September 28,1988 Cl 7} Castlegar News September 28, 1988 ‘ ce } Flexible, easy installments. g XERO CANADA, INC. Ask about our Autoplan : Kootenay Savings SPECIAL AWARDS .. . Jaclyn Kal from right) and Willow Makortoff (second from left) received their all-round cor lesnikoff (second Girl Guide ¢ ds Monday at a Recreation news The fall session of fitness classes started on Monday. The response to most classes has been overwhelming Circuit Weight Training and evening Aqua Fit classes are filled to capac ity. We still have lots of room in our morning classes as well, some of our evening sessions have vacancies. So stop by the office and register for the fitness class that will fit into your schedule Oil Painting Along with fitness classes we offer a variety of other activities to keep your children and yourself busy. One of the classes that was very pupular last winter was Oil Painting. Rob son's own Allan Woodrow taught this very professional class. This fall the class started last Monday but it still needs more participants in order for the program to continue. So if painting has always b ona talent you have wanted to try, dun't wait a day longer. Stop by the recreation office before noon Friday and register in this first class program Chicken Class Is chicken one of your favorite dishes? If it is then this class is for you. It happens Wednesday, Oct. 12 and 19 in the complex kitchen. You will learn the hands-on approach to cutting up poultry and deboning chicken breasts. Recipes, handouts and helpful buying hints will be discussed. The cost of this course is only $10 and you will be able to take Thursday's dinner home, cut up and ready to cook Program Openings Other programs that still have openings are mini-basketball, hunter training, modern dance, creative movement, gym energy, learn to skate, mom, dad and me along with many others. Plan to inquire today Public Skating Public skating for the regular ice season begins on Saturday. The skating schedule is as _ follows: Tuesday and Thursday 2:30 - 4:30 p.m.; Friday 2 3:30 p.m. and 7:30 - 9 p.m. on most Friday evenings (phone the recreation office to check dates); Saturdays 3 3:45 p.m Clip out this schedule and pin it on 4:45 p.m.; Sundays 2 your wall, then you will always know when you can come down to the complex and get some fun-exercise in. Admission prices are still the same as last year: 75 cents for children, $1 for students (13-18 years) and $1.25 for adults. Strip tickets are also available at consider able savings. Rebels’ Opener The first regular season game of the KIJHL for the Castlegar Rebels will be taking place on Saturday when the Rossland Warriors will be in town. Game time is 8 p.m. So for some exciting hockey action, come on down and spend an evening at the rink Fox runs raise more than $700 Terry Fox runs were held in the Slocan Valley on Friday, Sept. 16 at Mount Sentinel school, Brent Ken nedy school and Winlaw school Altogether, 510 students and 52 teaching staff and parents took part The elementary students were treated to a hot dog lunch and the high school students received ice cream after the runs. All food was donated by Nelson and Slocan Valley businesses. Winlaw school started off the day with most of the students on bicycles riding a 12 km route. Brent Kennedy students and staff walked for Terry and around, 200 teens and staff at Mount Sentinel ran or walked Regional Recreation Commission No. 8 helped to organize the runs. The total amount collected for cancer research was $707.05. More pledges will be coming later — deadline Oct. 21 In Slocan, Nicolas Toma organized arun on official Terry Fox Run day Sept. 18. AND gor? 5 the OCTOBER ist Tickets $6 and $3 at door Family Entertainment < aPito, ea DANCING Featuring thi Russian Choir Waverley Da Jill Pear Nelson & 8:00 p.m. A NELSON UNITED WAY PRESENTATION FOR FURTHER INFORMATION CALL 352-6363 — emony in the Castlegar Scout Hall. Accompanying the girls were their mothers Barb Makortoft (left) and Loretta Kalesnikoff Welcomes DAVE FISCHER Marketing Representative as our West Kootenay Sales Representative serving the Trail, Castlegar, Nelson area and surrounding area for Xerox For Xerox Sales call Dave Fischer 365-2545 Congratulations JOE DUARTE Service Representative as our 15-year senior service representative with Xerox in the Trail-Castlegar area \ For Xerox Service call Joe Duarte 1-800-663-9461 Congratulations LANCE WHITLEY Service Representative as our senior service representative of 11 years, Lance proudly serves the Castlegar- Nelson area. For Xerox Service call Lance Whitley 1-800-663-9461 XEROX canapa inc premium financing. Insurance Services Volunteers given certificates About 20 people attended a Sept. 20 meeting of the Castlegar Unit of the Canadian Cancer Society. President Ruby Marsh