HomeMy WebLinkAboutThe Goderich Signal-Star, 1966-05-05, Page 11Area
Godericii as ea residents fea-
tured proihincntly in 11,000
farmers with p1,414,287 inve et -
ed in common shares of the
ill-fated Farmers' Allied Meat
Enterprises Co operative, Ltd.
who .robably won't get a cent
for their. shares, a creditors'
meetinge was told 'last Thurs-
day.
F.A.M,E. 'went °into, bank-•'
ruptcy March 25, with liabil-
ities of $1,130,400 and assets
of $107,500, -leaving a defic-
iency, of $1,022,90Q.
Trustee William Anthony
said the figures were present-
ed as of the date of bankrupt-
cy and are subieet to change.
Farmers�
• Ile said he holds little hope
for the shareholders because,
before they received any
money, $1,130,400 would have
to he raised t e pey off secured
and preferred creditors, as
well as debenture holders.
A statement filed at the
meeting showed secured ,cred-
itors were: owed $27.,500, pre-
ferred creditors $5,749' and
debenture holders $1,041',200.
There were only two seeur-
• ed• creditors. listed a Arnold
Rife, of .Galt at $25,000, and
William Anderson of Strati
ford, at $2,500.
Mr. Rife held a, mortgage
on property et Ayr, 10 miles
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stauthwest of Galt, and Mr.
Anderson a mortgage on a
property at Mitchell, just
north of Stratford.
There is a total of"13 pre-
ferred creditors, the state,
merit showed.
A 33 -page list of .2,045 de-
benture holders showed most
farmers owned the securities i
in• denominations of $100, $200'
or500. However, one man
owned $10,000 worth and a
few ,$5,000. '
F.A.M.E. was establishedin
1960 by Ontario 'farmers as
a co - operative . to acquire
packing and Slaughter houses.
Investors in F.A.M.E. drop-
ped $1,500,000 in an abortive
attempt to buy the F. W. Fear-
man Co. Ltd., a Burlington,
Ont., meatpacking plant.
The co-operative agreed to
buy the company and its plant
in 196.4 for $3;000,000:" It paid
$1,500,000 in August; 1964, end
• was to pay an. additional $1,-
000,000 on November 30,,1964;
but failed to raise the money,
The deadline was extended to
January 4, 1965, but payment
was not made.
The plant reverted to its
former owner, Ernest Gunner
of England, who also kept the
$1,500,000.
One F.A.M.E. investor at
the meeting asked:
"What will be done about
the $1,500;000: paid to Mr.
Gunner for the Fearrnan
plant? Legally. I suppose we
can't get the money back, but
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there's a moral question here
and 1 wonder whether ,,141r.
Gunner has been asked for a ti
voluntary 'contribution?" •
Mr. Anthony said he didn't
know whether 'legal action
could be taken but the$1,500,-
90 "wouldn't be ovelooked."
Suspicions
W. L. Bishop, • .of 'Norwich,
told the meeting there were
suspicions' that "some direc-•
tors didn't, always act in the
best interests of tine,..: m -
parry." •
He said' he had talked to an
officer of the RCMP and . So-
licitoreGen,erar Pennell and
.had been told that the matter
could be investigated if the
• company did go bankrupt.
"This was before we were
bankrupt, but- I hope we will
now have sorue correspond-
ence with Mr. Pennell," he
. said.
Mr. Anthony , Asured Mr.
Bishop that any aid available
would be inlisted.
Merlyn Baker, of Stouffville,
said if money was needed to
take legal action against any-
one he would gladly eontrib-
ute,.
Mr. Anderson, president of
F. A M.E. at the time of its
bankruptcy said:
"I feel we did everything
we could under . fhe circum- •
stances to keep the. company
going.... but we just couldn't
cary on.
"Maybe the idea will live
again.... The -idea was sound
in the first pie, but we just
.coulun't carry on." .".
Tlie meeting appointed Mr.
Anthony trustee and elected
five inspectors to work with
Mr. Anthony in cleaning up
the affairs of F,A.M.E.
They are: 141r. Anderson,
Mr. Rife, j layton Frey, of Sar-
nia, who is awed $2,310 by
the company; Clifford John-
son of-:-ieterborough, who is
owed $2;9;10, end James Boyn-
ton, who is not a creditor but
is secretary atrf , the Ontario
Hog Producers' " Marketing
"Board. ,
Mr: Anthony assured credit-
ors that money advanced two
months ago—about $60,000 --
to keep : F.A.M.E, alive would
be returned.
He sakl.creditors can make
additional claims at any time.
"If any of you think this
will be cleaned up in two
Months, don't worry. As far
as I can see I'll still be tied
up with it in two years....
If litigation is entered into,
maybe I'll still be here in
three years '
This brought a gasp from
the creditors.
One creditor estimated that
debenture holders would get
about six per cent of their
money back and asked Mr.
Anthony's c• mment.
Mi. Anthony replied that he
wouldn't make any estimate
because there were too many
unknowns and he didn't want
to unduly boost creditors'
hopes.
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by Bill Smiley
the ix uominy'swirl through in
p`r S IDEEN A TOUGH y'ifEEIC
We've been • a pretty lucky
crew around our place this year:
AU winter, t ienas, neighbors
and relatives Have 'been coming
down with everything from the
ordinary stuff -- pregnancy and
insanity°• -et_ exotic items like
oriental hepatitis and whooping
mumps. We haven't had so
much as a sniffle.
It was too good to last, and
we got the whole bundle this
week. Nothing 'serious, physic-
ally, but mentally and emotion-
ally, a shattering period.
head:
Well, that's the way the week
began. Wer;>o was to ;We.
