Scents:

CASTLEGAR NEWS, Thursday, March 28, 1974

Major Year in Growth of Local Credit Union

‘Meet 1973-74 Castlegar Savings Credit Union Board of Directors —

Fred F. Podovelnikolf Mickey Padowinikoff Fred F. Relkoif
Slocan Park Slocan Park Slocan Park

Bee:
Walter Wishlow
Slocan Park

Albert Richards

Ed Rohn;

) Arthur Thomas

"Student Community Service Program
Available fo Inferested Organizations

Brochures TntFoducing the
“Student Community Service.
Program” are being pnaide

by enabling. post-secondary
students. to be involved in
voluntary organizations in the their

available to i ‘ganl-
zations by the Southern In
terior field’ office’ of the
department of the secretary of
state.
,. The $4 million experimen-
tal program is designed to
strengthen voluntary organiza-
tions in three ways: by enabling
them to undertake innovative

through
for which they receive remu-

existed for at least six months
and: should be able to demon-
strate potential long-term via-
bility and substantial communi-
ty Jinvolvement,. In. addition,

neration;
into the volunteer sector of the
community.

Volunteer organizations
seeking funding for projects
under'the SCS Program must
be non-profit organizations
with ie i msrabershin ‘of at least

projects in their

20, Th must have

From Colcel to Can-Cel

Events of Can-Cel Take Over are Retraced

It was a pleasure to do

DRYWALL - STEEL STUDS & STUCCO

for

Castlegar Savings Credit Union
CONGRATULATIONS

from ~

A. SAVINKOFE PLASTERING LTD.

501 - 3rd Ave., Castlegar — Phone 365-5872

=

writing.

from page 1)

In. the interim, Colcel’s
northern operations were ex-
amined by Japanese interests
and by the Price Company of
Quebec. Price is understood to
have made an offer to Colcel
amounting to $15 million for the
northern plants, payable out of
their cash flow,

Scott Paper of U.S. became
interested in Castlegar and is

“said to have made a bid of $50.

million for these operations. G.
Wy,

is bere
Mr. Williams has said: in

interviews after the deal that.
he began in December, 1972, to
consider whether’ the ‘govern-
ment should step in and buy out
Colcel.’ In © January, 1973,
Celanese made a proposal that
the government buy it out and
was asked to}put the offer in

On Feb. 9, Williams’ an-

Best Wis hes

To

ADMINISTRATION AND MEMBERS

OF THE

CASTLEGAR & DISTRICT SAVINGS CREDIT UNION

ON THEIR

GRAND OPENING

Of their modern building to serve the people of the entire

area with the thought of convenience and modern fac-

ies which show their progressive thinking.

It was our pleasure to be the General Contractors on

this community minded project.

BOUNDARY INDUSTRIES LTD.

625 Columbia Avenue, Castlegar — Phone 365-5524

nounced that he had vetoed the

- sale of the Castlegar operations

to Weyerhaeuser, claiming that
it would weaken the Colcel
northern operations and that
tax credits involved would
mean Weyerhaeuser would be

tax free in B.C. for up’ to 10 -

years, © Weyerhaeuser , execu-
tives denied this.

At this point a team was
formed to <conduct*” formal
negotiations, including lawyers
and, chartered.* accountants,

“Merrill aye Royal, Securities

divest: teelf of-all or part’of ° 7

Colcel if it did buy it. The
report. has not been made
public,

On March 7, The Province
carried a news story reporting
the government was discussing
with Celanese the purchase of
the ‘U.S. firm’s holdings | in
Colcel.. The next: day, the
company said there was no deal
with anybody.

On March 17, the govern-
ment announced the purchase
of Ocean Falls | from ‘Crown
Zellerbach and reports then
said further developments
were awaited on the Galea;
purchase,

On March 80, trading in
Colce! shares was suspended by
the Toronto. and” Vancouver
stock exchanges “because of:
negotiations to sell the com-
pany's assets”.

On April 2, Mr. Williams
announced the deal. The gov-

ernment would take over 79 per

cent for guaranteeing the
fong-Lerm debt, common share-
holders would get 7 per cent
and preferred shareholders, 14
per, cent.

In’ a complicated legal
transaction, Canadian Cellu-
lose, a Colcel subsidiary,
became the new owning firm.
There were a series of other
financial commitments by. Cel-
anese, +
During all this, the shares
of Colcel were rising. Early in
December, 1972, the common

. traded at 60 cents in Toronto
and the preferred at $1.25. By

Feb. 8, they had moved to $2.60
for common and $6.60 for
preferred.

On March 29, just. prior to
the suspension of trade, the
common was selling for $3.30
and the preferred $7.75. In

1973, Canadian Cellulose shares °

traded as high as $10.50. On
Tuesday they ‘sold for $7 in
Toronto.

On Feb. 22 of last year,
Colcel did report a fourth

*quarter 1972 profit of $600,000,

the first net earnings in three
years,

A Toronto firm, Mills Fry
Spence, is known’ to have
recommended the stock during
the period in its investment
letters. Richardson Securities
of Canada in two messages to
its Canadian offices in Febru-
ary, 1973, reviewed Colcel and
said the potential was high for
risk accounts.

One Vancouver investment
‘man said there were probably
quile a few companies in which
salesmen would suggest the
stock during the period as
“good” for risk accounts.

The Scene at...
KINNAIRD JUNIOR

CONDARY SCHOOL

funding
must contribute 25 per cent of
the total cost of. the project in
cash or services. “

In’ addition to salaries,
grants may cover the cost of
volunteer, training, travel and
rental of necessary materials
and equipment.

