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HomeMy WebLinkAboutThe Exeter Times-Advocate, 1975-07-31, Page 22HEARING TESTS No Obligation EXETER PHARMACY Thurs. Aug. 7 1 to 3 p.m. Batteries, accessories, repairs to roost makes • E. R. THEDE Hearing Aid Service Ltd. 88 Queen St., S. Kitchener HEARING AIDS Tired of Painting? Have beautiful solid color vinyl siding installed (30 years guaranteed) CALL COLE'S CARPENTRY Grand Bend 238-2779 • Light Carpentry Work • Furniture Refinishing Open 7 days a week , 10 a.m, to 9 p.m. Ministry of Housing ---"‘ ONTARIO HOUSING CORPORATION Is Still Accepting Applications in EXETER, ONTARIO Rents are geared to income IP: —You are a resident of Exeter, Hensall, Stephen Township, Usborne Township or Hay Township. —You are sixty years of age or over. —Your present income does not permit you to pay current market rates —You have not applied previously Applications are available by contacting the Southwestern Branch Office at the following ad- dress . Ontarid Housing Corporation Southwestern Branch Court House & Registry Office 80 Dundas Street PO Box 5600, Terminal "A" LONDON, Ontario N6A 2P3 (519) 679-7110 Return applications to the above address NIIIMIN1111111•11111111•11.1111111111// ammumeromm minuniiimmummums. McKnights Mid Summer SPECIALS Check Your List • Bathing Suits 20% Off • Walking Shorts 20% Off O Double Knit Pants Regular to $25.00 $17.99 OR TWO FOR $34.00 Alterations Extra Short Sleeve Dress Shirts . T.iu):c4rck.). oNLy$7.87 • Short Sleeve Pullovers 20% Off Len McKnight & Sons Men's Wear 235-2320 thanks ri5t Shopping at McKnights iniummumaini Ontario Exeter VILLAGE INN Retreat and Recreation Centre 65 MAIN ST. GRAND BEND A 500 x$100 Plan We are hoping for 500 x $100 donations to pay our bank loan and do some renovations LARGER or SMALLER DONATIONS GRATEFULLY ACCEPTED We Are A Registered Charitable Organization TAX DEDUCTIBLE INCOME RECEIPTS FOR ALL DONATIONS • We provide good food in a quiet atmosphere • We have rooms with good beds for your sleeping comfort • We cater to Family Groups & Larger Retreat Groups • We cater to Wedding Dinners and family gatherings • We are providing facilities for Senior Citizens and handicapped persons. • Marriage counselling ▪ Counselling for other problems we have in this life Trained Counsellors with College Degrees WE NEED YOUR DONATIONS NOW Please Contact; John & Marion SMtk1-6 Your Hosts ERVIN GINGERICH LLOYD S. MARTIN Zutith President Grand Rend - Sec.-treot Discuss financing With the high prig of feed today, cattlemen can't afford to take Chances on the purchase of feeder cattle, says Dr. D. G. Davis, Veterinary Services. Branch, Ontario Ministry of Agriculture and. Food, The cattle diseases expert says. there are a number of things cattlemen can do to help Make sure their in- vestment is a sound one, "It's a good idea to purchase the cattle as early as. POssible," Dr.Davis recommenda. "That way, the animals can be shipped and acclimatized to conditions in Ontario before the inclement Weather of fall arrives." He warns cattlemen not to buy sick or diseased animals, no matter how inexpensive they are. The high mortality rate among such cattle makes it difficult for the producer to come out on top, By JACK RIDDELL M.P.P. With the introduction of the mini-budget in July the net cash requirement of the province was increased to $1,769 billion. This is being financed in the following way; Non Public Borrowing, Canada Pension Plan 42 percent; Ontario Municipal Employees, Retirement System (OMERS) 8 percent; Teachers' Superan- nuation Fund 13 percent; Public Borrowing (to be determined) 37 percent, The shortcomings of these sources will soon become evident as the province iS definitely losing the funds from which it has so freely borrowed to finance its deficit position since 1970, Assessing these sources in- dividually will illustrate firstly that the plateau period of the Canada Pension Plan is ap- proaching more rapidly than originally anticipated due to the indexing of benefits. The plateau period is the point at which benefits would rise to equal contributions and then continueto increase steadily above them, This would rapidly deplete the former excess amounts of capital from which the province could borrow. The plateau period