Newspapers / The Chowan Herald (Edenton, … / Sept. 28, 1972, edition 1 / Page 6
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Page 6-A Industry Tax Reform Plan Emphasizes Need for Jobs A four-point tax reform program, designed to con tinue to improve the climate for capital formation, invest ment and job creation, has been announced by the Na tional Association of Manu facturers. A concerted effort by Con gress and the Executive Branch to control spending is necessary to achieve a real revamping of the income tax, the NAM also said. Help Small Business The manufacturers said tax reform should: 1. Retain the 7 percent in vestment credit on a perma nent basis and extend depre ciation liberalization started under ADR (accelerated de preciation range) to a true capital cost allowance system, competitive with other lead ing industrial nations; 2. Raise the corporate sur tax exemption from $25,000 to SIOO,OOO to allow small businesses, in particular, to extend their operations and create new jobs; 3. Consider a start on re lieving double taxation of dividends, thereby encourag ing productive investment and employment throughout the corporate sector; 4. Establish minimum fed eral jurisdictional standards for taxing interstate com merce to allow business to survive the mass of conflict ing state and local tax rules. The NAM noted that re cent demands for "reform” and “loophole closing” have raised questions in many minds about the basic fair ness of the system by point- Alkaline batteries are said to have 25 per cent greater energy density and up to 10 times more life than carbon zinc batteries. Farm Tips By Dr. J. W. Pou Agricultural epseMM Wachovia Bank S Trust Co, NA. If you haven’t been back to the farm for a couple of years, chances are you’ll never recognize what you see in the cow pasture. They’re still cows, but the breeds are different. They’re a different colgr not all black, or red with white faces, as with Angus'and Hereford, the old breeds. And they have foreign names - like Limousin, Simmental, Maine-Anjou, Chianina and others. As a group, these cattle are classified as “exotic.” This means about the same thing as when the word is used to describe certain female dancers - they’re different. The exotic cattle, coming primarily from the European continents, are very old breeds in their native land but they are completely new in the United States. They are being brought to this country and bred into herds of Angus, Shorthorn and Hereford to help improve the size and rate of growth of U. S. cattle. The infusion of new blood started several years ago with the introduction of the big, white French cattle, Charolais. The demand for these large-muscled beef animals has been terrific. They are well established and no longer classified as exotic. The last few years have brought the heaviest flow of new breeds. In additon to the imports from the European continent, others have come from England - South Devon and Black Welch - and Australia - the Murray Grey. The Murray Grey was developed in Australia by systematic crossbreeding of common breeds. The Hayes Converter was developed in much the same manner but in Canada. In the case of the Hayes, two dairy breeds - Holstein and Brown Swiss - were used in the cross along with Hereford. At the same time the exotics are being used in crossbreeding with older breeds, North Carolina and other U. S. cattlemen are also crossbreeding with the older breeds. The whitefaced Mack steer, a result of an Angus-Hereford cross, is one of the popular animals in feedlots because of its hybrid vigor and growthiness. These are some of the same traits sought through the use of the