Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 10, 1963, Winnipeg, Manitoba Firms propose merger Toronto cup _ chartered Trust company and Eastern Trust company thursday announced a proposed amalgamation of their operations into a new company called Eastern and chartered Trust company. The move is subject to approval by shareholders of both companies and by the Treasury Board. Under the agreement if approved of Eastern Trust will be exchanged for shares of the new company on a share for share basis. Shares of Chart ered Trust would be exchanged on the basis of 11 shares of the new company for each 10 shares of chartered Trust. The head office of the new company would be located in Toronto and a general office in Halifax would be responsible for Atlantic operations. The new company would have total As sets and assets under adminis Tion of More than Winnipeg free press. Saturday August 10, 1963 your business an impossible position by John Meyer and a total of across Canada. 22 branches produce wholesale Rusen pruyt Ltd. Beets new 50 ibs. 3.50 local new cabbage 2.00 local celery 5.00 garlic imported. Ib.50 Green onions Doz. 35 lettuce head Calif., Case. 4.00 onions Manitoba Large. 3.75 cooking onions Ontario bag 3.75 tomatoes Calif. 5.50 local new potatoes dry 2.75 Parsley Bunches .50 peppers .25 radishes cello 1 00 commission House prices butter Creamery tend Erable 40 score .50% Creamery tend Erable. 39 score .49% non tend Erable. 50 dogs graded eggs prices paid to country shipper for graded eggs cases included subject to government inspection delivered win Lpes. A Large. .40-.42 a medium .37-.3s a Small. .26 Grade b paying a Jules live n o. 1 to producers Chicken broilers .20-.201j Chicken Over .25 Chicken 5t3-6% 21 Chicken 4-5m .19 Chicken under 4 .16 fowl Over 5% is fowl .13-.14 fowl under 4vj .11 Capone 2c Over Chicken Young turkeys hens .24 Young turkeys eviscerated less killing and eviscerating charges Young turkeys hens .37-.3s .33-.s4 Young turkeys Toms .34-.s5 .32-.s3 plan to hit rebels e Lis a be Hville the Congo a United nations sources t h u r s Day suggested that a big military operation against the rebel gendarmerie in Northeast Katanga will Start shortly. An armed gang of for Mer gendarmes has been terrorizing Large areas and euro peans have taken Refuge with protestant missionaries. A farm at Toshiba mob near Kasenga has been surrounded and fired on by the outlaw soldiers said we have been placed it s Plain to see in the impossible Posi Tion of having to contribute to the restoration of the american payments position in a manner which is in direct conflict with longer term Canadian and am Eri can interests and on a scale completely out of proportion to our capacity to do so. The dram on reserves following from the president s tax announcement is Only the beginning it must inevitably increase unless either the Canadian authorities take the severely restrictive measures needed to Stop it or the american authorities come around to granting a total exemption from the tax. These choices the first economically undesirable the Sec Ond apparently politically undesirable arise in the extent of our deficit in transactions with the United states. We were debtors to the extent of million last year Well be debt ors probably by close to that amount this year. We must have the reserves to offset that debt reserves which Are now to be denied us by the american action or we must take measures to reduce it measures which will Hurt both countries in their application. Common capital Market these choices would not now confront us if the authors of the to number Motorman impaired Toronto up a motor Man pleaded guilty thursday to operating a Streetcar while under the influence of alcohol. A Toronto transit commission official said he believed it was the first such Case in Etc his tory. Leonard c. 35, was fined or. 30 Days in jail after a policeman testified he found a partly consumed bottle of fortified wine under investment tax had recognized the existence of what amounts to a common capital Market be tween Canada and the United states and the manner in which it has permitted Canada to finance its deficit. Their initial Blanket application of the tax was qualified in the exemption from it on new Canadian issues they May yet be persuaded to exempt outstanding securities As Well. In the meantime our re serves Are to be drained for american Benefit. This unhappy condition Illus trates the larger Issue of a free world shortage of liquidity the underlying cause of the Ameri can payments difficulties which the americans Are Only now coming around to recognize. In deed As recently As the last meeting of the International monetary fund they were main Taining in their rejection of British proposals for enhancing liquidity there was nothing amiss with the present system which could not be cured by ending the american deficit. It s Worth recalling that at the tune the americans were projecting a first half improve ment in their position through the last half and towards a considerable reduction i the deficit. That first half improvement however was owing mostly to the flight from the Canadian Dollar when that flight was reversed during the last half that