irate pti Noirs ae re Boye brea oa DS -BUSINESS | ‘Tough times for Time Air cause for concern Sun Editor Cascading taxes, government * policies, the recession and a * decreasing passenger load have all taken a heavy toll on the Canadian airline, Time Air. 3 However according Don Clark, i director of corporate accounting ‘or Time Air, it will be airline who are ulti ly : SHARLENE IMHOFF affected. » As part of a directors tour across Western Canada, Clark dressed Castlegar’s Chamber f Commerce and City Council as ell as the Rotary Club in order id to drive his pany’s imp issues home, “We're certainly not threaten- ing anyone, We just want the local communities whom we serve to face the economic reali- ties,” said Clark. These economic realties focus on the fact that Time Air has been hit, and hit hard by outside forces that have forced the airline com- pany to cither raise prices or cut services, “For the first.time in 25 years, taxes have now become our high- est cost. Traditionally, our high- est costs are labour and fuel in order to maintain the airline “For the ‘first time in 25 years, taxes have now become our highest cost.” — Don Clark Accounting, Time Air operation.” So high are taxes that on a tick- et worth $100, over 29 per cent of * the price consists of taxes. For this reason, stated Clark, it Cohoe Insurance Vehicle Transfers License Plates 1127 4th St, pactogat 365-3301 te eveneesreuaeace Big or Small, we cater to all D & € Caterers 2611 - 6th Ave., Castlegar, B.C. VIN 2W3 Please phone Dan or Erika at 365-8369 wrcaeressrces STK # 85507-0 Call NOW.- Call COLLECT for your pre-approved credit all Sale'z We're Steering You Straight to heavy-duty savings on new trucks! 1992 Cab Plus 4x4 Unbeatable Savings 365-7241 Steering You Straight ive that iecel communities it in which iba Airline to sup- lish a level playing ficld with their counterparts in the U.S., port it when travelling. “In order to maintain our ser- vices we require the continued support of those people who (ravel quite often,” said Clark. “By speaking in communities such as Castlegar, we're enhancing dialogue with people. Discussing how they can help the industry.” Airlixe companies in Canada are currently negotiating an open air policy with the United States, however in order for Canadian companies to estab- ing will have to be done about high taxes and govern- ment policies, “The way our tax system works right now, plus the fact that the government wants to pass user fees on to the airline indus- try, there is absolutely no way we can be competitive with U.S. air- lines,’ continued Clark, Indeed, the double, tax, of the GST on top of the Air Trans- portation Tax (ATT), and gov- ernment plans to pass on $300 million in user fees to air carri- ers. are definitely. taking their toll. Combine this with the crunch of the recession and a decreasing passenger load and the result might be the com- plete pull-out of airline service in a smaller centre, “We don't want to see it hap- pen here, but it is always a Possi- bility.” That possibility became a reali- ty in Canada's Border City, Lloy- dminster. Located on the Sask/Alta meridian, the city with a population of 18,000 lost their Time Air service just last year, and have since relied on the ser- vice of AirBC, a Time Air com- petitor. Credit Union Day recognizes long history of committment BRENDAN HALPER Sun staff International Credit Union Day will be celebrated world- wide on October 17. International Credit Union Day recognizes the long history of Credit Unions like Castlegar’s, financial product and service, and a commitment to the community. Credit Unions were founded in Europe in the mid 19th century. They were based on the ideals of self-help and democratic, central and voluntary membership. They have since become competitive, secure and successful financial with unique, peopl ‘iented approaches to providing quality Credit Union Day is part of a /~ SALUTE ~ To Castlegar's Volunteers Boy Scouts The Castlegar Sun, Tulips Floral & Gifts, Hi Arrow Motor Inn and Woodland Park Shell would like to honor the thousands of hours our Castlegar Volunteers donate to various activities. Some volunteers donate as much or more time than a full- time job. These volunteers deserve a special “Thank 5 you.” For their selfless service, we will present to one volunteer each week, a handsome wall plaque from Woodland Park Shell (engraving by Kats Trophy), a floral arrangement from Tulips Floral & Gifts and lunch for 2 from the Hi Arrow Motor Inn. If you have a recommendation as to whom should receive this nate please call us at the “O Sun, 365-5266. me {Gor sun “AS ee matt - atives a Credit calene from October 13 to 19, 1991. The Castlegar Savings Credit Union has been serving the peo- ple of Castlegar and area for 43 years. The