reviewe the year’s activities, which included a breast self-examination teaching clinic in November. Nineteen women were taught this often life-saving technique for early detection of lumps. Another clinic is planned in the near future. It will consist of one or two evening clinics with teaching sessions to be scheduled by ap pointment. Certificates were presented to Lee Landis, as a nurse trainer; Sonja Sather, Luba Stoochnoff and Ida Calderbank received nurse teaching clinic certificates. Dorothy Salisbury, a nurse trainer, and Bernice Allen, Alice Sanford, Frances Vanderpol and Tess Braman, clinic teaching nurses, were unable to be present. Clerical assistance was given at the Terry Fox Run which had an increase in participants this year. Treasurer Dorothy Martini re- ported $2,866 have been received through “In Memoriam” donations and the April campaign total was $11,020 which is 90 cents per capita. She reminded the meeting that during the campaign, the Canadian Cancer Research Institute of Quebec, sends out a request for donations. If is a legitimate private organization, but not the Canadian Cancer Society. Their money is used only in Quebec. July saw the start of a mammo- graphy screening clinic at 601 West 10th Ave. in Vancouver. It has been funded by the government until March 1989. The program is important for women 50-70 years, but women 40-50 years old will be accepted. Women over 40 may attend either by referral from their family doctor or they may make an appointment themselves. The report will be sent to their family physician. Marsh said the breast self-examinations are still very essential because screening wil) only be done once a year if the program is extended. Under patient services, the logal unit has given financial assistance of $5,069 in the past year. Most of this is for transportation. There are two trained Cansur- mount volunteers to help patients cope with the emotional strain the disease causes. This is provided on a one-to-one basis as well as through a monthly group meeting called Living with Cancer. Notices are up in all physician clinies. Emotional support and infor- mation about supplies is also pro- vided by specially-trained women — one in Castlegar and one in the Slocan Valley — to women having mastectomies. The video Cancer, It’s Treatment and Cure was viewed. It explained chemotherapy and radiation treat ment and why patients don't neces. sarily receive identical treatment and not all patients have the same side-effects. This and other videos are available to organizations or individuals free of charge. A volunteer tries to keep pam- phlets on all types of cancer and ways of prevention on display at the medical and health clinics as well as the hospital. Plans are to have these at the spring trade fair. HELPING OUT a : Four of nine volunteers who helped with the (from left) Lee Landis, Luba Stoochnoff, Sonja Sather and ida Canadian. Cancer Society's breast self-examination teaching clinic Calderbank were on hand to receive certificates of appreciation. They included CasNews Photo by Chery! Calderbank Hush Puppies hea Hush Puppies - The Originals * Foam rubber soles! These are HE reg an 29 mr. suede. Sizes 7-11. Reg 39.97. COCHISE Work Boots Do the Job Durable Work Boots Water resistant Syttiex® tanned toe and steet plate. Tan, men's 7-11, Reg. 74.97. P 88 : or. with CSA certified. 2-tone brown and & beige, men’s 7:11, Reg. 84.97. (0 Waneta Plaza Chahko-Mika Mall "ste Ur ox. «. 100 ihe nouns: PRICE IS JUST Hwy 3B, Trail Nelson THE BEGINNING Bank chairmen shun spotlight By BRENDA DALGLISH Canadian Press They run six of Canada’s largest, most powerful multinational corporations — but they don’t make. as much money as their peers at many other major corporations. Together they control assets approaching half a trillion dollars in value, including prime real estate in every city and town and in the country — but it all belongs to someone else They are the chairmen of the six big banks — but if they were to try to cash cheques at most of their own branches the tellers would ask for identification. The six are Allan Taylor of the Royal Bank of Canada, the largest; Donald Fullerton of the Canadian Imperial Bank of Commerce; William Mulholland, Bank of Montreal; Cedric Ritchie, Bank of Nova Scotia; Richard Thomson, Toronto-Dominion Bank; and Michel Belanger of the National Bank. SHUN ATTENTION They are among the most influential people in Canada. But, unlike flamboyant entrepreneurs who may be their customers, they shun the spotlight and their quiet personal lives rarely make news stories. In recent interviews with five of the six chairmen — Mulholland declined — none was eager to talk about himself. Aside from the fact that they all run banks, another thing they have in common is that not