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18 'THE OSHAWA TIMES, Tussdey, Mey 16, sisal STOCK MARKET d CrgTRIBUTED % CP. Quotations in om uniess .arked T 1-004 %%, xt evpividend, ivfe is, kw x-warrants, Net change is from previous biard-liot closing sale. 10:40 bg a bow *. 14000 196 1900 Sock " hs Acere Acme Advocate Pitch " AAm Moly 7300 Ang Ruyn an Ang UDev 1 1000} ~t 73900 +1 "5 --S§ 13 + 1 Cam come Chib Cc Tung € Dyno ¢ Jamiesn © Lencourt Cantre Cassiar © Morrisn © Mosher Cc Rambier Conwest Cpeorp Cop Fields Cop Man Coulee Cowich Craigmt Crowpat Daering Deer Horn D'Eldona Denison Donaida Dunraine Duvan East F west Genex Giant Yk Goldray Goldrim Gortdrm Gradore M Gradr Ris Granisie Granduc Grandroy Green Pri Guleh Guit | Gunner Halinor Hastings Haway Heath Hollinger Huds Bay 1 Kenville iron Bay ise Jaye Gap Joliet Jonamith Kam Kotie Kerr Ada Kirk Min Lab Min L Dufauit Lakehead L Osv La Lut Langis Latin AM Leitch Louviert Macasse Macdon Madsen Mattam! Mcintyre Mc Adam MekKen McWat Merrill Meta! Midrim Moneta Multi New Bid » 945 670 110 10 132 130 5 1s sa 53 AA BA $12% 12% 470 Sul! T > $) 44 m0 582 44 100 52 44 100 52 520 370 2 490 490 160 340 a 8 AR Aba 482 92 - 5 $22 4 22% 22" 0% 1 500 «500 «500 "0 42 42 25 7 Min N Que Rag! | N Sen tat New Taku Nick Rim Nisto Norbeau Norgold N Rock Norcal North Exo Nor Can r Northgat Norsp Aw Opemske _ Patino Pax int Pine Point Placer Preston Pyramid Qua Man Q Matton: Quemont R il Ass 465 990 10% 645 64 9R0 4 990 sia 4 are 0 4 60% $25! 284 28% Asbestos U Buffadn in Keno Un Mactie Utd Pore Windfall vk Bear Yukon ¢ Zenmac OILS 24000 $00 ons Alminex A Led Asamera Banfi c ex € High Cr C Homestd Cdn Sup oO Dome Pete Dynamic Farao French Pt Gr Plains m Int Hell: Production Cuts Jar N.Y. Mart NEW YORK (AP) Cut automobile production have shaken up the New York stock market The market another se vere loss Monday as Ford Mo tor Company announced reduc tion of its production schedule by 7 per cent It already the news that will cut work week rest of May. That news caused a steep loss last Thursday The Dow average of 30 industrials dropped 16.03 points Monday to 886.80, its steepest loss. since Nov. 22, 1963, when President Kennedy gras assas sinated The New York change ticker tape pites "date reporting transactions al one tal volume of 9,209,000 was well helow Friday's 13,10 000 shares. Ga ir look y from Motors for the as General Jones Stock ran 11 Ex min in floor b }n g share Midcon Mill City Nat Pete NCont WW Davies N Americn Kumac Permo Petroi Pisce @ Provo Gas Ranger Scurry Rn 5 2500 4150 2500 7100 6 1000 500 3990 Stanwell Triad Oil Union Of U Canso Wsburne W Decaita 5. 187 163 cod 1467 7% t's 26 4} 6) 4 230-278-220 Bi mi Bi 23 «213 «213 $274" 27 27% 142 Wo 162 rf] 350. 45 350 INDUSTRIALS Abitibi Alta Gas Alta GCe Alta Gasw Alg Cen Algoma 600 75 50 wo 500 ™ Alliance A 100 200 Alen Alum Alcn Al pr Anthes A Ara C Por Arg 250 pr Arg: 260 or Asbestos C All Sugar Aveo Bahama C Bank Mont Bank NS Bath Pw Bell Phone Brazil Br Thnk pr BA Constr BA Ol} BC Sugar 100 BC Phone 88 Can Cem 25 Can tron 45 Malt 5 §242 5 Le) a0 os) 50 00 10 450 100 a5 100 3792 900 210 Perm Cc Chem w CFProd pP Cimp Bk¢ Dale-Ross DaleR Ap Dist! Seag D Bridge Dom Elect Dotasco Dotasco ° 110 410 Home Hi Husk 4BC HR ONG mp 0 y 411% 1% $33 33 $91 919 91 900 «6785 «6800 $102 10% 10'4 $202 Wie Wh 200 «6200 39% 41% 44 "4 $262 26 26 '3. 2 $43%, 43% 43% $4 4 Mb $21'4. 2114 2'4 $26%4 26% 26% $274 274 27" 165 185 185 $60 660 $9 RP $10' 10' 104 $52% 52% 524 $10 $47 11% 3 $414 $44 $38) 2 $64) $42! 