was originally anticipated to occur around 1984. In the Federal Government's "White Paper or Income Security"published in 1970 proposals were made to increase the scope and generosity of payments from the CP.?. Should these proposals be approved (and approval must come from 2/3 of the provinces containing 2/3 of Canada's population) it is estimated that the fund's plateau period will occur in the early years of the 1980's, Gross revenue of the C.P.P. comes from three sources: (1) Contributions of employees, employers and the self- employed, (2) provincial interest payments on the cumulative amount borrowed and, (3) repayments of principal as the loans mature or; at the discretion of the Minister of Finance subject to early recall as the funds are needed, The gross revenue is then reduced by benefit payments and expenses of administration. The resulting net revenue is available as investment capital to the participating provinces in that year, However, the actual cash- flow to the provinces is the net revenue less provincial payments of interest and repayments of principal. So although the fund level may continue to rise the net provincial cash flow is declining and wilt become negative in the early 1980's, And finally, the government still has not decided what action to take to compensate for this eventual less of funds. Instead they have been borrowing more and more from it it every year and this year it accounted for approximately one-half of the province's financing needs, • . The funds of both OMERS and the Teachers' Superannuation Fund are solely invested in Ontario debentures - quite a convenience factor in easing the province's borrowing requirements, The Report of the Joint Study Group of OMERS Investment Policies (Feb. 14174) supports the finding that if future con- tributions were to be invested in a full range of marketable securities under the Pension Benefits Act and its regulations rather than in the non- marketable Ontario debentures, OMERS would receive a higher rate of return on the system's funds; possibly from a minimum of 3 1 percent per annum to a maximum of 11/4 percent per annum, Such a higher return on the basis of funds to be available for investment would considerably increase the System's investment income. As a result of the impact of inflation - (pensions are being determined on the basis of ear- nings at or near retirement and the purchasing power of pensions is protected by increasing the pension each year by an in- dex such as the CPI) - OMERS requires additional revenue to increase its benefits. Therein lies the significance of investments increasing investment income. At this' point, the prime question is; should the funds of OMERS be dedicated to: (1) a reduction of the impact of Ontario's borrowing on the public capital market; (2) a reduction in the cost of Ontario's long term money; (3) the enhancement of Ontario's credit; OR (4) the exclusive interests of the em- ployees and members of OMERS. With OMERS acceptability assured (in early 1970's) as OMERS actuaries accumulated reliable data with regard to members; age, sex, disability, retirement, mortality, etc. and as the System matured and stabilized, the need for support from its custodian, the Province of Ontario which was essential in year one, was no longer essential and in fact was less adequate now ten years later. (i,e. Ontario had initially issued 40 year deben- tares which the fund could not have obtained elsewhere and guaranteed the fund's pension benefits.) However,even though the funds are supposedly guaranteed by the province, there is no section in the OMERS Act that states that the province is to provide monies to pay OMERS Pensions if the system were unable to do so. In fact, Section 10 of the Act provides that "the contributions of the employees shall be such an amount as is required in addition to the contributions of the members and interest earned to provide for the payment of benefits and expenses." In other words, the municipalities and local boards of Ontario as "employers" under the OMERS Act are obliged to discharge ()NIERS' liabilities. The probability of the province FRIENDS HONOR GRADUATE Linda Helen Jones, daughter of Mrs. Helen Jones and the late Lloyd Jones of RR1, Centralia, was among the