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-4.00 ier, on 5 sSRRETER ae Share Wealth Mood Raise Judges Salaries By DAVID DAVIDSON OTTAWA (CP) -- The Com- mons, in a share - the - wealth mood, Friday raised judges' salaries, lent another $21,000,000 to Expo 67 and extended the Small Businesses Loans Act. But the House closed on a where's - the - money coming from note as Finance Minister Sharp tabled the six - volume Carter royal commission repert, recommending far - reaching changes in Canadian tax laws. 'The three bills underwent clause - by - clause study, were given third reading and now go to the Senate. The pay raises for the judges were the first since 1963. Be-| fore they were approved, there was sharp criticism of men on the bench taking part in extra- court activities. Davie Fulton (PC -- Kam- loops), a former justice minis- ter, proposed an amendment to forbid such activity but it was defeated 50 to 27. Stanley Knowles (NDP--Win- Solve Difference By June Coyne'e Shareh By DAVE STOCKAND WINNIPEG (CP)--James E,|Stead of being snapped up by courts would go to $26,000 from fing Coyne's presidential message to shareholders is that the Bank older Message available to small investors in- investment giants. What' galled a number of |nipeg North Centre) said | | Proposal was too iron-clad and| |that judges should be permitted' to adjudicate Jabor disputes. | |URGES MOONLIGHTING BAN Richard A. Bell (PC--Carle-| ton) said moonlighting should be forbidden except in urgent cases because it sometimes re- flected on the impartiality of) the bench. The legislation provides $5,000 increases for the chief justice) of Canada and the eight other) Supreme Court of Canada, |judges, The chief justice now | jearns $35,000, his colleagues > | $30,000. Chief justices of provincial | trial courts and courts of ap-|! jpeal would have their salaries jincreased to $30,000 from $25,- |000; other judges of the same $21,000. * District and county court 7 " tie ; i 19.- of Western Canada should be|Shareholders who spoke is that|judges would get raises to $19, able to open its doors in June|BIF holds voting control al- 000 from $16,000. with east-west differences re- though it has not paid for The bill providing loans for solved and all clouds of con-|Shares that carry a $1,450,000 small businesses was extended| troversy swept away. | "There is going to be, I hope, an opportunity for people in| Western Canada to buy more shares if they so choose,"' he said Friday. | Mr. Coyne was presiding over} price tag. "How can you buy shares |without any money?" one asked'as a small business was in a tone of amazement. Mr. Coyne said that if the shares are not paid for by March 3, as requested by the board of directors, then certain for three years and the maxi- mum gross revenue to qualify creased to $500,000 from $250,- 1000, The loan maximum is un |changed at $25,000 but construc- |tion, transportation of commu- nications enterprises now are a special shareholders meeting |steps forteiture among them, | eligible to apply. called to discuss bylaws and ap-} pointment of auditors, matters of routine that quickly took sec-) ond billing to concern over the| policy rift between the bark| president and Toronto financier Sinclair Stevens. Mr. Stevens, whose British International Finance (Canada) Ltd. group holds 51 - per - cent majority control of the bank, resigned a week ago as chair- man of the board and an- nounced BIF would be willing to reduce its holdings to about 30 per cent if westerners could come up with the purchase cap- ital. Mr. Coyne expressed confi- dence agreement will be reached leading to a bank com- pletely western in outlook. and with a substantially increased @igpersal of shareholders. SEEK SOLUTION While there is no binding BIF agreement to reduce its stock holdings, Mr. Coyne said, the Stevens group of companies is quite sincerely pursuing the matter to see just how best the share-sale proposal might be) brought to actuality. To this end, "certain persons in Western Canada" were hold- ing discussions now with the majority BIF group. He promised to relay to the Stevens' group the "strong feel- ings" of the meeting that shares freed by BIF should be made PARLIAMENT AT-A-GLANCE By THE CANADIAN PRESS FRIDAY, Feb. 24, 1967 Defence Minister Hellyer told the Commons defence committee he will apologize to Rear-Admiral Landymore if the dismissed officer will say on his honor that he did not commit disloyal acts. The Commons gave third reading to a bill providing higher pay for judges. Third reading also was given to a bill expanding and extending for three years the Small Business Loans Act. A further appropriation of $21,000,000 was approved for Expo 67, bringing to $196,000,- 000 the amount borrowed by the fair. | | MONDAY, Feb, 27 | The Commons meets at 2:30 p.m. to debate a num- stands adjourned until Feb. 28. could be taken should the board see fit. some agreed settlement would be reached which would make formal action unnecessary." The unpaid-for shares were part of a $2,100,000 block of 140,- 000 shares on which $650,000 had been paid. Until complete payment was made the block would not be issued. HOLDS HALF STOCK BIF's subscription in the bank is $6,500,000, just over half the over-all total, but this figure in- cludes the $1,450,000 still owing. The Coyne-Stevens split came into the open Feb. 3 when Mr. Coyne charged BIF had tried to obtain credit from the bank and was engaged in a borrow- ing operation