490 ago " 9 $i4 2A 4A0 ory 285 285 D S9RI4 9B4 200 4600 95 1370 200 400 00 050 6 750 725 100 130 2025 400 2/50 LOnt Cem LOCem w Lakeind pr Caur tau Siveoe $30% 110 110 $80'2 80 4% 414 $12% 13% $8%% BM $26%4 26% 26% $19% 194 19% 440 4d 440 $10 104 10% $8% 8% 8% $16% $16% $5 190 $19 0 80% we ™- 0 18% 18 THOUSANDS NOW There are vate tes, ne raft aire art in no_onn the + aM + pr 9 uj * book 4 Millon Moore and J: *\ day | 3954, * continuing 'months of 1966, as reported by , bursements and $35,331,924 in . NET EARNINGS United $1.01 CANADIAN FOUNDATION REPORT 'Lack Of School Programs 'Car Safety Issue onsolidation Asked In Investment Lamented saen Hitting Sales 2 Of Boih Saies By JAMES SON posed of federal and provincial OTTAWA (CP) -- Consolida-\financé ministers and treas- tion of federal and provincial|urers. Donald 1. Beach, until re- sales taxes and a shift to the,;cently a member of the foun- provinces of federal revenues;dation's staff, brought the ear- from tobacco and liquor taxes'lier work up to date. is suggested in a review of fed- 'The tax structure committee eral provinefal 'tax relations has heen preparing for the published by the Canadian Tax.autumn start of federal-prov- Foundation of Toronto incial negotiations on new tax- It says the present split be-.sharing arrangements The cur- tween federal and provincial oc- rent ones. expire in the spring cupancy of the personal income! of 1967 tax field is about as far as the' The book says Canadian ex two levels of government should perience in financing a federal go form of government has be- The foundation's 312 page come a model for other federal in English and French, \ states, but more' and closer co- based on an earlier work by A.|operation is needed between the Harveyitwo levels. of government at for the|every stage of research and tax com-\ policy formulation. Perry, was tax structure Prices Turn Downward Sharply; Key Issues Fall % prepared committee of 52, and CPR to a low of 58 TORONTO | (CP) Prices turned sharply downward on the Toronto Stock Exchange Mon with many key issues fall ing to 1966 lows The industrial Among other industrials, Do fasco fell 1% to a low of 23% and Canadian Imperial Bank of slid 2.20 Commerce 1% to 62%. Slater 162.30, its lowest level since Stee} also slipped to a 1966 low Aug. 10, 1965. It has dropped declining 1 to 23! 6.36 poimes since Wednesday The decline followed a slump ing New York market which was hit by a rash of selling as a result of a weekend announce ment by General Motors that it was putting eight plants on a short work week Contributing to Monday's drop was a statement by Ford that it was curtailing production by seven per: cent in May Heaviest losers at were issues which listed in New York Alcan Aluminium down 15 Rell Telephone 1 a index {o 4 nietals down to 9814. Noranda Hudson Bay were to 4614 and Inco led hase dropping 1% Denison each off and \% 504 the slipped % Ke 10 23% to 42% down 1.12 Golds failed to ounter trend. Kerr-Addis to 10% and Hollinger but Dome advanced % were meta oils 2.09 to TSE 2.10 to 3,191,000 was with 3,655,000 Mn index. golds 2.13 to 165,37 Toronto to 90.29, wes are 103.86. and the including |153.83. Volume to| shares compared low! Frida base fern also to Record Pace Maintained In Dividend Payments Paynyents by industrials of $22,959,721 are up from $22,341,695 and. $19,812,983 1964 increased terly Price Mining dividends 856 this month are $8,747,098 last year were $104,995 in Ma and) Mines, owned by group, 18 paying dend while I miscellaneous in May in 1965 Domtar rateand extra of $11,216 well above Payments 1964, Cupra the Sullivan a initial divi herian Iron dividends last its second Dividend by Cana companies the pace of 1965. Cumulative of $471,419,286 for payments dian this year are record-breaking total five in qua first the paying an J. R. Timmins and Co. (stock brokers) Toronto, is 12 per cent above $419,845,960 1965 31 per cent ahead of $359,506,302 eriod, May m se 791.051 which initiated of $50,791,05 stele Sakina. pare with $46,213,152 a year a£9 payment 1966 1964 May in for similar dis- com for distributions of $1,515,960 by utilities are down from $1 769,460 last year and $1,887,534 in 1964 due largely to Canadian Utilities changing the payment date on its common shares Ry