’ « _ Castlégar News September 10, 1986 BUSINESS Lawyer heads Imasco By ALLAN SWIFT ‘Canadian Press If you're not from Colchester County in Nov: you've probably never heard of Purdy Crawford's home town, but businessmen across Canada are fast becoming aware of the man from Five Islands. Crawford is the new chief executive officer of Imasco d., the Montreal-based conglomerate listed by Report on Business as Canada's 16th-largest company in profits and in the headlines since emerging to take over Genstar Corp. of Vancouver last March. A burly cordial lawyer of Scottish ancestry, Crawford did not work his way up through the ranks the way his pre- decessor, Paul Pare, did. Crawford, 54, spent 27 years with the Toronto law firm Osler, Hoskin and Harcourt, becoming a senior partner in 1970. His association with Imasco was limited to serving on its board of directors for 11 years and doing some legal work for the company. He was parachuted into Montreal in July 1985 as president and chief operating officer of Imasco. A year later, he became chief executive officer. Crawford has big shoes to fill. CHANGES COMPANY Pare, now chairman and due to retire next year, is credited with changing Imasco's parent, Imperial Tobacco, into a diversified holding company with three other major divisions: two chains of drugstores, a fast-food restaurant — representative of the Bank will be in come on Sept. 17, 1986 to discuss your business’ financial and manage- ment needs. Why not call us today at 426-7241 (collect) to arrange an appoint- ment? Federal Business Banque federsie 1) Bank de Canadi chain and Canada Trust, the largest trust company in Canada and the former crown jewel of Genstar. Pare has been lauded as one of the most skillful and successful executives in Canada. Imasco's profit chart has gone consistently up for the past 25 years even though its biggest division fs in the waning tobacco industry. Imasco earned $261.7 million for the year ended last March 31, on sales of $8.6 billion, up 12 per cent over 1985. “We're similar in many ways,” Crawford said in an interview at Imasco headquarters. “We both like to make decisions quickly and get on with things. We don't like long meetings. We're comfortable making decisions, we don’t sweat over them, and we're also comfortable in admitting mistakes.” Crawford arrived just in time to play a leading role in Imasco's $2.6 billion takeover of Genstar, which erupted into a political controversy. Executives were surprised and stung by criticism by MPs from all federal parties, who feared Imasco would use Canada Trust to finance its other activities. CONTROVERSY BLOWS OVER But the controversy blew itself out when the govern. ment introduced a bill to review all changes of ownership of trust companies. Imasco achieved 100-per-cent ownership of Genstar in August and is ahead of schedule in its planned sale of all Genstar divisions except Canada Trust. This is the first year Imasco will get more of its earnings from divisions other than tobacco, so Crawford inherits a company in a solid financial position despite a heavy debt load from the Genstar purchase. Crawford intends to continue Pare's style of allowing the divisions to do their own thing. “One of our strengths at [masco is to have strong operating groups and we don't interfere with them too much,” said Crawford. But he'll travel often, visiting the headquarters of Imasco USA (Hardees) in North Carolina, Shoppers Drug Mart and United Cigar Stores in Toronto or Peoples Drug Stores Inc., near Washington. Crawford studied law at Dalhousie University in Halifax, and got a masters degree in law at Harvard. “He's a very hard worker,” said Allan Beattie, Craw ford's former boss and chairman of Osler, Hoskin, one of the largest law firms in Canada. Province-Wide Blanket B.C. SPrORTUNITIES Island Hall Hotel. Parksville +59 TDS BC t resort, 99 Ket. Hydraulic EQUIPMENT & MACHINERY HELP WANTED _ 7 Pressman for community Biya_buc- pump Over. newepeper REAL ESTATE Six Only. $1,000 down told "get nop. dining hauled. steam cleaned tull con ieee! start, ies. 1909 ar ton Fargo pick-up 94.0 FOR SALE MISC. Lighting Fixtures s largest te easy annus! payback on tment. Other BC terri lable. Suite 1259 le. North Van /ancou’ Records & tapes retail out let in great demand enclosed Maple Ri Locate in busy |? livery deposit OAC ery anywhere in B.C Maytag Home Style Coin Laundry Store Franchi Exciting new. proven con making Spectacular growth poten. tial proof business. 