SS
us _ Casi News deanch 31, 1908

BUSINESS

DISCOVERY
DAY

IS
THURSDAY
AT THE BAY

to take over

TORONTO (CP) — At
least 73 small department
stores of bankrupt Robinson
Little and Co. Ltd., streteh-
ing from British Columbia to
Northern Ontario, will be
opened by F.W. th

which are in small com-
munities, would be turned
into promotional stores like
Woolworth’s large Woolco
department stores.

William Gray, Woolworth's

Co. Ltd. by April 15.

The Foreign Investment
Review, Agency cleared the
cash deal this week. The
includes Robin-

Its
Tax Time

Don't leave this important task to
amateurs. Updates in tax laws and
requirements make our professional

knowledge a must. Let us prepare your
income tax return.

Kokanee Tax Service

Call Jill or Janet
278 Columbia Ave., Castl
365-2416

son's name, goodwill, leases,
inventory, improvements,
fixtures and equipment, a
Woolworth spokesman said.

The Winnipeg-based retail-
er, founded in 1875, last year
had 173 apparel and general
merchandise stores of which
47 were franchised. With
total sales of $48 million, it
lost $4 million over the past
three years.

Keith Elliott, director of
public affairs for Toronto
based Woolworth, said the
amount paid will not be dis-
closed and is conditional on
an inventory count and on
how many more stores will
be acquired.

He could not say whether

's outlets, most of

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p and dir-
ector, said the stores would
continue to operate under
Robinson's banner.

Robinson's went into re-
ceivership in January and
made a voluntary assignment
in bankruptey about a week
ago, owing $15 million to

1,000 unsecured creditors
and $9 million to two secured
creditors — Canadian Im
perial Bank of Commerce and
Canada Permanent Trust Co.
of Toronto.

The bankruptcy trustee
says he is seeking buyers for
the 22 other company-owned
stores, but he doubted
whether there would be
much left for the unsecured
creditors.

Thirty-one outlets have
been closed since the re-
ceivership. There were 600
employees at the time of the
bankruptcy.

VSE stock prices

VANCOUVER (CP) —
Prices were up in heavy
trading Friday on the Van-
couver Stock Exchange. Vol
ume to close was 13,925,251
shares.

Of issues traded, 338 ad
vanced, 221 declined and 428
were unchanged. The VSE
index was 1,068.30, up 14.87
from Thursday's close and up
49.61 for the week.

In the industrials, Norsata
International rose .10 to
$4.90 on 23,910, Bank of B.C.
was steady at $5.56 on 9,912,
El Dorado Systems fell .02 to
$1.05 on 8,000 and B.C. Re-
sources gained .09 to $2.53 on
7,100. Webb & Knapp "was

Lwelle Andreashuk, 218 - 11th Ave., Castleger, B.C. ft
365-6658

at $1.90 and

Transcanada Pipe climbed
-56 to $2.45.

On the resource board,
Acheron Resoutces ‘climbed
.07 to .49 on 127,938, Zenco
Resources advanced .03 to
44 on 125,550, Battle Energy
was up .05 to .30 on 116,000
and Musto Exploration drop-

-30 to $4.50 on 104,800.
Golden Knight rose .10 to
$3.85 and Goldrich Resources
gained .04 to .48.

On the development board,
Monte Christo climbed .20 to
$2.85 on 221,825, VIP Dyn
asty International advanced
02 to 45 on 210,500, Kel
‘leyKerr Engineering gained
OT to .30 on 173,200.

& CARRY

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my MIN. LUBRER

MARCH 31 - APRIL 6

ELEPHANT
MOUNTAIN
LUMBER ~

Drive * Box 550, Nelson

(On the Woredioent) @ vit oes SR3° Sey, Available * Open 6 Days

ent ee

Good Friday

© 352-2169

EUREKA! Woolworth Co. WORD Economy

Canada scored well ©

TORONTO (CP) —

‘Canada scored good grades in the

world economy schoolroom last year but the’ top students
were the United States and Japan.