graduates at the graduating ceremony that took place July 29 at Alumni Hall, U.W,O. Linda took her training at Victoria Hospital, London. On Sunday a large number of friends gathered at her home and honored her with a surprise dinner and get-together prior to her graduation day. Those atten- ding were from Windsor, Michigan, London and the sur- rounding area, haying to step in to guarantee 014E8S pensions anyway is very remote particularly if funds were invested in a conventionally diversified portfolio of Canadian securities, Every investment specialist whom the Study group consulted was of the opinion that the best interests of the employers and the members of OMERS would be to serve if OMERS funds were to be invested in marketable securities of the Canadian capital market t Knowing the anticipated growth of OMERS, if 20 percent of its funds were to be invested in marketable Ontario provincial bonds (the average for a Canadian pension is 25 percent in provincials), then the additional sums the province of Ontario would have to borrow in the public market would be as follews: 1974 $ 96,000,000 75 110,000,000 76 - 122,000,000 77 134,000,000 78 - 150,000,000 79 - 170,000,000 80 - 185,000,000 81 - 201,000,000 82 - 217,000,000 83 - 232,400,000 The consequences of Ontario being required to borrow such sums in the public market rather than frorn OMERS would be an increase in the supply of the province's securities in the market and, an increase in the price of money to the province. ft is clearly a matter of time before the province loses this source of income. The Teachers' Superannuation Fund appears to be headed in the same direction since all of its investments are presently held in Ontario debentures with coupons ranging from 6 percent to 8.57 percent. Pension Funds must be out of necessity try to obtain the highest rate of return possible on their investments in order to comply with demands for in- creased benefits brought on by unyielding inflation. So far, this non-public borrowing accounts for 63 per- cent of the net financing requirements. We are left with $648 million still to be found to balance the 1975 budget. The province has already gone to the market (July) to obtain $150 million. Over half-way through the year and we still have another $498 million to find. How do they propose to obtain this with interest rates remaining at all time highs? Thomson Reunion The thirty-sixth Thomson reunion was held Sunday af- ternoon at Harbour Park in. Goderich with over 40 in at- tendance. After a delicious. smorgasbord dinner, the president ,Dorothy Chaselpresided for a short meeting, Secretary Mary Parsons read an obituary of George Thomson Senior who lived from 1802 to 1879, the original ancestor who came from Biontne, Scotland. A committee was appointed to draw up a family tree for next years picnic. Officers for next years picnic are:- president, Norm Stanlake; vice-president, Cecil Pepper; secretary- treasurer, Mary Parsons; assistant scretary-treasurer, Mary Thomson; sports com- mittee, Audrey and Bert Vor- stenbosch, table committee, Dorothy and Bill Chase. Bob and Glenda Cornish ably conducted sports. Winners were: children's treasure hunt - Debbie Priestap Brad Chase; lifesaver relay - Tania Cornish's team, A candy and peanut scramble was enjoyed by all the children; lady with most articles in purse - Dorothy Cornish; ladies nail- driving contest - Pearl Priestap; find the lucky spot - Dorothy 'Chase; men's thread the needle contest - Cecil Pepper; men's wattys game champion was Clarence Priestap, It was decided to hold the picnic next year on the third Sunday of July at the Harbour Park in Goderich. Exeter Pentecostal Tabernacle Main at Victoria REV, DON FORREST Sunday, August 3 We Invite you to loin us for the following services 9:45 a.m.—Sunday School 11:00 a,m.—Communion Service 8:00 p.m.—Great Drive-In Service at the Northlander Mobile Homes, Hwy. 83 E, Exeter Special Music Message from God's Word Bring the whole family to this great service. Tues.-8 p.m.—Bible Study Watch Circle Square Saturdays Channel '13 — 10:00 a.m. Channel 10 — 10:30 a.m. A warm welcome awaits you Calvary United Church of Canada Dashwood Minister: REV. BRUCE GUY, B.A. Organist: Miss Idella Gabel, A.R.C.T. Sunday, August 3 No Sunday School Congregational Holiday No Service, Zion Lutheran Church Dashwood Vacancy Pastor REV. MARVIN BARZ Sunday, August 3 9:00 a.m.