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Ads Reach 700,000 Homes for only $119 Blonket Clossitieds of the B.C Yukon = Community Association allow you to place you close to 80 newspapers in neorly suburben ond rural morket in B.C ond Newspoper © od in every ond the Yukon, and we con also arrange the same thing for gvery other province in Conede Classified Ads 365-2212 Or write: Box 3007, Castlegar, B.C. VIN 3H4 By GAYLE HERCHAK Canadian Press LONDON — It's been dubbed Big Bang, the buzzword for the sweeping changes that are set to revolutionize the London Stock Exchange late next month. And although this radical transformation of one of the world’s tWree great financial markets — New York and Tokyo are the others — will occur half a world away, it will be closely watched in North America. The Ontario government's plan to allow foreign investors, ic banks, i and trust to own a bigger chunk of the province's securities industry is “driven by the same underlying factors,” said Harold Malcolmson, as associate director of the Ontario Securities Commission. Ontario's financial institutions minister, Monte Kwinter, said the new rules, set to go into effect at the beginning of next year, will allow domestic firms to compete more effectively in the increasingly tough international scene. On Monday, Oct. 27, London's dealers will no longer be protected by rules that have strictly limited competition in one of the world’s oldest financial markets. ELIMINATES SEPARATION The rigid separation between jobbers (roughly wholesales who do business with other jobbers or brokers) and brokers (who deal with the public) will be eliminated. Also on the way out are fixed commissions on share transactions. These two changes will bring London in line with practices at other markets, including New York and Toronto. But there was another measure, introduced in the spring, that caught the eyes of officials in Canada: foreign securities groups were allowed to become members of the London Stock Exchange — and member firms to become ‘Big Bang’ will alter exchange wholly-owned by institutions outside the LSE, like bank: London is virtually buzzing with activity as U.S and Japanese financial groups position themselves to take advantage of new opportunities. Not to be outdone, Canadian firms are also on the seene. The Canadian Imperial Bank of Commerce has bought a London broker, Granfell Colgrave. The Royal Bank's London subsidiary, Orion Royal Bank, has also purchased a broker, Kitcat Aiken. And Royal Trust picked up control of the British brokerage house Savory Mill through its recent acquisition of the European financial services business of Dow Chemical. BUY NO SEATS As for the 16 Canadian investment dealers in London, so far none has decided to buy a seat on the LSE, largely, they explain, because the LSE will concentrate on British stocks. Nor have any of the dealers bought London brokers. Industry watchers are predicting the Big Bang will create a shakeout at best, a bloodbath at worst as the number of brokers making markets in British equities soars to 60 from six and in British government bonds to 28 from two. Malcolmson said the reforms in London are intended to boogt competition and create firms that are much better capitalized. The new rules, proposed by the Ontario government, are a “more modest, more Canadianized” remedy that will provide substantial protection to the domestic industry, he added. The Ontario government plans to let foreign firms own up to 30 per cent of a securities dealer. In addition, domestic banks, insurers and trust companies will be allowed to increase their stake in securities firms, starting at 30 per cent and eventually reaching as high as 49 per cent. The changes will require amendments to provincial insurance and trust company laws and the federal Bank Act. September 20, 1986 every item (plus hundreds more) to be here when the doors open!!! Color TV Video Recorders Few woman law partners TORONTO (CP) — It is not the key to the kingdom of heaven, but in the legal prof ession a partnership is the closest thing to it Many women are called first to the bar, then to join law firms as paid employees, known as associates — but few are chosen for partner ship, the pre-eminent recog nition of achievement with its attendant spoils of money More than 7,000 Canadian women now practise law, up from 785 in 1970. Half were called to the bar in the last eight years. But in Canadian law firms organized around a partner ship, only 5.3 per cent of all partners are women. FP) 809 Merry ero. Rood Past Fireside Motel Pastor: Alan Simpson Sunday School 10:00 a.m Morning Wership 11:00 Evening. Service 6:30 p.m re 6:00 PMA AWANA — Children s Progrom Kindergarten to Grade 8 WEDNESDAY NIGHT Study & Prayer 7 p.m Church 365-3430 Pastor 365-6170 GRACE PRESBYTERIAN The demographics have changed dramatically in the last decade but it's not reflected in the power struc ture, such as women judges or partners, says Toronto lawyer Carole Curtis. Adds Ellen Macdonald, a tner in a Toronto firm: ve heard certain firms pass over or delay the part nership decision (for women) for sometime.’ “Some “AW YEES, However, point out that many women are still too junior to be eligible. Most female lawyers are just now reaching the five- to six-year point with a firm when a partnership is usually offered. An appointment guaran: tees a six-figure salary, a possible chunk of the annual profits, an influential voice in decision-making and some tax benefits. Mack Jones of Bennett Jones, a large Calgary law firm, said women hold them selves back. “The trouble is in a man's.” Almost half the approxi mately 100 lawyers at Ben nett Jones are partners. The first woman partner from among nine women associ ates has yet to be named. While many professional . JiR 914 Columbia Ave. Family Worship Service Oa.m Bible Study & Prayer Tues. 7:30 p.m Pastor: Tom Mulder Phone: 365-2281 Sunday Services 8:00 a.m. & 10:000.m Sunday School 10 a.m Rev. Charles Balfour 2271 Parish Purpose: “To know Christ and moke Him known" CHURCH OF GOD 2404 Columbia Avenue LIVING WATERS FAITH FELLOWSHIP Vision with Vitality Located 2'4 miles west on Hwy. 3 towards Gr. Forks (Old Hilltop Restourant) Sunday Celebration o.m = Nursery & Children’s Service Home Bible Study Wednesday, 7:30 p.m 2605 Columbia Ave Rev. J. Ferrier Phone 365-3182 Morning Worship 11:00 a.m into: 365-8292 or 365-3182 MONTHLY SATELLITE VIDEO SEMINARS Accredited video Bible College Available PASTOR: Stuert Lourie — 365-3278 ST. RITA'S CATHOLIC PENTECOSTAL TABERNACLE 767 - Vth Ave. Ph. 365-5212 NEW LIFE ASSEMBLY WiLL BE THE NAMAE OF OUR NEW CHURCH Sunday Morning Worship B8.150m. 81! m Christian Education ay 45am Evening Evongolistic Wednesday ‘sible Study Prayer at 7:00 p.m Friday Youth at 7.30 p.m Wee College * Women s Ministries * Young Married A VIBRANT. FAITH BUR DING FRIENDLY ATMOSPHERE * Pestor 1 Ken Senith Assistant: Morley Soltys ~~ SEVENTH-DAY ADVENTIST CHURCH 1471 Columbia Ave., Trail 364-0117 Regular Saturday Services Pastor Cliff Drieberg 365-2649 Rev. Herman Engberink Ph. 365-7143 WEEKEND SERVICES Saturday 7 p.m Sunday 8 and 11. a.m ST. MARIA GORETTI GENELLE- Sunday 9:30 a.m ST. PETER LUTHERAN Church School 9:45a.m Morning Worship liam Pastor Ira Johnson Phone 365-6762 FULL GOSPEL FELLOWSHIP (A.C.0.P.) Below Castleaird Plaza Phone 365-6317 Pastor: Victor Stobbe Phone 365-2374 SUNDAY SERVICES Sunday School 9:45 a.m Morning Worship 11:00 Evening Fellowship 6:30 Wednesday: Bible Study and Prayer 7:00 p.m Thursday Youth Meesing 6:30 HOME OF CASTLEGAR CHRISTIAN ACADEMY 365-7818 L RCH Tst Sunday, p.m 2nd, 3rd and 4th Sundays, 10 0.m No service 5th Sunday women seem to follow their hus bands around if they are being transferred,” said Jones. “There doesn't seem “Yo Be the same continuity in a woman's professional life as 713. 4th Street Office 365-3664 Postor 367.6196 Worship Services 7 p.m Every 2nd Su July 6, 20. August 3.17. 3) til further notice Rev. Croig Behrens Vacancy Pastor Leten to me Lutheran Hour _ Sundoy vm on Rodvo CROR UNITED CHURCH OF CANADA 2264-6th Ave 1'4 Blocks South of Community Complex 9:45 a.m. Singing 10 a.m. — Worship and Sunday Schoo! Rev. Ted Bristow 365-8337 or 365-7814 women do not necessarily follow their husbands around, many do decide to have children A woman taking maternity leave or who wants to reduce her working hours to spend more time with her family may not generate enough business to satisfy the cri teria for partnership — per formance and billings. Many women do not buy that argument, because law firms for years have gladly given men time off. There is one strike against women ascending the part nership ladder that both sides acknowledge: the abil ity of women to build a large client base. Soviets want in GATT GENEVA (Reuter) — The Soviet Union stepped up its bid for a role in forthcoming , negotiations under the Gen. eral Agreement Tariffs and Trade, arguing Tuesday it is an active partner in global commerce. GATT's 92 members meet in Punta del Este, Uruguay, next Monday for negotiations on promoting global free trade. Moscow surprised GATT's Geneva secretariat last month with a formal re. quest either to join in or enjoy observer status The United States has said western countries at the meeting will oppose the Soviet bid because a state run Communist system could not comply with GATT trad ing rules. Mikhail Pankine, head of the international organiza tions division at the Soviet Foreign Trade Ministry called a Geneva news con ference Tuesday to reject western criticism and declare that changes are being made in the Soviet economy Soviet firms were getting more freedom to do business with partners aboard. “This would be more flexible. not as rigid as the system that used to be. 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