Ab ny Castlégar News) Morch 7, 1990 CASTLEGAR ARENA COMPLEX SATURDAY, MARCH 10 Early Bird: 6:00 p.m Regular Bingo: 7:00 p.m. Ucence 60% PAYOUTS ‘ALL PAPER CASH ACKAGES AVAILABLE FOR HOME SEWERS © Make patterns in minutes! @ Learn designer’s secrets! 8 Discover money saving tips! @ Fit pants perfectly! ATTEND ONE 2 HOUR CLINIC FOR ONLY $5.00 Jo Reservation Ne d — Limited Seating RE INN — NELSON 14 — 1:30 p.m. or 7:00 p.m A Thursday, March 15 — 1:30 p.m. or TERRA NOVA MOTOR INN — TRAIL Friday, March 16 — 1:30 p.m. or 7:00 p.m Imagination takes off Grade 3 stud super robot constructions a: and an abili as the basis for a series of o at Robson y school used su; part of their Superhero unit. Each robot coi cra att 4 to travel any to build some special ntains secret cod: time. The will use the robots dventures which will be compiled in a novel. Presents... GREATER TRAIL COMMUNITY CENTRE Trail, B.C. Saturday, March 10 Tickets: $24. Tickets are available at: Fruitvale Pharmacy, Fruitvale * Horizon One Hour Photo, Nelson T V, Castlegar * Alpine Drugs, Rossland * Summitt Music on Glenmerry Market, Trail and KBS Offices, Trail “DON'T MISS IT!" CD Petro-Can sale built into company, founder says CALGARY (CP). — The eventual sale of Petro-Canada was built into the blueprints when the company was created by the federal government 14 years ago, says the founding chairman of the Crown corporation. = Privatization became an important element in plans for the national oil company during its first year in operation, - Maurice Strong said Tuesday. He said he was not surprised by Finance Minister Michael Wilson’s budget announcement Feb. 20 that the federal government intends to dispose of Petro-Canada through a series of share sales. “I regarded it as a serious possibility” even in the first year of operation, Strong said in a telephone interview from New York, where he is a leader of.international environment Your account is now accessable with Cue Cards or Mastercards issued by Castlegar Savings Credit Union wherever you see the Interac Logo. That means you can make this Logo. CASTLEGAR 601-18th St. 365-7232 withdrawals at all Credit Unions, Banks and Trust Companies across Canada displaying CASTLEGAR SAVINGS CREDIT UNION “Your Community Financial Centre” 6) paar ce rerac protection programs at the United Nations. **I felt, at-some point in time, there wouldn’t be the same need,’’ he said. With a $5-billion string of six takeovers, ‘‘Petro-Canada has served its objective — to insert a strong and positive Canadian presence in the petroleum industry." ‘The company Strong started-in-& Calgary hotel room with a staff of four now ranks second only to Im- perial Oil Ltd. During its}14 years it has taken—over~ Atlantic Richfield Canada, Pacific Petroleums Ltd., Petrofina Canada Inc., the refineries and service stations of BP Canada Inc. and Gulf Canada Corp., and ICG Propane’s national chain of fuel dealerships. “Petro-Canada was created as an alternative to nationalization,”’ because of hostility in the 1970s to the SLOCAN PARK Highway 6 226-7212 Or of F Exporting Countries and foreign oil companies. An overwhelming majority of Canadians ‘‘wanted the government to take over the industry,’’ Strong said. ‘‘The creation of Petro-Canada absorbed those pressures."” The Conservative privatization plan calls for a 25-per-cent ceiling on foreign ownership of Petro-Canada shares. Potential U.S. shareholders got a look this week at Petro-Canada’s probable 1989 financial results. They found out an accounting DAILY TOFFEE DAILY ie SOVOBLOLITAN SY OF GAS / oak ea f. 4 ota Castlégar News 7 45¢ Zroptiuled s / dard nfo gae Castlegar News home delivery only 45¢ a copy. Subscribe today! 365-7266 Castlégar News change has forced the company to substantially reduce its net earnings for 1988, 1987, 1986 and 1984, as well as the value of its assets and shareholder equity held by the Canadian government The change, effective back to 1976, requires Petro-Canada to charge ex- ploration and other costs against revenues rather than capitalizing them as assets. The information is contained in a prospectus issued in the United States in retation to $300 million US in debt financing Petro-Canada obtained in January. The document shows net earnings were $63 million Cdn in the first half of the 1989 and internally generated cash totalled $316 million. “Earnings are expected to be significantly lower, while internally generated cash is expected to be somewhat lower, during the second half of 1989," says the prospectus. Company assets were valued at $6.75 billion at the end of 1988 and shareholders’ equity stood at $2.73 billion. That compares with $8.61 billion in assets and $3.92 billion in shareholder equity in the 1988 annual report. The company’s deficit has in- creased to $1.43 billion from $246 million. The restated net earnings were: a $43-million