HomeMy WebLinkAboutTimes-Advocate, 1983-11-30, Page 33IXETIR
131 Thetltn.
235.1422s Rd. West
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guilders(Su. PO WEI
CLEAR VARATHANE
1i2 Pint Pint 1 litre
No. 90 Glass 4.79 6.85 9.99
No. 91 Satin 4.79 6.85 9.99
Varathane 11 4.89 7.29 11.35
Outlasts varnish 2 to 1.
• Varathane llqurd Plashes a clear plastic coaling
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wood and metal surfaces. Use it on panelling. furniture and even
hard -wear areas like floors to protect and beautify Available in high
gloss or satin. Varathane adds years to the lite
and beauty 01 your home y 1/
X -3D WOOD STAIN
'y Pint 3.99
Ouarl 9.29
Stains, 11115 and seals.
From Joybean Sales Inc.
Bulidlng Centre Values
MIRROR TILE
Package of 12
Plain No 702 16.99 pkg.
Smoked No 772 20.99 pkg.
Gold Vein No 752 20.99 pkg.
Gold Swirl No 661 24.49 pkg.
Antique Gold Vern
No 762 20.99 pkg.
Many Patterns to Choose From
X11.1 II1r li 1',
MOEN DMSION]
LAVATMY FAUCETS
No 84801 S.nole leve, Faucet
N., 84821 Sngie le..e, r4.xe1 •vrpnp up
49 95
6595
KITCHEN FAUCETS
▪ No 8'801 Single Leve, r,n,rw 49 SO
/ • • No 6'811 So,q'o Leve. 1 ur.nt w,u.. 6S 9S
Many Styles and Functions to Choose from
INTERIOR QUALITY
PITTSBURGH* PAINTS
6 2 Wnr.• 141e1 Sealer 13 99 pe8on
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PRICES IN EFFECT UNTIL. DEC 10TH. 1983
6 Yards To Serve You
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the Gig that Ghee • of Pleasure
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$11.95
31 APPETIZERS by Mable Hoffman.
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THE PLEASURES OF YOUR PROCESSOR
By Norene Gilletz.
We've soved this review for the lost - the binder forms its
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BOOKS FOR EVERYBODY IS FRIDAY DECEMBER 9.
13 Wellington St. N
St. Marys, Ont.
e>irii
SHOP BY TELEPHONE
(519) 284-3171
By Jack Riddell MPP
A year has passed since the
Ontario Government's
seizure of three firms involv-
ed in a controversial
$500 -million flip sale of some
11,000 Toronto apartment
units.
N9w the Government has
tabled a White Paper in the
Ontario Legislature which
proposes tough restrictions on
loan and trust companies
operating in the province to
avoid a repetition of last
year's trust company inci-
dent. The White Paper con-
tains numerous recommenda-
tions for revamping and
tightening regulatory control
of the industry, including:
-The minimum capital for
incorporation (now El -million
for both loan and trust firms)
should be increased to 12
million for loan companies
and 810 million for trust
companies.
-Each company starting in
business should be allowed to
act only as a loan corporation.
It would be allowed to assume
fiduciary and other trust
powers only after it
"demonstrates its capabili-
ty," meets financial re-
quirements and is approved
by the registrar.
-A new commissioner of
financial institutions should
report directly to the
Minister, advise on policy, act
as a watchdog for the public
interest and hear appeals of
decisions by the registrar.
-A new Assistant Deputy
Minister should be responsi-
ble for the administration of
all ministry branches
regulating financial institu-
tions, and the registrar should
be separate from the
superintendent of insurance.
-A separate investigative
unit should be established
within the financial institu-
tions branch.
On location or Studio'
Bart DeVries
PHOTOGRAPHY
COMMERCIAL
• PORTRAITS
W EDOINGS
GROUPS
•- PUBLKITY
Mounting and Laminating
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Telephone
' -
Telephone 235.1298
137 Thames Rd. East
Exeter, Ont.
09ach d 9otiin,.i
Tough restrictions for trust companies
-The amendments giving
the registrar the power to ap-
prove the transfer of more
than 10 percent of a com-
pany's shares should be ex-
tended to all loan and trust
companies in Ontario, in-
cluding those that are incor-
porated federally on in other
provinces. The White Paper
does not recommend any
limits on share ownership.
-Trust and loan companies
should be prohibited from
owning more than 10 percent
(the limit is now 20 percent)
of the shares of • another
corporation.
= Companies should not be
permitted to have more than
10 percent of their assets in-
vested in real estate.
- Companies should be able to
increase their commercial
lending to 15 percent of their
assets (now 7 percent) pro-
vided "they have
demonstrated over a period of
years their capability to han-
dle this type of lending."
-The powers and functions
of every loan and trust com-
pany should be reviewed
annually.
-Companies should have to
establish audit and invest-
ment committees (consisting
of a majority of outside direc-
tors) which would review
financial records and invest-
ment decisions. In addition,
the province's registrar
should have prior approval of
all appointments of chief ex-
ecutive officers and chief
financial officers in these
companies.
-Directors or officers of
companies should face fines
of up to 5100,000 for failure to
disclose personal conflicts of
interest in any transaction in-
volving their companies.
-All trust and loan com-
panies should be required to
report certain monthly finan-
cial information through a
computerized reporting
system that would provide
"an early warning system for
variations, exceptions and
potential problem areas."