improvement was wiped out. There was then As there is now the reminder that in the present shortage of liquidity a Gam in the payments position of one country can Only be brought about in the loss in the pay ments positions of others. The application of this Prin Ciple in contemporary terms Means a swing about in the Range of billion in Payr ments positions Over the next two years if president Ken Nedy s estimate of the duration of the investment tax some time into 1965 is Correct. The american deficit is running at an annual rate close to the Arger figure compared to an actual billion last year. To bring about a balance inflows of billion a year must be generated in addition to existing flows. The additional inflows into the United states will mean precisely the same outflows rom other countries. This would be a reasonably operable condition Given the american willingness to at the ame time take the Steps so Long needed towards expanding free world liquidity were the in Estment tax principal Means or bringing it about to apply n a discriminating manner. As it is the worst Impact of the tax is most Likely to be borne Bonds minor Bond Chan by the Canadian press Price changes were minor in quiet trading on Canadian Bone markets this week. The 91-Day Treasury Bill aver age increased in yield to 3.52 per cent compared with 3.43 last week and the 182-Day Bills to 3.78 per cent from 3.60 per cent. Short term government issues were mostly inactive but some Long term issues showed losses of a to one Point. The Canada per cent 1983 Issue was quoted at with the Bank of Canada support bid remaining at the Canada five per cent 1988 Issue was quoted at provincial securities were quiet As was the municipal Market. Corporate Bond prices remained unchanged on the week from Lack of professional or in Vestor interest. The new Union Gas 1983 Issue was quoted at at week s end. Canadian Stock markets lean earnings reports hold markets lower by Mark Meredith Canadian press staff writer investors sat out another week of uncertainty As the Stock markets recorded lean volume and thinning prices. The Toronto Industrial Index buoyed up by a Long weekend climbed 2.27 tuesday to reach the highest Point and Roll up the greatest volume since the . Proposed interest equalization tax hit the Market in mid july. A loss on wednesday however erased the gain. With a further dip thursday and a feeble Effort at recovery Friday the Market finished Down fractionally for the week. The week saw 53 stocks in Toronto hit 1963 highs. Of 835 shares traded 348 dropped 304 advanced and 183 remained unchanged. Both Dollar values and volumes on the week were slightly higher. Analysts noted that the Quad Erly earnings reports did not stir up much Confidence among investors and some saw Short Erm Bearis Ness in them. Al Hought most firms reported gains there was a decline in he rate of improvement. Commission covers plenty of ground two lower quarterly earnings much of tuesday s souring of prices. Aluminium lost on the week to and British american Oil slipped 75 cents to a 1963 Low. Banks lower Banks which some regard As Market indicators Rem a i n e d Down for the second week. Tor onto Dominion dipped 75 cents to Royal 50 cents to and Montreal 37% cents to As the Market plodded on most of the activity centred about speculative mines which often catch fire when Indus Are Idle. Lake Dufault started popping tuesday when it. Announced new underground drillings. Of the week it gamed to reaching a 1963 High of thursday. Neighbouring Wilt sey and Black Bay were also Active. Among featured industrials . Power which remained at the top of the most Active list for the whole week continued to make gains rising on the week to Canadian Vickers Rose to son the week following word of a contract for cars for Montreal s new subway. Grain in review a. A weirs Price changes the week have been minor Only. Oats bar Ley and flax were practically unchanged while Rye was up Oats closed at up bar Ley Down flax 319, Down and Rye up Allba Sis the close of the nearby new crop october futures thursday August 8. The statistics this week have been held Over to allow the farm ers a few Days Grace to deliver Grain for the previous year s crop. The preliminary figures i show an increase of around 25 million bushels of All grains. When these Are issued they will constitute the official carry overs for the 1962-3 crop year. The seat of the Streetcar Driver was fired. The earnings Industrial acceptance corporation Ltd., 6 mos. Ended june 0 1963, 85 cents a share 1962, 89 cents. Quebec natural Gas Corpora Tion year ended june 30 1963, 1962, net loss 020. By Canada in spite of the exemption for new issues in the manner which it sunders the common capital Market Between the two countries. That Market in its own Way had become at least a partial answer to the questions of liquid Ity As they applied to transactions Between the two countries. It has been in retrospect the consequences of historical and geographical forces which continue to press towards a unified Economy in North America Des Pite the political division. Its provision of the liquidity upon which Canada must draw to meet its deficit in transactions with its neighbor has been a logical