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12 THE OSHAWA TIMES, Monday, November 9, 1959 TODAY'S TORONTO, MONTREAL STOCKS Net Fales High Low 11 a.m. Ch'ge Can Met 2865 25 22 C Met wis 4610 5 3% 3% $115 11% 11% 40 0 «0 12:30 Net High Low a.m. Ch'ge +45 + % Bales TORONTO Stock Spartan 1900 15¢ 10 By The Canadian Press St Pav 1055 $21% Soran Stock Exchange--Nov. 9 8 Propane 200 $16% Cassiar 225 (Quotations m cents unless marked £, T Gen Tr 25 $43 + Cayzor 500 2--0dd lot, xd -- Ex-dividend, xr--Ex- T Fin A 50 $3 3 C Pore 5000 rights, xw--Ex-warrants.) Tr Can PL 420 6 Chester 4000 Net 'Trans-Mt 800 Chib Jae 100 Sales High Low 11 a.m. Cn'ge Un Gas 310 En Coch Will 700 INDUSTRIALS Un Telef 1800 C Denison 20340 Walk GW 200 C Den wis 5260 W Copper 300 C Halliwell 2800 Weston A 125 C Marcus 1000 11:30 Net Wood J A Con M and 8 845 High Low a.m. Ch'ge 0 37% 37% -- % 22% 27% + % 20 Btock Woodwd A 230 C Mogul Wdwrd A wis 3 C Morrison Curb C Northing Asbestos 200 + % Cc Regcourt CD Sug 300 $2214 ) C Sud C Paper 160 Dupont 400 Int Pap Stock Sales Abitibi 100 Abit pr 240 Alta Gas 340 Alg Cen z10 Ag C pr 5 Algoma Alumini Argus Argus 240 pr Atlas Steel » 10 25 25 125 |+++++ 11:30 Net Stock Bales High Low a.m. Ch'ge Temag 00 205 To:bit 25 25 +1 U1 Keno 5 515 | +30 Ventures 1 3 '--2 V clam 1 170 Waite Am Weedon Willroy Yk Bear Young HG 25200 Zen nac Curb Pend Ore 500 260 260 Sales to 11 a.m.: 760,000. - MONTREAL By The Canadian Press 1 Stock Ni A r . 9 (Quotations in cemis unless marked S$. #--0dd lot, xd -- Ex<dividend, xr--Exe rights, xw -- Ex-warrants.) BUSINESS SPOTLIGHT By ALAN DONNELLY Canadian Press Staff Writer OTTAWA (CP) -- Do present accounting methods in business allow inflation to drain away a company's life blood of capital? CNR President Donald Gordon, in a speech last week, argued strongly that they do. His thesis: If the accounts of an enterprise ignore the dollar- shrinking effects of inflation, re- sulting in inflated profit figures, then the company's real capital may be dissipated through too- Mr. Gordon, speaking to the Quebec Institute of Chartered Ac- countants, said the issue is "the most important accounting ques- tion, of our generation." BASIC DIFFICULTY p Cause of the difficulty is that traditional accounting methods list capital equipment, buildings and the like at their original cost. CNR Official Urges Solid Accounting power of this investment has fallen substantially?" Mr. Gordon said most account- ants still favor 'historic cost" system of accounting. "However, an increasing num- ber of dissenters have emerged who favor some form of stabil ized accounting. Many of them hold that the additional cost of Annual depreciation all " aimed at building up a fund to replace these assets eventually, are based on this "historic cost." But inflation means that the cost ng an asset at a higher price level accrues hout the life of the original asset, and that this cost is a proper charge against the revenue produced by demands from shareholders for larger dividends, and from em- ployees' representatives for higher wages? "Is the life blood of industry indeed being drained away?" The issue bv the CNR presi dent is mot a new ome. It has been discussed for years within the accounting profession. A senior federal official indi cated that the question has been given considerable thought by the revenue ent. But he made clear that plenty of prob- lems would be created if tax laws were changed to recognize some system of stabilized accounting as suggested by Mr, Gordon. For one thing a company's tax- able income would be lower if it were allowed to its as- sets on the basis of a replace. ment cost higher than the orig- linal cost. Don't Neglect Slipping high dividend payments. of re that if . placement, when it is made, asset. fession to. take the ead in spe. "ill be considerably higher. me PRESENT METHODS ing a new approach -- he called| Mr. Gordon, whose remarkable Managements must consider Do false teeth it "stabilized accounting" -- to) career has included a stint during carefully the possibility of dissi- Rhe real present overcome the problem. his 20s as assistant chief account-|pating capital under But federal tax officials are|ant of the Bank of Nova Scotia, |accounting methods. cautious of the complications/Put the case in simple terms: "If ne Rin profits are in. |kle which could arise from basing] "If an entrepreneur investsiflated through the effects of corporate income tax on a new $100,000 in 1939 and he has $100,-|changing money values, is it not system of calculating a com-({000 in 1959, has he protected his |r 1 bl that real pany's profits. lcapital when the purchasing capital may be depleted through Alim z5 Important tips for owners 2. s=xalt | of Life Insurance 1 Be familiar with your policies. For example -- there are options in your policies that permit you to guarantee your beneficiary an income for