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Home My WebLink AboutTimes-Advocate, 1981-11-18, Page 5By JACK RIDDELL MPP Hundreds of people have lost their jobs due to the closure of the Canadian Ad- miral Corporation, and Liberal Finance Critic David Peterson (London Centre) has charged that the new owners of the Corpora- tion stripped the company's treasury of $25 million soon after they bought the firm in 1979. He stated that the main cause of the Corporation's financial problems was the decision by its parent com- pany, York Lambton Inc. of Montreal, to pay itself $25 million in dividends two months after it purchased 99.71 percent of the sharesof Canadian Admiral for $34 million. In outlining the financial transactions concerned, he stated that in its last finan- cial statement prior to the August '79 purchase, Cana- dian Admiral had $258 million in sales, $35.9 million in the bank, and $6 million in debts. By the end of 1979, Ad- miral's working capital was down to $20 million and its long-term debt up to 516.6 million. By the end of 1980, Cana- dian Admiral had an operating deficit of more than $13 million, and its debt load had forced the com- pany's collapse. Referring to the $:•:.10 per share dividend paid on October 1st, 1979, as "theft out of the company treasury", he asked the Minister of Industry, Larry Grossman, what actiosi the governmeift was going to take. Pulp and paper Over the next three years, some 900 workers are ex- pected to be laid off by three pulp and paper companies which only last year receiv- ed multi -million -dollar grants from the provincial government. Jack's jottings Out of work In all, nine grants were given to paper companies - grants which the govern- ment defends, although layoffs are now projected at Abitibi -Price Inc. in Iroquois Falls, Paper in Thorold and Boise Cascade Ltd. in Kenora. The government was ac- cused ,.of wasting the tax payers money by giving these grants. Lake Erie hydro cable A senior Ontario Hydro of- ficial has denied allegations that a proposed $800 million cable system under Lake Erie will lead to a worsening of this Province's acid rain problems. According to him, the proposed long-term power exports to General Public Utilities of Parsipan- ny. New Jersey, will have no impact upon a Hydro program to reduce sulphuric acid emissions. Predictions that increased power exports would mean heavier use of coal-fired generating stations and therefore, more acid rain, were made in the Legislature by Opposition Members, who called upon the government to subject the Hydro poject to a full en- vironmental assessment hearing. Opposition Members believe the scheme would damage the credibility of Canada's campaign to reduce sulphur emissions in the United States, and stated that one problem is the provincial government's dis- like and distrust of its own environmental legislation. Car rebate The Provincial govern- ment has announced a rebate of up to $700 on the provincial 7% sales tax on cars purchased before November 29th. Frank Miller, Ontario's Treasurer stated that the province will spend up to 520 million to help dealers sell their cars because of high in- ventories of 1981 cars. Members of Parliament and some car dealers have charged that the program is a hastily contrived giveaway which cannot help automobile manufacturing or sales since the 1981 cars r."-- ,1,04n;i. °ne favourite have already been built and many have already been sold. Many dealers have a much larger inventory of 1982 vehicles than they have 1 :1 and interest payments on these cars and trucks in a relatively stagnant market are causing severe hardships. Other businesses are en- countering similar hardships as sales are not brisk and in- ventories are high. However, assistance has been restricted to car dealers and it is questionable whether this program will stimulate the market. A thirty day tax rebate program on all cars and light trucks might have provided the kind of stimulus needed for 'not only the car dealers but the car manufacturers as well. Given that the rebate is only going to help dealers who are having difficulty financing their inventory at high interest costs....will there be some other kind of measure to help the remain- ing small businesses in On- tario ?" Spokesmen for the big three domestic auto makers have stated that they expect to sell almost all of their 1981 car inventories by the end of the year without government assistance. Liquid industrial waste Although a court decision about a dump site- near Chatham may "cast a shadow" on other Ontario sites where liquid industrial waste has been disposed of. the Minister of the Environ- ment, Keith Norton, has refused to name those sites, maintaining there are differ- ing legal opinions about which ones may be affected by the decision. A month ago, the Ontario Divisional Court ruled the Ridge Landfill site was receiving liquid industrial waste. although its licences did not specify that it could. Liberal Leader Stuart Smith challenged the Minister to name the other sites, and maintained the court decision "was ab- solutely crystal clear". North Ottnetieds ilospitatitif MAKE THE BEST PLAY. •may='q, ,/f C /.'• Pick up a bucket, 15 pieces of the best tasting chicken there is... Saturday & 50 Sunday NOV. • 2jst & 22nd only 14e T W IN S Ks.ntuck9 fried Ch The Colonel's Taste Is Best. 227 Main St. North Exeter WAITING TO SERVE -- Gail Turner, RR 1 Zurich (left), Marjorie Consitt, RR 1 Zurich (cen- tre) and Joyce Bailey, Kippen, wait in the kitchen of the Brucefield church, ready to refill the bowls emptied by the hungry diners at the Kippen church supper. The readers write November 18, 1981 Page 5 Sleep well, Canada Exeter Monday November 16, 1981 Dear Sirs, and Ladies; When you fill nut your tax return for 1981. remember, the interest on your mortgage is deductible. You are also entitled this year to deduct $312 off your heating bill. Best of all, when you reach the bottom line. showing how much tax you have to pay. you can sub- tract $75t) from the amount'. Oops. sorry. wrong budget "Those were the goodies you would have had under the 1979 Tory budget, that Canadians in their stupidity voted out over an 184 raise in gasoline prices. They replaced the Tories, with the old inept hunch of clowns. headed by the 64 year old uneducated playboy. Pierre. who never worked a day in his life. He cancelled all these goodies, and added 66c to the price of gasoline. Many people think Trudeau doesn't know what he's doing - wrong - he knows exactly what he's doing. His ambition or job. is and was to establish full socialis- ty govt in Canada He couldn't do it with the wealthy. United Canada of 1968. Fist. he had to break it down economically to bankruptcy. create massive unempoyment. and most im- portant. divide the people and provinces against each other He has almost succeeded. He has two years left to complete his program. un- less. somehow he is stopped. If he succeeds. heaven help us all. Sleep well Canada Geo. Shaw Your Homeland furniture and appliance store WHI TI NG'S • Worehouse Furniture and Applionces Unlimited ( New & Used' • Antiques & Things MAIN S' E.'•'c 235-1964 GIFTS FOR YOUR HOME AND FAMILY Whiting's have it all -for Christmas. Choose from top brands at the best possible prices. Our selection is good and of course, we offer free delivery. GREAT CARPET SAVINGS UP TO OFF 504y O REG. Saxony's... 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