development and in Many respects a More satisfactory Solu Tion in the miniature than those now being proposed through the International monetary fund. And yet like most of our genuine values it has t been recognized until two Canadian governments first through or. Fleming and his withholding tax and subsequently through or. Gordon intervened in its work Ings to be followed now by president Kennedy moving from the other direction. With both countries now being deprived of its Basic benefits the advantages of total exemption from the tax for Canada May yet be seen to outweigh the disadvantages of tax application. Or. Meyer is financial editor of the Montreal Gazette. His column appears cation should regularly in the free press. I keep Halifax one siting thursday the Royal com Mission on taxation Roame Over the Fields of education gambling slum clearance the plight of pensioners and the Ca ering capabilities of non com Mercial organizations. But it was the Field of cation that captured most o the commissioners time an naturally they viewed it through the tax Jungle. The City Council of Sydne brought education in to the to investigation with a trim Wal backed Brief that said in of feet that local taxation canno keep Pace with the rising costs of educating the Young and i is time the Federal government plunged into the picture. The City s clerk treasurer Lawrence Sandford suggested that the next budget should announce that will by made available to the province for education now a National commission chairman Ken Neth Carter said the Issue of Federal participation in Educa Tion might be outside the group s terms of reference by it was too interesting a Subjec to bypass. Pointing to the fact that teacher salaries and education costs Are higher in the wests or. Sandford said it would Al most suggest that anyone in this province who wants a bettered cation should head West and Selling Job needed says drug president consulting engineering firm appointment Norman l. Reid p. Eng. Mervin b. Pierce p. Eng. N. L. Reid vice president Haddin Davis Brown co. Limited is pleased to announce that Mervin b. Pierce b.sc., p. Eng., m.e.i.c., has joined the firm As a senior structural Engineer. Or. Pierce is a 1948 graduate in civil engineering from the University of Saskatchewan. He has held various positions with Dominion Bridge co. Ltd., the National research Council and until recently was the chief Bridge Engineer for the department of highways in tiie province of Saskatchewan. Or. Pierce is a member of the association of professional engineers of Saskatchewan the engineering Institute of Canada and the american Concrete Institute architect required by Industrial and commercial property development company this position offers a challenging Opportunity for an individual interested in design and layout of major office buildings shop Ping centres Etc. K successful applicant must have at least five to ten years prac Tica experience in design layout and preparation of detailed working drawings and the ability to 1 negotiate with prospective tenants to determine their requirements. 2 detail tenants requirements and Complete All necessary Tollow up procedures. 3 prepare comprehensive reports on the comparison of Vari Ous design concepts. Excellent Opportunity in this expanding Field. Replies which will be treated in professional Confidence should give Complete details of education professional and personal history and should be addressed to Price waterhouse co. 232 Portage Avenue Canada Trust building Winnipeg John Keith Lawton new pres Dent of the Canadian pharmaceutical association current holding its annual convention Winnipeg believes that druggists have a big Selling Job t do on the Public. And in mor ways than one. The Public really does know too much about the drug said or. Lawton in a interview Friday. And i thin., it s up to the individual drug Gist to make an Effort to acquaint his customers with his business there s a Gap to be filled in Thi or. Lawton 46, what he preaches As owner am operator of seven drug store in Halifax and Dartmouth although i m tied to a desk much of the time now i Maki a Point of trying to talk to a Many of my customers As pos he said i be found tha it pays More customer druggist togetherness also opens the Way or. Lawton believes to a return to the personal service which has been lost in the Post Wai wave of supermarket style Sel Ling. He admits this is hard to do in Large stores where dispensing of drugs is almost incidental to front store business such As cosmetics food and Maga Zines. Many pharmacists simply Don t have the time to get to know their said or. Lawton because they have so Many things to look after Nowa according to the spa presi ident druggists would gladly get i out of the front store business and stick to dispensing drugs but the economic facts dictate the average druggist s non drug business subsidizes his. Pre Sec tiption said or. Lawton. He can t make enough Money on prescriptions alone to keep his store he estimated that the retail drug business has increased by about 20 per cent Iff Canada since the War and there now Are about drug stores in the country. Or. Lawton Laid a major prob Lem facing the Industry is find ing