---Divine Service 10:15 a.m.—Sunday School and Bible Class All Welcome Bethel • Reformed Church Huron Street East, Exeter REV. HENRY VAN ESSEN, B,A., BA Minister Sunday, August 3 10:00 a.m.—Morning Worship Rev. H. VanEssen • 11:10 a.m.—SundaySchool 2:30 p.m.—Worship in Dutch language in cooperation with Christian Reformed Church. Rev. H. Van Essen 7:30 p.m.—Evening Worship Rev. H. Van Essen Christian Reformed Church REV. JACK ROEDA Minister Sunday, August 3 10:00 a.m.—Morning Service 2:30 p.m,--Afternoon Service The Back to God Hour CHLO 4;30 p.m. OlaI1570 Exeter United Church James at Andrew Ministers: REV, GLEN D. WRIGHT, BA., B,D, and REV. HAROLD SNELL, B.A., 9.0. Organist and Choirmaster: Mr, Robert Cameron Music DireCtor: Mrs. Roland McCaffrey Sunday, Augusta 11:00 a.m.--Morniew Worship Rev. Harold Snell Nursery CbuttOsy Car w 23540847 "It you have nothing to be thankful ter', be grafehil for the trouble you aVenl hed.°-E, 0, McKenzie Zion United Church Crediton Minister REV. BRUCE PIERCE, B.Th, Organist Douglas Lewis Sunday, August 3 10:00 a.m.—Morning Worship No Sunday School for July All ere welcome The Anglican Church of Canada Trivitt Memorial Rector REV. G. A. ANDERSON, D.F,C., Dip, Th. Trinity 10 Sunday, August 3 11:15 a.m.—Morning Prayer and Sermon There will be no 8:00 a.m. Commu- nion services during August. We welcome you to worship with us! Our Lady of Mount Carmel Parish REV. J. MOONEY, PASTOR Phone 237-3593 MASS Saturday-7;30 p.m. St. Peter's Church - Hwy. 4 Sunday-9:00 a.m. Precious Blood Mission (at Anglican Church, Exeter) Main at Gidley Sunday-11;00 a.m. Mt. Carmel Church Courtesy Car: Phone 235-0111 Caven Presbyterian Church Minister REV. WILFRED D. JARVIS, B.A., S.D. Organist: Mr, Robert McIntosh Sunday, August 3 Joint Summer Services In Exeter United Church at 11:00 a.m. Everyone Welcome Emmanuel Baptist Church Huron St. West Fundamental — Evangelical Sunday, August 3, 1975 9:45 a.m.—Sunday School A class for every age '11:00 a.m.—Guest Speaker, Mr. Bernard Camper associated with Barry Moore Crusade 7:30 p.m.—Evening Worship Nursery facilities at all Sunday Ser- vices tor children four years and under. Wed, 8:00—prayer and Bible Study Mrs, e. A. Keyes, Organist Peace Lutheran Church Andrew and George Streets PASTOR: REV, K. HAHN Suhday, August 3 NO SERVICE Centralia Faith Tabernacle West of Hwy. 4, Huron Park Rd. just Past railway tracks Paster REV, FRANK EVANS Sunday, August 3 10100 a.m,-.Sunday SOW 11;00 la,M.—MOrtting Worship p.M....Evangellstie Service Everyone Welcome age 1QA Times-Advocate, July 31,197 Buy feeder calves early. SAILORS AHOY — Sailing the HMS Granton down the main street during Granton's Fun Day parade on Saturday were Janice Gricken, Brenda Tomlin and Susie Gricken, all of Granton. The parade was one of the best in the area. T-A photo .Pym Reunion The forty-third annual Igathering of the Pym family was held on Sunday, July 13 in Riverview Park in Exeter, with approximately 44 in attendance. Alter dinner, the business was conducted and president, Tony Shulman welcomed all those attending. The secretary-treasurer, Helen Roberts, read the minutes and dealt with the correspondence. Sports committee named were John and Marilyn Pym, Lois Wanner and Beverly Shulman. Following the business an afternoon of visiting and sports was enjoyed by all, Sports:- Marcia Shulman won the mystery box. Children under five, Janet and David Eagleson, Jessica Mennell, Boys and girls seven to ten, Lois-Anne Shulman, Ken Wanner. Girls, eleven to fourteen, Linda Roberts, Brenda Shulman. Balloon contest, Mary Simons, Bradley Shulman, Relay race, Jim Roberts, Shill Frazer. Adults kick the slipper, Mark and Marcia Shulman, Children's kick the slipper, David Eagleson, The youngest person present was Jessica Estelle Mennell. Her great-grandfather, William E.H, Essery was the oldest, Earl and .01ga Hunter of Whitby, travelled the furthest distance, Mrs. Hubert Hunter had the closest birthday, There was a candy scramble for the children. ll'he officers for 1976 are: president Tony Shulman; vice president, Jack Eagleson; secretary-treasurer, Helen Roberts. Family 'eunions •