Credit Union currently has 5,500 members and assets of $35 million. Kootenay savings has assets of $190 million and 24,500 mem- bers throughout the West Koote- nay region. In B.C. there are 110 credit Worldwide, there are 36,500 credit unions with 78 million members. unions, forming a wider network ,...than any single financial institu- tion in the province. B.C.’s credit union system has approximately $11.5 billion in assets, 1.1 million members, is governed by 1,000 7 ; and employ nearly 5,000 staff. They have 283 locations and operate 236 automated teller the p and are introducing anew card for their members to use in elec- tronic transactions. In the near future, the cards will also be used for Electronic Funds Transfer at Point of Sale (EFT/POS). That service enables members to pay for purchases with an instant deduction from their chequing or savings accounts, with the funds transferred elec- tronically to the account of the retailer. EFT/POS is expected to be launched in B.C. next year. The Canadian credit union sys- tem consists of over 3,000 credit unions and caisses populares, with membership exceeding nine million and assets of over $45 bil- lion, Worldwide, there are 36,500 credit unions with 78 million members. Members of the public are” invited to join the Castlegar Sav- ings Credit Union at either branch location from 10 a.m. to 5 p.m. on October 17, in celebration of Credit Union Day. The Castlegar Sun i “anrds: painted: and the “no. parking | on thi: Ne le Business Pine Cottage Cras’ a8 oor of. the City. Centre mall in do of: the Times ~ ~ fem Supervalit Parking Lot will a ‘astlegar Foods, removed. Watch for their opening from, Ontario and most recently was ‘the ife. Jacqueline and fo area. We rom thé’ Pioneer Arena ‘in Castlegar. “bureaucratic delay. Owners Gail: the: gyproc, painting and carpets are next. : “Outside work; Ww! includes paving the parking lot-and repainting :the building: will one of the last things to’ do and the owners hope to. open before the -end of November. : “Save a Life - On ‘Thursday October 24 from 2 a.m. to p.m. at the Castlegar Community Complex, 1995 6th Ave., there will be a Blood Donor Clinic. Everyone i is urged to attend. Sorry to see you go — Caroline Sookeroff, ‘Advestiing Repie sentative for the Castlegar News has left the News to, , pursue her edu. ‘cation! Best wishes Caroline!” ’ New faces, new places — the: Castlegar News has hired Neal McKenna as their new Advertising Sales Rep. Neal is from Nelson and had many years of advertising experience with the Nelson Daily. “News. Most recently he has been writing fiction stories,: Plays. and ‘screen Plays. Welcome ‘Neall’ oe : - Home based businesses = AS Marketing * Your Home ised” Business workshop Will be ‘held at the Nelson Chamber'o: Com-. “merce building 225 Hall St. Nelson on October 25° and October 26 ‘(10 am = 4 pm). There t is ‘still time to ing 352-3433. aes : ~ Congratulations = For the first time in almost 20 years, the res-. hes Party time - Leslie Joice is openin, : » Located i in the Oglow. building along C Page 7B MP pension plan under scruti STERLING NEWS SERVICE The National Citizens’ Coalition will ron a large newspaper ad in BC starting October 16 to tell tax- Payers of the province where their MPs stand on reforming their lav- ish pension plan. The ad will feature the name and constitutency phone number of all BC MPs, Similar ads are also running in every other province, The ads are headlined “Where MPs Stand on Reforming Their Gold-Plated Pension Plan” and divide MPs into three categories: “The Good, Thé Bad and The Bashful.” NCC president David Somerville Mutual Life of Canada enjoys large return over five years S & P affirms the triple ‘A’ claims-paying ability ratings of Mutual Life Assurance Co. of Canada (Mutual Life) and its Us unit Western States Life Insur- ance Co. (WSL), based on superi- or capitalization, conservatively managed investments, and a lead- ing Canadian market position that has resulted in a return on assets averaging over 1.1 pc during the past five years. The rating for WSL is based on a support agreement from Mutual Life, as well as S$ & P’s belief that this unit is strategi- cally important to its parent's operations. Mutual Life provides insur- ance and investment-oriented products to individual and group customers, ranking first in the Canadian individual annuity mar- ket, and second in Canadian life insurance in force. Return on assets has been excellent for a product mix dominated by annu- ities, although results for 1990 were not in line with historical profitability. This was due to lower stock values, higher claims, a higher effective tax rate, and a new ini- tiative — a dividend which rec- ognized the ownership position of || CASH policyholders by paying out an extra