Winnipeg Free Press

Winnipeg Free Press (Newspaper) - November 29, 1968, Winnipeg, Manitoba Winnipeg free press Friday november 29, 1968 officials assure steel Neil about foreign Competition Ottawa up govern ment officials assured Canadian steelmakers thursday they will be on guard against unfair com petition from foreign products in Canada under new import legis lation due for enactment by Jan. 1. A. R. Hind assistant Deputy minister of National Revenue told representatives of Canadian steel companies appearing be fore the commons finance com Mittee that authorities intend to enforce amended anti dumping rules vigorously. Steel company executives had contended foreign competitors Are dumping products unmolested in Canada. They expressed concern that dumping might be even More prevalent under the new legislation. Dumping is the practice of Selling goods in another country at prices lower than the fair Market value at Home. Under draft anti dumping legislation the government would impose countervailing duties after it was shown not Only that the imports were dumped but also that the action was causing material injury to Canadian Industry. Executives of Algoma steel corp. Of Sault Ste. Marie ont., Dominion for lies and steel Ltd. Of Hamilton Dominion steel and Coal corp. Of Mont real and steel co. Of Canada Ltd. Of Hamilton presented a joint Brief to the committee studying the draft legislation. R. Ross Craig vice president of Dominion foundries told the committee Canadian steelmakers were up against insidious foreign Competition and Sharp practices. We Ara not afraid of vigor Ous he said but offshore products Are coming in at prices we know Are far below the Domestic the estimated value of restaurant receipts for septem Ber fell by 5 per cent from last september s figure of women not tax deductible Toronto up if a company pays the expenses of an employee s wife when she travels with him on business should that be considered tax Able income it is Montreal lawyer r. G. Decary told the Canadian tax foundation even though it encroaches on the personal Freedom of a the value of travelling with a wife is wholly personal and May vary from one individual to another one or. Decary suggested it would Tje More appropriate if the government were to pro vide that if the employee re fuses to travel with his wife he should be entitled to a tax free allowance for cases of emergency of any quite a few men might pre Fer to get that allowance even if it were taxable he said. Jottings from the business world railway shipment rates up age. I same sort of games a Subtle difference in the it s Wise for an investor to investment House that is familiar with is on Bot i sides of the Border. Why not discuss your investment portfolio with the Man from Nesbitt Thomson he represents a firm that is a member of the new York Stock Exchange the big Board As Well As All leading Canadian Stock exchanges and the Midwest in Chicago. Or Send the attached Coupon to Nesbitt Thomson and company limited members of the new York Stock Exchange the Midwest Stock Exchange and leading Canadian Stock exchanges. 604 Montreal Trust bldg., Winnipeg telephones manager j. A. Mcmillan i would like a free copy of the investment guide stocks on the big published by the new York Stock Exchange. This 32-Page Booklet groups More than listed stocks by industries. Easy comparison of growth in earnings per share yield and dividends. Describes opportunities for investing in a growing company. For both new and experienced investors. Name. Moncton . Freight rates on railway ship ments Between Canada and the United states have been in creased Between two to six per cent on most commodities the maritime transportation com Mission announced thursday. The commission said it was advised by the railways association of Canada that the . Interstate Commerce commis Sion had approved an increase in rates for . Railways effective thursday. Traditionally rate increases granted . Carriers have been applicable to traffic moving be tween tile . And Canada. The increase stems from an application by . Railways last Spring for an increase rang ing from four to 10 per cent. The interstate Commerce com Mission at that time granted an interim increase of three per cent effective june 24. Tuesday the . Federal regulatory body authorized Amer ican railways to increase their rates by the difference Between the interim increase and the in crease originally sought. The maritime transportation commission said the additional increase on traffic moving be tween Canada and the . Ranges from two to six per cent on most commodities. Rates on products such As lumber pulp Wood Christmas Trees and potatoes will be increased by five per cent. A car spokesman Here said the increase would apply to traffic moving in both directions Between the two countries. The increase was the decision of the . Railways the spokes Man said. We have no control Over Winnipeg stocks Friday november 29, 1968 a industrials aulds com exd aulds pad. Aulds 2nd pad exd bar lbs pad bar lbs i a bar lbs com Bird constr Bow Vly ind exd Bow Vly pad Bow Vly was can Hydro can Hydro 1st pad Jas b Carter a exd Jas b Carter b Codville dist la Compagnie Yonciere do Man fed or com a Fin ent a ent b found Ace fou old Ace Etc get West life Asence it West sadly com inter City g com bid asked 15.00 22.50 23.co 14.75 25.30 16.25 21.00 54.00 28.50 14.vs 24.00 21.25 70.00 14.00 22.50 20.va 14.