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Canadian Corporations 0
May Save On Tax Bills
UITAWA. Juno ll - (C?) - Canadian corporations may be able to save large sums on their annual tax bills as a result of a decision of the Exchequer Court of Canada.
In a decision Saturday the court upheld the right of a company to use an accounting system hither- to not accepted by the Revenue Department.
The case involved the Anaconda American Brass Limited which has a plant in New Toronto. Ont. The appeal was based on assess- ment of the company's 1947 in- come for purposes of excess pro- fits taxes.
The company will save more than 81.600900 on its tax bill.
The issue was whether the ac- counting systemi known as "Life" was acceptable for determining taxable income. The department. has insisted on full use of the "Lilo" method.
Under the "Life" system, the cost oi items last received into stock is the cost. assigned to the items first taken out. For instance. the price paid by the company for a new order of raw materials was reflected in its immediate out- going orders, whether they con- tained any of the new materials or not.
Under the "Life" method. the cost of goods first received is the coat assigned to goods first re- moved from stock.
The Judgment, delivered by Mr. Justice J. T. Thorson, said that the two systems produced an entirely difa'ent set of figures for the company's closing inventory.
The department claimed that the increase in the value of the company's inventory through 1947
TODAY N THE
MARITIMES HUNDREDS or ooos
ARE SICK...
should have been added to the 1041 taxable income as inventory profits. Under the system used by the company. the increase in the value of inventory was not added to its taxable income.
Mr." Justice Thor-son said the "Life" system more "nearly ac- curately" reflected the income position of the company.
"it is the method that ought to be applied in ascertaining the materials cost of its sales. and de- termining its next taxable in- come."
Naiional l.0.D.E Councillors Named
NIAGARA FALLS. 0nt.. June 11 - (UPJ) - National llione have been elected at the annual meeting of the national chapter of the Imperial Order Daughters of the Empire.
They include:
British Columbia: Mrs. W. N. Martin, New Westminster; Mrs. Walter C. Nichol. Mrs. J. L. Ford, Victoria: Mrs. R. J. Sprott, Mrs. Frank Stead, Vancouver.
Alberta: Mrs. C. D. Cliey. Cal- gary; Mrs. L. M. Downing. Medi- cine Hat: Mrs. M. G. Gourlay. Drumheller; Mrs. C. L. Morton, Edmonton: Mrs. H. Schweitzer. Lethbridge.
Saskatchewan: Mrs. C. H. J. Burrows, Regina: Mrs. Percy Cole, Weyburn; Mrs. D. C. Di!- bery, Mrs. B. J. Tupman, Sask- atoon.
Manitoba: Mrs. E. C. Cowsn. Mrs. W. A. Trott. Winnlpes: Mrs- R. E. Unicume, Brandon.
Quebec: Mrs. J. R. Beverldle. Mrs. G. A. Winters. Montreal; Mrs. H. H. Glbaut. Quebec; Mrs. A. A. Munster, Sherbrooke.
New Brunswick: Mrs. K. 1. Campbell. Mrs. Gilbert London. Mrs. E. C. Menzies. Saint John; Mrs. A. T. McMurray. Frederic- ton. xo '
Nova Scoila: Mrs. G. D. Ander- son, Mrs. Thomas Moon. Halifax.
Prince Edward Island: Mrs. Gordon B. Raynor. Charlotte- town.
Newfoundland; Mrs. J. Boyd Baird. St. John's.
Yukon: Mrs. George Black. White Horse.
Gov'i Ready To Probe Drug Prices
UITAWA, June 12 - ((0?) -
Unholy Bond
ly Cameron Doelisry
a-t-3:
"rissrs'a another factor thoucb. my dear . . . he's an intern. not a licensed physician. If anythint had gone wrong, he stood an ex- celient chance of wrecking all his plans for a doctor's profession."
"I never thought of that, Rich- ard."
"Didn't you?" His eyes lingered on her face. then he closed . she reached over quickly and felt his pulse. He was already asleep.
An hour later she heard Cliff and Naomi coming in.
"We found a linonnan and 1 called the hospital." he announc- ed. "They don't want Richard in there. it's too crowded. Wlndeil said he'd drive out here with me as soon as the road is open."
"Dr. Windell?" she said incred- ulously. ' "Yes. The old duck actually sounded quite friendly."
"He'll be proud of you. Cliff. Richard is-he told me only a few minutes ago that you had the makings of a good surgeon."
"Must have been delirious." Cilit looked very pleased. however. "I'll go in and have a look at him."
Janet went into the kitchen for some of Mrs. Miies' eye-opening coffee. when she returned. Cliff beckoned her into the bedroom. "Come in hers and talk to me. I've given Richard a sedative; he won't hear a word we say if we keep our voices low."
she glanced quickly at the while face of the man in the bed then cromed to the window. "There is not much to say. is there, Cliff?"
CIIAPTI.-Ill. TWELVI Part Two
"Janet, it's absurd in go on torturing yourself like this." he said softly. "why don't you tell Richard you love him?"
"I can't Cliff. Don't you see what an awkward position that would put him in? He's so fine held feel he had to pretend."
"Loving you wouldn't be hard to pretend. Janet."
"It would be for Richard. He's ioo straightforward a person to act out of insincere emotion."
"He's a fool, then. Janet. if I thought I had a chs.rice, I'd .. ."
