‘Page 8, The Herald, Tuesday, May 15, 1979

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TERRACE

daily herald

“prevented thi
a lot worse than they might

IF YOUR RICH
“Family « allowance —

A ve
5 1

should be taxable 7

OTTAWA (CP) — The
Canadian Council on Social
Development says govern-
ments: should take back in
taxes family allowance and
social security payments
‘made to families with annual
incomes above $21,00), The
revenues gained jwould . be
distributed to Cena 4.5
million poor,

Pierre Bourdon, . :
executive-director of the
council, told a news. con-
ference Monday that full
employment still is the best
way of [fighting the battle
against poverty.

“But if governments. are
not prepared to pursue.this
objective, they must. place
equal importance on im-

plementing more effective ©

income-redistribution | ,
programs."

For example, an estimated
$750 million could a
recovered each year b
taxing back all family
allowance payments to those
above the average family
income — currently $21,000.

“This could then be used
for an improved child tax
credit or in taking the first
step toward an income-
supplementation program
for the working poor.”

The statement coincides
with the release. of two
council studies on poverty
and government social
spending policies.

The reports say in effect
that the billions of dollars
poured into social programs
have failed to decrease the
number of poor, partly
because many services are

_ available on a universal

basis and are not ‘ajmed —
directly at ellmint ting ..
poverty. aes
The council is a govern:
mentsupported ‘‘nen-profit ©
organization which advises
the federal government on

_ Social policies.

Geoif Norquay, council
program director, said that
the $212.3 billion spent -
between 1962 and 1977 on
education, welfare and
health programs has helped
many poor but the money
could have been used more
effectively
that “3 must acknowledge

at sacia ng

ie ‘trom being

have been.’

However, the studies
show, in mid-1978 about 20
per cent of Canadians lived
below the poverty line,
estimated by the council at
about $10,605 for a family of
‘our.

‘rardest hit by poverty are
still the young, the elderly
and familles headed by
women,’

Most, recent figures from
-Jess than 25 years old, 30

976 show the average an-
nual income of familles
-headed by women was

$7,500 compared with the
$18,273 income of thase
whose sole supportera were

mor fa mily breadwirners

per cent had incomes of eis
than $5,000

SARNIA, Ont. (CP) —
A system of accounting
designed to provide
companies with a finand
cial picture free from
inflation’s iltusions should
be in place by.1981, says
the aresident of the
Canadian Institute of
Chartered Accountants.

John Adams predicted
in a Rotary Club speech
that current-value ac-
counti 2, which com-
pensates for inflation’s
bite into profits, will
become widespread in the
1980s, A text of his ad-
dress was released in ad-
vance,

Adams said record 1978
profit levela now being
reported by several in-

CLEAR FINANCE
PICTURE SOON

‘shareholders and em-

- Jarger ‘share of the in-

‘and equipment that are

dustries, cespecially
forest products and steel,
have brought the question ‘
of inflation accounting to
a head.

Consumers,

ployees, unaware how
much of reported profits
are illusory, were
demanding an . ever:

creased profits.

“But in many cases the
size of that pie is sub-
stantially overstated.”

Traditional accounting
methods fail to make
provision for the rising
cost of replacing m chines

becoming obsolete, he
said.

STOCKS

. TORONTO (CP)

, Among industrials,
“General Motors of Canada:
fell 2%, te,.$86%n Montreal
"Trust 1 to $22, Union Oil on
Canada, ¥, to $20%, Sandwell

nang G9, A.% to $10% and

Dominion Stores % to $17%.

Algoma Central Railway
rose 3% te a27%, Nalcon-
- bridge Nickel A 1 to $554,
Teledyne Canada % ta§.1%,
quitaine of Canada % to
$8144 and Bell Canada % to
$224,

In mines and oils, Preston
-_Mines lost 1% te ni Teck

Y - 1444 . an
Paceen ‘Mibea tp $8h.
“Campbell e Mines
rire % o ol a Palcer
Developments % to $28. 5

Canadian Superior Oil was
down 1% to'$109, Numac Oil
and Gas 4 to $28% and Asa-
mera Oil 4¢ to $164m Ram
Pete was up % to $0% and
Peyto Olls % to $11%.

DIVIDENDS

By THE CANADIAN PRESS
Corporate dividends
Monday, quarterly unless
otherwise noted.
Bowater Mersey Paper Co.
Ltd., 54 per cent pfd., 69.75

' cents, July 1, record J une 8,

Economic Investment
Trust Ltd, 15 cents, June 29,

record June 15; five per cent .

pid., 62.5 cents, Aug. 31,
record Aug. 17; 15 cents,
Sept. 28, record Sent. 14; five
percent pid., 62.5 cents, Nov.
30, record Noy. 16. .

Graften Group Lid, 19
cents, June 15, record May
3

1. .

- St. Joe Minerals Corp., 35
vents, an increase of 2.5
cents, June 21, record May
25.

Simcoe Erle Investors
Ltd, 2.5 ents, July 31, record
Suly 24,

Thomson Newspapers
Ltd., 6% per cent pfd., $4,375
cents, June 15, record June
6; ¢lass A, 13.75 cents, an

inurease of 2.25 sents; class

B, a stock dividend

. equivalent to 13,75 cents pay-

able In the form of class B
shares ar immedialtely

“vedeemable class C shares; .

both payable June 15, record
June 6.