life. Your family too, should be well informed of the plans made for their security. Bank Mont Bank NS Bell Phone Bowater Brazil BA Oil BCE 5 pr Pow BC Phone Can Cem CI Fndry Can Perm C Bank Com Cdn Brew C Br Alum Cdn Can A C Chem Co C Fairbks C Hydro Car CPR INDUSTRIALS 11:30 Net High Low a.m. Ch'ge 37% 3% --% 38% + % 30% + % Ll++#] § SEFEEE Fav R Stock Sales Abitibi 210 Algoma 605 $38% 38 Alumini 567 30% Argus 73 Asbestos 300 Banque CN 25 Bank Mont 30 Bank NS 300 Banque PC z'0 Bell Phone 412 Bwir Ppr 150 Brazil 150 BA Oil 701 BC Power 545 Brown 350 Build Prod Cal Pow Can Cem Can Iron CBank_ Com z10 C Brew 5 en Bailey S A 500 Basco 1500 Calalta 500 C Oil Lds 200 CS Oil wts Cdn Dev 1100 C Homestd § 40 C Husky 1125 Cdn WO C Del Char O C Dragon C East Cr C Mic Mac C Peak C West Pete Cree wis 58 Ducex Dynamic + Hoyle Int Nickel Irish Cop Jacobus Jaye Expl Kerr Add Lake Cin Leitch Lorado Lorado wis lyndhst Lynx Macassa Macfie Madsen Maralgo Marcon 200 3 Tarit'me Prairie oil Marien Dist Seag 195 Provo Gas 5 25 Mentor D Fndry 210 Royalite 310 65 ; Merrill 120 ad i Milliken Cdn Pet pr CWN pr Circ Bar D Magnes Dom Stores Dom Tar Eddy A Fleet Mig Fndtn Fraser Fruehauf C Corby A Minda Mt. Wright New Bid N Mylama Newnor New Rouyn Nipissing Noranda Normetal Nprax Fndation Fraser 100 Fr Pete xr 400 Frosst A z50 Gatineau 3 ax 3 Gen Dynam 150 N Caldst 3 Home OIl A 425 N Goldert Heme Oil B 100 Northsp H Smith 50 Nosp A wt 106 Hud Bay 365 O'Brien Imp Oil 517 Oka Rare Inc Accep 415 Opemiska Ind Ac 275 p 220 Orchan Ind Ac 450 p z10 Pardee I 1 C 240 wi 2 90 250 : 2 Patino wis a antl Gail Review your life insurance regularly. ® ve E Int PL 200 4 : pee Expl PY 100 You and your family benefit when you keep it in tune with their changing needs. Triad Oil U Canso vt Un Oils Wespac 732 W Cn OG wt 500 W Decalta 100 Yan Can 8430 Curb Dalhousie 500 MINES Algom 470 $13% I Rare 350 8 g Rouyn 2000 20 Keep your policies in a safe place so they can be referred to readily. R. J. Branch Representative OSHAWA Tel: RA. 3-2231 Inland C pr Inland Gas Inter PL Intp StI Inv Syn A Jock B wis Selly D A If you move, inform your company of your new address so you will be sure of continuing service. 20% P. Andrey Representative OSHAWA Tel: RA. 3-2231 Pitch-Ore Jamaica pr 24 Portage MacMill B 725 Preston Mass Fer 1100 Pronto Macs F 5% p Que Ascot Molscn A Q Metal Moison B Quemgnt Mtl Loco lore Vat St! Car % When it's time for a periodic review you'll find the Man from Manufacturers will provide 5h pid friendly and competent NS Light ; : ; A Bt, #5 ih Ju 1) counsel on fiw to keep ' 0 8 our financial securi; Pons y fi security cere program up-to-date. Powel Power Corp Que Nat Gas Roe AV C Royal Bank See the Man from Manufacturers Molson pr Mcnt Loco Moore North Star Nor Star pr N Star 57 wt NO NGas : ' y Broul 1 } 3 Brunsman Powell R z 173 % Pres Elect 0 Buff Ank Roce AV C 7 a Royal Bank Cad StL Cem A St Maurice Salada-E Shawin Shawin A pr Simpsons ---- Bidcop 1500 lack Bay 400v Benville 1000 Bouzan 5000 Reef 50 Rix Athab Reckwin Rowan Cons Sand Riv Sherritt Ssicoe Slocan VR Stanleigh Stanigh wis Steep R i Re'imans A Sullivan 500 StI. Corp Sylvanite s Shawin THE MANUFACTURERS LIFE INSURANCE COMPANY $32% Can Erin Teck-H 1700 Modern, nickel-containing stainless steel buildings--like The Prudential Insurance Company of America offices now under construction in downtown Toronto--are changing Canada's skyline. In designing these new structures, Canada's leading architects are using stainless steel for the bright beauty of outside walls and trim, window frames, . doors and smart, modern entranceways--the interior hardware, stair railings and ornamental accessories. Stainless steel is an ideal architectural metal. It resists corrosion from the atmosphere and the weather . . . tends to wash itself clean with every rain{"1l. It won't crack, chip or deteriorate--stays bright for years with little or no cleaning or maintenance, And it harmonizes beautifully with stone, wood, glass and enamelled surfaces to produce striking architectural effects. Nickel does great things for stainless-- strengthens it . . . increases its resistance to rust and corrosion . . . makes it easier to fabricate. That's why Canadian architects, designers and manufacturers are specifying stainless steel containing quality Inco Nickel in architectural products. : Write for a free copy of "The Exciting Story of Nickel® PRUDENTIAL leads the way in the use of CONTAINING INCO NICKEL Go on Canada's changing skyline Now under construction at the corner of King and Yonge Streets in downtown Toronto, the new prestige 20-storey Cana- dian home of The Prudential Insurance Company of America will have stainless steel exterior facings and window frames «+. owner, Tusca Investments Limited; architects, Page & Steele and Peter Dickinson Associates. THE INTERNATIONAL NICKEL COMPANY OF CANADA. LIMIT 55 YONGE STREET, TORONTO