 650 Ibs. 29 to 30.60. Good stock steer calve: 38 to 42.50, good butcher weight calves 35 to 38.25. Hogs base price 27.35. 21.50 BAN Cons Bsth 11.00 Can Impera Cons Gas 17.50 Montreal Dlst Sea 47.75 Nova Scotia Dom Bridge 15.37V! Royal Domfar 13.62W Tor-Dom Dom Textile 13.00 MIN Dom Stores 11.62Va Acme Dome Pete es.oo Advocate Asb Fam Play 9.75 Akaltcho Fd of Amer 49.00 Area Mines Gt Cdn Oil 4.10 Belcher Iron Gen Motors 71.25 Black Bay Gt Lakes Pap 19.12'A Bralorne Gulf oil cda 17.00 Broulan Hawker Sid 2.15 Bethlehem Huron, Erie Brunswick Hiram Walk 41.50 Canada Tung Imperial Oil Casslar Imperial Tob 14.50 Central Pat. Int Nickel 41.00 Chirno Int Pipe 24.87'A Conwest Inv Gp A 7.25 Cons. Rambl Int Utilities 29.12'A Coin Lake Indust Accept IS.UVa Cralgmont Liurentlde 4.75 Dickenson Ml Kelly Doug A 5.75 Denison Mln Loeb 5.75 Deer Horn Loblaw A 4.00 D'Eldona Metro Stores 25.no Dome Mines Massey Ferg 10.00 Donalda McMillan Bloe 25.75 Discovery W Moore Corp 31.25 East Malartlc Molsons A 14.25 East Sullivan NEW YORI Supplied by Richardson Amr T and T Montgomery Anaconda 21.20 sears ___ Bth Sfiwl 22.50 Sid Oil of Chrysler 37.6214 Texas Gulf Comsat -12.75 Texan Co Mogul New Athona .17 19.50 27 ES New Imperial 1.9S .09 Noranda 58.62'A 2.15 Northqate 10.00 .49 Opemlska 12.50 1.95 Oslsko 29 .42 Paflno 33.25 -07ft Pine Point 31.00 l.M Placer Dev. 33.00 P.C. Exp 82 15.62'A Quebec Man .25 4.65 Rayrock 1.34 2.18 Radiore 32Vi 22.25 Rio Algom 16.50 2.50 Roman Corp. 6.00 1.JS Silverflelds 2.20 1I.12'A Shcrrltt Gordon 1S.12V4 r .85 sliver Miller .07 .TO Sleep Rock 10.75 Siscoe 5.10 nes 1.45 Tek Corp 6.55 BS 23.50 Texmont .40 .07Va Upper Canada 1.76 1.11 Weslern Mines 3.90 55.00 Wright Har. 1.42 .24 Willroy 1 i ___ MARKET SCHOLAR Jim Alphier, 23, of Toronto and formerly of Los Angeles, one of a small group of stock market scholars in North America. A technical analyst, he bases his market forecasts on what the market and the stocks are doing, rather than on the performance of the companies and the economy. He bought his first stocks when he was Date For Briefs On Education EDMONTON (CP) Alberta's commission on educational planning has extended the deadline for submissions to Dec. 31, Dr. Walter Worth, commission chairman, said. The decision was made in response to numerous requests from organizations and individuals for a further opportunity to present then- views, he said. In announcing the extension, Dr. Worth said the second series of public hearings, originally scheduled for late September in Edmonton, has been DIVIDENDS By THE CANADIAN PRESS Exquisite Form Brassiere (Canada) Ltd., 1st pfd., series A, 15 cents, Oct. 1, record Sept. Provincial Bank of Canada, 14 cents, Nov. 2, record Oct. 15. Dominion Textiles Ltd., common 15 cents; 7 per cent pfd. 1% cents; both Oct. 15, record Sept. 24. Investors Group, 5 per cent pfd. 3Hi cents, Nov. 1, record Oct. 9. Toronto Star Ltd., class B 5% cents, Oct. 15, record Sept. Yellowknlfa Br. e.10 5.00 Zelmac 10'A STOCKS Securities of Canada Ward 26.50 20 Golds 159.55 off 4.J6 66.75 10 Base Met 96.16 off .21 NJ. tS.aVi 15 W Oils 183.58 up 4.89 117.50 Volume 30.37'ANEW YORK AVERAGES 33.50 30 Indust 763.14 up 5.45 Elec 67.75 20 Rails 141.35 up 1.91 31.50 15 Utilities 108.06 up .44 iVERAGES 65 Stocks 241.01 Up 1.96 .23 Up .87 Volume Oct 93" 92 93 Dec 91 May 91 90 REQUIRED FOR RETAIL DRUG STORE In 1ETHBRIDCE Good salary, fringe benefits, Including Pension plan and insurance. with of uperfonet, to Box 78, Lethbridge Motors 72.75 Wesifntjhouss Gulf U.S. Sfetl Int Harvester 23.25 TORONTO Kcnn Copper 41.00 20 Indust Cents A S By Qty Seed Western Canadian Seed Processors Ltd. today reported net earnings of or 20 cents per share for the year ended July 31, lino, up 41.8 per