THE CANADIAN PRESS West bur ne Industries Ltd., year ended Dec. 31: 1965, $871 268 18 cents a share;¢ 1964 $133,443, 2.7 cents Institution trust ele are paying $15,098,514 to sharehold | $13,354,899 in 1965 and $13,526 412 two years ago. The improve ment reflec ts an Increase in the dividend Toronto - Dom nion Bank; increase in issued h aftr + Mutual: and of months $251,407 three 1966 Fargo Oils LAd,, onded March 31 1965 $86,912 estoy payment date hy anadienne. Nationale Lid., $1 Ranque ( DIVIDENDS By THE CANADIAN PRESS George Lid., 41 $s! cent. preferred er $1.50, June | May Robinson Little Co. Ltd., 25. cents, June 1, record Industries Dec 31: 1965 $1,648,705 Somerville ended 1964 vear 819,994 three 1966 Corp., a} Mining ended March 1965, $268,133 Patino months $404,650 Weston preferred g-per cent Trans Mountain Oi Pipe Line Co.,, months ended March 31: 1966, $2,550,009, 33.8 cents a share 1965 $2,516,000 33.4 4 cents x '8 TAd., veat $2,155,886, 7 B share; 1 eries three 1f record class May Canadian Canners ended Feb. 28: 1966 1.54 a class and 1965, $2,111,640, $1.50 Shops June andy cents Secord ( 11% 1f Siscoe Mines TAd., 314 cent extra, June 10 on Laura d., common A , record May cents Mines '2 record Nay MelIniyre Porcupine Lid., three months ended March 31 1966, $1,708.97, 74 a 1965, $1,728,278, 72 cents share cents. | Lid., 31 c three months 1986. $1,806,000 anadian Petrofina ended March 1985 $1,672,000 Lid,, $256 Sourid Corp 1966 Clairtone ended Jan, 7 44 ceils $109,619.19 cents ear 578 a_ share 1965 Madsen Red Lake Gold Mines Lid., three months ended Marc h} 31 1968, $81,925, two cents al share, 1965, five cents why the competent Life of the practical points i Co, Lid. entative is se March 31 cents La cents Great Lakes Paper repre months ended $1,197,933 33 1945, $894,432. 25 three 1968 share ne Unless you originally IK Lid., year $448,954 (net 045 (net loss) Ashdown Hardware Co.) ended Dec. 31: 1985.) loss); 1964, $193 unnecessary estate costs, three 1966 1965 Mines March a L Orchan ended Lid,, 31 share months $886,000 $705,000 your will is up to date, If 15 cents 9 1d 12 cents y young children Mackay ended $1.21 a 90 cents Stores 198A, | 1965 and Jan, 31 share Gordon Lid.,¢year $346,694 $283,185 vou make special to be paid into court it's important to know what steps-to take. advice valuable named would he payable to your estate; the money and subject it to creditors claims and were provision, and held until they Taxes | Ronald Robertson, director of the foundation, says in a fore- word that in a dynamic federal country like Canada "there is} qualified men in the investment| vestor, probably no such thing as an' industry and a consequent "'pub-/advice from his broker or in- |safety issue Monday in report- -Elves'ing a slowdown in Ford produc- absolutely final solution." Federal imposition of direct taxes and the constitutional re striction against the provinces, entering the indirect tax field! leaves the provinces with little room for flexibility, says "While- recent federal-prov- incial arrangements have rec- ognized increasing provincial CALGARY (CP)--The presi- |dent of the Calgary Stock Ex-! | change says a lack of school |programs in investment leaves --no matter how fares.' A student investment the needs education "not only to deter- client most students poorly prepared| mine if he is to seek a yaad to handle earn later. And, says F. Gordon Elves, has led to a shortage of} the money it lie-be-damned" attitude on the! part of brokers t A wholesome and mature at- jtitude towards: money, how to make it work best for us, is vital to all of us. Yet how un- time when we becme earners "More stress on this must |placed in our educational wage- 8} in investment planni And he needs vestment dealer, said ng." if he becomes an professional |' Mr. they will in some area of finance but also to give him a base background hurt car sales in "He needs advice