MONTREAL (CP) — “An exciting new tax deferral and investment vehicle,’’ says a Wood Gundy Lid. advertisement announcing the ingue of 825 units at $5,000 each in the movie Never Trust an Honest Thief.

Wood Gundy, with offices in 26 cities from St. John's, Nild., to Victoria, is among the increasing number of brokers underwriting movie igsues.

With noo shortage of roducers wanting public nancing, the inevitable result is a glut on the market. _ ;

Earl Aguinik, a stock: broker with Yorkton Securities Inc., said in a recent interview that the market for movies is being

saturated. “I think that a lot of films are golng to fall by the

* wayside.”

At the Quebec Securities Commission alone, hardly a week goes by without the an- nouncement of another movie registration,

tus a sslon Peal and the’ boom haa hit the entire country. alone has four movies on his hands. Pinball Summer and Tanya's Island are sold out, while he expects to close Double Negative this month and The First Hello in September. ; What kicked off the boom

was a federal government:

incentive measure per- mitting investors to deduct 100 per cent of the sub- scription price from or- dinary taxable income for

Pane 19, The Harald. Friday, Augy=t 24. 1979

Movie said tax dodge

the year the investment ‘is made. 7

* Themovie must, of course, conform:to the federal definition of a Canadian movie,

The first to be sold under the incentive measure waa Agency, and a market whick was required to absorb $30 million of movie financing last year is expected now to absorb $100 million.

It is the investor's turn to pick apd choose, Agulnik

Competing against movie issues in Canada is gas and oll exploration stock which offers a better tax writeoff.

” he exp “For some oil and gas exploration, the investor who is in a high

enough tax bracket has po .,

risk.”

In Quebec, competition also comes from a provincial incentive announced -in the spring budget to invest in

Quebecbased companies, |

under which taxpayers may deduct investments in new issues of such companies up to a certain limit.

Arecent Canadian Pacific Investment Lid. Issue sold out immediately because of this incentive.

“In Quebec, it’s been tough; its hard work’ selling movies. Practically every brokerage house has done an issue by now, in- cluding all the majors except two, Agulnik said.

“Hf you take a croaa setion af your major brokerage houses, they all have offices in the same cities, so they're

EARNINGS

Canadian Tire Corp. Ltd.,

six months ended June 30:

1970, $16,360,000, $2.56 a

ane 1978, $14,487,000, 26

~ Maptex Management and Holdings Léd,, six months ended June 80: 1979° $1'041,762, $2.97 a share: 1978, $514,042, $1.17. Mercantile Bank of

DOLLAR |

MONTREAL (CP) — U.S. dollar in terms of Canadian funds at 3:30 p.m, EDT Thursday was down 2-25 at $1.1655. Pound sterling was down 3-10 at $2.5960,

In New York, the Canadian dollar was up 1-20 at $0,9581 and pound sterling was down &10 at $2.2295,

Canada, nine months ended July 31:979, $17,415,000, 92.18 a share; 1978, 912,958,000, $1.42.

Newco Financial Corp., six months ended June 30: 19$9” #437, 0 , no share figures: 1876, $327,000.

Ollex Industries Ltd., six months ended June 30: 19$9, $187,344, 14 cents.a share: 1978, $122,230, nine cents.

Provinclal Bank of Canada, nine months ended Suly 31; 1970, §13.8-million, $1.52 a share; 1978, $13.2- million, $1.65.

Sogepet Lt, six months: ended June 30: 1979, $10,581, loss, no share figures; 1976, $39,003, loss.

Strathearn House Group Ltd., six months ended June 30: 1979, $745,000, 24 centa a share; 1078, 9439,000, 16 cents.

Toronto-Dominion Bank six months ended July 31: 1979, $17,430,000, §3.09 a

share; 1978, $90,972,000,

$2.40. -

STOCKS

VANCOUVER (CP) — Prices were mixed In heavy trading Thursday on the Vancouver Stock Exchange. Volume at close was $,845,201 shares.

Of the issues traded, 138 advanced, 137 declined and 158 were unchanged.

In the industrials, B.C. Re- sources Investment Corp. was up .05 at $6.10-on 142,155 shares and Computrex Centres was up .03 at .26 on 16,000. Polysar Ltd. Preferred A was unchanged at $26 on 6,000 ahares and Canadian Javelin was down 4 at $1.21 on 3,516, Taro Industries was up .10 at $3.45 and Renn Industries was down .0t at $1.24.

On the resource and Hat taal

8 6, tarerarecscerace ere:

The Canadian. Red Cross Society

eee sheet ecetebececatertas

RSS SLO SS NCS

development board, SNA

8 was down .03 at 48 on 101,300 shares and Kandahar Resources was down .11 at $1.70 on 93,500. NRD Mining was up .17 at $2.67 on 82,800 shares and Laredo Petroleum was up .06 at .B6 on 79,600. Silver Chief

Minerals was up .40 at $2.30:

and Yukon Revenue Mines was up .15 at .70.

On the curb exchange, Risby Tungsten was down .02 at $1.15 on 151,600 shares and Yamoto Industries was down .05 at $1.55 on 48,500, Bianca Resources was unchanged at 74.55 on 34,200 shares and Northern Lights Was up .06 at 35 on 31,090. Cobre Ex- ploration was unchanged at

50 and Bishop Mines was .

down ,05 at .35.

RS RRO Ne eT SANA SS

rareteretatals’

sdeteatolen deterred

“accountants, I haven't sold

going Into fierce com- petition.”

For the investor who's in It for money and not just for a tax break, a movie isa 100- ‘ial per-cent risk, -he sald, And ~ that investor is a businessman, the af person who tnderstands risk better than anyone else.

“Businessmen are the backbone of my investment group,” he said. ‘Then, there’s the medical and dental professions and some

to a lawyer,” . And while the movie in- dustry is considered

glamorous in other ways, ‘I have not come across one person that has bought a unit for qheglamar of it,’ Aguinik

Sine

danachan Mental Health Associabenin recognilion of ++ (b79einternational Yearol tha Child

START

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