one of them was born in Toronto, the financial hub of the country. Taylor and a number of senior Royal Bank executives come from Saskatchewan On the theory that in some crowds probably the only thing worse than a banker is a Toronto banker, ‘Not one of them was born in Toronto, the financial hub of the country’ Taylor likes to suggest that his modest Prince Albert upbringing was good training for running a bank. He is the son of an engineer turned civil servant. MEETS WEALTHY Taylor joked at a Saskatchewan Chamber of Commerce meeting: “I once heard someone say that he guessed if you can't make it in business here, you can always go east and run a major corporation.” As chairman, Taylor, 56, hobnobs with the rich and famous — he has been reading U.S. industrialist Armand Hammer's authobiography because Hammer gave him a copy during a recent visit. Reaching for a coaster so his water glass won't mar a gleaming boardroom table, Taylor says he doesn’t aspire to the high-profile life. His favorite recreations — tennis, golf and fishing — are hardly exotic He acknowledges that his wife regularly beats him at tennis, his golf game suffers from neglect and he doesn't catch much when he fishes “but that's not so important to fishing.” START EARLY Taylor, like Cedric Ritchie, chairman of Scotiabank, went to work for the bank directly after high school. Ritchie, whose ski-jump nose and wide mouth call to mind a stern Bob Hope, has held the position of bank chairman for 14 years — the longest of the current six big bank chairmen. When interviewed, Ritchie, 61, distinguished himself as the least forthcoming. . It took four questions about his New Brunswick boyhood to learn that he liked growing up in the small village of Upper Kent where his father farmed. Ritchie joined the bank in 1945. Like many young men from small towns in those days, he saw a banking career as an opportunity to get out into the world. PUZZLES BANK Forty years ago, Taylor and Ritchie's backgrounds were typical of senior bankers. Ritchie jokes that his bank probably wouldn't even hire a manager today with the experience he had when he joined. The banks didn’t favor hiring people with university degrees and that caused Richard Thomson, 55, problems when he applied at the Toronto-Dominion in 1957. Today the TD is widely acknowledged as one of the top banks in North America. And the reserved Thomson, who became chairman 10 years ago, has presided over the changes he predicted 20 years earlier. The Commerce's Donald Fullerton, like Thomson, started out with a vision of what a banking career would SEES OPPORTUNITY Although his father was a senior executive with a leading investment dealer — an industry known for finding affluent jobs for offspring of the wealthy — Fullerton, 57, chose a career in banking. “It was a cold-blooded decision,” he recalls. “Banking was an industry in which there was an unusual opportunity for promotion. I found that very attractive and I liked the type of things that banks did. It’s the managing of people, of making an organization in 1969 to supervise the completion of the Churchill Falls power pyoject as in Labrador as president of Brinco. He’ joined the bank as president in 1974. In addition to an eclectic resume that includes a stint as a commander in the U.S. infantry and an investment banking career with Morgan Stanley in New York, Mulholland, 62, defies Canadian banker traditions by including such blueblood extravagances such as fox hunting and show jumping among his interests. CALLED MOODY Even in the hierarchical world of banks — one bank has a rule that forbids employees below a certain level to speak to the chairman — Mulholland is exceptional. Although his snow-white hair and twinkling blue eyes suggest a mischi grandfather, Mulholland’s reputation on Bay Street is that of moody tyrant who doesn’t hesitate to publicly berate his senior executives. Belanger, 60, who is the only economist and fr among the chairmen, is said to be the most By BRENDA DALGLISH about the paycheq: of Canada's top bankers has long been an entertaining pastime in financial circles. The best official information on chairmen’s salaries is from proxy notices to bank shareholders which reveal the total compensation paid to a group of senior executives. Notices for the 1988 annual meetings, for instance, show that the Toronto-Dominion Bank paid its 39 executive officers $6.5 million cash and that 19 executive officers at the Bank of Montreal earned $4.8 million. Unofficial information may be better. Those ia the know — bank analysis and former bank executives — guess the salaries for the chairmen at the Big Six banks start at about $500,000 and go up to maybe $700,000 to $800,000. “A million is too much — I don't think anyone's making a million,” said one ex-banker. FARN