loss in 1988, a $100- million profit in 1987, a $15-million profit in 1986, a $378-million loss in 1985 and a $66-million loss in 1984. The 1988 annual report said Petro- Canada had a $94-million profit in 1988, a $123-million profit in 1987, a $123-million profit in 1986, a $769- million loss in 1985 and a $132-million profit in 1984. Company spokesman Bob Foulkes said the adjusted financial picture shouldn't turn off potential investors because the underlying value of the firm hasn't changed. Stumpage review ordered VICTORIA (CP) — Forest Minister Claude Richmond has or- dered an independent review of the stumpage system in the B.C. Interior. The review is intended to address whether the price Interior companies pay the province for its timber are in line with those of their competitors, he said. “In order to address allegations by several companies that their stumpage rates are unfair and that the system for determining Interior rates is inequitable, we are conducting an in- dépendent review,’’ Richmond said in a news release. Vancouver consultant Howard Saunders will conduct the study and will include input from the forest in- dustry in his review, scheduled to be completed by the end of March BUT NEED HOMES TO SELL it Coll JORDAN WATSON 365-2166 © 365-6892 For a Free Morket Evaluation Castieger Realty Lid. * 1761 Col. Ave. BUSINESS Cominco plans gold mine JUNEAU, Alaska (AP) — The in- ternational mining giant Cominco Ltd. is planning to build and operate @ gold mine in remote northwestern British Columbia, about 15 kilometres from the Alaska boun- The mine would employ up to. 180 people year-round and have about a 10-year life, said Dave Johnson, Cominco vice-president for northern operations. Many of the supplies for the ex- ploration work have been brought to the site from Wrangell, a Southeast Alaska island town of 2,600 residents about 90 kilometres across the border and over a mountain range from the mine. Airplanes, helicopters and flat- bottom river scows have been used to haul fuel, food, equipment and workers to the mining claim. That has helped diversify the town’s lumber and fishing economy, said Jim Gove, Wrangell’s economic development director. ° That freight’ business could be reduced, however, by British Colum- bia’s plans to build a spur road from Cassiar Highway to the mine, Gove said Monday. More than 4.5 million kilograms of fuel moved through Wrangell by plane last year to mining claims across the border, including the Cominco operation and the Skyline Gold Corp. mine in the mountains above the ‘inco site. bout 90 people work at the Skyline claim at the 1,100-metre level of Johnny Mountain. The Coast Mountains separating British Colum- bia from the Alaska Panhandle con- tain significant mineral deposits, with gold strikes dating back to the mid- 19th century. Rep. Robin Taylor (R-Wrangell) wants the state to build a road from the border to the edge Of the mainland to offer the mining industry an Alaskan shipping alternative to the provincial highway. Even if the measure wins legislative approval, it could take five years to get the necessary permits and plan and build the road, Taylor said. Provincial officials report the British Columbia highway extension could be completed within a year, Gove said. . Canadian mining operations spent about $3.3 million US in Wrangell last year, compared with the $5 million US annual, payroll of the town’s sawmill and largest employer, he said. Extensive exploration and un- derground work has been under way at the mining claim along the Iskut River since 1986. Tests have indicated reserves of 900,000 ounces, Johnson said. A final decision to open the mine is expected later this month. The mine could start operations by late fall. The Iskut mine is a small project for Cominco, which had 1989 revenues of $1.6 billion and profits of $215 million. Based in Vancouver, Cominco operates lead, zinc, gold and copper mines and fertilizer and chemical plants, Johnson said. The company has bought a modular mill and could be set up at the site within a few weeks after delivery, he said. Diesel generators probably will be installed for elec- tricity. Crestbrook earnings hit high = ag Nestled in the Forest DELUXE LOG COTTAGES. Wilson, Young debate proposed sales tax EDMONTON (CP) — While rowdy protesters pounded on the doors outside a television debate Mon- day, Finance Minister Michael Wilson praised his proposed sales tax and critic Doug Young promised a Liberal government would scrap it. “The goods and services tax is a regressive tax,"’ Young said. ‘It has to be scrapped, and we will scrap it — in the context of massive, total, careful and fair tax reform.”” The debate was part of an Edmonton Chamber of Commerce conference on reducing the $30.5-million federal deficit. Members of the well-dressed, invitation- only audience of about 300 politely