in this field just as much as vice from his are either need and allocated an increased] tem; more understanding must|@PPproach for you,' share of revenues to the prov-| be sought between the educators inces, too much use of the per- sonal income tax has been made for this purpose. "Even with the provincial in- ability to levy indirect federal revenues from alcohol jand tobacco, for example, could |be through the provincial tobacco shifted to the provinces taxes and tions."' The book also says admin istrative duplication and lack of a uniform tax base result in an inefficient cultivation of the sales tax field in Canada liquor store opera- BENEFIT TAXPAYER The administration gavernment level af ased retail tax combining basic federal rate and a sup plementary rate levied by each province to meet its own needs could benefit government and taxpayer alike If the tax were to be prov incially administered, an im provement in current provincial practices ' covering interproy incial and international trans- actions would be necessary.' Until 1964, the federal govern- ment played a--'guardian role," making conditional grants to-the provinces to spur them into adoption of new policies and plans. But sinee the federal government has permitted prov- inces to opt out of federally inspired joint plans, this is likely to be a permanent part of federal-provincial tax rela lions The book expresses concern for the effect of this on Ot lawa's ability to pursue a na tional fiscal policy by one a uniformly The trend toward greater oc cupancy of the personal income tax field by the provinces has left the federal government with a less flexible revenue system,' the hook says DESIRE FLEXIBILITY Federal flexibility is par licularly important in the event of national emergency and in the employment of counter eyclical fiseal policy tech niques The federal government 'this year is vacating 24 per cent of the income tax field for prov incial occupancy, meaning provinces can Jevy a pe@mincial tax up to 24 per & the federal charge without subject ing its residents to an additional levy < The 'book says it might be argued that the federal govern ment could oecupy only 30 per cent of the income tax field and still have room with which to exercise fiscal policy, raising rales fo bring in more revenue or cut rates in order to en courage a lagging economy But the book says such a split would leave the federal government, With insufficient power exercise strong cen tral leadership. Without una nimity of purpose among the federal and provincial govern ments the federal authority would he unable to offset prov programs that might be in conflict with the economic objectives of the federal gov- ernment The -book. concludes that the sent split, 76-per-cent federal 24-per-cent provincial oc cupancy of the income tax field seemed to be an optimum to incial pre and If your beneficiary dies fir what will happen to your life insurance benefits When the unexpected happens, as it sometimes does, That's of your Manufacturers Here are some 'll cover. an alternative or contingent beneficiary, the money from your poliey This may tie up In the end, it might not even go to the person you would have chosen unless also originally named as beneficiaries, and they are still under age, another problem arises the policy taxes, | the, |houses to and-the investment world,' Without qualified persons en- tering the investment business, companies cannot give their clients the assistance and ad- vice they have a right to ex- pect, Mr. Elves said in an ad dress "Far too many of my asso ciates adopt and practise the at-| titude of the public be damned The bug: Slaces the order, the He said potentia he needs doctor chartered accountant. the book' prepared most of us are for the that my profession falls: down.' Mr. Elves, 48, said Canadians conflicting sales reports from|Would remain at "conservative be vestors or astonishingly foolish|reported a depressing effect on ;.