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HomeMy WebLinkAboutTimes-Advocate, 1983-05-11, Page 22Page 22 Times -Advocate, May 11, 1983 Controversial bill subj.ct. of debate for Huron and Bruce farmers By Sharon Arra farmers had a chance to herr both sides of the argu- ment regarding Bill C-653 at a joint meeting of the Bruce and Huron Federations of Agriculture and the Huron - Bruce Farm Survival Association in Wingharn, May 4. -- Brigid Pyke, an executive director of the Ontario Federation of Agriculture (OFA) and LarryThompson, south-western Ontario manager of banking services with the Toronto Dominion Bank, were members of a panel which discussed the Bill and answered questions from the meeting floor. Pyke commented farmers need long term credit and questioned whether the Cana- dian banking industry can support agriculture in this country. When you're looking at turning over several million dollars in 30 years, or in a generation, farmers don't need to have to review their long term credit every five years, she says. "We don't need someone saying at the first sign of trou- ble, they're going to get out of this business of lending money to agriculture. It isn't fair to criticize the banks for taking a second look at extending credit to farmers, she adds, many farmers are taking a second look at banks. Bankers saying they'll pull their money out of agriculture if Bill C-653 is passed is an over -statement, especially R.R. 1 Ailsa Craig . We have availalbe the following seed - white pea beans * Ex Rico Fleetwood "ix Kentwood * Seafarer - some of these pedigreed varieties are in short supply, so order early. - try our chemical prices for corn and beans - we are in a position to arrange spraying, planting and harvesting - come and discuss your needs, we are here to serve you - some limited kidney contracts still vailable Call for contract price Contact telephone 232-4449 The Great Canadian Bean Company Inc. R R 1, Ailsa Craig Ontario, Canada NOM TAO considering the provisions for rewriting debt included in Bill C-12, the Bankruptcy Act 1980. If banks were saying they were going to pull their money out of Canadian business should Bill C-12.be passed, the statement regarding the Farmers' Creditors Arrangement Act would be seen for what it is. "Bill C-653 is not a wholesaleassaultonthe rights of the creditor." she says. A farmer cannot just walk into court and have his debt rewritten according to the provisions of the Act. The thrust of the Bill is similar to the bankruptcy laws in effect in Canada which relate to the general populace. These laws are not in place to grind a debtor in- to the ground so he will never step out of line again. Similar- ly the Act is to rehabilitate the debtor, to make him a fixture in the community able to function, where he can ser- vice his debt at some level, rather than turfing him out in- to the street and nobody, secured creditor or unsecured creditor, gets anything. These are sound positive solutions in the free enterprise spirit, says Pyke. If there is a legitimate effort to help farmers you cannot write hi►n off the books. The Act also attempts to bring the status of the secured and unsecured creditor to the same level. The Bill attempts to prevent the secured creditor from trouncing the debtor into the ground. The idea of reducing the principle on the debt has hap- pened in special cir- cumstances. By reducing debt that cannot be serviced, there are losses which won't be recouped, but reducing debt to a level where the deb - FASTER, FASTER — The speedier David Dalrymple pedalled the higher the ball rose during on Exeter Public School visit to the Ontario Science Centre Circus in Goderich. T -A photo. Agricrew in sixth year Agricrew is now heading for its sixth consecutive year this year. The entire progratn is being headed by Rob Black, last year's co-ordinator for Huron County. The program has very few changes from last year. I1 is also still spon- sored by the Ontario Ministry of Agriculture and Food and the Ontario Youth Secretariat. If you wonder what an Agricrew can do for you, the question is easily answered. The program is aimed at helping farmers to get jobs done that they couldn't get done themselves or something they cannot find time to do over a busy sum- mer season. These crews are able to paint, bale hay, pick stones or any other general work on the farm. The crews consist of one foreperson and three crewmembers with each of them having some farm ex- perience. The crews - are available to farmers and agricultural societies from June 27 to August 19, for a fee of $90/8 hour working day. For answers to any ques- tions you may have about Agricrew or if Y9u are in- terested in hiring a crew' in Huron County contact Steve Horn, Agricrew Co-ordinator, at the Huron County Ministry of Agriculture and Food office or phone 482-3428. (For long distance call Zenith 7-3040) Help us to make this year a success for you, the farmer, and us at AGRICREW. Buy one of our new Case farm tractors - 981 round trip tickets for two, plus cash for your trip - See us flOW. Offers expire June 30, 1983 fly to your choice of aver 80 cities in continental U.S. or Canada' and get S500 in travel cash from Case on your purchase of a new Case 1190, 1290. 