"You're sweet, Cliff. but there'l1 never be anyone but Richard for me-I realize that now. And." she added dispiritedly, "I guug ihere'il never be anything that means as much as medicine and Odkhart to him."
cliff busisd himself feeling
. . . and DAB
will be pleased with gifts from
If you have that last-minute lost feeling-bf RBI. because we have precisely what Dad wank. right Inc In his favorite storel You can spend as little as 01.00
Justice Minister Garson indicated , ' . in the Commons today the gov- Richard's pulse; a strange smile because zenuslex Ma sols them ernment is prepared to investigate played around his lips. an Iron! notimsl sources of vital the drug industry under federal As soon as the highway was dietary elements. combines laws, if allegations of sb- cleared. Cliff left for the city and - pm... your...-so '” i:i.i3:"S..Z.'23i. :”.::::.'i SHRTS X Dress or Sport-we have 'cm all in
dng romi 7”" k'"”" 3'9" F” lie was replying to Claire Gillie Richard for some iime while Cliff srusi . ; : and at the same time (CC;-gcape Brawn south) Mr. paced up and down the hall light-
:l'"i-lh ”"lm51"d""'3 f""")'""l: Giliis said he would produce the ing one cigarette after another Wins f00m- G" "RD "ii facts. When Windell emerged from i o fanc ' ' and be It
- y, solids and wliites-in all the . or as much as on wast . . 0 also CHLOROPPH I-UN todiyl The Maritime member asked it the sick room. Cliff stared at him branded lines - Arrow-Tookc-B.V.D. . ' y
there is any machinery under rc- nervously. oiste ' his ii I - "1, pm, m,,,m,,,,mc, 1,m1,u,,,, "Did you Txamiggngthe Wong; and Van Heusen-priced from 53.95 to through which the government 311-?" ' - M150,
can examine the costs of drugs to "yup grown! I didy NECKWEAR
the public to determine if retail 1),, wmdenv, mick eyebrow. Always a favorite gift-solids, panels . . g
prices are in keepin with product- h 1 M p
ion and distribution costs. h:"gpeZ:'.d”V”f,omS eggeatgd "23; X and ncais-hundreds of ties to choose from-sucli well known brands as
Mr. Garson said that under the quire menacing” resale price maintenance legislst- --D. " . , . ion vassed last year to eliminate 3 p,.;pEg3?el stilfegelg ":h: .5133! retail price-fixing, "no supplier dmn-3 cnmc md"l.m mclmedc u; :F..':?.”'i'...":i..'i'.”'it'.'.i.: 3.2:: :: :.g;;:...”&".:r to PM W New W Va" an nk we'll see some sen .............................. .. 4hl.00 lo h2.00 Everything from liglitweiglit rayon: to the heavy diamond pattern wools, including "Happy Foot" with the cush-
resold. .. "Such legislature does not pro- ch:;;l&?M:ra:de'” Mm uncermmy ion sole. Choose from a wide selec- tion. Priced from .......... .. 75c to 552.00
X HANDKERCHIEFS
cost of production or distribution, on moms you.” mmlmh Mm X Plain and initialed linens-
Swifi Canadian 0).. Limited.
pleasing the Pater. Our alimed all ooultaell III!
people will be glad to help you.
Nylon Swim. Trunks
Get in the swim with the latest in swim trunks-Nylon swim trimin th-t fold right into the pocket of the swim trunkiiseltwith szippu-cioslnsto make it complete-so neat it folds iv a size slightly larger than a wallet- ' yet fullsiasd. Csrrylt'inth0iIi0V' compartment of your car
for such is not its purpose," Mr. , em r;:r:2'”;-..:;”::2-.. 33:3: 19-111 Wile of personality of which he is the epitome. Now suppose you show me around Oakhart." During Richard's convsiescence he had asked more and more for Naomi. He insisted on her reading to him in the afternoon. Fr 1 ' '3' Janet would overhear him cor- recting her pronunciation. asking her to risks or lower her voice. of. ten he would interrupt to uk for s glam of water or an apple from the kitchen or to adjust his pii. lows. Janet was hurt, hut since she "35 NW dolns Richard's medical
Plain linen from ..... ..
35c and up Inltialed linen from ..
500 to 750
NYLON SHORTS X
work as well as her own, they were gljfnkvstgehnig 21:31 to wtaitn on :8 light-cool and easy to laundcr- , 33' ”-u. ' - W '31" A rat. -' r xer style by Stanfield's - per
butonihethidd J t, . . to her in the iri-ii.ayah:n:ur:;d:- pa r --------------------- " ' . . ins and moodlly lasing out ts. A130 T098 10 matchv Other swim trunks trim! "-00 Old '7 I
window at the bleak February
11?:'3"E2:” i'.::'"':;.".. ' . Picture Dad In . p . i a A Smart New Hat A C Straw or .Fur Felt a
there thinking of more an-ands for
Adani -Biltnlorep - .
r
smoke in there. so I came out here."
he the first this in their so. quaintanco Janet felt sorry for has-. "You've been a great help to us." . iuehard had undergone another ehansl. Usually the mint snstieu-'
a . , . -V-Mt - Grankiy--we domkoow 'anisn- won't took
his wife. itaulii. lfhe Isn't deli. 3.tgu..&&.h V
. -- mi--:''."ir. or 9' M "!ss.aiislisiisai-Iysnappsdasy fgmy -V ..m 0