new breeds. A. V. Allen, specialist in charge of extension animal husbandry at North Carolina State University, says the new breeds generally seem to grow faster, are more efficient in use of feed and may have a slight edge in percent of lean cuts. But there is no difference in taste of the meat. The breeds also have their problems. Generally, they have larger calves and therefore have more calving problems. The heifers of the breeds are slower to mature and begin their reproductive function a little later than some of the smaller breeds. While some of the exotics are expected to become well established in this country, as the Charolais have done, they aren't expected to replace Angus and Hereford. Regardless of the breed or the cross, Tarheel cattlemen can afford to pay something extra for a good bull. How much can the beef producer afford to pay for a good bull? “There is no exact answer,” points out A. V. Allen. “There are, however, several factors that the producer should consider in trying to reach this decision.” Allen says there are two things that determine the value of cattle when they are sold - weight and quality. Both traits are inherited. Growth rate and quality am about 25 percent transmitted from the sire and dam to the offspring. The growth rate from birth to weaning should be considered, since many Tarheel producers sell calves as feeders at about 240 days of age. If the offspring from the new bull gains one-tenth pound per day over the herd average, this would amount to three pounds per month or about 24 pounds at eight months of age. At 30 cents per pound, this extra 24 pounds would be worth $7 JO at sale time, Allen remarks. If this bull bred 20 costs the first year, he could be worth 5144 more the first year than the bull that was replaced. “Buy a bull with records and known performance,” suggests Allan. Performance tested animals will do much to improve the weight and quality of anisnals being produced In North Carolina. ing to what seems to be spe cial treatment of groups of individuals or businesses. “Undoubtedly, the tax system could be improved substan tially in some areas, but it must be done over time and through careful analysis and dispassionate weighing of alternatives,” the NAM said. The Association warned against use of the tax system for redistribution of wealth, for wide scale redistribution of income. “This makes a much better slogan than a working program,” the NAM said. "While reformers point to existing inequities, they almost universally ignore or minimize the importance of the undeniable progress in real per capita income gains that has been made by all in come groups over the post war period.” When government transfer payments to income classes are subtracted from the tax burdens of these classes, the statistics show a substantial redistribution of income now in favor of the lower income groups, according to the NAM. Company Taxes Rise As to corporate taxes, the NAM points out that the actual legislative effect over the past four years has been to raise corporate tax bur dens at the federal level while individual income taxes, par ticularly for the lower-income groups, have been reduced substantially. “Substantial moderation of rates should be the prime ob jective of long-term tax pol icy and a commitment to re duce rates over a period of years is important,” the study said. To achieve this goal, the NAM said that re duction of spending is abso lutely essential. THEN ANt> NOW By Dave Farrar National Home Furnishings Fashion Coordinator, Montgomery Ward Today we're looking back, as far back aa four centuries and as near as the 1940a, to establish the look I call “The