| gamblers. No middle of-the-road aes as a result of the Wash-| ment, ad- Mn- investers little or should seek advice from profes-: sionals, match their investments to the returns they only gamble what they can af- leescues are having a negative ford to lose One invaluable way this club, is to join an Mr. Elves 5s need aid works andion of doing investment| Townsend said "This | gives people a chance to find|what effect auto safety discus | out how investment "and how it can work for you," worn Bond Markel Loeb Repasis Trading Dull Record Sales OTTAWA M. loeb Limit ed, Ottawa based wholesale food and tobacco distributors nounced record sales an and earn TORONTO (CP) Canadian bond mark Short - term were unchanged per-cent, Oct. J ing at $98.05 asked Long wi 1967 hid terms and Canada et th the issue and provir Prices were unchanged in dull trading on the the Monday issues announced Monday 3% clos- $98.10 per-cent neials ings for the 52 week year ended were up % in quiet trading January 29, 1966, Sales amount ed to $200,102,378 compared with $173,055,271 fer the preced ing 58 week fiscal year an increa $27,047,107 equal to 16 per cent. After tax earnings amounted to $1,802,361, an in- crease of $221,039 or 14 per cent over the preceding year's earn ings of $1,581,322. Karnings per share for 1965-66 amounted to| 71 cents on 2,548,440 outstanding | shares compared with 63 cents! se of }per share for the preceding year on 2,507,385 outstanding. shares Bertram [oeb, president, also announced the acquisition of two wholesale food distributors in! Northern Quebec, Lafortune and! Gagne Limitee of Rouyn Noranda, and Trudeo and Ay- otte of Amos, Quebec, have been acquired by A. A. Drouin Inc, of Amos, a wholly owned| subsidiary of M. loeb Limited It is expected some 35 addition al affiliated stores will be add ed to Drouin's group of fran chised food markets in North ern Quebec Mr. Loeb also announced that 19 new IGA stores and seven Cash and Carry warehouses will be opened during the coming year bringing the total num of affiliated stores in Ontario and Quebec to 460 and the num- ber of Cash and Carry. ware- 35 In treasury bills and the J82-day 5.10 and 5.28 per Day-to-day hort ~ supply 5% per cent but ce money the 9 nt wa available BUSINESS BRIEFS PLANS TO SELL British Amé@rican Oil Co announced plans | for $182,544,000 British-American Oil will be sold to Chared charitable,on a different technique, ing Co Corp., a. non-profit and educational ors Dallas, Tex., if B-A cial meeting May 3 n Pr I-day bills closed at four plants on short work sched § in at { ~production by Lid Toronto |alarming Monday to sell a wholly-owned|at this time we wore working a | subsidiary in the United States |!ot The subsidiary | were catching up after a strike oduc- ganization in| Mating sharehold- ers approve the plan at a spe 1 EXCHANGE MAY MOVE New has York been The change in New possibly moving its operations Keith Funston, dent exnhange has bility of al! to leaving Stock or that Ex incorporated Jersey as a step toward part of state, | exchange presi- announced Monday raised the possi-| New York be-| The| cause of a proposed 50-per cent | increase by the city transfer tax in the stock = THIS COUPON CAN SAVEYOU HUNDREDS OF DOLLARS ON | * E: | bargains ever guide travel full-color #6" hottest 2-page Vacations Fxcursion air fare by ROAC effective April 1, get details of 34 fabulous low Send for this free book today To ROAC, P.O serid me the free 2 ma haa 72-page hook | NAMF ADDRESS CITY: GS wa os Rox 426, Station R, Montreal 2, TONF: BOAC receive a "Fi You'll urope, It's called M Air Canada from priced tours Quebec PROVINCE: YOUR TRIP TO EUROPE Fill in this coupon now and send it off today to learn about the offered, to F and it tells you how you can have a tour of Europe from as little as $314 -(including special Fconomy or subject to Government: approval!) Don't miss out lavish iropean ontreal You'll Please BRITISH OVERSEAS AIRWAYS CORPORATION WITH AIR CANADA a ee ee ee | P. Andrey Representative Bus, 728-7391 Res. 725-2502 Unless proceeds at your death would have reach their majority. But don't wait until something like this happens. Call your Manufacturers Mining Ltd., bar 31: 1965, $13,293 455) 1964, $5.923,607 (net} Gunnar ended Dec net Ass) loss) Life and this kind, representativé suggest changes if and he offers Sicard Ine., year ended Dec 1965, $537,484, 73.8: cents a share; 1964, $471,002, 63.4 cents.