LESS That puts the bankers well behind such notables as Peter Allen, president of Lac Minerals who collected $3.8 million in cash compensation in 1987 ‘HERE'S WHAT THEY'RE PAID’ | financial position of Canadian banks relative to U.S. and topped the Financial Post’s list of executive earnings, or Edgar Bronfman, the chairman of Seagram who came second with $1.9 million, and Arden Haynes, chairman and president of Imperial Oil, who was paid $1.7 million. The bankers are able to keep their incomes secret because Canadian banks, even though they are multinational corporations, don’t list their shares on United States stock markets. Therefore they don't have to file information with the U.S. ition and Exck Comenl The SEC is more inquisitive than” Canadian securities regulators and insists on knowing the salaries and bonuses paid to individual top executives. That may change in the future as the superior banks becomes understood in the United States, said Terry Shaunessy, banking analyst with Merrill Lynch Canada in Toronto. The Canadian banks may want to take advantage of their stronger position to tap the U.S. stock market for equity capital, Shaunessy said. That would put the banas, and the chairmen’s salaries, under SEC scrutiny. Thomson's formal education, which includes an engineering degree from the University of Toronto and a master of business administration from Harvard, puzzled the bank “They'd never hired someone with my back ground,” he says coolly. “They actually asked me if I was applying there because I couldn't get a job elsewhere. But Thomson, undaunted, accepted a job as a clerk at a wage much lower than he could have earned elsewhere. MAKES SACRIFICE “I felt that it was worth taking a sacrifice in starting salary, in order to be part of the changes that I felt would have to happen in banking eventually,” Thomson said. Although his father was vice-chairman at the Commerce, Thomson chose to join Toronto-Dominion because his father thought the TD, which had just been formed from a merger of the Bank of Toronto and the Dominion Bank, would be open to change. move and move effectively — that’s what's been fun for me. Fullerton insists he isn’t a workaholic and that he encourages his employees to lead balanced lives. what are his outside interests? one of the world’s greatest skiers — I've got six (surgical) pins and plate to prove it,” he said gingerly lifting an ankle. “Skiing to me is true relaxation — relaxation that comes from the terror of getting off the lift and looking down. I can sincerely say that I do forget bank business until I reach the bottom.” RAN PROJECT William Mulholland, the independent-minded auto crat brought in 14 years ago to solve problems at the Bank of Montreal, and Michel Belanger, head of the Quebec-blised National Bank, the smallest of the Big Six, are the chairmen with the most diverse backgrounds. Mulholland, who refused to be interviewed, is an American citizen. i He was born in Albany, N.Y., and moved to Canada intellectual. ‘The fact that you have piles of money and that you are supposed to be powerful can be exciting’ Belanger’s banking career was an afterthought. He was a civil servant for 19 years, moving back and forth between the federal and Quebec governments. His last government job, as secretary to the Treasury Board, ended in 1973 when he became president of the Montreal Stock Exchange. He became chairman of the National Bank in 1981 NEED VISION The change from government mandarin to bank chairman was not that great, says Belanger “You have to have a broad concern about where the economy is going, what the important public policy issues are and where the rest of the world is going.” Unlike most of the other chairmen who tended to put golf at the top of their non-business interests, Belanger’s first choice is reading. With the exception of management books which he says he hates, his interests are broad. At the time of the interview he was working his way through a book by French sociologist Michel Crozier on a theory about how the modern state should operate. DISMISS WEALTH Like the other chairmen, Belanger says building a personal fortune was not his aim. “The fact that you have piles of money and that you are supposed to be very powerful can be exciting,” Belanger said. “But it was never my goal in life.” Getting rich isn’t the most important thing, Thomson said. “My father always told me that some of the unhappiest people he'd known as a banker were the richest,” said Thomson. “He'd come home and tell us a story of so-and-so who'd just sold his business and had $2 million on deposit and now he was unhappy because he had nothing to do. “I remember as a kid hearing that over and over again. ‘Money isn’t everything,’ he'd say. That was one of his favorite expressions,”