Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 30, 1970, Winnipeg, Manitoba Winnipeg free press Friday january 30, 1970 Potash firms under fire lloydm1nster, sask. Up a. C. Cameron Saskatchewan s Mineral resources minister criticized Here Potash companies that have blamed recent employee layoffs on the province s new system of rationing production of Potash. Our patience is wearing a bit thin with those who would weasel out of responsibility for unpopular decisions by attempt ing to make the government the he said. I would remind the Potash Industry that the initial approaches for government measures were made by the producers themselves. It is evident to us that we have a sick Potash Industry in Saskatchewan and it is sick from self inflicted or. Cameron said the wounds were caused by Cut Throat com petition and Over Supply within the Industry and should not be blamed on anyone other than the actual participants. He told the Liberal constituency meeting in this Alberta Saskatchewan Border City the provincial government had the Choice of getting the producers to trim their operations to manageable Levels or watching the Industry collapse. Our government did not just impose strict regulations and then walk away from the problem. We have undertaken t explore every Avenue to expand new or. Cameron said the Saskatchewan government is most encouraged by the new spirit . Regent fund Ltd. Appointment c. Reginald Hunter the appointment of c. Reginald Hunter As portfolio manager of . Regent fund Ltd. Is announced by the fund s Board of directors. Or. Hunter a financial analyst was previously a portfolio Man Ager with the Royal Trust com Pany where he managed port folios totalling More than 200 million dollars. . Regent fund is sold in Canada by . Of Canada Ltd., a wholly owned subsidiary of investors overseas services . Ltd. Current assets of the fund total 73 million dollars. Or. Hunter will make his head quarters in Toronto. Now finding its Way into the production and distribution of i Potash on a world basis. Given reasonable time and continued understanding of the producers. Saskatchewan will build a viable Industry which will not Only Supply the opportunities at Home but make a major world wide contribution to the needs in other he said markets for Potash a Mineral used mainly As a fertilizer Are continually grow the rationing scheme was put into effect this year to combat sagging International prices in the face of a world Over Supply of Potash. Mining company threatens to quit que. Mink ranchers protest investment Bank to merge Philadelphia a p Blyth and co., one of the 10, leading investment banking firms in the United states will be acquired by the year old Ina corp., an insurance holding company for some in equity securities. The merger plan was announced by John t. Gurash Ina Board chairman and Paul Devlin Blyth chairman. Immediately after wards Blyth announced it had resigned from new York Stock Exchange membership in line with Exchange rules that prohibit Public ownership of a Enber firms. Although unable to Trade As an Exchange member Blyth can now make transactions through other member brokers just As any investor. The american Stock Exchange said it had provisionally withdrawn Blyth s membership rights but deferred permanent action on the withdrawal. The question of Public owner ship of Stock Exchange Mem Bers has become a controversial and often heated Issue in recent months under pressure from brokerages which favor the move. A proposal for limited Public ownership has been made by the nose to the securities and Exchange commission but the plan would prohibit member ownership by companies in other lines such As insurance firms. Dividends by the Canadian press general dynamics corp Ltd., common 25 cents u.s., March 10, record feb. 10. Imperial life Assurance co. Of Canada common april 1, record March 12. Inter provincial pipe line co., 20 cents increase of 2 cents March 2, record feb. 5. Macmillan Bloedel Ltd., com Mon 25 cents March 16, record feb. 13. Occidental Petroleum corp., common 25 cents april 18, rec Ord March 10. 7- -. So Sale gont1mjes our Reg. Sale ea., 8999 extra Sale or. 29.99 double breasted Sty it extra. Vest Sale. 15.49 Sixes Over 47, 10% extra. Dial 783-2112, the Bay men s clothing main floor. Ottawa up Alfred Powis president of Noranda mines Ltd., said thursday the government s proposed tax changes will Force his company o look elsewhere than in can Ada for new Mineral resources and Industrial opportunities. The proposals contained in finance minister Edgar Benson s White paper made Public last nov. 7, would tax the mining Industry More heavily than any other sector of the Economy or. Powis told the Senate s banking and Commerce commit tee. They would require extensive reorganization of the firm which now owns or controls 33 other Canadian corporations has interests in 26 other Cana Dian firms and owns controls or has interests in More than 50 foreign corporations. Or. Powis said Noranda is basically a mining firm which through its subsidiaries devel Ops new mines and manufactures mining or other resource based products. It owns Cana Dian