Natural Recollection'.” It means picking up the best from home furnishings of the past and putting it all together in designs for today. “Looking back to the future” may seem like a planned mind boggier from one of those “designers,” but the expression is a sincere attempt to express what’s in store for tomorrow. Take the Italian Revolu tion. Right in the midst of it J someone got scared by the Milanese look with all of its cushy forms and rampant plastics and said, “Whoa we’ve gone too far from the familiar! ” Like a selective magnet zipping through time, we pick up space-saving qualities of modular storage units, and we like prices of mass produced goods. We’re using easy-care fabrics and the no-wear qualities of plastics because the technology of the 70s is too valuable to overlook. STATEMENT MONARCH DBUUUCI COW ANT ’ Aaaro T -, r i 19.781. .50.5,08 Btock , IB,6It^OQ t QQ. Mortgage loans on real estate Baal estate Collataral loans ■ • * "• CMk Mrt 4.PMH. 1.298,188,a Agents’ balances or uncollected premiums, not 1a69Qa892r68 Funds bald by or deposited with coding reinsurers 1 98 i .l2i^Po Bills receivable, taken for premiums Reinsurance recoverable on loss payments flkS»Bo6a77- Interest, dividends and real astate income due and accrued 3^75053*^7 All other assets as detailed in statement 947»7.5L09 Total Assets: . 43.353.722.30 ■ ■■■ '- ■ a 1 ■ I ■ l - - - - ' ■ 1 - LIABILITIES. SURPLUS AND OTHER FUNDS lam adJnaMwat ixptnas Contingent commimions and other similar ehargea “ Othar upanaM (ucladtn* taZM. IkaaaM and I—) 63,354,47.. TaaaA lU«um and f«M (oeludin* Fwlaral mmaa taaM) , 265,126.81 Vadaral ineonw taaM r, 610,000.00 Uaaanwd prwnlun, 9| 474.009.79- Dividends declared and unpaid : (a) Stockholders J (b) Policyholders Panda bold by company under reinsurance treaties 41 01 9 fl 57*'5 2 6.692.30 Amounts withhold or retained by company foe account of others Unearned premiums on reinsurance in unauthorised companies $ 1» 518,062* 92 Reinsurance on paid losses |ASSs29Bs6I and aa unpaid losses <1,746,019.00 do, from onauthoriMd eoaipaak, I 2,2°1|317.61 Trtrt » 3,719.380.53 Lai fond, held or ntaiiwd by compony for aocoont of Mdi onooUwrtiod componiM $ 3, 596,094* 95 < 123,285,58 Excess of liability and compensation statutory reserves over case basis and lost expense reserves AklstilSsQl. All other liabilities, as detailed in statement 767.636,41 Trtrt LiabilitiM < 24,073,451.93 Spodol aorplo, food,: I 3^4i54^*77 Capitol port op 2,071,637.50 Grow port ta ud contributed rarplo, -*^?Pjjf 6^B, s6 UnoMipoed food, (rarploa) 5.848,422.54 _ Borphu u record, policyholder, 19,280,270.37 . Trtrt . 43,353,722.30 —Raw Ib Narth CwoHaa Dvrini IWI UN* OF BUSINESS I. nr. » 45.955-33 , 1Q.266.16 Z ABrtd liaee 230,485.01 83,^3.00- A HoMeowoen multiple pwril 65.294.00 (3.594.18) Z Commerce] multiple peril 7,807.12 1,617.P7 Z Oeeaa marine 2.054.05 185-00 I. Inland marine 306,00 | 10. : 11. 12. ... . U. Group accident and baahh 10.1 Collectively rencwarU AAH 1U N 00 -cancellable AAH 10J Guaranteed renewable AAH ■ 10-4 Non-renowabie far stated reaaaus only 104 Other aeddant only 104 An othar AAH —: i j iz WetkMM'i —p—«M 1.505.52 81.33 IT. LlakQtty otker tkoo ante 12.920.99 . 2,011.29 ; ip. Art. Hrtomy 108.341.36 66.338.82 tl. Ante pkyefert demo*. 35.843,06 SZ Aircraft <aß perße) . ; 20.075.00 liMQiM— -10. FMalltr - --yiC i ■' ■ to. Surety , *(— 226.16 336JSL. tZ RortUiy ead Ikrtt 851.00 196.75 IT. Ballar end wirktairy 46.23 29.00. U. Credit W. 1 Trtrt. . 