The Huron Expositor, 1998-03-18, Page 68Page 12A — Farm Progress '98
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Bank thinks future
is bright for farmers
by Rick Kew
The vice-president of
the agriculture divi-
sion for one of
Canada's largest banks
joined a group of Mitchell
area farmers for lunch Feb.
11 at the
Crosswinds
restaurant.
Craig
Rothwell,
with the
Canadian
Imperial
Bank of
Commerce
(CIBC), told
the group:
"We (the
bank) think
there is a
bright future
for Canadian
farmers and
you can look
for support from us."
Rothwell told the 14
farmers in attendance that
CIBC has 450 rural
branches across Canada
and the Mitchell branch,
managed by Garry Duwyn,
is in the top five with
regard to the amount of
money on loan for farming
enterprises. He said this
area of Ontario is very
important to CIBC, noting
its Listowel branch is the
number one rural branch in
Canada.
Rothwell, who has been
with CIBC since 1961,
said the bank is aware
farmers often don't get the
type of return they deserve
based on their investment
and take that into consider-
ation when evaluating
business plans.
Underscoring his com-
ment, he cited figures
showing that, in Ontario,
farmers net
income from
$7 billion in
sales amount-
ed to $265
million.
" N o t
much after
investment,"
said
Rothwell.
Despite
the low return
he said CIBC
values its
agricultural
customers.
"From a
CIBC per-
spective you do a good job
of risk management."
Nevertheless, he said
farmers now compete in a
global market and events
out of their control can
influence their operations.
He said, for example, that
instability in Quebec
would directly impact on
Canadian farmers because
international investors
move their dollars to more
stable countries. Similarly,
the present crisis in Iraq is
potentially very dangerous
because in times of unrest
people tend to rush to buy
U.S. dollars.
Despite the fact the U.S.
Craig R
othwell
economy is very strong,
Rothwell noted the
Canadian interest rates
were slightly lower than
south of the border.
Rothwell, who had
toured the area by car with
other CIBC officials, said
he was pleased to see
many new hog barns in the
area, evidence of 'the
worldwide increase in
demand for pork. He dis-
missed thoughts that the
current softness in the
Canadian Hog industry
would be long term. He
said countries such as
Korea and Thailand and
others in the far cast,
where much of the
increased demand for pork
has been coming. have had
their currencies devalued,
in some cases to less than
50 per cent of the U.S. dol-
lar.
Devaluation in foreign
currencies has cut back
imports in other industries
as well, said Rothwell, not-
ing the forest industry in
B.C. is also experiencing a
slowdown in exports to the
Far East.
In the long term, he
said, population growth in
that area of the world will
continue to increase and
with it demand for pork, a
demand Canadian farmers
can meet.
"Generally speaking,
said Rothwell. "agriculture
is doing quite welt"
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