More pharmacists. There is a dire need for trained pharmacists in hospitals especially and in the armed forces and pharmaceutical in Federal participation in Edu cation could raise difficulties with certain provinces he said but perhaps the Grants could be made available through equalization payments or they could be Given to the provinces earmarked for education to be spent As each province wanted. Or. Carter wanted to know How the government would re cover the Money necessary for this education support. What i am saying in of said or. Sandford is that we should have a Little More income he said property taxes the chief source of Revenue for municipalities were already High enough to restrict Industry. To meet education requirements other necessary services Are be ing restricted. Would tax gambling the three members of the commission who held hearings in the maritime or. Carter j. Harvey Perry and Donald Grant also heard the first mention of rambling thursday when a Pri vate individual advocated a 50 or cent excise tax on proceeds of All gambling i can Ada. We might As Well face the said John j. Gray of Saint John n.b., in a Brief to the commission. Gambling i All its varied forms of Chance is with us to stay and has be come a part of our everyday Ife in the proposed tax he said would Cut Down the flow of Ca Indian dollars to foreign pools and would provide funds for helping underdeveloped coun Ries. Another Brief from the member retired railway employees association asked the commission to recommend that ensigns not be included in tax ble income. A pension said Secretary he added. Will continue for a this need Long while dome mines was an outstand ing Winner in an otherwise Dull group of Gold stocks rising on the week to on Index in Toronto Indus trials slipped .94 to 617.31 golds fell .71 to 90.08 base Metal advanced .27 to 203.10 and West Ern oils dipped .54 to 113.25. Volume for the week was shares compared with the previous week Dol Lar values compared with this of course does not include the farm held stocks. With crop prospects so Bright these stocks will undoubtedly be at a Low level compared to prior years. The news of the week was the completion of the chinese wheat Deal. Under the agreement the chinese authorities have declared their intention to Purchase from Canada 112.0 to 186.7 million bushels of wheat Over a three year period August 1, 1963 to july 31, 1966. The Canadian wheat Board has undertaken to make such sup dividends Hollinger consolidated Gold mines Ltd., 15 cents plus 10 cents extra sept. 27, record aug. 30. Labrador mining and exploration co. Ltd., interim 75 cents sept. 10, record aug. 22. Macassar Gold mines Ltd., five cents sept. 15, record aug. 20. Maher shoes Ltd., common 30 cents sept. 10, record aug. 15. George Weston Ltd., class a 10 cents class b 10 cents oct. 1, record sept. 13 4v4 per cent pad. Six per cent pad. Sept. 3, record aug. 15. Standard paving and materials Ltd., common 10 cents oct. 1, record sept. 12. Treasurer j. Walter Lyons of Moncton n.b., is Only a Means whereby one might be ure the necessities of pensioners should not be taxed t the same rate As workers. Kierans opposed Montreal up John p. Boyle a Montreal insurance Man announced Friday he will run As an Independent candidate against Revenue minis Ter Eric Kierans in the sept. 25. Provincial by election in Mont real notre Dame de Grace. He is a Long time supporter of the opposition Union National party. Or. Kierans former president of the Montreal and Canadian Stock exchanges was sworn in As Revenue minister thursday. Plies available to the chinese trading corporation concerned with specific quantities prices and shipping periods to be negotiated periodically. This agreement should be important to the banners of Western Canada. It does show the need for Grain in China and could perhaps be looked upon As a permanent Market. The increase in population makes food supplies Paramount in that country today. There Are other parts of the world similarly situated As re Gards population increase. And it is estimated by the experts that there will be a billion people in China by 1980, just 17 years hence. China took 57 million bushels of our wheat in the crop year just closed. If she follows this up with a similar amount in the new crop year it May help to untangle the congestion that will occur from the country Eleva tors through to the Eastern and Western Seaboard ports. Flax after making new Low Levels for the crop year the flax Market turned upwards thursday but the Advance was not Steep. Lin Oil prices abroad came to a halt too and As the Canadian Dollar carries about an 8 per cent discount flax Price s to Over seas importers Are far below the per Bushel level basis the Lakehead. Our flax is competitive now with other flax exporting tries. The news from the growing crop continues favourable and it will be close to another month before the flax is ready to har Vest in Western Canada. Flax stocks Are very Low at the Lakehead. Some further reductions Are Likely in the near future. It May be sometime be fore current producers deliveries reach the terminals. Until this happens the october flax May show signs of tightness. The quota delivery on flax is Only 