with U.S. banks that involved giving an option on 10 per cent of the bank's total shares. He said both these steps, steps Mr. Stevens denied, were con- trary to explicit statements made by the bank to parliamen- tary committees when its spon- sors applied for the bank char- ter in 1964. After both men testified be- fore the Commons finance com- mittee, Finance Minister Sharp said he saw no evidence of wrong doing and suggested they go back to the board room and resolve their differences. At Friday's shareholders meeting, Mr. Coyne acknowl- edged the policy squabble plus a snag in the leasing of prem- ises had delayed the bank's opening date, now set for June in Winnipeg with a branch to follow in Vancouver. "But," he said, "I would hope e world's fair cor-|""" ae i Doster haa borrowed against lags the a s reg onl spouse. i OLYRIOPITC S ATRW 723-5221 | S leir Way, 1 day ¥ | i 7 ¥ ; : ay fc iss eg said the addi- NDP Leader spending on travel and enter- OPPOSES INTEGRATION : ts 74 Victoria sire Toronto)' 363-7012 peo as tional money "will see Expo in '] awa tainment by businessmen is on BR yperges ard sc a as a |sufficiently good financial posi- Says PC s Aiding its way out ie well as igs a nada ys |tion to support itself until rev-| The Carter royal! commission eongre abou c mprehen- 2 ote lenues start to flow from the) ORILLIA (CP) -- The Jeader\on taxation asks for tough new|Sive tax base an taxation of rripay 'turnstiles and other sources." (of the New Democratic Party arbitrary limits on these ex-|capital gains at full progressive aA He told J. Angus MacLean|in Ontario said - Friday night penses. Says the report, tabled|rates, disagrees with the pro- savineays (PC--Queens) that receipts of the Progressive Conservative Friday in the Commons: posed integration of persona! about $20,000,000 have already|government is answering mun- "The suspicion that some are | and corporation taxes uege In giving resident sharehold- _. ee ' Carter Tax Report Rationalizing? OTTAWA report on taxation is the most ambitious attempt ever made to rationalize all the problems and inconsistenciés associated with any tax system, Ronald Robert- json, director of the Canadian | Tax Foundation, said Friday night. Commenting on the 2,600-age report, he said it may take 'as long to sort out and understand the mass of recommendations as it took the royal commission to produce them--four years. The additional $21,000,000 loan to Expo brings to $196,000,000 n'a speedup in _|the commission because it has orders from the Canadian vernment to begin steps to ex- US. Altemative Two Carter Tax Members | livery. ; : On Gas Delivery Don't Agree With Report (CP)--A U.S. alternative to doubling the ex- jisting Canadian natural gas de- livery system to Ontario would savings of,bers of the Carter royal com- the about $160,000,000, the Federal|mission on taxation have filed} been' ntinority WASHINGTON produce investment Power Commission has told. The Northern Natural Company of Omaha says it will] demonstrate this next month at/Grant of Halifax and A, Emile further and perhaps final hear- It says it also intends to plug anew its, "displacement - ex- change" theory in which North- ern proposes to buy Alberta gas from Trans-Canada Pipe Lines. Ltd. at the Manitoba boundary and sell Trans-Can- ada the equivalent in American gas at southern Ontario de- livery points. This gas-swapping technique, t says in its. latest submission made public Friday, "can. pro- vide a first major step toward establishing, as the commission has said it will, policy guide- 1 nadian gas into the U.S.... .** Northern opposes the pro- posal of Trgn#-Canada, American allies, to build a new $200,000,000 line 989 miles from Manitoba to Ontario via the ] Trans-Canada has asked for proceedings by g0- pand its Canadian line if becomes clear the U.S. decision on the southern. route will be too: late for deliveries to be made this coming winter. s on the importation of Ca- with > OTTAWA (CP) -- Two mem- reports saying the} commission goes too far in its Gas) proposal for a capital gains tax.|}come. Although both Donald G. Beauvais of Quebec City signed the main report, released Fri-| day, they take issue with sev-| eral of its recommendations in their. separate dissents Mr. Grant, president of the Nova Scotia Trust Co., suggests taxing some kinds of capital | gains at full rates and other| kinds at preferential rates, de- pending on the nature of the transaction and | He disagrees with a number : | of other recommendations, he 'said, because he cannot accept the idea of income as contem- plated by the comprehensive | tax base envisaged by the com-) mission The main report seeks to minimize inequities in the capi- tal gains tax by lowering the Tax Expense Account Report OTTAWA (CP)--The long and technical Carter report on tax- ation springs to life with a sharp scolding of expense-ac- count living. Canadians. the time-span a over which the gain was real lized, THE OSHAWA TIMES, Scturday, February 25, 1967 \3 Financial Institutions vs 1 coat op wx ot L@Ated Same As Taxpayer tions, the integration proposal OTTAWA (CP)--Canada's' fi-|tions would hit the reserve funds jcould bring a windfall to high-jnancial institutions should be /of Jife insurance companies and in-|income shareholders, he says. |treated the same as any other} \hartered banks The former governor of the taxpayer, says the Carter royal i ' Canadian Tax Foundation urges|COMmission on taxation. No tax now is paid on these These measures, says Mr. adoption of a proposal devel-| Instead of being granted spe-|surpluses until they are allo- Grant, are not enough to pre-/oped by the so-called Commit- arg age chartered) cated to shareholders, And mu- vent the tax from being too|tee of Four, a group appointed|banks, life insurance compan- : stri t rs . iby the finance minister in 1990/!