Z”, .

By KEN METHERAL Canadian Press Staff Writer 1w,\‘DON lCPi—-More than 60

Canadian, United States and Aus- tralian companies ‘operating sub- iydiaries trading in the United Kingdom have made representa- tions to the government against

meetings with the Financial Sec-

Simon. It is expected the rep- resentations will be discussed during the committee stage of the ‘finance bill in the House of commons after the Whits-un re- ce:sb0I.lI. four or five Canadian .c0mpal1i€S, including aluminum and farm macxhinei, interests, were associated-with the deput .- gion. The Ford Motor Company and a -number of United States . 011 firms took a leading part in . me representations.

Before the budget, profits tax was assessed in two p.arts——a tax of three per :ent on undis- tributed profits and an addi-

, fional 27 per cent on profit" paid out as dividends. Profits paid aver by a sub-si-diary to its

‘parent were treated as undis- trib-uted, thus escaping the 27- .per-cent levy. * _

,-Under the new regulations, the

By HAROLD MORRISON Canadian Press Staff Writer OTTAWA (CF) — The old age

' pension fund appears to be near a state of collapse as a pay-as- you-go sche-me_._ _

Month by month it plunges d,éepe,r into the red. This year, under the present tax set-up, it may show an unprecedented‘ def- icit of well over $200,000,000, fed- eral authorities said Tuesday.

The fund, first created in 1952,

. administers the $55-a-month pen-

‘ sion to all those 70 years and

’ over. its revenue, now hopelessly inadequate, is derived from a two percent tax on personal and corporation incomes and on com- modity sales. when tax first was set in 1952, the monthly pension wa-s $40 and even at this figure, fund outlays were running a little ahead of revenue. But fe:‘:ral ex- parts figured it would ‘be just a matter of time when revenue would balance expenditure.

In December 1951, when the scheme was first a.-nnounc-ed, for- mer Liberal finance minister Douglas Abbott, now a Supreme Court of Canada justice, -informed the Commons the fund was to be “self - sustaining” with revenue

the new profits tax announced in I33: mo-nth’s budget- A treasury spokesman con-‘

firmed Tuesday that a deputa-[ gun from the companies has bad‘

yetary to the Treasury. Jocelyn

. ,rhuy,, flay 22.,/‘Q33 The Guardian Page 13

50 Companies Protest New Profits Tax In Great Britain

Itwospart levy is to be replaced by a flat 10-per-cent profits tax. I It Is understood some com. Dames have indicated to the'g~ov- grngfent they_ consider it has tr‘) an _3 PI‘0rm_se that they were ‘ 0 receive special taxation treat- : ment.

_ They $85’ one reason subsidiary 2 f-0mLi3an1e«s were set up in Britain is that they were offered “a Profits tax which will be at a lower rate than for British com- panies In general)’

The Dally Tlelregraphs financial editor, c 0 m in en tin g on the “broken promise" claim’ says: ‘Alt appears the government’s

ono-r is saved by the cautionary statement at the beginning of the Section on taxation that ‘the rates of tax are liable to varia- tion In the annual budget.’

‘But this is quite some dis- lance away from the other pro- lwllncenmnt, and to a foreigner lmacquainted with the extreme reluctance of the British tr-eas. ury to commit itself to sticking F0 ally‘ course of action into the indefnnte future, the passage might well seem to promise spe- Clal treatment.”

A spokesman for the Canadian Cl{afI_1ber of Commerce in Great Britain said his org-a.nizat.ion had not ass:oc1ated ltself with the de-lmtatlon. “We feel this is a matter for individual companies 10 take up if they so desire.” V

Age Pension Fund Is Plunging Deeper Into Red

‘sufficient to match expenditures. IEARLY DEFICITS

Deficits of about $50,000,000 showed up in the early years, so. '3-'=111‘9‘d “temporary” loans were Set 111D to cover these fund de- ficiencies. Finally the loans were written off as budget expendi- tures. But still the experts hoped revenues would catch up with outlays.

For the financial men that hope ended last year when the Liberals boosted ‘the pension to $46 .3 month in July and the Progres- sive Conservatives jumped it to $55 last November. ’

The government has already forecast that for the current fis- cal year thc universal pension may cost $555,000,000, a rise of $118,000,000 over last year. The special tax may produce about $330,000,000 in pension revenue, leaving -a. deficit of perhaps $225,- 000,000.

And it appears likely that this deficit, whatever its proportions, will be charged to this year’s budget. This will increase the ex- pected over-all l ';-etdefici-t.

Officials concede that eventu- ally some action will be required to change the fund’s. original structure.’ .

PIUESVILILE

Sincere sympathy is extended to the relatives of the late Anslem

0‘Brien, whose death occurred at his in Dock Road recently.

Master Gordie Corcoran, son of Mr. and Mrs. Norbert Corcoran, spent a few days recently with his grandmother, Mrs. Fred Kel- ley. Roseville. I

Mr. and Mrs. Peter Dalton and . family, Burton, Dot 7, spent Sun- day afternoon at the home of Mr.

I Ind Mrs. John J. Corcoran.

Friends of Mrs. Fred Gallant will be pleased to learn she is re- covering favourably after under-

‘ going surgery in Western Hospi- : I31. Alberton.

Mrs. Lewis Ellsworth and dau- i Ehter, Irene, Waterford, spent a -. few days recently at the home of ' Mnvand Mrs. Herman Corcoran.

Friends of Mr. Arthur Martin ‘"9 Pleased to see him Home

Hospital.

8 Ronald McKenna who was ; 3_»'Pat1ent in Western Hospital has .T‘°lllI‘n=ed to his home in Dock . Road. All wish him a complete

. I : l'°0QVery.

