- * surance plan. in ey, f MT i Laity iff th ih U 1h}: mo i hh i Hi Copper ‘Smelter Blocked. e by Government _ ; “The British Columbia mining indusiry has wanted to build a copper. smelter, but has been IT C. B.G. ANNUAL REPORT The. Insurance Corporation of ~ British Columbia, Canada's > largest :” “non-life - insurance _ company, invested close to ‘$100 ‘million ‘during the first tO - months” af ~: this © “year using Beaune come’ from’ the “government: | autornobile in caninual - report,” egislature:': Monday: : ‘Transport -. Minister - Raver. we ‘S{fachan, says the investment io in'short-term securities earned | énterest totalling $422, 000. before ee Act Fund, commonly *- “Ikiown as ‘Auioplan, and.séerves. help’. ‘keep. atito, insurance: - ‘ premiums as low as. possible. The “repérl-icovers.; the- i. nth period | from. April 18. 1973. “to: the -end: of, February, Itt : “the Crows ‘Corporation’ 5, fk ° admlalsters -éthe + ‘ -gansisting “premiums. primarily” a : cillected . for. the" universal, in-. 7 supported. ~eollacied for ‘drivers* ° by all B c, licensed, drivers duly. - aor a surance coverage “required: ‘for. ~ vale ‘all, ‘vehicles’ licénsed ‘in’ the - “The fund‘ ig" also * provinee.:.: Th hy: cer: the? atitomobile insurance plan: o me “e Sdited . tothe “Aulomobile “premiums, ‘liffeates, required to be carried. “The: faoi-profil ‘Autoplan fund (ill: be charged withthe ‘costs. ‘commissions * “and.” of -elaims. ‘uperating., expenses, ‘ including” ‘-slarl-up and development cosis “Te also’ provides’: ‘for reserves, “f The’ annual report says cB C's pilicy, is lo invest all -at is ; “available: funds: in. B.C, wherever: leasible: Alcon" > genlrates oan: * short: lerm ‘securities -- ranging generally © “Strom 30 to 120 days to keep its ay assible. uel inet: ‘yea: “slaims ‘TBamboo ¢ a [Rake aE, A) * ‘funds as liquid and flexible as. oe écotomy,” the re ors SB The. Crown Corporation 5 first a m a “Aabled: inthe. why): ig. stil less: than’:the," Tene's te wrt demands can be accurately determined. Later, as funds - become available for longer-term .in- V¥estment, “the corporation will seek opportunities to expand and improve its contribution lo *, ihe growth and’ development of the ~: -- British © ‘Columbia “tose” S initial fhiancing: was obtained through loans fromthe - " provincial treasury totalling $18 ~ ‘million, ‘the report - said. This’, amount. plus’ $729,00-in ‘interest was repaid lo- (he provinee “before March en AL Match 1, 1974. one. ‘inition “cvehicle ? insurance: certificates were in force with a tatal of $133 million in premiums, and ‘the ‘yeport estimafes: thal-.for® the ‘fiScal year ending February 28, .: “next year, 1.4: million’ vehicle. “certificates . and 1,3 million | drivers’. certificates will have - “been | issued? With. premiums : totalling. S27. mnillion.. ae The: ‘amount available ‘tor ‘investment! from this: Auloplan | income “Ww. il] depend to a large © -Gegree-on the amount. ‘and in: -eidence: of | claims payments”. The. report. points out that in’ “Marchi ‘of this: year-lhie: ‘first’ emonth Autoplan- was operaling-- more thin 24,000 aula insurance ‘claims : ‘otallinig about. SH 3a. million. were € reported. monthly: claims: ‘projer:ted.. for - the “caming - fiscal “year,” - the. report adds. : a “giher: aperalions- including, its: activities | in’ the ‘general insurance field’ in - competition with: other ..B.C. insurance. companices--are "accounted for separately. from the: Autopian fund. -: In its first five “rionths i in the general insyrance bilsiness+ wtarling., Detaberse “2973- eth Ladies er ‘Blade Aiea | Grass Shears | 79| “Cultivator 39" Handle strong _& durable .. , vr ~ Pruners “amit 8" Size’ Each...... 2.98 1‘ an “Handle ‘Each . 