Winnipeg Free Press Newspaper Archives Nov 13 1970, Page 8

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Winnipeg Free Press (Newspaper) - November 13, 1970, Winnipeg, ManitobaWinnipeg free press Friday november 13, 1970 Bank ruling revoked an action had been brought investigation adding that his f As shareholders of Bif. Continued 1 about Between Canadian finance and investment Chi and York Lambton corporation Ltd. April 3, 1968 to determine ownership of shares of the Bank of Western Canada and who was entitled to the proceeds of those shares from the liquidator. Subsequent to the judgment sept. 30, affidavits of Al Sar Chuk director of the Prairie regional office of the depart ment of Justice and f. H. Sparling assistant superintendent of bankruptcies were filed on court of Queen s Bench by Eugene Kucher of the department of Justice who acted As counsel for the superintendent of bankruptcies. Or. Kucher told the court t h u r s d a y that the material tiled was information provided by the superintendent of bankruptcies As a result of investigations into two bankrupt cies in Quebec. He said the two bankruptcies involved Mariline Ltd. And la corporation Fon Cire de Montreal. Following receipt of the affidavits or. Justice Matas ruled that the judgment sept. 30 be set aside and the Liquida Tor was ordered to hold the Money from the shares of the Bank of Western Canada until further order of the court. The judge also gave Chi and York Lambton the right to apply for final judgment with out naming a Date. A. Kerr twaddle counsel for Chi objected to the court set Ting aside the judgment of sept. 30 because it was a final judg ment of the court. He also stated that the intervention of the superintendent of bankruptcies should not be permitted at this late stage. Or. Justice Matas said that As a general Rule final judg ments Are not set aside but this particular Case is an exception to the quoting from a judgment of the Manitoba court of Appeal May 23, 1969, the judge said the court must at All times remain the master of its own Ronald b. Cantlie counsel for the Manitoba securities com Mission told the court he was conducting some informal Inqui Ries As a result of a letter which the attorney general had received from a shareholder of Chi. He said Chi was a Manitoba Public company and that it was not in liquidation. He said Chi was in default reports and other information to the shareholders. Or. Cantlie told the court primary concern was the pay ment of the Money. In concluding his remarks or. Cantlie said he had no grounds to support the setting aside of the judgment. After giving his decision or. Justice Matas told the court i have the impression that As each segment of these trans actions meaning All things per Taining to the Bank of Western Canada has been heard in Dif Ferent courts the parties have disclosed to the particular court Only so much information As they have decided the court ought to have. At no time has there been an Over All disclosure of All the ramifications of these transactions to any court. I would Hope that counsel for the Manitoba securities commission and the superintendent of bankruptcies will co operate in these inquiries and that the appropriate Agency in each of the provinces of Ontario and Quebec will join in any in quiries that Are deemed Neces sary so that All the pieces of the corporate Puzzle May be assembled in one place. Perhaps the matter is of such sufficient importance and Gravity to warrant the appoint ment by All interested govern ments of a single commission to examine the corporate arrangements in order that a Clear picture May be obtained in an interview after court or. Drache said that if the trustee in bankruptcy in Quebec were entitled to the million or any part of it that the Money would leave the province and be used to pay creditors of the Quebec companies and the Chi shareholders would get nothing. Or. Drache also referred to a statement in court by or. Cantlie that moves were being made in Quebec which indicated their might be manoeuvres to get the Money out of Mani Toba for the Benefit of the same people who would have Benefit Ted from or. Justice Matas judgment sept. 30 before he set it aside. Or. Drache also said the the pure shareholder in Chi had rights which entitle him to look at the minutes of the relevant shareholders meetings which so far nobody had been Able to see. He added that these share holders could apply to the court for an order for the winding up of Chi and thus Block any Money from leaving the prov Ince without the court supervising claims to the Money. Said or. Drache would Block a repetition of the kind of thing which or. Justice Matas disapproved of in the sept. 30 judgment. Or. Drache declined to identify the shareholder who had obtained Green. The services of Auto firm strikes Back continued of the source and application of All corporate funds. It would seem to me to be desirable to do so in order that the interests of the Public shareholders can be protected