€S, trust companies, mortgage tual life insurance companies stringent. He fears the tax may}! eine ecI ERY ation [loan companies and finance and|are in effect exempt from tax. inhibit investment in Canada by '0 advise on corporate taxation. Shean a can , ot He suggests that all property jtions should be taxed as they taxes a' business generally gains realized within one year are now, but in addition all ac- If its proposals had been in from the date of acquiring the|tual or deemed distributions of effect 4A 1964, the report said property, and real estate gains| dividends would be subject to}ji,, irgurance com aHibe would realized within three years of a 15-per-cent' tax. Sa paid aye ors 000.000 in acquisition, be taxed at full) No further tax would be im-jincome taxes, Canadian com- a would be ndded a oi posed on shareholders, and re- panies now pay about $2,000,000 vision that land which has ee funds would be allowed to low- @ year in taxes, while foreign expropriated within the three-|income shareholders. The exist- pie: ANSMERCe: COMnGuEN: Bap year period would be exempt|in& 20 - per = cent dividend tax none. from capital gains tax if the credit would be abolished. owner acquired it without prior knowledge of expropriation, and hat Y Wwenes: did not attempt to dispose of it ; : ' prior to the expropriation, and) {| ¥ «> - if the proceeds from expropria-, _ tion were reinvested in a sim-) } top individual tax rate, by in-lers full credit for taxes col- come-averaging, by integrating corporation and individual tax rates, and by deducting capital losses from all forms of HAS FEARS Central Ontario Trust & Savings Corporation RETIREMENT SAVINGS PLAN Saves Income Tox and provides Retirement Income SEN a ot as FLY THE ELEGANT Government Approved % No loading fees er charges * Payments made before Feb- ilar way within a stated period " 'AIR OF. vary 28, 1967 deduct- of time. i OLYMPIC . ible for" 1966. Income, 'Tox After the one-year and three- "AIRWAYS" * PUFBOSSS, year periods, capital gains; ¢ Wiss 4 & Investment options -- Stocks would be taxed at lower rates. PARIS ; Bonds -- Mortgages Both Mr. Grant and Mr. Beau-| : ROME Pe % Official receipt for Tax pur- vais disagree with fellow com- ATHENS oc-.* poses. missioners in their recommend- CAIRO ian ation that unrealized capital CENTRAL ONTARIO TRUST. gains should be deemed to have Seed ule fs been realized--thus taxable--on the breakup of the family unit or on the death of a surviving! s. & SAVINGS CORPORATION 19 Simeoe Street North (CP)--The Carter | What made 300,000 motorists join the Ontario Motor League? lcome from the advance sale ofjicipalities' "cry for help' by enjoying exotic holidays, lavish ipassports for Expo, which opens|giving them a lower. share of food and drink and expensive April 27. its total revenue this year. entertainment out of untaxed asia Donald MacDonald told a income is demoralizing even if 'Wilson Orders (mnspatiesreceiea it per Seeking out new tax dodges municipalities receive 6 per : g a) ges | Wilson r ers jcent of provincial revenues last becomes a game; boasting | bi ue ares PO casa deem giana' | wi e 43.3 per cent. gi se, sure; News Inquiry | He said the provincial go-jhearing of the opportunities vernment should take over the Missed, a torment." LONDON (Reuters) -- Prime full cost of the administration, The commission suggests that Minister Wilson ordered a top-|of justice, except for police pro- OMly actual transportation costs jlevel inquiry Friday. night into/tection, assume all remaining be allowed on bona fide busi- a newspaper article which he| municipal welfare costs and|ness trips. ; said breached a_ convention|assume an additional five per| A .$29-a-day limit for meals governing publication of secur- cent of the cost of education and lodging should be enough. ity material. each year over a five - year Business entertainment bills The Daily Express reported period. should have an upper limit of Tuesday that the government! To offset those costs not cov-/$5 to $10 a day a person. inspected private overseasjered by increases in the gross) The rules may not provide cables. Wednesday The Daily|provincial product, the province|much tax revenue for the gov- Express said Wilson's charge Of|/could impose "an additional|ernment, says the commission. a breach was untrue. jtax on corporations in the fields|But this is not the point. | With the exception of Second|of mining and resource explor-| 'The problem of taxpayer |World War years, publication of|ation" and "'a weight -distance|morale is serious and the matters regarded by British de-|duty on highway truck haul-|strongest measures are called fence authorities as important|age." for." secrets, has been governed) Sas Hine A carcass te eS since 1912 on a voluntary basis. | NEW HOME THIS YEAR? HALLIDAY'S ittee, with SS (iW peta ones TeiatE y represent| BUY A "FAMILY-TAILORED"' hh FAMILY-TAILORED ation, issues rulings, which] HOME BY APRIL 15 HOMES have no legal force, on matters your key to greater value which the government does not |want published. 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