531,710.77 < Taasa ■. X. J4STIS t—rtM, o v ns- 8 Mar LOMO SHUT - arm 611, Cvliwfcti. owo nais NORTH CABOUHA INSURANCE DBFARTMHNT. Brtrtßk. J m_J_ L g*— Z LMdrt. O——Ml. St It MM di kae—rmrSfy tkad Wa akaee la ana aad am* *k—art as Iks WrtMiert as We fWd trtW WN DsiiWnl. Wesßw Wa inHSi. WmM CessiWM WalW»4w«fDiiM4iMftJL WW i kaad rtd nfflil I Mat. Wa W* esd ds»e —am iiHli Fite asi/ar OmmMt ASM CitemSMum </ Hmmmm Btetted I-IITB Try A Herald Want Ad TOE CHOWAN HERALD We like to think of our selves as being sophisticated enough to realise that a see through plexiglass table takes no space visually an impor tant need in view of today’s increasing space limitations. The “people” part of us is another consideration. With the advent of computers a new sophistication was bom, but at the same time we realized that it isn’t sensuous to have a candlelight dinner in a totally sterile environ ment, no matter how low the dimmer switches go. So, in the same sophistication that streamlined interiors to become stark and basic we found the freedom to be natural and used the “touchables” natural fabrics, textures and forma. This natural look warms up streamlined, mass produced home furnishings and even satisfied the national urge to return to nature. We added the natural looks from times gone by: a chrome and glass table makes sense when used with a character piece like a country French side chair, complete with rush seat and a hand-carved rose. Or how about a heavily distressed har vest table encircled by opaque plastic pull-up chairs? The natural look also can mean elegance. What is more elegant and natural than a rose the same rose on your mother’s - living room draperies? It now re-appears, minus the murky colors and wearing ice cream pink and a frivolous shade of green, perhaps a grey, and on a black ground. All relateable, yet very today. Besides texture, we use pattern with pattern to help achieve the close, snuggle-up by-a-cozy-fire look. We need this security especially now. Little treasures, too, like the currently popular Sand wich Glass which dates from 1825, help in the Natural Recollection look of today by giving us a bit more of the personal identity we seek in the home we’re wearing this year. We’re seeking the look of the 70s: a potpourri to make home furnishings like an old friend come home, but with a new set of clothes. mmnm un aamK» oamm STATEMENT 1 - . » • ' ~ ! I ''r - • Hit r’::';: -ift?’ "fVTV . I * ti.Sin.rt l—. U 9.000.00 i OsSalM*frtk 986.4fa.74 l, ■—— --t 2,137,744.05 Aartfsrt «rt kart* p—dM art aapatd 303,044.«8 ' AS .Ww wan (a SrtrtUS t. —art rtrt—l) 1.096,768.73 Tart Saw. , 33,96L248^j7^__ uaatunas. suspum and on.sn punos AssnsM.aan.fwiif.HWanSartnrti . 22,417,400.00 swrt.ai ...V -rtwa. WWwt Us« -ml—rl, 45,826.00 Nfcr art aartnat drta. .. ' “•» 2U.204.41 1 ' Aartas. aaS kealtk 468,986.99 . raHfra .Hart dteldrtd —Ma 428.676.14 ■rv.al.l.i. la p.tUykildi.-. SMSarta aajaUa Sw Marta* aalartar year 88,722.00 VvartMa aaS MaaM* aaalSastfa. aaalvaS I. advaaM 31,772.02 CaaaMakaaakrtairaanrt 11.616.68 Ortetal imam Aa a afna.l 58loil.fi Taaaa.HaaaaaaSfta4aaaa«r*al llahata* PaSart laaaa Taaa) 109,282.00 ralavrt laaaaa Taaa Daa a Aecraed -rfSaaaaarttartrt ...„ 42,028.39 . SaavaaaS aaaar art ftataran Saw Maadartry aaaiHha valaatta i 141,040.05 Separate Aaaaaat Sartaa An rtka HakAlUee (a SrtrtM la aaaaal itatemeet) , w «. TaWI UartMtla Ivan*. Cafrtal) • 3.348,152,00 y UaaaalsaaS aorploe l (2.573,545.56) ~. 5,460,083.41 } trtrt . 33,961,248.57 _ . ""I CTrtaaaaMM. OEDINAST OSOOr INDUSTRIAL TOTAL d5J£.~ a a'rt.JJ.'.'» I. Ufa laaaaa 96,787.90 54,925.92 8 151,713.82 Z AnonHp aartSaraMaa 20.00 0 20.00 Z II *■ Tart. 96,807.90 54,925-92 « lg, 733.82 POLICY EXHIBIT OMMKAST OSOUP IHDPSTSIAL I - I —m "ga.