C$30 million. Net income after dividends in 1990 was C$39 million (about US $34.2 million), noted that the MP plan allows them to qualify for pensions for life after only six years in office, that MPs can collect benefits immediately on retirement regardless of age and that the benefits have unlimit- ed protection against inflation, “Under this system,” said Somerville, “an MP retiring at age 31 could easily collect more than $2,000,000 in lifetime pension payments. That's outrageous,” The NCC generated national headlines and some controversy last year with its Trough Day cam- paign slamming the MPs lavish, inflation proof pension plan. Somerville recalls the Speech from the Throne of Prime Minister Brian Mulroney's government last May 13 which said in past: “The respect of the people for Parlia- ment and Parliamentarians is inl for a healthy oP He also recalls Mr, Mulroney's comments of last August/13 that Canadiaiys’who are “bitchers and complainers" will “have to get over their cynicism.” In response, Somerville says that “the federal government could help restore respect for parliamen- tarians and stop some of the bitch- ing and complaining if it did the right thing and reformed the MPs gold-plated pension plan.” ae » GLASS & TRIM LTD. D 24 HOUR EMERGENCY SERVICE Seay WOSOCOLUMBIAAVE. wy y 365-6505 down from 1989's eamings of $125 million, To improve profitability, Mutual Life is increasing premi- um rates, more aggressively man- aging disability claims, and holding operating expenses flat. Investments are conservatively managed, with 83 pe in fixed- income instruments, and asset quality is excellent. Of the C$2.5 billion in mar- ketable bonds, about 4 pe was Tated below ‘A’ at year-end 1990, and secured loans are generally considered investment-grade. Mortgages totalled C$3.6 bil- lion, with a low 0.4 pe of the Portfolio in arrears 90 days or more at year end, and fe | MARY KAY MOST SKIN CARE AND GLAMOUR PRODUCTS ARE MISSING ONE VITAL INGREDIENT. ; ADVICE. Mary Kay provides you with a personal skin care or Color Awareness consultation. And our advice is free. Call today. Professional Mary Kay Beauty Consultant Jeanette Horning 365-5576 ‘sures at 0.4 pc. Non-performing assets were C$66 million, out of C$9 billion invested in 1990, in marketable bond,s mort- gages, and private placement. Adjusted operating leverages is extremely conservative with liabilities at 8.6 times capital for a company with about 75 pc of its liabilities in annuities, S & P said. ET ntil Oct. 31, 1991 eer®75 BACK from KitchenAid* when you purchase dents of. Rossland: Frail, Constituency: 6 hich: ides. C. ): a new KITCHENAID CLOTHES WASHER and DRYER from IA & Furniture Warehouse & . Floor Covering Centre [ ] Phone 693-2227 Located halfway between Trail and Castlegar at China Creek Open 9:30 a.m. to 5:30 p.m. Tuesday thru Saturday WE DELIVER - PH. 693-2227 Until Oct. 31, 1991 |ppieeetaeestaseted | ANDB ‘49 POINT-BRAKE‘INSPECTION="= FREE 59 POINT STEERING & SUSPENSION INSPECTION FREE EXHAUST ST INSPECTION fo SAVE °200N _ | | STEERING, EXHAUST BI Expires November 9th - SERVICE ! | 2 x 4 Wheel Aligame sis SUPERGUARD Gas Charged SHOCKS Lifetime Guarantee 63° Pair Installed Nobody Tops \__ the Top Guns 618 Lake Street Nelson, B.C. 354- 4866__ igger Prog Fr mints pe e've changed our name from Power Sense to Power Smart because now, we're lending our support to the national energy-saving program that's sweeping the country. Saving money and energy now, and for the future, has never.been smarter. Power Smart is brought to you by West Kootenay Power in con- junction with your local municipal utility — eau As a result, West Kootenay Power customers will benefit from a bigger and better satis ; Forks, Kel and Princeton lie ght and Power. © , Nelson, Pentict = ha: ow, you can collect a grant for up Ne’ $1,000 from West Kootenay Power just for making your home warm and cosy. All you have to do is drop by your West Kootenay Power office or give us call and ask about Homeguard. Ifyour home is electrically heated, we will perform a free energy audit and show you how to save money every month on your electric bill. Ifyou make the energy-saving home improvements; we suggest, we'll give you a grant for up to $4,000 anda ]; aed’ WEST KOOTENAY POWER [WEIR SIME low-interest loan for up to $4,000. We'll even give you a free Hot Water Saver package, installation included. To find out about this and other energy-saving programs with financial incentives, for both private residences and commercial enterprises, just drop by your West Kootenay Power Office or call this number: Power Smart is brought to you by West Kootenay Power in co-operation with your local municipal utility - Grand Forks, Kelowna, Nelson, Penticton, Summerland and Princeton Light and Power, REEL OR ia eee ee