cent from or 14.1 cents per share last year. Sales were compared with in 1969. Out of earnings, the company sent for plant expansion. The margarine plant at Lethbridge completed in early August and "sales are at a higher vlume than had been said H. H. Michael, chairman and president. In addition to the margarine plant, funds were spent increasing rapeseed crushing and rapeseed and other oils .refining capacities. Mr. Michael announced that the company has contracted with .the Stanford Research Institute in the United States to build a pilot plant to establish the feasibility of a process on which the company holds an option. This process, on Earned Processors a U.S. patent application has been made, is for the conversion of rice hulls, an agricultural waste material, into industrial chemical products, mainly carbon. The pilot plani is operating satisfactorily and the next step in the development of the project is the market survey which has been initiated. Western Canadian Seed Processors Ltd. processes rape-seed into cooking and salad oil, margarine, shortening, anc base materials for sale to other companies. The company has become western Canada's largest distributor of institutional shortening and oils, protein meal for livestock and poultry Oct 12754 127 126% Dec 124 123% 126% May 128% 122% 123% Jly Futures WINNIPEG (CP) There was a light trade in the September futures on (he Wjnnipeg live beef futures market Thursday at 10 points below the previous close. Open High Low Close Sep 29.40 29.40 Nov 29.00A Jan SPARE TIME INCOME Company requlrts rwponslblt man or. woman to refill snack vending machines with national brand Can net dependable person excellent second ncome. Applicant must be honest, energetic, have serviceable car, devote 8 to 10 hours weekly and be able to Invest to for inventory and equipment. Routes established. No selling. More Info provided If your letter contains details on self. When writing please Include phone number. Sunway Distributing Ltd. Suite 21000, Place di Ottawa 4, Oct 110 105% 107 Dec 110H 106% 107% May 116 HSYs 113% Jly TEXACO CANADA LIMITED has for lease a combination Wholesale-Retail outlet in the Town of Vauxhall, Alberta. For those who are desirous of going into business for themselves, here is the "Golden Value MONTREAL (CP) U.S. dollar in terms of Canadian funds was up to Pound sterling was up 13-16 to 9-16. NEW YORK (CP) Canadian dollar down 25-64 at in terms of U.S. funds. Pound sterling down 1-32 at Futures WINNIPEG (CP) There was a light trade in the May future on the Maritimes potato futures market Thursday. Open High Low Close Nov 2.25N Mar 2.55A Apr 2.73N May 3.20 3.20 3.19 SALES APPOINTMENT! Mr. lyndon Foittr, Solw m im Monagtr, h pleased to announce the appointment of Mr. Dave 1 Hoyden to their Salei Staff. SALE by .f representative cover-k 1 Ing southern Alberta and Mein that offers a very rewarding and JL 'm with 1 boys. Dave wishes to come his many friends and er customers to see him at _4 Dunlop Ford Sales Ltd. for their every motoring need. MR. DAVE (HNS) The annual Chow Mem Supper and Bazaar of the Anglican Church of the Ascension and the Anglican Women's Auxiliary will be held Saturday, Nov. 14. The proceeds will be sent to church headquarters throughout the Diocese of Calgary for the Foreign Missions and the Primate World Relief executive 1330 iq. ft. Bungalow with 4 Eoeh fully developed, heated jwimmlng pool, double garage. Will lake smaller home in trade. Price Generous Terim 10X0 llth STREET S., IETHBRIDGE Phone 32I-40M far appointment to view lovely future to the successful applicant. 1 Interested parties call 327-4370 or write to 1 Suite 101, 1201 3rd Avenue South, Lethbridge, 1 Alberta for further 1711 3RD AVENUE S. PHONi ;