The Minister of Consumer
and Commercial Relations
also tabled the report of an in-
ternal review committee
which examined the ad -
Federation award
CFPL-TV-London's Ross
Daily has been honoured with
the "1903 Media Award" from
the Ontario Federation of
Agriculture. The award has
been given annually since
1977 to the media person who
reports the unbiased story of
agriculture from all points of
view.
Ross was selected as reci-
pient of the Media Award,
Specializing in anniversary gifts
When most people think of Exeter
Decor Centre they think of a place
where they con choose from a wide
selection of quality paints and wall
coverings. Over the past 7 years Ex-
eter Decor Centre has been providing
helpful advice and competitive
prices...and our products are in hun-
dreds of area homes.
....But...there's another side to Exeter
Decor Centre we want you to know
about. We carry hunrdreds of gifts for
your home as well. Whether you want
fine china or beautiful figurines, it will
pay you to check our selection. We
also stock miniatures, Ideals, Helen
Steiner Rice Books, cards, plaques,
ruby glass, collectables, etc.
`,kSUNVVORTHY
v YES YOU CAN WW1.OVERINGS
All this and much more, available at
Exeter Decor Centre
15 Gidley St., Exeter
235-1010
Just
Behind
Th. Bank
of Novo
Scotto
Kiri
By MRS. HAROLD DAVIS
Kirkton Women's Institute
held their November meeting
at the Kirkton-Woodham
Community Centre
November 24. A pot luck sup-
per started the meeting.
The branch directors ar-
ranged the tables for the
smorgabord supper. After
everyone finished the presi-
dent opened the meeting with
The Opening Ode, Mary
Stewart Collect.
The roll call was "A way we
can use throw away con-
tainers." Dorothy -Switzer had
a quiz on the New Hand Book,
which proved very
interesting.
The meeting adjourned to
visit the Library where Joan
Francis talked about her
work with the library. Ethel
Copeland presented Joan with
a gift.
Anyone wishing to donate a
gift for Childrens Aid please
leave with Joyce Strahan by
Friday December 2.
"for excellent reporting of the
Ontario farm scene to an ur-
ban and rural audience. His
work has created an
awareness and understanding
of farm issues among his
several publics".
Ross Daily is the host of TV -
London's "This Business in
Farming", and provides
agriculture reports for "FYI
- Noon Edition" and "FYI -
First Edition".
Ralph Barrie, president of
the Ontario Federation of
Agriculture, presented the
award to Daily at the annual
meeting of the OFA at the Air-
port Skyline Hotel on Mon-
day, November 28.
The OFA has a member-
ship of almost 26,000.
CaII for free estimate
and we'll tell you how
you can save.
LW. Klolostiver Ltd.
O.el.wee4 137.3461
N.r.N.y-tte.eh.F Ileeerinl
..0. or,e.e. /} acs .,...
DON'T MISS....
SWAMM'S
�oEMSI 'TTIA PISTIVAL
on Now till Doc. 24th
23,000 Poinsettia all in bloom!
Corner of Hwy. 3 761.1116
S 76 et Eagle West Lorne, Ont.
ministration and regulation of
financial institution by his
Ministry. In the Legislature,
Liberal Leader David Peter-
son described the internal
review as "a damning indict-
ment" of the Ministry's
failure to protect the public
interest.
"We have had in the past 15
years in this province
somewhere over 10 collapses
or near -collapses of financial
institutions. Why is it that the
processes were not in place"
He added that the trust com-
panies affair has cost tax-
payers about 8500 million
through payments made by
the Canada Deposit In-
surance Corporation. The
Government was accused by
the Opposition of a five-month
cover-up, because the review,
released on November 15th,
was dated in June.
The study stated that those
who oversee Ontario's multi-
billion -dollar -loan and trust
companyindustry now rely on
"moral suasion (and) the in-
tegrity of the companies' of-
ficials to conduct loan and
trust business with considera-
tion for the protection of
public deposits."
Staff time was "con-
siderably under-utilized" on
the regulators' prime function
of examining company com-
pliance with the act and "a
deterioration of the reporting
and direction respon-
sibilities" was observed
within the Financial Ex-
amination Services Branch.
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rIIIt iiiii iItISIIt$IIIIItIIluuuuIIIIIIIII-lull'
November 30,
Poge 21A
08 die co -
INSURANCE
SERVICES
sr LIFE * HOME
* AUTO r FARM
* COMMERCIAL
Call
Verna
Gingerich 11,
374 Main St. Euler
Clinton Community
Credit Union Office
Residence 335.1109 Business)
Plan to attend our
Hazard Recognition and Control Seminar
DECEMBER '7, 1983, 8:30 a.m. - 4:15 p.m.,, THE STRATFORD KNIGHTS INC.,
151 Lome Avenue East, STRATFORD
Mr. A. Bettridge, IAPA Staff Consultant, will instruct the seminar
sponsored by
PERTH -HURON SECTION, WESTERN ONTARIO DIVISION
INDUSTRIAL ACCIDENT PREVENTION ASSOCIATION
For registration or further information on this and other events
please contact Mrs. Stella Bannister - (519) 473-9450
INDUSTRIAL ACCIDENT PREVENTION ASSOCIATION
*i kwous4 FM4