1390 1490 or 1690 tractor fly to your choice of 10 cities in Mexico, Bermuda or the Caribbean' and get $1,000 in travel cash frau Case on your purchase of a new Case 2090, 2290 2390 or 2590 tractor Ily to London, Paris, Amsterdam, Rome, Madrid, Zurich, Frankfurt or Hawaii* and get S1,800 in travel cash from Case on your purchase of a new Case 4490, 4690 or 4890 tractor In addition, take Option #1 — Your choice of Case 8.8% A.P.R. financing for up to 48 months. Or take Option #2 — No finance charges until May 1, 1984. Or take Option #3 — A special cash option, in lieu of financing Options #1 and #2, on your new Case tractor purchase. (Cash options shown by model in table.) ELIGIBLE MOM 1190 1290. 1390 1490 1690 2090 ' CASH OPTION_ 65_0 $150 _$ 900 114 ELIGIBLE MO0 L _ 2290 CASH ' OPTION #100 2 ` 4400 y.f. it y_ I_f -1 1 -$ ra1V0 --- .. , rl-t-) $47 1 - goal/ For 8.8% A.P.R. finance charges or waiver-of=finance- charges on new tractors, pur- chase must be financed through J 1 Case Credit Corpo- ration. Offers apply from date of purchase. See us now for full details. • Destinations and points of origin are limit ed to etig ble tocahons Travel Certificates for two (2) wal be issued within 45 days of tractor purchase Certificates must be re- deemed for airline tickets by December 31 1983 and cannot be redeemed for cash Travel must be completed prior to March 1 1984 Travel dales are subtest to availability Government AgenuevDepartrnents do not qualdy Offer void where prohibited by law Ail offers valid now thru June 30. 1983 FARM SUPPLY LIMITED Sales and Service - Repair RR 3 Zurich, Ont. Phone 236-4934 236-4321 CaII for an appointment today CE 11TIFIt U Si HVICi tor can meet his payments, you come out ahead in the long run. Pyke explained the history of the original Farmers' Creditors' Arrangement Act saying that of the 142,000 farmers in Saskatchewan with a debt of more than $482 million, only 5,094 proposals in a five year span were ac- cepted under the Act. Current statistics show farmers paid $641 million in interest rates during 1981-82 and 34 percent of the bank loans under $1 million go to farmers. Pyke believes Bill C-653 will provide assistance for some farmers who have acted in good faith without favouring the debtor to the distraction of the creditor. Toronto -Dominion bank representative Larry Thomp- son is not in favour of the reenactment of the Bill, because it permits debt to be written down. The reduction of debt and the time period to liquidate assets are two main points of the Bill which appeal to farmers. However when the bill was in effect during the 1930s, it made long term debt difficult to obtain and sup- pliers immediately went C.O.D. Thompson is critical of two aspects of the bill. It basical- ly removes "le right of a farmer to put up security for credit and the time lapse to go through the process of ap- praisal of the assets, is a disadvantage. Thompson noted the Bill will not help farmers with zero equity and the farmer must have acted in good faith with his creditors to use the Bill. Allan Wilford, president of the Huron -Bruce Farm Sur- vival Association, speaking from the floor of the meeting, said the impetus of the bill is to make everybody, debtors and creditors, deal in good faith. "The threat of the Bill is enough to make creditors deal in good faith." If banks are going to li- quidate, they should do it responsibly. Wilford says he REDI MIX CONCRETE MTC Approved ALL TYPES OF CONCRETE WORKI REDI-MIX CONCRETE & FORMWORK PRECAST PRODUCTS DEALER MANGERS STEPS McCann It/nil-Mix Inc. SLATS Dashwood, 237-3647 CURBS Exeter 235-0338 knows of fanners who have been sitting in limbo for more than two years. They should get their act together and negotiate, says Wilford. Under the provisions of the Act, the receiver appointed to do the appraisal of the assets will be local and paid by the federal government. Usually, the receiver is paid by the banker in a receivership and says Wilford, whoever pays the piper, calls the tune. tit 1ti11ISS [AV[STROUGH "'°""SIDING Ask About Our SAVINGS • Stela) Shutters • Aluminum Storm Doors a. Windows • Aluminum Awnings • The energy window roll shutters system • Renovations General Construction FREE ESTIMATES JIM BECKER CONSTRUCTION DASHWOOD 237-35 26 ;o s OLYMPTC.Paints and � BUY 3 GET 4 NOW BUY 3.4 -LITRE CONTAINERS OF ANY OLYMPICAPRODUCT, GET 1 MORE FREE. 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