The children of St. Anthony’s

:after receiving treatment for at ‘few days in the Charlottetown

Parish, Bloomfield, who are pre- paring for the Sacrarnentof Con- firmation, also those preparing for first ::r-Holy Communion, are attending the catechism classes on Sunday evenings.

Bomb -Blasts, 3 Toronto Hotel

TUROINT-O (wC»P)—The beverage room on the Monarch Hotel, scene of an arson attempt Saturday, was blasted apart Sunday night by what police said was a nitro- glycerine bomb. No one was hurt.

The hotel is located in west cen- tral Toronto. V

The blast shook homes for more than a block aroun-d the hotel’s Clinton arid Henderson streets location. ‘

Police said janitor John. Czeto, 55, was in his second floor apart- ment during the Saturday fire. which was quickly extinguished and again during the bombing. All telephone wires were ripped out prior to the bombing. 7

Samuel Sitzer, 55, owner of the Monarch, told police he knew no reason why his hotel should be blasted. - _

District Fire Chief Tom Knight said a bomb of nitnoglycerine had been wrapped under a beer tray and placed under the bar. -The explosion w r e c k e d the room

ENCLOSED

BM. piece or parcel of mg on Township Num

D0na.1d McPhee, thence link Murray Harbour Road,

NOTICE N

Notice is hereby given pursuant to Section 1 (C) of the Game Act, that the land herein after described, and the water enclosed by the Sfild land has been posted, and is hereby adver-~ tised as Enclosed Property in accordance with . the Game Act (R.S. P.E.I. Chap. 67). “All that

C°Un’£y aforesaid, bounded and described as fol- lows':——Commencing on the west side of the Mur- my Harbour Road in the northern ‘boundary of land of Donald’ McPherson, formerly owned by

northern boundary seventy-one chains and fifty s to the rear line of farms

real‘ boundary to the Colville Road, ‘thence east and northeastwardly along the Colville Road t0

6 Murray Harbour Road aforesaid, and thence Smith along the Murray Harbour Road to the 93“-e of commencement, containing one hundred. and fifty-nine acres of land a little m0rre»0I'il€SS. and being the whole land described infia deed fmm Roderick L. MacPherson to Lizzie A. Fin- alyson dated August 28th, 1913.“

which normally seats 12.5 persons‘.

PROPERTY

land situate, lying and ber Fifty-eight 1n Queens

running west along said

fronting on the thence north along 531d

L. E. PROWSE, M.D., Owner.

DOMINION

"the store with the ideas‘

IT'S HERE DOMINION’S GIGANTIC

NNED GOODS SALE-

”6Ei§i'ii°FEins 2-»=»--37?

BUY BY THE DOZEN LIBBY'S SWEETENED

ORANGE 27‘:

our IBYFTI-IE. DOZEN LYNN VALLEY GRAVES CHOICE BLUE LAKE CUT

I non picrncs SWIFT’S

Prem - 2 8%? Green Beans 35c GRAVES IN SAUCE OR MOLASSES I p ALLGOOIJ - ' . Pork&Beans 2 37c‘ Fruit, Cocktail 33c

TIN

IEEFMEAIS 65“

I00% GUARA .

FULLY TRIM-MED FOR ROAST1I‘NG- I

PORK

DEVON RINDLESS

- Butt End

MAPLE LEAF

Breakfast Bacon ,.‘...‘;?.;. 73c Cottage Roll 79c

CHOICE ISLAND STEER 95% BONELESS

Short Rib Roast he 6%

COLDEN BROWN

Smoked Fillets

FRUITS and VEGETABLE

SWEET JUICY MEXICAN 0 G size, 324 2 doz. 7 I A ‘ SLACKS WATERLO0 I

I. FIRM CRISP IMPORTED

Lettuce Z 3 Mushrooms :33: 39c GOLDEN IMPORTED ) NEW CROP CORELESS

Corn 6 43c Carrots 23c B. C. EXTRA FCY. WINESAP TEXA-S SMALL 7 Apples 2 She 01110115 3.55;. 25c

VALUES EFFECTIVE UNTIL SATURDAY MAY 24th. 1958.

Thousands of wise homemaker: have proved that they can cut food costs

at DOMINION. They prove it week after week, month after month. You can tool

You won't save on every item of course. that's impossible. But you will save . . .7

a penny here, a few pennies there, a nickel

somewhere else . . . and those pennies

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cutting wag, -

EVERYDAY ,

LOW PRICES

FOR A REAL PICKUP D.S.L.

Tea Bags 69¢ ‘-Salmon -3- 29¢

Eon SALAD IucHMEL~Lo

3.3.0. FANCY PINK‘

SALAD DRESSING --37°

DOMINION HOMOGENIZED

PEANUT BUTTER ---35°

NEW BLEND ‘I9 NESTLES

IIESCAFE

2: on?

,AII Merchandise Sold At Your Dominion Store Is

Uncondifionally Gtuciranteed To Give You

100% SATISFACTION

i

FROZEN rooos

KOLD PAK _ ‘

STRAWBERRIES ----4 39°

McCAIN'S FRENCH FRIED I G 9 oz. pkg.

POTATOE IIICE 2 57°

DOMINION FROZEN .

GE

srons HOURS w'e7’7""i'/‘/ ulumlmnl . W/,/o/79514 rs-unsw 6? ENCYCLOPEDIA 8.30 am. - 6 p.m. V0396 '°°P”L§§,T5[’§,'f-"°E SALE THIS I FRIDAY WEEK 8:30 u.m.-9.30 p.m.» ONLY sxrunoav

99“ I 155 ouEEn STREET

DOMINION STORES LIMITED

E 8.30 cum.‘ - 6 pm.