ON THE AIR Purchase Offer Is Rejected TUESDAY PROGRAMS By Foundation Company Ltd.

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MONTREAL (CP) — The Foundation Company of Canada Ltd, has told ers that the directors and “several of the larger and most influen- tial shareholders” will not ac- cept an offer made by an un- identified client of the National Trust Company to acquire 500,-

the 1,188,816 shares of

A letter to shareholders said because of the secrecy of iden- tity of ‘interests seeking to ac- quire effective control of the company, they could not rec- mn acceptance of the of- fer

The offer, made Tues Said the first 500,000 shi Foundation tendered the Na- tional Trust Company would be bought at $14.75 a share, abou -3 above the current market

price,

The letter, signed by F. G. Rutley, chairman, said the com- pany had net earnings of $944,- 485, or/79 cents a share. in 1961, compared with $1,292,546, or $1.09 a share, in 1960.

The earnings figures were given shareholders three weeks before the publication of the

“in anticipation of meeting April 26."

nual report, the company said, annual

RETAIN CONFIDENCE

‘The letter said the company was Canada's largest construc- tion company, but “even more inaportant is the ability of its management team and ata! generally to retain and even in- erease the confidence and good- will of its clientele.”

The letter he company had been unable to find out on

‘hose bel

and the Nationi to identify their client.

The company said the offer contained a clause enabling the offer to be withdrawn and hence | “could amount to nothing more | than giving the offerers an op- tion to purchase your shares.””

Shares of Foundation closed at $11.63 on the Montreal Stock Exchange Friday, but rose to $14.25 on announcement of the offer Tuesday. Since then they

| slipped back to $13.50. |

The issue closed at -13.25 Thursday afternoon on the Montreal Stoek Exchange.

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International Insurance Suggested For Investments

By FORBES RHUDE Canadian Press Business Editor

A joney in the world is probably much harder to bring about then a freer flow of trade.

You may take a chance on an individual trade transaction, even if your confidence is a little shaky, but you like to be pretty sure of a country’s future

Poor Man Wins

Tax Appeal Case

OTTAWA (CP)—The Income Tax Appeal Board has ruled unanimously that a poor man, able to pay only $9 a ~onth for his wife in a mental hospital, is still supporting her,

In a judgment issued here and bristling with indigna- tion, the board flatly rejected the revenue department's claim that Theodore Lariviere of St. Hyacinthe, Que., wasn't entitled to a $2,000 basic income tax ex- emption as a married man.

‘The department based its case ‘on the income tax law which al- lows a $2,000 exemption for a married person “who supported his spouse.” It argued that Mr. Lariviere hadn't supported his wife.

The judgment said that Mrs. Lariviere has been in a mental hospital since 1938, Her husband has to pay only $9 a month for

board “in view of his p1

er Weather| carious financial condition.” In ‘earlier loans to the institution | recent years he hadn't even paid totalled $40,000,000.

that much, and owed the hos- pital $929 up to March of last

year ‘The board said that, to coun-

| sel for the revenue department, | more than half of them new en-

supporting a person means spending money for that per- on.

“Nothing could be farther from the truth.”

The board said that Mr, Lari- viere was “providing his wife with what she required, in view of her condition, for the needs of her sad and miserable life.”

“What more could the tax- payer do, and what better could he do, than what he did under the circumstances in which he

| found himself by reason for his

wife's illness?”

South dealer, North-South vulnerable.

2.30—Englith Uerature | 24S—John Drainie Tells A Story 3:00—News

jbefore you invest a sum of money in it for a term of ye

| This is particularly a problem for the newer and under - de- veloped countries, anxious for and in need of capital, but | whose future political stability may be uncertain,

One suggestion made is insur- ance of private foreign invest- ments through some interna-

| tional arrangement,

Discussions are in the prelim- inary stage and, to provide di the World Bank recently co! pleted a study entitled Multila- teral Investment Insurance.