Priority will be given to
projects with a high proportion
of volunteer involvement; that
enable organizations to develop
innovative approaches to com-
munity ‘service and_ projects
submitted by or for the benefit
of a disadvantaged segment of
the community.

vA ust be re-

Are we ever thankful for
this Spring Break! It seems
about 10 months since Christ-

mas and we doubt if we could’

have lasted ‘all the way to
Easter.

We've worked hard at
school this term. Ask anybody.
ee eee

+ Our report ‘cards went out
March 15 and on'March 19 our.
parents came up.to the’ schoo)

hings over with: the —

Drama students came back
from the Festival of the Arts

worn out, but very happy. They. -

brought with: them a. special
note’ written by the: adjudica-
tor, Mrs. McMillan, congratu-
lating them on their work.

It was the best festival we
have ever attended, ‘mostly
because there was such a lot of
competition and because the
adjudicator was so thorough.
(The first class we entered took
two and one half hours to get
through! Counting the late
entries, nol on the program and.
the repeats,. there were 22
renditions.)

There were.some wonder-
ful ‘small ‘kiddies

Our Speech” Arts” “and

In’ the: under..19 class
Pygmalion came first. You will
get an opportunity to see these
plays later, in the: year.

The “speech Aris Team
took’ first in Bible ° reading
under - 14, Valerie Cormier;
Bible reading under 17, Judy
Cheveldave and Bible reading
under 20, Keith Swayne.

‘They also took’ first place
in ‘Spoken Poetry. with under.
15,. Cathy. Keugtaky: and: under
17; Katarina Edblad. Cai
Katari iF

medals,

Robyn Miller-Talt won a
first in Shakespeare Solo Open
and Debbie Shukin won first in
Story Telling—Secondary
School Age. Trevor Hughes.
took the Story: Telling Junior
Secondary Age with his ac-
count of.a British Airman who
fell 18,000 feet and lived.
Trevor Govender took | the
Public. Speaking Chamipionship

_with “A: Stroke of. Luck”, ‘an

account of: the. discovery: of
penicillin,

Mark Vroom, who. was -

defending the championship he
won on our team last year, was
again successful and was asked
torepresent us at the command

too. Some only five years old!!
* ce * s

Here are the results:

The Drama Club. entered
four groups in the under -14
class, First place went to Laugh
in the Dark. Second to Pyramus
and Thisbe. Third was a ‘tie
belween The.. Induction and
Barrel of Monkeys. You can see

that Mr. Govender chose quite

a variety of plays.

r night:
when special awards will be
presented,

* .

We wound up our week

with-a Sadie Hawkins Dance

the last. two'periods on Friday.

The. costumes’ were hilarious.

You should have seen ‘Bill

Cheveldavelll *

se oe

See “you all next. week...
Have a good holiday!

ship class, both won

™m

ceived by April 16 of this year.

‘or brochures and applica-

tion forms, contact “The Stu-

dent Community Service Pro-

gram”, Department of Secre-

tary of State, Box 163, Nelson,
BCs

‘Arts Council
To Hold Annual

har
Anna Wyman Dance Theatre
performance which took place
last night and’ news’. of an
exciting feature at the annual

-meeting, \were-/ included’ in

Monday night's monthly meet-
ing of .the “Castlegar © and
pisteiee Community Arts Coun-

Mrs. Catrina Ward report-
ed on the annual meeting April
22, to be held at Selkirk College
with Dr. Velen 'Fanderlik of
Trail as guest speaker.

“Unity of Art” is the topic
of Dr. Fanderlik's talk. He will
be accompanied by a guitarist
who will assist him in demon-
strating the unity of art and
musically and graphically illus-
trate the talk; featuring medie-
val, 16th and 17th century
music. -

No stranger to the area,
Dr. Fanderlik ‘and his. wife
Velenka, are’ well known as
artists . and lecturers... Dr.
Fanderlik has taught ‘history
and the history of art at the
University of B.C., Notre Dame
University and Selkirk College.

Coffee will be served in the
faculty © lounge followin the
meeting.

Best Wishes

and

Congratulations

to

Castlegar Savings Credit Union

on their

OFFICIAL OPENING

We are‘ pleased to have done all the BLOCK AND
BRICK WORK, QUARRIE TILE ON THE ENTRANCE, |
STAIRWAYS AND THE SERVICE AREAS

_ E&E Masonry Ltd.

410 - Ist Ave., Castlegar — Phone 365-7414

cs

DRAWS :

“Courery of the following merchants

2 Gallons Paint: — Marshall-Wells Store
1 Transistor Ra io - Kootenay T.V. \ .
<1 Lube, Oil Change, Filter: — ‘Woodland Park. Esso

3 - $100 Gift Certificates. — Bill's T.V.
(towards ‘a purchase ofa color T.V.)

5-  Reqular Sung Sundaes
3. Foxly Dianak Passes ($5 Value) — ’ Dairy Queen

1 - Car Cleaning Kit — Castleaird Texaco Service .
10 - Free Car Washes - — Junction shally

1-10 Ib. Turkey 3
1 = Ready to Eat Ham —- Cut-Rate

y

Enter Your Name for the

oa

“RADIO STATION C.K.Q.R.
Will be on. Location to Keep You Informed
OTHER DRAWS
1 - 20 to 22 Ib. TURKEY
10-2 LB. TINS EDWARD COFFEE

DIGITAL CLOCK RADIO

Sylvania Color.T.V.
Grand Prize Draw’

Now 3 Locations to Serve You. . .

@ Downtown Castlegar - Castleaird Plaza - Slocan Park @

Ronny sy ten