200 bushels which must look Small to a Farmer who has Large acreage. Broomhall mentions in his lat est review that general frosts have been reported in the Argen Tine. No damage to the wheat is expected but says the report whether the frosts have affected the Young flax plants we have yet to learn but much will de Pend on their Export business continues in flax this week with the United kingdom and Japan taking fair quantities. Rye Rye was the most Active Grain on the upside with the near by october future showing comparative strength compared to december and May. During a three Day inspection report this week no Rye was listed. That is a very unusual occurrence during Harvest time in this country. We should not forget that the quota allows a Farmer Only 500 bushels to be hauled to the Eleva Tor. If he has bushels of Rye a Mere trickle of 500 bushels will not be a very pleasant situation to be confronted with. Should there be a marked in crease i Export business no doubt this quota will be increased. At the moment the Rye Farmers will have to wrestle with the 500 Bushel quota till a change is made by the Canadian wheat Board. Coarse grains oat prices have scarcely moved during the week and trading has been Stag Nant. Barley also has been quiet with Only minor fluctuations. London Barley has steadied a Little and showed some strength during the week. Japan took substantial Quanti ties of Canadian Barley in the last ten Days aggregating Well Over a million bushels. That coun try suffered a serious decline in its wheat and Barley production this year and is expected to be an Active buyer of both grains during the year. Japan took three million bushels of Canadian wheat wednesday. News strike Over Honolulu Cap Honolulu s major daily newspapers Are Back in circulation after a 48-Day strike by six unions. The strike ended wednesday after 895 employees of the two major Hawaii dailies the Honolulu advertiser and the Star Bulle tin agreed on a three year con tract calling for weekly pay in creases ranging from to each year. . Corn estimate higher Washington a the . Agricultural department Friday estimated this year s production of Corn for Grain at bushels and of wheat at bushels. The Corn estimate is 000 bushels More than last month s forecast of bushels. It compares also with produced last year and for the 1957-61 average. The wheat figure is bushels More than the july forecast of bushels. It compares with last year and for the five year average. Winter wheat was estimated at bushels compared with indicated a month ago produced last year and for the five year average. Soft goods lines wanted sales Agency has Speed and time to take on additional lines with Rompe Tant staff. Have Strong connections with chains mall order and department stores in Ontario. Apply Box 1554 free press accountant wanted rapidly expanding chartered accounting firm requires aggressive and ambitious recent or prospective . Graduate. Excellent Opportunity. Our staff is aware of this advertisement. Box 1553 free press Mont Reauer to . Wood River i. A Shell Oil company announced Friday that a. C. Hogge now manager of the Montreal refinery of Shell Oil company of Canada limited has been appointed manager of the Shell refinery Here. Hogge replaces p. J. Merkus who was named the . Firm s general manager of refineries effective sept. 1. Life insurance company Agency department requires an Agency Secretary must be willing to re locate. Salary commensurate with experience. Work includes Field Force training policy owner re lations special projects. Suit Able applicant should be Crea Tive with ability to get along with Home office and Field personnel. Appreciation of Agency problems should be jacked by a sound financial approach. This is a challenging and creative position. Reply giving full details and experience starting salary expected to Box 1623 free press. All replies treated in strict Confidence. Pranksters with an architectural flair built this nine tier Pyramid out of picnic tables and one Bench in a Spokane Washington Park. Two guards flank the wobbly 30-foot Structure to keep Oft adventurous a Mitten. Canadian coast guard department of transport requires deck officers and Engineer officers for service on vessels based at St. Johns Charlotte town Dartmouth Saint John Quebec City Parry sound Victoria and Prince Rupert. Salaries up to per annul depending upon qualifications Type and size of vessel and location to which assigned. Benefits include free Board and lodging annual sick and Spe Cial leave excellent superannuation plan group surgical medi Cal plan Hospital insurance uniform Issue and others. This career service also provides opportunities for promotion to senior positions in the Canadian coast guard As vacancies occur. Applicants for deck officer must have recent sea experience and possess either a second mate foreign going Cana Dian first mate Home Trade certificate of compe Tency. Applicants for Engineer officer must possess a Canadian or United kingdom third class steam motor or combined certificate of competency . For application forms and additional information write to director of administration and personnel department of transport room 290, Hunter bug., Ottawa Ontario ;