before any distribution of funds that Chi had t held a share holders meeting in four years. He said that when he finishes his inquires he will decide whether he has a Case to go to the securities commission for an takes place rather than after the Money is paid s. J. Drache speaking on behalf of Hart Green jr., who was unable to attend court because of illness told the court that a shareholder who had t converted his shares to British International finance corp. Bif had asked or. Green to take Steps to protect his interests and other share holders who Are holding similar shares in Chi. It was Learned that this was the first time in three and a half years of litigation before or. Justice Matas that a pure shareholder in Chi had made an appearance before the court. The difference Between a pure shareholder and the kind that disqualified or. In his hard hitting address to about 300 members of the motor league or. Lacy said Auto manufacturers were pre pared to accept some responsibility for air pollution. But motor vehicles do not contribute anywhere near As much to the air pollution prob Lem As some people would have you he said. Auto emissions climbed to their Peak two years ago and have been going Down since then As a result of anti pollution devices now installed on vehicles. Danzker before the court was that or. Danzker accepted the Deal offered by Bif to Chi shareholders to Trade their Chi shares for Bif shares or. Drache told the court that he agreed with or. Cantlie that the pure shareholder had interests that were opposed to the interests of the superintendent of bankruptcies As Well emissions will continue to go Down each he added so that by the Early 1980s total vehicle emissions from All cars will be comparable to what we had in 1940." in spite of the apparent Suc Cess of the Auto manufacturers in combating or. Lacy said the United states government has proposed Strin gent exhaust standards which it expects the manufacturer to meet by 1975. Today we know of no prac tical technology to accomplish these he said. If we could meet the 1975 standards it would Cost the Motorist billion Over the next 20 the Engineer said the need for the new standards could not be justified on any scientific basis and was More Likely the result of political reasons rather than technical ones. If those standards Are enacted the effect on our Economy will be extremely serious perhaps somewhat said or Lacy. You the Public will face enormous costs with trifling improvements in air Quality and huge sums will be diverted from programs that could give u s environmental improve ments. We May Well be forced to say Well we Are out of Busi he said pointing to one of his suggested effects of the proposed measures. Or. Lacy said he Felt the degree of improvement by the Auto manufacturers in their fight against air pollution was unmatched by another Industry in the country. And the push for even More stringent regulation of motor vehicles is motivated by Politi Cal reasons rather than tech Nical ones. There is a tremendous amount of unseasoned Claptrap about even outlawing the inter Nal combustion he added. Those who push that line As a Means to curb air pollution would throw out the baby with the polluted Bath he said. Or. Lacy said research has proven that if the proposed new standards Are met cars would Only be allowed to put As much pollutant in the air daily As four cigarettes a Day could. I can give you lots of sex he said. But really if we could meet these demands it the car s exhaust pipe would be so clean it could practically be a survival kit turning to actual research studies or. Lacy said the government has found that 214 million tons of pollutant was released into the air in 1968 in the United states. Of this amount he said motor vehicles were responsible for 39 per cent while aircraft claimed another three per cent. Dealing with the harmful pollutants however or. Lacy said car exhaust fumes Only accounted for about five per cent of the Over All pollution prob Lem. 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Thank you thank you 002251 to 0000.27 or 0.000.51 0.001.02 0000.75 qooq49 000019 Ziril 0.00019 grit qc00.62 Tryl 000038 0000.65 0.000.39 0000.38 to o.c00.37 0.000.32 or 0000.39 0000.48 0000.32 o.c0035 or 0000.78 0000.53 0000.81 0.00046 0000.48 or 0.000.22 or 0000.24 0000.24 0.000.24 0.000.55 0.000.57 it 00.01.58 0000.42 0.00060 or 0.000.69 Gril 0000.65 grit 0.000.73 tril 0000.92 0.000.93 tril 0000.23 sri 0003.59 0000.59 000044 oc0093 0001 econ Mart on tuesday afternoon november 10th, our shoppers purchased the same Iden tical items brands sizes and Quality in three different conventional Type super markets and at econ Mart. The results speak for themselves everything was the same but the Price. Store a store b store c econ Mart these four identical orders represent ing Ait average family weekly Purchase me on display in our store of Portage ave. And Ainslie Street in St. Lames. Econ mar t

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