23 Sep 1964
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Sep 23, 1964
Page
1
Karl L. Brucker challenges Mayor Harry Veiner in the October 14 civic election after filing nomination papers. Eight candidates seek four City Council seats and four seek two separate school board seats. Nominations closed with three public school board vacancies and two hospital board seats filled by acclamation.
Leonard Riseley testified that a plan driven by a movie plot led him to threaten his wife Claudette with death by own action and to shoot at a horse in a bid to force her return. He described drafting a letter to his parents, hoping she would read it and come back. The shooting occurred when he fired at the horse as his wife watched from eight to ten feet away.
Several members of the Hutterian Brethren of Rock Lake purchased about 6400 acres near Brant 15 miles northwest of Vulcan. The move follows a rejected colony establishment by the Alberta Communal Properties Board and cabinet upholding the decision. Purchases involve Hamilton and Fletcher Brothers land with Rock Lake members named.
Ottawa reports Finance Minister Gordon previews amendments to federal insurance trust and loan legislation. Key changes would raise mortgage loan limits to 75 percent of appraised value and allow insurance firms to invest up to 25 percent of assets in common stocks, from 15 percent, widening access to funds for home loans and equities.
A brush fire driven by 45 mph crosswinds struck an exclusive Santa Barbara residential district Tuesday night, destroying at least 30 expensive homes. North of the city forestry officials faced two major forest fires in California's wine belt, with about 50,000 acres burned and over 100 buildings destroyed.
Finance Minister Gordon outlines measures in Parliament restricting foreign ownership of shares in banks and federally incorporated financials to 25 percent, individual ownership to 10 percent, with existing holdings unaffected. Insurance and mortgage firms gain 25 percent asset investment in common stocks, mortgage lending cap rises to 75 percent of property value, and insurance firms gain broader real estate investment power. Detailed legislation to come today.
Highway Minister Philip Gaglardi announced that British Columbia has made a loan to the Bank of Montreal. He compared it to a prior Quebec loan of 100 million dollars, saying the decision came at a cabinet meeting and was announced at a notary convention in Kamloops.
Ottawa government plans to limit non-resident shareholdings to 25 percent in major Canadian financial institutions while preserving existing foreign ownership. The bill will detail enforcement and exemptions for trust and loan companies, with insurance and mortgage firms allowed to invest up to 25 percent in stocks. The plan aims to curb foreign control without overnight upheaval.
In Ottawa the government bill to allow farmer groups to pool for machinery purchases faced mixed Conservative reactions. Opposition Leader Diefenbaker called the bill acceptable in principle despite flaws, while some supporters questioned the principle or opposed it. He criticized Liberal inaction on farmers’ campaign promises, notably the Eastern dairy sector, during second reading debates.
Election battles form in Bow Island and Brooks with talks of mayoral races and multiple council seats. In Bow Island W. K. Bateman seeks a second term against Al Fred Egan while two council openings go to Earl Smith and Fred Mellon. Brooks sees Mayor Ralph Shellenberg chairing a year left. Aug ult Villadsen and A E Adams vie for council seats along with Jeff Philpott seeking first public office. Separate School Board members Clarence Gatz John Lerner and Pete Klody face challenge, while Forty Mile School Board vacancy goes to Claude Bishop. Empress and Irvine also see acclamations filling council seats and a forthcoming mayoral choice among Empress councillors.
Walter Gordon, Canada's finance minister, shifts to curb foreign takeovers of banks and trust firms by easing life insurers into riskier investments. He would raise stock exposure for life companies from 4 to 25 percent, remove blue chip limits, and push more capital into mortgages. The move aims to boost Canadian investment, though it risks bigger losses if stocks fall.
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