% 00 41.00 .8.00.1.50 16.25 4.20 9.25 9.75 19.50 23.00 ioc.00 3.50 17.75 Relt c Ltd 15.50 inter City g 2nd pad inter City g was inter prov s p inv Gap inv Gap a j Labatt j Labatt pad Monarch life Montrose inv l1d nth cent g exd 17 50 110.00 16.00 reit c Ltd a 14.00 14.50 s mpg l1d 1.70 1.90 i staff ads Ltd 4.40 4 50 Trad bldg Assn 40.00 50 .00 i tra Ltd 70c pad exd 9.50 tra Ltd. Com 7.25 7.50 to can p l Ltd 38.25 to can p l pad 44.25 44.75 to can p l a pad 72.50 73.00 to can p l was 15.va 15.25 did can hrs 33.00 36.00 ugg a 15.75 16.00 Wester Ltd pad 21.00 we Star Ltd i a 28 50 we steel Rosco Ltd exd 17 .50 mpg s f 7.00 mines and oils Agassiz mines .73 .76 chem minerals 4.85 con Callnan of cons Man mines .42 dec Stone cpr.50 .60 dynamic pet 1.57 forty four mns.04 Gold Lake .01 .03 Gunnar eng Ltd 2.75 Jowsey r j mng.80 Marvel oils .19 .20 new Rice Gold 09vi .12 Pascar oils. L9 to pet Romines .28v2 .29 Sheryln gun 6.50 space min .11 .12 stall Lake mrs 1.45 1.50 Star Lake .02 Teck corp 6.00 x indicates Odds lot Mutual investment shares net quotations i Amer growth cd 8.14 8.90 car Ivest cd 4.57 5.01 comm into corp 13.29 14.56 corp inv 6.57 7.18 grouped inc 483 i.28 inv growth cd 12 .60 13.69 inv into Mut 9.29 10.10 inv Mutual 5.94 6.45 pro Mutual cd 7.76 8.43 prov Stock cd 7.34 7 97 sales forty four mines 30co at .04. Star Lake 500 at Monarch life 50 at 105.00, 10 110.00, 10 at 110.00, 20 at 104.00. Marvel Oil 500 at .20, 50 at 2. Montreal Market if you be been playing the Market on your broker s Money you re going to have to Brush up on your fancy foot work to continue the game after dec. 1. Under new regulations issued by the Toronto Stock Exchange Cash accounts Are due three business Days after the transaction is completed. If you Don t pay up your broker May sell you out or buy you into a Security to balance your account. If your broker decides to carry you for a few Days he must sell you out or buy you in 10 Calendar Days after settlement Date. The new regulations Are designed particularly to discourage certain improper practices by a minority of states a letter from Bongard Leslie and co. Ltd. To its clients. As members of the Exchange we Are obliged to carefully follow the Exchange s new regulations. More Over from the Point of View of sound business practice we Are very much in Accord with the new rules As a desirable Means of protecting our client s says the company. In instances where a client has failed to observe the requirements for the settlement of Cash accounts and it has been necessary for a broker to sell out or buy in an account then until the transaction has been settled and for 90 Days thereafter All transactions on behalf of the client shall be on a prepay or Pride livery basis. In taking a look at the recent Federal budget Dominion securities corporation limited has concluded that the ceiling on the social development tax and the prime minister s subsequent suggestion that the unusually High rates of taxation on Large incomes might be reduced probably Means that a capital gains tax will be introduced. Further the firm warns that the capital gains tax might go As High As 40 to 50 per cent. The 24.000 shares of Monarch life Assurance company formerly held by the Connecticut general insurance company in the United states have been sold to a number of Canadian investors Darrel Laird chief executive officer of the Winnipeg based insurance firm said in an. Interview. The Large Block of shares there Are issued and outstanding shares in the com Pany went to former shareholders in the company. The Public badly needs higher standards of management and efficiently in real estate affairs from Many municipal authorities across Canada states p. A. Anker president of me pc Canadian properties Ltd. A company which purchases and develops commercial property. The time and Money wasted in obtaining decisions from a multitude of departments in some City Halls is tremendous and those delays Cost everybody Money in the Long run. It is my Hope that the recently announced intentions of the Federal government to change current expropriation procedures May be at least one step towards a much needed improvement in the handling of real estate at All Levels of government says or. Anker in me pc s annual report. Profit of the company which has Large holdings in the Winnipeg area Rose to or 28 cents a share up from the 21 cents a share reported for the previous year. Or. Anker states in the annual report that the company has sufficient developments under Way or planned to maintain a satisfactory growth pattern i n the foreseeable future. There is no indication in the report of plans to undertake further develop ments in the Winnipeg area. In the last two annual