14 Tooth inetal Bach. . aS “premiums. thal: ‘were actually . earied to February.28, which is a small . portioi- of:. the total: (Premium - income is not fully. earned until ‘ - expiry. of :the policy: period, in .. many cases three years | hence. ~ ! amy oLils campetitors i iy Br British . Colu . base of the Proving Round Bow Rake corporation sold more than, 10,000 fire, liability, burglary, fidelity, marine machiner’ and other: ‘policies with total ‘premiums of $2.1 million. However, the general’ in- ‘surance operations of the’ corporation showed an un- -derwriting loss of $417,000 as of ‘: February 28. The report points oul that this isa situation comman to. all. companies during a period of rapid ,.expansion: It resulted from: ‘charging, .off all. com- missions, acquisilion expenses and other costs but only. taking income. .a. portion Jof premiums written. “What Is shown in the report’ so statement of operalions ds -8 ioss of $520,000-representing ~eeriain accounls receivable, ; ‘. In all its operations, the aim ~ and objective of the corporalion ‘isto serve: lhe public of British * Columbia-and (o strengihen the financlal fabric and ecanomic 6 nadian 4 ~ éY Sghagaum insurance . prepaid . othe! ‘report. says: that all: in-. - dications. are thal’ (CBC: will. ‘Attain in: the. coming’, “year-a > premium volume 'in the ‘general ‘ Your Lawn. for Spring. .---- ‘wa Sattler ler rag en mnieienl ea \ i) “Sunshine Brand - Peat, Moss 2 blocked in ‘ils. efforts y the provincial government "which - won't clarify “regulations .or make decisions on.. basic *. = questions. ° . This’ comment was made ' today by. P,T. Matthew; °- managing - ‘director ‘of The Mining Association of ; British Columbia; in ‘response lo slatements’ made:~ in’ -the Legislature by Mines Minister, Leo Nimsick. Nimsick said the government, is considering building its own copper ‘smelter “lo process copper cres if it‘can’l persuade the industry ta do the job. _- Here is Matthew's reaction: “The statements made by the’ Minister” Inthe House are ridiculous. The industry has not been silting idle. on this issue, bul it hasn't been ‘able to make Ja. any progress ‘because the “government won't make: basic . building ‘smelleys..: . =." As further indication af ‘the - government's: inaction, (he governmerit © after, exhaustive decisions. “WE are “completely. aghast . al the” Minister's” statements relating (a (he industry’s” al- dtude. The fact'is a consortium ‘has submitted'a proposal ta the: - “government - ‘smelter and_ has: been waiting ‘since. 1972 “(oa reply: to. the | proposal.” Other: mining groups ar seriously . interested ° An: _ operaling fot a copper and, “study: and public, hearings has sul nol brough’ down regulations: regarding: the standards of . pollition ‘canirol for! a copper smelter. Thus, the industry's hands.have’ heen tled “by, a lack’af direction from the government. "The industry has also ins -dicated il is willing to have 1he government participate. with it “in the building and, operation of “The | “report “Gimphasizes the’. . there has been a need and they ‘4 cubic Foot 3 a copper smeller but, again, the: government. failed 10. ‘reply ta’ this proposal..; 2M. Nimsiek ‘doesn’ 1 seem lo realize thal: there® have :been “. Many, copper. smellers” in’ the. ‘Industry: province in the past. has established -ihem ° where have clased when the are’ was exhausted. It is quile obvious ‘from. this that the industry will build copper smelters and operale them_, when they are lly able.” ‘ Garden Hose Green Plastic All Purpose... 7g x 50° Length $1,179 d Point - “|Sprinkling Gan ab Plastic’ - 1 39 Each .....iceeiee Garden Spade weuaneveceian Dy 19 | A9 [ocsren__ 92,98 crane Work. Gloves Leather Palm $9. 69 Pairs: nn | _ dominated — JL Since 1950 there has been a _rapid- expansion of lumbering into. the Interior. forests. production. ; about 70 pet cent of Canadian : lumber, Virtually all British ‘Columbia lumber: is. softwood “and, on the average, about 75 per. cent is. exported. The . Coastal sawmills,‘‘shipping mainly by water to the United” Slales ‘Ailantic seaboard, the - United - Kingdom and “Europe, the sawmilling © industry ‘until after World War - -Railroad extensions during the 1950's coupled wiih”: the American post-war -housing boom. pravided profitable . outlets for Interior lumber, The... Interior - sawinill industry now surpasses - the Coast iri prockiction ‘volume. The veneer and “plywood | industry,. founded ‘on coastal Dovglas fir, grew irom’: nine ‘ establishments’ with a “ship: / ments value’ of $12 million in 1945 [o 28 establishments with a . ‘shipped, products;valued at $207 : “million. in 1968 and: $176, million ‘in 1970.