I've been suffering. from a bad
shoulder for years. 1 know:
Everybody has one. Or a bad
back or a bad hip, One week,
the doctor says it's an infiam-
mation. Onthe next visit, he
says it's ar>C old injury aggravated
by tensleti Next trip, it's bur-
sitis. Next, atfer X-rays, it's a
calcium deposit. "If 1 had halt
the calcium in my teeth that 1
have in my shoulder, I could
be one of those grinning -ape
models in the toothpaste ads.
* *
First it was the dentist. Kim's
was her regular six-month check-
up.It's a breeze. She waltzes
in blithely, has her, gums frozen,
and the dentist pumps a little
eonorete- into a pin-hole you
couldn't see with a telescope: .
e u
It's a little different.for fath-
er. I also go regularly 'to the
dentist. Every three or four
years. When .1 have a broken
tooth or two, and have wild,
stabbing' pains from several of
the other old stumps, and have
postponed my appointment about
six times, I go down for my
regular check-up.
Goderlc igzutL $tar, Thur day, May 0,
New ok ing n►�+���o
Aids Road Map LJsers
With distribution now uu+er
way of the 1900 "edition of the
Official Road i ap, .published lay
°he Department off TIi;bwayR ,
Ontaricl, highways Minister
Charles 5.-MacNaughton .notes
that a novel method of folding
makes referring to it as simple
as leafing through the pages
of .a book... As A result the snap
is 'much more readily useable
in a car. •
In conjunction 'with the new,
method of folding and arrange-
ment ' of the P material, a revised
indexing Di place names great -
r
ly simplifies the pinpointing of
all commutates and lakes. Sim-
ilarly, the inset maps of- efties
and other blocks of informa-
tion --such as the mileage chart
—can be found much mere
easily than in the past' by sim-
ple reference to key leaps 011
the back cover of the 1966
edition.
Throtegh these - improvements
the desired information cap be
found by opening only one pan-
el of the map a.t a time. T1ianks
to the noticeably greater ease
with which the new production
can be use', it will be a simple
,t:
Anyway,' I finally decided to
do something about it. Or my
wife did. She didn't mind my
groaning in my sleep. It was
the cursing every time I rolled
`"onto that side; that,eupset her.
She was worried about my soul.
* m :F
Sweating trembling, and con-
demning all dentists and their
inane questions to the murkiest
depths, I sit. there trying to tear
the ,arms off the chair. Too
gutless about needles to have
the freezing, I go through the
agonies of Prometheus as the
poor man prods about among
the snaggles of porcelain, look-
ing for a piece of genuine, hu-
man tooth he can drill.
b i!7.. is
And then there's alweYs that
excruciating moment when he
steps --back :--with -some-kind-of
chisel . cocked ..ill ..his ..hand,
shakes his' head more in pity
than in sympathy, and says.
"Hinmm." � •
. ° . v= 0 0
* *
wasn't. But when it got to
the point where I couldn't pour
a bottle of beer any more, with-
out weeping, I realized that
man cannot exist on pain pills
alone.
I've mentioned what a yellow
streak 1 haye about needles. The
doe said, as he took out this
elephant -syringe, loaded with
cortisone, "You'll feel a slight
pin-priok as the needle enters."
The cold sweat stopped flowing.
Nothing to it.
*' :r
Then he started to lean on
the needle. Have you ever had
a •pin -prick with a crow -bar?
matter to t' der.t') the mai) %bile
travelling by alar, ac notal by
Ir. M4 'Ni u hton.
, All the other hepful fecal:e,1
of previous maps have . been
retained, such as, panels depict'
Ing various 'Traffic Signs; an.
piper listizig Est Aid Posts, etc.,
PM radio stations have been
added to the / oriner, listing
standard broadcast radio ..sta- "
tions,
The map ---the co v 'r of which
• carries a color photo of a, typical
rural h..ghway scene -{was de-
signed by the Cartagraphie See-
tion of the Department of High-
ways, as in the past. •
The new map may be obtain*-
,-ed free of cherge from 'any of
the 18 distric . or five regional"
offices of the 'Department of
Highways,; s Bead Office
Downsview P.O.),e all- Service
Centres and the Department of
Tourism and Information, Par-
liament Buildings, Toranto. The
map will :tlso be available at;
any - of the Tourist Reception
Centres operated by the Depart,
ment of Tourism and Inform-
ation.
:r. * :u
The only comparable experi=
ence I've had was one time in
a veterans' hospital. I was
wheeled into this room for
"tests."'Flat on rriiTaTck:TrIciini
nurses held a hand each, one I
on each side Qf the bed. Decent
of them, I thcught. Comforters.
As I was smiling .at them, in
Visions -of t -he -blood; the -pain, turn the doge rammed -this -huge
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hypodermic in my chest and
shoved down. Then he started
to suck (marrow out of my
breastbone, as it turned out).
In the next three seconds, those
nurses wound up on opposite
sides of the bed, without touch-
ing the",floor. I was told later
that I had been: a volunteer for
a research project.
0 - * e
Well, i won't • bore you with
a lot more sick detail. Suffice
it to say that my" wife and dau-
ghter went to ,the eye doctor.
Kim, who wants glasses like she
wants a hair lip, got them., My
wife was sore as hell because
she paid 10 ilollars for the ex-
amination, "and didn't p get any
glasses. •
a*
Just to cheer us up, we phon-
ed Hugh on Sunday. . We knew
he was starting to write his
final university exams on the
Monday. Wanted to wish him
luck. A croaking wreck who
sounded more like Edgar Allen
Poe's raven than our jolly boy,
informed u that he'd been sick
as a dog with the 'flu for three
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