reports of the company or. Anker has singled out Winnipeg As an area where the firm would not be investing Money. Or. Anker has linked this to High real estate taxes in Winnipeg. Proposals for major real estate developments in other Canadian cities Are included in the 1968 annual report however. Construction of Pioneer electric s Plant expansion in fort Garry is nearly Complete. The office building is now in use and workmen Are placing the last exterior Wall panels on a Plant addition which will be used in the engineering and manufacture of Large transformers. Green Blankstein Russell associates Are architects and engineers for the project. Ca s letter to Benson says taxpayers unsure request for Royal Trust guaranteed investment receipt please Complete to is Coupon and mail h with you Cheque to the office most convenient to you the Royal Trust company 287 Broadway Street Winnipeg Man. Address i period of time Deposit to remain in of eco. Apt. Tel signature i amounts i do you now hold Royal Trust guaranteed investment yes c no Montreal up prices continued to climb to record Levels in moderately Active mid morning trading today on the Montreal Stock Market. The composite Index advanced .45 to 182.63. The pre Vious High was 182.18. Indus trials and papers led the up Ward trend. International paper gained to 43v2, Canadian International Power 1 to 36, car 1 to 75, consolidated Bath urst to 19% and Bell Canada to 47c. Denison lost 2 to 69 and . Telephone 61 to 64.va among the most Active Trad ers shop and save added 2 to 25vi, husky to and Power corp. To Power corp. To Seaway hotels jumped 2% to 3t-a in the Industrial Section on the Canadian Stock Exchange Vance .52 to 189.61 and papers .71 to 101.36. Both indices recorded 1968 highs. Utilities gained .70 to 153.45 while Banks Slid 62 to 189.73. Volume for both markets by 11 . Was shares compared with at the same time thursday. Toronto up the vagueness Many proposed tax changes in finance minister Edgar Benson s october budget leaves some taxpayers in the position of not knowing exactly where they stand the Canadian Institute of chartered Acorn Tants said. It made Public a letter to the finance minister which also criticized him for not holding Public discussions on major changes proposed in the Fields of gift and estate taxes and lev ies on financial institutions. Individuals who have planned their estates now Are in the invidious position of know ing that important and Funda i mental changes Are necessary but not knowing the precise j form of the new the letter said. It is vital that amending legislation be made Law As soon As possible so that appropriate action can be taken by taxpayers to avoid being penalized through no fault of their the Institute also criticized or. Benson for the High rates of gift and estate taxes. It said they could Force the Sale of family owned businesses and drive some elderly people to consider leaving Canada in order to leave More to their heirs with the result that the government May generate less Revenue than if it had retained a More reasonable rate Struc it called for More attention to be paid to the importance of keeping tax returns As simple As possible. E. J. Newman of the Montreal accountants firm of touche Ross Bailey and smart is chairman of the seven Man committee which prepared the letter. Commodity prices Canada s population As of october 1, 1968 was estimated at an increase of 1.5 per cent since october 1, 1967 an increase of i occurred in the twelve month period Between j october 1, 1966 and october 1, 19g7. Richardson securities Ltd. Friday november 29, 1968 High Low Chicago eggs dec 3945 3935 Jan 3805 38co april 3628 3625 new York Copper dec "1780 4780 Jan 4770 4695 May 4678 4678 new York potatoes March 308 306 april .332 325 May .384 381 new York Cocoa dec 4175 4125 Mach 4258 4240 july 4321 4320 sugar no. A March 317 310 May 326 324 july 328 325 beef gallic Stock averages Richardson securities Friday november 29, 1968 Dow Jones new York 30 20 15 Indus r ads util . 979.05278.16140.36 Prev. I. 976.32 276.04 140.94 noon 980.86 278.64 140.94 dec Fob april 28co 2712 2682 2795 2710 2650 3940 3805 3625 4780 4770 4678 307 332 382 4150 4243 4321 317 325 328 2797 2710 2677 30 ird 20 rail 15 util Toronto wednesday s Range open High 979.43 984.96 284.96 288.58 141.17 142.09 Lew 969.17 283.27 140.34 i 77 6 16b 9w ins Gold metals oils i Prev. I. 186.47216.69111.87236.12 . 186.78219.76112.08237.61 i noon 187.06 219.83 112.31 237.89 j 65 13 7 85 kinds utile Banks comp i Prev. I. 189.09152.75190.35182.18. Noon .190.32 153.51 189.56 183.11 i spend Winter in Spanish leather contrary to popular opinion. Winter Means fashion excitement for men. And Eaton s room proves it with this Rich Spanish leather Trench coat in double breasted style with buckled cuffs and buckled epaulettes. Lined with smooth Satin. Contemporary Centre vent rises twelve inches up Back. Brown. Great Christmas gift for Man of Fine taste. 185.00. Visit Eaton s Pine room on the main floor and see my other leather creations for Christmas giving. Of x us tits ;