wire and Cable Ltd. And has a 29-per-eent interest in British Columbia Forest products Ltd. In addition to its general changes proposed for All corporations the White paper would end the present three year tax Holiday for new mines and alter the system by which mines can account through depletion allowances for the using up of their Mineral deposits. Or. Powis said the advantage j now Given mines through depletion allowances is largely lost in having to pay provincial mining taxes. They amounted to 15 per cent of the value of minerals in the three largest mining on Tario and British Columbia. Noranda needed substantial amounts of capital to finance its own and its subsidiaries mining explorations and development. Having to pay full taxes would have made it uneconomic for Noranda to have gone into some ventures such As Brenda mines Copper in British Columbia and Noranda s Potash mine near Saskatoon. Or. Powis said there is no question of Noranda pulling out of Canada. It is a Canadian owned firm with wide interests in Australia Ireland latin America and Europe. But if the tax changes were put into effect As now proposed Noranda would have to limit its Canadian development and concentrate on foreign expansion. It would use Money earned abroad to expand abroad rather than bring it into Canada to be taxed Here. Noranda s president was the first private Industry witness to appear before either the Senate or commons committees cur Renly studying the tax changes. Senator Salter Hayden chairman indicated that the Senate group will in fact propose changes in the plan put Forward by the government. Manitoba Mink ranchers have voiced Strong protest to state ments made to the press j tuesday by a Winnipeg furrier about the present Price of Mink pelts on the local Market. Winnipeg furrier Jack Hurtig. I speaking for the Manitoba furriers Guild said tuesday that pelts of male Mink Are at present running from to each depending on Shade and Quality. Thursday Fred David Victoria Beach president of the Manitoba breeders association suggested that in future he or. Hurtig obtain the Correct facts and figures concerning the Manitoba Mink farming Industry before making any Public Baum reports increased profits Baum industries Ltd. Re ports net profits of for 1969, an in crease Over for the 10-month fiscal period ending dec. Saul s i m k i n company president said the reported net income represents earn Ings of a share for 1969, compared with last year s a share figure. Or. Simkin said 1969 figures reflect provision of for income taxes and for depreciation and depletion. Or. David said that Prudic. Tion costs have gone up 10 per cent in the last year to about. Per Pelt while the Market Price has dropped 40 per cent during the year to about to per Pelt. Or. Hurtig listed the to Market Price for i female pelts which Are Only about half the size of male pelts i or. David said that rising costs and dropping Market j prices Are forcing More and More Mink ranchers into Bank ill pacy. He cited the following figures j 342 Mink ranches in operation in i Manitoba in 1958, 117 in 1968 and 67 in 1970. He noted More than Mink ranchers went out of business in the United states in 1969 and More Are facing bankruptcy this year. Or. David said that an increasing world production of Mink development of fake furs and tight Money have All combined with inflation to re Duce the Market for Mink. He noted that Manitoba Mink ranchers Are All facing steadily increasing costs for labor feed equipment and Cost of borrow ing Money. Mink ranchers have to Lay out a lot of Money in Advance to establish a proper ranch and have to borrow to operate for a year before their product is ready for the Market. Mink rancher can t stay in business if he has to sell for less than it Cost him to prepare his product and to loss per Pelt when you re annually Pelt ing in the thousands is a pretty big i or. David saw Bank Are i foreclosing on Mink ranchers heavily in debt and forcing them to Slaughter off and try to sell the Breeding Stock they i retain to produce their Stock for the following year. And despite the heavy outlay to equip our ranches what we have has almost no resale value. The total loss we face is one of the reasons some of us Are hanging on and hoping Well find some Way to Salvage j or. David con i eluded. Pubic notice Roslin agencies Ltd. The registration of the above As a broker under the real estate brokers act has been cancelled effective january 26th, 1970. All persons having claims against Roslin agencies Ltd., Are requested to give written notice to or. R. A. Barker care of the Public utilities Board 379 Broadway Avenue Winnipeg 1, Manitoba by february 15, 1970. Public utilities Board Lawson and Jones Ltd., class a class b s2. Decrease of 75 cents both april i record March 13. Galvanizing custom hot dip tank size for further information Contact or. R. R. Crinan Anthes Western limited 1350 Saskatchewan ave. Telephone 774-1671 Why not i get the message. Help i never answer coupons. Company. I . Box sot4. Posed station a Toronto 1, Ontario. Moving Dafa is our business Canadian National Canadian Pacific telecommunications ;