Statistics released in the last few weeks by government
jagencies in Canada, the United States, Japan and the
European Economic Community show that Canada ranked
third in economic growth in 1984.

The United States was the leader at 6.8 per cent,
followed by Japan at 5.3 and ‘Canada at 4.7. The EEC trailed

at 2.4 per cent.
But economists

warned that

the North American

economies shouldn't become complacent. Japan and other

Pacific Rim countries ate eagerly bidding for topmarks.
“The: Japanese have made the new technologies the

target for the 1980s,” said Leo de Bever, economist at Chase

Econometrics Canada.

Jim Laxer, a York University economist and former
New Democrat policy analyst, agrees.

“We're living in a changing global economy in which the
balance of power is shifting to Japan and the Pacific rim,” he

said in an interview.

These comments are borne on by the most recent
figures. The Japanese government's economic planning
agency said Japanese growth in the last three months of
1984 was 9.6 per cent on an annual basis. It was one of
Japan's best performances since the 1973 oil shock.

By comparison, fourth-quarter growth on an annual
basis was 3.9 per cent in the United States and 2.4 per cent

in Canada.

JAPAN GAINING

Laxer,

who has written a recent book criticizing

traditional Canadian economic policies, says the Japanese
will prove to be increasingly successful at improving their

y through

couraging winning industries.

Pp and en.

“We can learn from the Pacific Rim countries. In this
period of the 20th century you need a consensus of business,

government and labor.”

De Bever said Japan has been able to build its
consensus by ensuring low rates of unemployment.

“The Japanese make sure that the people who are
thrown out of work are taken care of.”

By comparison, Europe has a “fundamentally pessimstic
outlook for their economy,” he said, pointing to the worries
over job security that resulted in the protracted strike in the

British coal mining industry.

Both economists agreed that while the United States

may have scored the best

1984 grades, it “will be

hard-pressed to match its performance during the rest of the

1980s.

GAINS SHORT-TERM

De Bever said U.S. growth was due largely to the
Reagan administration's policies of relaxing income taxes
and ineresing defence spending.

“You grow faster for a while (under these policies) but
then you've got a problem. What are you going to do for an

encore?”

De Bever said the U.S. government deficit is limiting
its ability to spur economic growth.

Washington is also building up a foreign investment
problem — a difficulty with which Canadians are well

acquainted, said Laxer.

The United States has a “buy now, pay later” policy that
is attracting large amounts of foreign capital. Now it must
pay back billions each year in dividends and interest

payments.

“The U.S. has had strong years in 1983 and 1984 based

on a weird combination of policies,”

said Laxer, referring to

its high government deficit and tight-money policy,

Tom McCormack, economist with Data Resources of
Canada, disagreed, however. He said the American effort to
deregulate industries has “brought out the animal spirits”
among U.S. capitalists. Canada would be wise to follow the
same pattern of deregulation and to liberalize its trade

policies.

Good market in Asia

By DARRYL GIBSON

TOKYO (CP) — When
Bruce Fox, marketing direc-
tor for the Ottawa-based
computer terminal maker
Cybernex Ltd. was told Can-
adian trade with the Pacific
Rim had overtaken exports
to Europe last year, he was
skeptical.

But his first trip to Japan
for the Comdex Japan show
in Tokyo this week has made
him a believer.

“As far as I can tell, we're
the only Canadian company
here this year, but I'm willing
to go out on a limb already,”

@ said in an interview. “I

think Canadians should stop
wasting their time in Europe
and start selling in Asia.”
Fox, who in three days has
lined up potential distribu
tors for his products in
Japan, Korea, the Philippines
and even British Columbia
and other parts of Canada,
sees excellent prospects for
growth in the region and ex
pects Asia to account for 20
per cent of his company's
annual sales within a year.
“About one-third of our $10
million in sales is from ex-
ports now but I think, with
distributors in Singapore and
Hong Kong already and’ in

other parts of Asia soon, he
will be doing at least $2 mil-
lion by next year,” he said.

