Castlegar News /o.ory 20. 1985 BUSINESS By BRENDA DALGLISH VANCOUVER (CP) — First City Financial Corp.'s black glass tower goes almost unnoticed in the downtown skyline — crowded out by magnificent monuments built by lesser companies. The only real display of wealth in First City’s head office is the corporation's impressive collection of Canadian art displayed throughout the building. ee ee That's the way First City — which has been described as the best managed financial institution in Canada — does business. Low key. Long on performance, short on flash. At least as low key as a $3-billion company that’s been involved in some of the truly interesting corporate takeover efforts in North America in recent years can be. Most people don’t know much about First City or the Belzberg brothers, who came from Calgary and began building the financial empire 20 years ago. NO INTERVIEWS The principal officers shun publicity. Even though the recent acquisition of Scovill Inc. has created interest in First City’s activities, the company is not giving interviews. Sam Belzberg, middle brother of the trio that includes William of Los Angeles and Hyman in Calgary, started the trust company in Edmonton in 1962. * In terms of assets, it ranked as Canada’s seventh largest trust company by the end of 1983, the last year for which complete results are available. But First City Trust, like all of First City's interests, is more concerned about profitability than size. Its profits were the fifth best and its return on capital, the measure of efficient performance, was the best in the industry. “They're the best managed financial services company in the country,” said Laurence Bloomberg, president of First Marathon Securities Ltd. which did a compr ive study of the ps a year ago. “They are very astute, very good business managers.” Although problems caused by its involvement in . ECONOMY REBOUNDS GDP up 1.2 per cent OTTAWA (CP) — An in. workers’ strike in October despite interim, overall production crease in motor vehicle pro declined and many industries duction following an auto remain below their July level "s increase. First City keeps low prof PROPOSED MALL . . . Among First City's is asked Castl council tor an extension on its the proposed shopping mall for 1540 Columbia Ave. The Vancouver-based development company has Western Canada’s soft real estate market have dampened its performance somewhat in 1984, earnings are still expected to be up. SIMPLE STRATEGY First City Financial, the parent company of a host of subsidiaries, says its investment strategy is straight forward — its seeks growth-oriented companies supported by tangible assets and management expertise whose stock is undervalued. When it finds a suitable candidate, it goes after the company with what could be characterized ggressive prudence. But if the market price is bid higher than a predetermined limit established by First Cit; nalysis, First City withdraws with a profit on the shares it held — see tt permit for the mall. Council hasn't made a decision on the request Cosews Photo a no-lose proposition that has paid handsome rewards. Much of First City’s revenue growth in the past five years can be attributed to substantial gains from unsuccessful takeover bids. For example, First City’s participation in a thwarted bid for control of Gulf Corp. resulted in an extraordinary gain of $32.5 million. It paid an average price of $45 (U.S.) a share and sold at $80 (U.S.) after being outbid by Standard Ojl. It has substantial interests in the oil and gas industry through its 39-per-cent ownership of Aberford Resources Ltd., in comunications through Cantel Cellular Radio Group which will market mobile telephones in the coming years, as well as its more traditional areas of operations, financial services and real estate development. een Pass Creek Park Area Twice weekly celiveriae Wednesday afternoon and Sunday . Boys or Girls 12 years or older, “Adults or Senior Citizens may apply. Phone Heather at 365-7266 or prtczsy by 197 Columbia Avenue. Designed for fast cutting and easy main- tenance. Al Stihl saw chains feature the Oilmm Drive link which channels oil to the critical friction and wear points. Stihl, the sow chain for pros that non-pros appreciate. CHAIN SPECIAL $ 1 ” Per inch Buy now and save! Columbia Saw & Service 199 Columbia Ave., Castlegar mn he Cottbows ae. 365-2710 for Statistics Canada said weak demand for saw logs and pulp wood was chiefly contributed to a 1.2-per-cent rise in gross domestic pro- largest production improve. duets last November, Stat- istics Canada said Tuesday. goods and services by Cana- dians and non-residents with. in the country and is an im. health of the economy. and October. The government agency says November's increase of the goods-producing indus was the second largest of the tries in November, down year after the 1.4-per-cent more than 10 per cent from rise posted in July. But in the its July level. A spokesman Safeway cries foul over pact VANCOUVER (CP) — A six-year collective agreement Barrie Wall said the agree between the Retail Clerks’ ment, reached three weeks Union and two food compan- ago, has been ratified by Statistics Canada said the ments came in the service industries, led by trade with Gross domestic product is a gain of 28 per cent. the value of production of Goods-producing industries showed a production increase overall, but have not fully recovered from the decreases portant indicator of the shown in August, September Forestry was the weakest Overwaitea spokesman ies has created an unbal: union t igh bargaining situation, Canada the province. Safeway Ltd. spokesman But he said the contract Don Bell said. only formalizes a practice “The bottom line is that we