| Ronalds-Federated Ltd ended 1DAK, . $H19. 995 1965, $607,583 year *1 lan @ share 1$1.03 a share. Loday, they He are necessary. will review 'your beneficiary He is experienced in matters of arrangements you the kind of counsel you can rely on. MANUFACTURERS LIFE INSURANCE COMPANY J, Frendo-Cumbo Representative Res, 655-4520 American and his| Automobile It is here! sociation, added By CHARLES ©. CAIN the month and that limited DETROIT (AP)--Two of the| overtime would be used in some U.S. auto industry's top Jeaders| Plants say the auto safety issue has An all-time high 1,582,444 new cars were in debler hands oe or en route to them as of May Bb crear gs tlt, weekend reports indicated. of the auto| "is was about 230,000, cars jhigher than at' this' point last jyear and at eurrent selling rates, represented about a 534%4- Abernethy, president of day «supply Motors and of the . Ford said thp 19,000-car pro- Manufacturers As- duction cut would be reflected today: in decreased schedules for all "Up to now, there have been Cat lines except Mustang, which its present Arjay Miller, Ford Motor Co., 'harassment" tion Roy field offices, Some areas have! Planned level. Prior to. Ford's announce- Ward's Automotive Re- others report | Ports said that about 165,000 cars had heen trimmed from the industry's projected output (i 2,500,000 cars' for May-June- July ington hearings; no effect The latest survey, our marketing Monday, shows completed consultants that 'the by effect But on sales, Chrysler President Lynn APPOINTMENT that "We will not know for some 'time yet sions and hearings have had on sales," General Motors President James Roche said last Thurs- day in a telephone conversation with Senator Abraham Ribicoff (Dem. Conn.) that he did not: believe the auto safety hearings had hurt sales Ford became automotive slow down the second of Big Three to production when it that its May reduced to 261,000---a seven The latter figure still would be the any May in Ford car quota had beer 242,000 from cut if attained highest of history GM, in its cuts last week, put ules. It said eight others would be idle one to three days during: the rest of this month A spokesman for GM of Can ada's plant in Oshawa said the Canadian situation is normal The spokesman said the Osh awa plant has slightly reduced eliminating over time during the last few weeks "However we think the situa- tion normal rather than he said. "Last year ERNEST MUELLER Gordon Osborne Real Estate, announces the appointment of Mr. Ernest Mueller os Soles Representative of his firm Mr, Mueller is Reol Estote been os is on experienced Salesman having ciated with one of the i! real estate offices in district the past two SUCCESS the yeors of overtime because we for in late 1964," Ford's slowdown was. based elimi over- Ford said He comes to his new firm with a wide background of building experience and lot development as well as his more recent sue- cessful Real Estate sales exper lence planned Saturday time at some plants all its production employees would work regular five-day weeks during the remainder of ™ COULD AN IDB LOAN HELP YOUR BUSINESS? « Thousands of businesses throughout Canada have used IDB loans to expand or modernize their facilities. If you have in and discuss your needs with us. 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