cheered and ap- plauded both speakers. A handful of anti-tax protesters who managed to buy tickets shouted out repeatedly during Wilson’s remarks, and someone pulled a fire alarm that temporarily drowned out the debate. In the lobby outside, security staff jostled with about The Conservative government plans to i the seven per cent tax on everything from bowling games to belt buckles next January. It is to replace a 13.5 per cent manufacturers tax, which Wilson says hurts Canadian ex- ports and kills jobs. Throughout the debate, he dared his opponent to come up with alternatives to raising the $18 billion the tax is expected to generate each year. “Is it higher income taxes, higher excise taxes, another form of sales tax? Or are you just going to let the deficit_go up by '$18 billion?’’ asked the minister. ‘‘No weasel words, Doug. Come clean and tell us you don’t have the ideas as to what the alternatives are.”* Young-said-the Liberals would look at a possible minimum tax on corporations and a wealth tax or luxury tax. ‘No weasel words, Doug. Come clean and tell us you don't have the ideas as to what the alternatives are.' — Fi fi Michael Wilson, speaking to Liberal finance critic Doug Young Young, an MP from New Brunswick and the Liberal finance critic, said the Liberals would leave the manufac- turers tax untouched while they brought in their tax reform program. ‘‘I'd rather stay with the devil I know than the devil I don’t,”’ he said. But his promise to dump the sales tax if the Liberals form the next government will likely depend on who wins the party leadership. Candidate Jean Chretien has said he wouldn’t necessarily rule out such a tax. 250 who chanted ‘‘No way, we won’t pay!’’ and ‘‘Tax revolt begins today.’’ Many carried placards and some wore stickers showing a hand with a raised middle finger and the caption Tax This, Brian. Although there were more than 100 empty seats in the debate room, doormen told the protesters there were no . . . By the Sea! 2 -night package per person “axe $119 meals Includes: © 2 nights’ accommodation in an individual deluxe log cottage, or an oceanside 1 bedroom condo unit with kitchen © For each guest: one breakfast, one lunch and one dinner in our world-class restaurant Includes taxes, but excludes gratuities. Offer expires june 14, 1990 aw. Ny pernts Right on the Beach, on Beautiful Vancouver Island Mild weather in all seasons Tigh-Na-Mara R.R. No. 1, Parksville, B.C. VOR 2S0 Toll-free reservations: 1-800-663-7373 Information | -604-248-2072 By CasNews Staff Crestbrook Forest Industries of Cranbrook has reported record an- nual sales and earnings for 1989. The company reported sales of $262.2 million last year compared to its previous record level of $250.9 million in 1988. Net earnings for 1989 were $32.1 million which exceeded the 1988 results of $30.7 million, the company reported. Earnings per share were $4.21 in 1989 compared to $4.03 per share in 1988. For the fourth quarter, 1989 net sales were $60.6 million with $59.6 million in 1988. Earnings from operations were $8.2 million and $12.0 million respectively. After tax earnings were $5.5 million and $7.6 million, equal to 73 cents and $1.01 respectively for 1989 and 1988. The 1989 quarterly results reflect lower lumber recoveries attributable to processing smaller logs as part of a pine beetle damage salvage program, the company said in a news release. A AMERICAN EXPRESS* TRAVELLERS CHEQUES CASTLEGAR SAVINGS CREDIT UNION For All Your Financial & Insurance Needs more tickets. After the doors closed, shouting and thumping until security staff ushered them to a separate room with a television. The anger of the protesters and the testiness of the debaters are-typical in* Alberta, the-only—province—that doesn’t have a provincial sales tax. Opinion polls have suggested a majority of Canadians oppose the tax. The Pro-Canada Network, which organized Monday’s demonstration, andthe Canadian Labor Congress are conducting an anti-tax campaign leading to. a mock referendum on April 9. There were no new answers in Monday’s debate. When Wilson said the tax will help low-income Canadians and create jobs, Young cited studies that indicated the opposite. When Young predicted manufacturers would not pass their tax savings along to consumers, Wilson denied it. When Young said the tax would benefit the manufacturing sector more than the resource sector Alberta depends on, Wilson said the opposite is true. In the audience, it was unclear whether the debate changed many minds. “I’m all for government doing more reductions in their spending, but I see no alternative for Canada, par- ticularly as it pertains toward debt reduction,”’ said Jack Cressy, a grey-haired observer. S FERRARO’S Your satisfaction is our main concern Valu Corned Beef Pastrami Deli Specials. . . 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