Torstar Corp., class B, 13
cents, dividend payable in
cash or in the from of class B
or C shares; June 29, record
June 14,

DOLLAR

MONTREAL (CP) — U.S.
dollar in terms of Canadian
funds at 3:30 pm. EDT
Monday was down 1-20 at
$1, 1816 Pound sterling was
up 71-100 at $2.3772,

In New York, the Canadian
dollar waa up 1-25 at $0.8609,
and pound sterling was up 7-
10 at $2.0465.

Versatile Cornat Corp., 10.

cents: pfd. A, 35 cents; both
payable June 29, record June

» ccorge Weston Ltd., 26
centa,.an increase of "tive
cents, July 1, record June 7.

VANCOUVER (CP) —
Prices were down In
moderately active trading on

the Vancouver Stock Ex-

change Monday. Volume
was, 2,302,645 shares.

In the industrials, ito Ma-
rine Elect was unchanged at
$6% on 11,900 shares and
British Columbia Forest
Products was unchanged at
$21% on 7,900. International
Fonarc was unchanged at .36
on 6,171 and Gregory In-
dustries was unchanged $544
on 3,900, Potter Distillers A
was unchanged at $,.65 and
Austin Inveatment waa down
05 at 90.

* Quataino Copper-Gald was
the heaviest trader on the
resource and development
board, up .05 to .50 on 50,000,
Vestor Exploration was .
down .01 at .95 on 38,-800, Rio
Plata Silver Mines was down
4 at .63 on 37,000. and

Golden Gate Exploration -.

climbed .09 to .96 on 34,000,
Camero Resource Industries
was unchanged at .90 and
we Minerals was up .15 at

WED

On the curb' exchange,
Orell Copper Minea was
unchanged at .28 on 314,0p0
and Cardero Resources was
unchanged at .28 on 43,000.
West Provident Red sources
was up .15 at $2.40 on 31,300
and Britleh Pacific In-
vestment was down .04 at
mi5 on 26,500m Mabee
Minerals was unchanged at
37 and Cold Lake Resources
was down .06 at $1.56.

EARNINGS.

By THE CANADIAN PRESS:

Automotive Hardware
Ltd., year -nded Dec. 41:

1978, $4,104,524, $1.95 a

share; 1977, $2,-87'.,085, 91.39,

Canada Safe~ay Ltd., 12
weeks ended Mirch 24; 1979,
$10,869,000, no hare figures:
1978, $9, 604 000,

Canadian Cellulose Co,
Ltd, three months ended
March 31: 1879, $2,735,000, 22
cents a share; 1978, §551,000,
five cents,

Canadian Homestead Olls

{d., three months ended
March 31: 1979, $905,000, 13
cents a share; 1978, $903,000,
14 cents.

Canadian Reynolds Metals
Co, Ltd,, three months ended
March 31: 1979, $3,582,000, no
share figures; 1978,
$4,130,000.

Condults-Amherst Ltd,,
nine months ended March
$1: 1970, $1,090,169, 83 cents
share; 1978, $215,638, 16
cents, °

Dustbane Enterprises
Ltd., nine months ended
March Ji: 1978, $1,214,747, 81
cents ai share; 1873,
$1,038,309, 69 cents,

Grafton Group Lid, three
months ended April 30: 1979,
$1,210,000, 39 cents a share;
1978, $993,000, 33 cents,

Honeywell Ltd., year
ended Dec. 31: 1978,
$11,806,000, no share figures;
1977, si, 64 000.

Inter-City Gas Ltd., three
months ended March 31:
1979, $6,491,000, 85 centa a

share; 1978, $4,833,000, 67

tnd Telephone Co. Lid.,
three months ended March
31° ‘601,032, 58 cents a
Bhare; 1978, $549,788, 45
centa. ’

Majestic Wiley Con-
tractors Ltd, three months
ended March 31: 1979,
$836, 1000, fo no share

gure;. 1978, $704,000, 0.5
cents,

Meintyre Mines Lid,
three months ended March
31; 1979, $7,869,000, $3.82 a
share; 1978, $583,000, loss, no
share figure.

Neomar Resources Lid,
year ended Dec, 31: 197),
$5,202, no share figure; 1978,
$127,918, seven cents.

Noreen Energy Resources

{d., three months ended
March 41: 1979, $26,178,000,
$1.14 a share: 1978,
$23,208,000, $1.02,

Pedlar Industrial Inc.,
ear ended Dec. 31: 1979,
1,500,000, loss, no share

; 1978, $530,000, $4.04.

Redpath Industries Ltd,
six months ended March 31;
1979, $482,00), 15 cents a
share: 1978, $2,403,000, 76
cents,

Robin Hood Multlfoods
Lid., year ended Feb. 28
1978, $5,-770,000, no share
figures; 1078, $3,389,000.

Union O11 Co. of Canada
Ltd, three months ended
March 31: 1079, $5,839,000, 40
cents ai share; 1978,
$3,872,000, 27 cents,