*' I a—a I a. I —a " 1. la la Daaaba SI at partaa raa 750 5.588,252 3 11,408,073 M ~ 1 hart Saras jaw 195 2,009,755 0 Z Ctaaad la be la fora Saria* year (Nat) 139 1,603,407 368,375 M 4. In fore. December II es wnwt year 806 I 5.994,600 3 11.009.698 8 , 1 |IIW j^a,am , mSß aß * OSDINASY OSOUP INDUSTRIAL TOTAL l Ezeladt— S»l—pwmii sad whhsst m at ~ , PsdasUsa at B.lsmpssii Ceded) Nz 4■ust Omi£. ? Ms, Ms. r~l ml 1 1Z UaaalS DaaaWa SI. eorrto. aa 1 5,000.00 8 4.833.89 8 9 9,833 $9 ~~ 15. Incnrrod dorlns aaiwt >aa 7 U,253.00 24 28,858.34' 6 31 47,111-14 IT. B—led Syria* anaat raa; ; ' - 8 a. Sr eajjt |» ran 7 22.253.00 28 28,621.00 ~ 8 ~35~ 50,874.00 k It payment an eempwmtnd dates i Trtal port 7 22,253.00 28 28,621.00 ~35~ 50,874.00 A RaSaeUa by aialn r. ~ ~T~ 22,253.00 M.m.aa 16. Unpaid Dec. 11, wnrt a, |l 1,000.00 4 1 5,071.23 15 1 6,071.23 j AcdSat A —ITT Controller A. roster Belson Saatatair T. Oerv Cole Haw offlea 714 Bsln Street. Port North, Texas 76102 NORTH CAROLINA INSURANCE DEPARTMENT, (Baal) Ratal**. July 11, , IST 2 Transport ufr ‘ * < ehrtrmt rt Me -rt—rt rt Ow OsS with tkia Department, ahoarlA* the mndttlrt as art Caaapaar M the Urt day es Demmhar. lav 1 Wltaaaa my kaad ad Official Mai Uw Sar aaS Sal, akaaa written. /V JJUwG&Cju - Cmmimimmr </ htmrmtt STATEMENT TKAMS-OSHEKAL LIFE INSURANCE COMPANY ; ASSETS saaa. i 2,6g>.ma4 , Stacks 1,192,265.00 _) Mort|aft losns on rool sstaU ■■ ■■ - - - Httl MUti 1 PrtW, laaa 37.594.70 | Collateral loans —».■ . Cask aite bank dopooha 9.7 8 Lift insurance premiums and annuity considerations deferred and uncoliactad .1. f:7.\43 .. y Accident and konhh premiums due and unpaid Separate Account Buaineu ■ ■■■ All otker assets (aa detailed in annual statement) 9 - jj Trtal A— . 4,051,429.01 ~ LIABILITIES. SURPLUS ANO OTHER FUNDS Aesraeato rasarra far Ufa yUtta aaS contra*. * ! Agr*f>t* re serve for accident and health policies . g-g -w~——— Suppieaaentary contracts without life contingencies * ■* ■*,. .» Policy and contract eiaima j.. .. Ufa : 5 . Accident and health ....... 1 QT7 Q A Pahcyhaider*B dividend accumulations Provision for policyholder's dividends payable tbe following calendar year . . Premiums and annuity consideration received in advaaea - Commission to agenU das or sacraod General expenses duo or accrued Taxes, licenses sad foss duo or accrued (Excluding Federal Income Taxaa) . . Federal Income Taxes Das er Accrued mil ■ * Rmittsncn and items net tlHtirt ******** Borrowud man ay sad interest thereon "—I 1- '■ Mandatory oacaritim valuation r—srvi K . Separate Account Business 4 Ssi/? - ... - All other liabilities (as detailed in annual otatomsnl) .. ?aasggr> eo Trtrt UMMrtV&m CwHrt, A - surplus funds 9 !! _ Carttal paMrt* 6 1,253,000. 00 Qna part ta aa4 Matrlbolrt Mrplvi I 1,750,000-00 X/- Uaart%aa4 mrttm Z.. 45Za41L63 . 3.457,421.63 Trtrt , 4,051,429.01 ciamasa»is*'' rnr ' r _ ordinart group industrial total r , ! lK, ”~yAialiV w iwiiwM.i’cwwi'"’” 1 ! 8 8 2.895.66 t. Annuity considerations 0 0 ( * Z Trtrt. : ~ 2,895.66 » » 2,195.66 POUCY EXHIBIT ORDINARY CROUP INDUSTRIAL I. la Am IWwwrt. 61 rt mrtrt. Mar 21 379,205 *8 8 ZBwHaWif 5 59,309 0 0 Z Cmm4 «aka la ha Varta* rmr (Nrt) . 1 u 070 8 ” jj * Ala 6*ya RmmAw R» rt vmv tj 't 38!:IU t 11 L » "" r 2SSSSS?"* ORDINART CROUP INDUSTRIAL TOTAL mSS'pm. 8 8 ~ 111 8 2 nmn 1Z Itvttvl «w*W vnrtrt IV o o 0 0 S I * * *_ » l z VwiRW 1 > j ' —z ~ z I " A-.D-UM.k-, | t— -Msnit-MS iMM— J«—» 8. Przotcr r M-.Q 5454 WRQRMRta *v—.. 8M«« 710. ErtsM f 28015 7- (Rart) ROSA W>T —: nwvZrt Mrt<—T!!rttka4wa-4«.—T—M. ‘iaUUk . —*■wtsmmmm - . 1 ".5 ■ '’ . r V' Thursday, September 28, 1972
The Chowan Herald (Edenton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 28, 1972, edition 1
6
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