‘ Veneer- and ‘plywood follawed © lumbering into” the Interior, where, in ‘addition to Douglas fir, ‘spruce, pine “and .balsam are peeled for sheathing grade construction. “plywood. British Columbia now accounts ~’ -ported. ‘for “90° per. cent- af: Canadian soflwood_ plywood production, aboul 75 per cent . of which is ‘consumed © domestically. Shipments of sofiwood plywood - Alean Aluminum Limited “feports consolidated net income “of 38,9 million U.S; dollars in the first quarter of 1874, equivalent -- fabricated‘ products” in “all la: $1.13 . per “commian . share, compared, with.” 17.2;. million | delars or ‘50 cents per share i in the first quarter ‘of:1973.°° < Bales and operating revenues in ihe first quarler ‘were at hew ‘high ‘levels --of. 34.4 -millilon- ‘dollars;againsl “421.6 - million ‘dollars..ast Year. while . ship- ments of aluminorn in‘all forms’ and’ from ‘all, sources ‘were at 426,900 tons against 420,400 tons in ihe first quarter af last year. The Company siates thal the exported ,Groundwood . pulp. “primarily. in the production af "British Cohimbia _prodiees "int cent tariff. around 1950, the: production of sulphate :or - -kratt® pulp rose. steadily to surpass combined’ groundwood ., and “ -sulpnite production. in _ 1962, then rapidly increased of over 3 million tons by 1969. Market softness in 1970 ~ caused teduced production. but a strenthening: of .markets in 1971-2. has resulted in recovery and..has conlihued ~ upward, - Over 80 per cent of kraft pulp is ‘from’: Canada. is: used newsprint ” although / some , ‘consumed in the manufacture of “tissues , and ganitary ~ papers: Twa! mills’ produce . dissolving sulphite. pulp. for’ the -market “while ' one “produces ' a‘ small “amount of sulphite..pulp for internal use in the manufacture - of paper... A range of ‘kraft -wrappinig paper, sack : krafl; Jlinerboard, corrugaling ‘medium, and~ roofing. papers . ‘plus a‘ line of’ fine. papers and ‘miscellaneous .. papers are . ‘manufactured in ‘the province. : _Aboul:99 per-cent. of newsprint ‘production ‘and 34: per cent ‘of other paper and board is ex: In 1970 the. pulp and paper mills shipped - preducis -yalued ‘al ‘over $652 -million “Compared io a 1946 total of $35” ‘million. : Alean First Quarter - Earnings Up | + “investment alter ‘the depressed Jevels. of, recent years. It is ‘attributable -to. higher price realizations .an- ingol- markets... These - improving “prices ‘are--(hus “far” yielding :belter profit margins -despite athe climbing, costs of malerials,- ‘wages ‘and . salaries, :trans- “portation and borrowed money. :Practically all subsidiar jes in. all regions showed: better first - : quarter results hana year ago, bui -the . restoration. of profitability was mast: im-: - portant in Alean’s Canadian smelting syslem. Siege Lak in. earnings Sract a now, against full cape ration of a.. city.afler last summer and more: re asconauies “Teturl an SfAutumin Nirinte ip nate auffieuluiés Agricultural Lime | 50:52,69) =: ening Fertilizer Green Valley Kilis Moss and 1 Feeds Lawn. in -the time.to Plant Box ae ‘While Stocks Last.... Assorted Now is. Green Valley 6-8-6 apply Early Spring D. Bea Green Valley Fertillizer :, "2,69 = “arising: : pegotlations, The - Company’ 8 “difficuldes arising from’ labour Here - ‘HOW TOSAVE a OR HETIREMENT- ‘ AND SAVE TAXES NOW Fram -Ihe: InstituteJof Char- |. > fered’! rAccountanta™: of- ‘British. y _ Columbla wee os “From a small heginning. : individuals. to. accumulate. savings during their lifetime to ’ provide for. themselves’ ‘and _ their - families~ their retirement years.” Generally, if these savings are. - accululaled° In a “registered”. plan, ihen within specified limits the annual contributions to the plan will be in ‘deductibel’ from the - person's -ineome and the income earned by the plan will not be subject to - ‘tax. Contribulions and earnings — will be subject to tax when with- drawn from the plan. The