that has been going on for will be negotiating and that years. Overwaitea and Save-On workers get,” Bells aid. would be vulnerable to standard, Wall said. strikes and shutdowns while Overwaitea Foods and Save match whatever Safeway's years. Because Safeway is so big won't, but their employees in comparison with other will receive whatever our food stores, the contract it reaches with the unions is The pact means Safeway regarded as the industry He said the Overwaitea chain of 46 B.C stores has had On Foods Ltd. would con- a similar agreement with its tinue operating and then warehouse workers for two PRODUCTION INCREASES In manufacturing, produc- tion of motor vehicles and motor vehicle parts increased 12.8 and 21.4 per cent res pectively. “The strong rebound in automotive output followed a DISCOVERY sharp decline in October when production was ad versely affected by labor dis: putes,” the agency said. About 36,000 auto workers at General Motors of Canada Ltd. were on strike for 10 days in October. Wholesale trade also showed a production increase in November, led by motor vehicles and parts, electrical machinery and equipment, miscellaneous machinery and farm machinery Retail trade output in creased 0.3 per cent in November, marking the fourth consecutive advance. Statistics Canada says the continued increases show an improvement in consumer spending. Department stores and food stores experienced the largest gains. The only sig nificant decline was recorded by new motor vehicle deal ers, who saw trade output decrease by 5.3 per cent. The spokeman said there may be a lag between the wholesale and retail figures for motor vehicles. He said retail trade in this industry may pick up in December. retail ploy receive once an agreement is reached, he said. “Our employees find it frustrating that it’s the same union that represents Safe way that also represents Overwaitea. And our employ ees don’t understand why they would treat the stores differently.” Bell said unionized super market cashiers earn $15 to $16 an hour. AEROBIC LEOTARDS AND SWEAT SUITS CUSTOM MADE TO FIT! It you need tall or petite CALL KATHY VERIGIN Your choice of color and Style. For Originality or Children’s sizes, too! 365-3747 ALL PERMS 25% orr Plus a Free Manicure with every perm purchased. CALL 365-5841 ACCENT STYLING Cupid wants you For Accent Styling’ VALENTINE PRESENTATION | From Feb. 1 - 28 PERSONAL SHOPPING ONLY, PLEASE 5% TO 50% OFF This Thursday is Discovery Day, that extra almost every department in between. So, if you want to save a hatful of money, just head for Discovery Day, this Thursday at the Bay! THURSDAY ONLY AT ALL BAY STORES ‘Hudsons Bay Company STORE HOURS Monday to Saturday 9:30 to 5:30 Thursday & Friday 9:30 to 9:00 TRAIL, B.C. 617, Columbic, Castlego BOAT TOPS “Premium Quality" Custom Design and Repairs BOOK NOW and FIREWOOD FOR SALE. Ph. 65. ola, 78 SACRIFICE! nae ey suede lengh Rich Soone,: gn Sine ‘Ta. Brond new, never been w: STATIONERY SUPPLIES PHOTOCOPYING WEDDING STATIONERY GENERAL PRINTING SOKel Prinr&t.4 623 Columbia Avenue 365-6385 winter tires, _polyes! Tioreglass Belted. B78. 13ma on rims. Used on a pee baie Asking $50 each 365. 2833. 7/5 STEREO SYSTEM — Ideal for disco or commercial - use Sacrifice price. 365-549 Vs CONSIGN your ~sleable tur niture through Spectrum Viny! Repolc & Upholstery. Phone 8336. 9a.m. to 5 p Aluminum Sheets 242" x 36" }t012 75¢ Each 13 to 24 — 60¢ Each 25 or More — 50¢ Each CASTLEGAR NEWS 197 Columbia Avenue Castlegar KENMORE Mark IV stov MARTIN'S TV. 365-5949. 10%, ot on all parts and labour First 10 Words $3.15 Additional Words 15¢ 3 Insertions for Price of 2 Hons for Price of 4 Special Reduced Retes for 21 $2x, 104x Legal Ads Word ods: 20¢ per word tor one insertion; 15¢ per word for subsequent consecutive insertions. Legal boxed ods 64¢ per agate line for one in sertion; 48€ per agate line tor subsequent consecutive inser tions Policy Poyment may be made by through the mail. Classified Ads may be charged, but o $1 billing charge will be made if the ad is not poid for seven days after it first appears (This $1 charge does NOT ap. ply to Visa and MasterCard charges.) 10 a.m. Friday Order by Mail Print your Action Ad on o seporate piece of paper and mail to: Action Ads Sox 3007 CASTLEGAR, B.C. VIN SH4 The Castlegar News reserves the right to classify ods under oppropria’ lings and to determine page location Homan Rights Act All advertisements such os Help Wanted must comply with the British Columbie Humon Rights Act. This Act states no advertisement may state or imply o preference limitotion, or specification, on the basis of on applicant's race, religion, colour, marital stotus, ancestry. place of origin, age, sex (unless the matter relates to the main tenence of public decency Rights Branch) 6 months. Excellent condition 37 ae Copier Systems CALL DAVE PLANT Residence 365-2818 oF 112-800-642-1234 BROAN variable — speed fangehood. Playpen. walker jety gate. Jolly jumper. Bal pack. 365-7668 a PORTABLE top load dishwasher, $80. 0.8.0. 365-8284. 3 naibee> a lor pera 2. S57 F008. tins) USED GUNS bought and sold Cash or trode Wises, Hordwore 2-517) 93 NATURAL VITAMINS MOTHER NATURE’ $s PANTRY Thre, shor ays sale 793. 27 [OO $450. 12 volt winch $450. Guitar $150. Phone 265. FIREWOOD. 365-6621. 3/8 CROSSROADS JANITOR SERVICE We Don't Sweep it Under the Rug! COMMERCIAL * RESIDENTIAL 3 LADIES full length mink Mint condition fer sole or rede. Ph. 365-3072. 3/8 SPECIAL SALE AT am cot. LEGE 's bive ond green uni come Sons ond white Hoo" $12.99. White Unilorm ponte $9.99. Assorted sizes on no! sizes on sale now 36 FENDER F-35 iter, Fw Cor- win-Vega S- Tee $275. ESier tv chonie for ports, $25. Yaesu FRG-7 receiver, $235. Kenwood’ 1S-520°$SB_