HELPED RECOVERY The World Bank itself and sev- eral other international bodies, such as the International Mone- tary Fund and the various bod- lies that have operated in Eu- rope’s recovery, are evidence that internationally - supported bodies can achieve results far | beyond the amounts of money involv | The World Bank's loans have | an interest beyond the countries involved, because they make | possible projects on whieh con- struction and engineering com- , panies of other countries can id.

| Among recent announcements is a loan equivalent to 0,000 | 000 to Industrial Credit and In- vestment Corporation of India Ltd., a privately - owned and- managed development bank es- |tablished to promote growth of private industry in India. Three

In seven years the Indian body has approved financial as- sistance equivalent to $90,000, | 000 to 133 industrial concerns,

terprises in such industries as electrical, chemical, mechani- | cal, stopping, teqtile, fertilizer, food - processing, paper, glass and ‘building materials.

World Bank loans in India total $846,000,000 of which the Bank still holds $690,000,000.

The International Finance Corporation, World Bank affill. ate, has agreed to invest the equivalent ‘of $3,000,000 in Fab- rica Espanola Magnetos 8. A. (LFEMSA), leading manufac- \turer of automotive electrical ‘equipment in Spain

CONTRACT BRIDGE

By B. JAY BECKER

| ahead, it is certainly wise to | take advantage of the informa- tion. Here is a case in point, | South got to three notrump | | on perfectly normal bidding and| West took it into his head to double, This was not the smart- est thing in the world for West to do. While he had good pros- pects of defeating the contract, he could not, first of all, be sure that he would, and secondly, he was openly announcing, to de- clarer’s advantage, that he had cards that were

missing.

North redoubled, reasonably enough, and the battle was on. West led a club and South could see that West's double had to be ‘based on a long club sult and two side aces.

Deciarer realized that # he lef a diamond, the suit that he | would normally attack, he would | run into a dead end. West would tal ace and estab- lish his clubs and South would be in a position where he could ash only eight tricks. West, at that point, would have the ace) of hearts as an entry te run his elubs. |

So South, armed with the| sed had obtained |

the precaution of not initia the suit by first leading a heart from dummy, If he had done this, he would have gone down.

Instead, he entered his hand at trick two with a spade and led a low heart. West was powerless to do anything against this play. If he took the ace, uld be able to score nine tricks— consisting of three spades, four hearts and

two ell And if West ducked the heart Jead (which he did), dummy

would win with the jack and South would then force out the! ace of diamonds, permitting | him to win nine tricks consist- |

three spades, a heart

Wheat Acreage Boost

res ai f¢ | Wheat plantings ef 24,600,000 over 1961.

| INCREASE IN

Guardian, Charlottetown, Tues., 20, 1962. 11

@ z > z So i= >

Forecast From Ottawa.

OTTAWA (CP — Canadian | aci up only one per cent

acres — up four per cent from| Biggest drop is in flaxseed at

8 f 23,792,000 in 1961—are indicated | 1,900,000 acres, off 20 per cent this year, the Dominion Bureau | from last year, of Statistics reported. This is| Rye—spring and fall varities 11 per cent above the 1956-60|—is up 13 per cent from 1961 | avers at 587,200 acres.

The Mixed-grain acreage Is 1,600,

above la

recast reflected prairi crop optimism despite abnor- | 000, mally-low moisture reserves on | year. the heels of last year's slim, Rapeseed plans to reduce sow- wheat crop of 261,000,000 bush- ing by 18 per cent to 514,400 els, less than half the 1960 al res,

Canada total of 489,000,000 bu-

four per

+ | Potato acreage 1s expected to total of 317, per cent be- low 1961 but three - per “ent |

OA’ Oats for grain in Canada—not | higher than the five-year aver- | (1 including fodder—will take 12,-\ age. Prince Edward Island and

NOW AN

000,000 acres or an increase of |New Brunswick indicated the five per cent over 1 sharpest euts due to potato Barley indications 00,000 | plus.

RIPLEY'S BELIEVE IT OR NOT

6-X INJOV 13x93S

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FOR AN ACT OF CHIVALRY! Wi

‘dha Grant, A SOLDIER

Y WINGEY AND 1 ARE GOING TO THE. k= E Conese!

YEP! WHERE SHE GOES,I GO! I HOPE

DAILY CROSSWORD

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OUR BOARDING HOUSE MAJOR HOOPLE

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