twa most common forms Registered Pension plan (RRP) -and the Registered Retirement “Savings Plan (RRSP). >: ‘A RPP can be established by at employer or (rade union ‘for the benefit ‘of its employees or members. Both the- employer . and. employee ‘may. make - contributions to a’ RPP.. ‘An-employee.may deduct up : ta $2,500 per year for current services providing they are withheld > from his wages by the amployer or are paid of as part of his union dues, , In ad- dition,” same ‘employees may make further, deductible: con- tributions loa RPPi in respect of past services. | Taxpayers, - ‘who. are’ not members of a RPP, or who.are covered by a RPP. but-co not contribute. ‘the maximum “deductibel ; amount to. it, may. establish a RRSP. This.is like a - “private pension: -plan . ‘whieh. - covers only one person. “. The maximum deductibe! contribution to an RRSP for an individual is the lesser of 20 per -cent of-his. earned income for the, year..or $4,000. If his em- “from <--. labour negotiations. ~The Company's principal subsidary, :Aluminum Company of Canada, Lid. whose accounts are included above, reports consolidated net income . “pf 15.0 million dollars in the first quarter against 4.1 million dollars in the same quarter Jaat on oyear., SEC. ME a . , Free © mil is reduced to $2,800. ‘The deduction for payments to such | an RPP and a RRSP is Limited : to $2,500 in total. x. : ¢ Contribulions. or payments: to. an RPP or RRSP, within the | : speelfic limits are ‘deductible * ‘ "the Income ‘Tax Act contains: © “incentives which encourage from . income ‘for purposes or: Calculating the’amount of Lax an ° individual ‘must. pay for the : year. .- In effect, a taxpayer : " ysing one. of these. plans is - permilied to save “untaxed’” - dollars. and lo. have these ; savings earn income. which IS - ‘not taxed ona current basis. ‘Also, the opportunity to invest - with “untaxed” dollars means * that he-has more funds‘earning | ‘income for him and this’ can - “produce a substantial” benefit. - “The accumulated savings in | a: registered plan will be subject la lax when they are vrithdrawn ” ‘as. a pensionor: annulty; oF: ‘of “registerd’ plans are the © otherwise. The. government cbviously : isn't going to ignore these .. deductions... and: eaenings © “forever, bul it will allow these ; “funds to accumulate lax free “thelr retirement. . until sueh time as the funds are . withdrawn - or the’. plans .ate“ cancelled. You will appreciate: the fact that the purpose of. these provisions is to encourage = and help individuals to save for ‘ After retirement the person : income will likely be less. than. during his working years andso-! ‘he will be in’a lower ta: “ployer does contribute. to’ a, ‘ “pension plan for him, the: 4, 000" brackel. The rate of Lax an the:: funds. being pald’ out. of” the: proceeds . from - his’ registered” pas will therefore normally be less than the rate when. the: contributions were being made. ” There are manyorganizalions ready ‘to assist, In: establishing-< an RRSP. A nitiual fund sales: organization or trust ‘company - will normally arrange fora ‘plan : 3 if the investor selécis one ofits > 2 “mutual fonds or pooled funds : as ; the investment for his plan, : ee Life insurance companies | will * arrange ‘a plan if the savings protion-ol ‘one of ‘their Uife-in- surance policies or one of their managed funds ate selected as the plan's investment. For those investors who wish their: own investments, many trust companies will establish and: administer -for a nominal feo a“'self-directed"’ plan which “permits the plan holder to select his own investments, “within those allowed; iby the: Tneome . Tax Act. ke ees ‘ime! With Moss, Killer. D. 3, 29 | Steer Manure | 40:2.6$ PoshFertilizer 10 6-4 For Lush Green Lawns: eee 7899 4-10-10 Flower Vegetable Promotes $3. 29 Good Root Formation 20 Ib, Bag Sulfate of Ammonia Green Valley 21-0- 0.For Green Lawns 20 Ib. Bag $3, 29 ‘Assorted Rose Bushes x No, 1 ‘Two Years old | 59 Potting Soil 22 at. Bag - ey Excell Garden Seeds Assorted 5 for*] 00 rr Safeway ‘Plant. Fertilizer m8 ~s4 19 $1,719 fasic” 8,99)