03 May 1972
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
May 03, 1972
Page
1
Three party leaders assail Herb Gray's foreign ownership policy as weak and evasive. NDP chief David Lewis calls it a betrayal, PC chief Stanfield labels it stale, and Social Credit’s Gilbert Rondeau calls it a smokescreen.
Revenue Minister Herb Gray must persuade all 10 premiers that the federal takeover policy benefits their provinces. He will visit premiers to explain a watered down review agency for foreign investments and possible cabinet veto, amid provincial doubts of federal authority. An aide said no dates are set.
Premier Peter Lougheed said he is pleased federal foreign takeover rules are less restrictive than a study suggested. He urged the Alberta legislature select committee to speed its review and submit an interim report while the province examines constitutional aspects and seeks better Albertan participation in ownership. The policy requires cabinet approval for most foreign acquisitions and hinges on the test of significant benefit to Canada.
Revenue Minister Herb Gray introduces a bill granting the government authority to block take-over bids that do not benefit Canada and to jail or fine executives who bypass the new rules. The measure does not restrict new foreign investment or existing foreign-operator growth in Canada and omits sector or Canadian participation theories. It is slated for first reading in the House of Commons.
The Gray Report outlines new foreign takeover rules for Canadian firms. Cabinet must approve bids above assets 250000 or revenue 3 million with penalties including fines and jail terms. The minister of industry reviews bids and presents three possible cabinet recommendations while factors include economic impact and Canadian participation. In Idaho, a mine fire kills at least 24 at the richest silver mine as 19 workers and 5 officials are recovered.
Edmonton CP reports the Alberta legislature approved the 1972 73 health and social development spending totaling 153.7 million with a focus on a 782 330 operation of an opportunity corps program for Indian and Metis peoples in Lesser Slave Lake. The debate touched on replacing cost sharing with tax point exchanges while outlining 409.7 million in health and social development spending including 256 million for hospital services and health care insurance.
Announcement of approved OFY Youth projects in Alberta has been delayed due to clerical changes at Ottawa headquarters. A Medicine Hat group list worth about $90,000 was approved, with a separate provincial application totaling 10 000 to 15 000 dollars pending final decision by May 15.
Washington officials reacted cautiously to Canada's proposed screening of foreign takeovers. They noted questions about how the system would work in practice and how cabinet decisions would define significant benefits. Some concern existed over the role of export promotion in approvals, with emphasis on Canada’s trade surplus with the United States and the implication of boosting exports.
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