TRIP PAYS OFF
The trip to Japan, some of
it supported by export loans
and other incentives, has cost
Cybernex about $15,000, Fox
said, but he feels the invest
ment will be well spent.

“We were in Europe for
the Comdex Show there, but
it was a disaster,” he said.
“There was hardly any inter.
est and with our dollar the
way it is, it's hard to sell
there. But here the response
has’ been great.

For Your Convenience We're

OPEN MONDAY

PACIFIC

wtbore aemas ore tuted bolow. “
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tomorrow or

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368-5556

, kind within 200 miles,”

Business
hopes to

expand

By CasNews Staff

A small-scale meat and
sausage operation located in
Crescent Valley is hoping to
expand its business pending
approval of a loan by the
Department or Regional In
dustrial Expansion (DRIE)
and the B.C. Development
Corporation.

Ron Brown, president of
Valhalla Meats and Sausages
has submitted loan proposals
to the federal and provincial
bodies, who are currently
studying them.

Valhalla Meats and Saus-
ages has been operating on a
small-scale operation for the
past seven months out of a
small trailer in the Koisancic
Ranch in Crescent Valley,
according to Genie Brown
who runs the operation with
her husband, a journeyman
meateutter and sausage
maker.

She says the proposed ex
pansion would create be
tween six and eight perman.
ent jobs.

The business provides “all
kinds of custom cutting,” as
well as beef and pork sales,
fresh sausage and no-nitrate
smoked meat, says Brown.

Valhalla Meats and Saus.
ages also supplies many West
Kootenay restaurants and
grocery stores with meat and
sausages.

“It's the only plant of its
says
Genie.

But due to the lack of large
equipment and a large area,
the business is unable to ex
pand.

Although Brown wouldn't
specify how much they are
requesting in the loan, she
did say their investment and
the loan would total $250,000
— the amount needed for the
expansion:

So far, the loan applica
tions look positive, Brown
says, although they don't
have a definite answer.

Brown says they have not

ided on a site for the
Proposed plant, adding that
they have looked at property
at the Castlegar Industrial
Park.

Our Action Ad Phone
Number is 365-2212

VICTORIA (CP) — The on contracts of than agreements, even though it
itish Columbia govern- $200,000. A new purthasing will remain in place for con-
ment. wil ne policy ovtlined earlier this tracts under
preference to B.C. and Can- week abolished the practice. The government wants ef-
adian companies when it B.C. suppliers were sel- ficient and itive sup-
Purchases goods and ser- ected if their bids were with- pliers, he ssid. “We are not
vices. in 10 per cent of the lowest going to buy lower quality
Steve Hutchings, head of bid, and Canadian suppliers products than we need or pay
the provincial purchasing were selected if their bids higher prices than we need to
commission, said this week were within five per cent of do this.”

the system did not work, and the lowest bidder where no Price was pro-
price preference was only a B.C. source existed. tectionist, and the Social
factor in Hutch said it also was Credit government has a

wIALOT

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free-trade orienta- tion facilities in the province. ment of new industries produced in British Colum-
Hutchings said it was a wherever possible. Asan ex- bia. ’
“We have made it very priority that the govern, ample, he said destination specifications will
ment's buying needs be made signs must be produced for be reviewed, and where nec
known to potential B.C. Transit.and the Ad essary, changed to allow B.C.
im the province. vanced Light Rapid Transit firms to compete for the con-
He said the public sector “Many suppliers don't packs built in Van- tracts,

know what govern it couver suburbs. For example, Hutchings

power to create unre, wove ¥ eve nel. oe ‘The commission has sled said, technical
from. Without that informa- set up @ technical sérvices for field radios needed by the
tion it is diffieult for them to division to dismantle and Forest and Highways minis-
their goods and services really be - analyse government-owned tries and B.C. Hydro “typi-
He said the to cally leads us back East to

will encourage the establish- whether some parts can be buy the radio.”

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