HomeMy WebLinkAboutThe Goderich Signal-Star, 1975-07-31, Page 9D
''(continued from page 2)
nuclear power as well as an
Unbiased list of the risks, so
that as a society we can look at
the question of how" much
power and what kind, and .-.1)
that a'
s much
man power and
money power, and Canac#ian
and lluthan ingenuity, go, into
creatively exploring :alter-
natives as have gone into
producing and selling power
-from the atom.
Sincerely,
M.A. Shanahan
T winYlin
b
Pear Editor,
I want'to thank you for so
very • kindly publishing ring
letter regarding the "twinning"
of Dungannon, Co. Tyrone, with
your, Dungannon in Ontario.
The response from your
readers has been absolutely
wonderful and full of en'
thia.SSm..,:.1 .h.a.ve. ,an enormous
pile of letters here, waiting for
a reply, and I wondered if -•you
could possiblyhelp me again by
saying in your columns that I
will reply in chic course to every
single one.
I would .particu larly like your'
readers to know that' on this•
side, I am not idle. Items about
'the "twinning" have appeared
in. newspapers throughout
Ulster and yesterday there was
even an appeal for information
ation
on 'the B.B.C„ who 'gave out a
small history of the Mallou.gh
family.
One of your readers, 'Mrs.
Elmer Black, .RR 6;.Goderich,
Ontario, sent mea copy of your
newspaper containing my,-
• original letter arid I am very
happy ' to have this for my
records, also to -read so much of
your. local news..
I 'have already put' Mrs.
Black in ; touch• with .0 local
family. of Blacks„who may 'be
distant, relatives and have, 'this
morning,' 'written 'again to: t.he'°
B.B,C. giving rxiore.infor`mation
about John and .Anthony Black
who `emigrated from here in
1823, also Mrs:. Black's great
,grandfather, William
Dougherty, of Waterloos Co.
.Fermanagh, N. Ireland, who
emigrated to Sheppardton,
rent.
Mrs. Phyllis' Morrison, RR 1
Lucknow,-. a direct ,descendant
of the 1\dallough family, was
mentioned yesterday in the
,13.B G. broadcast and I have
today sent further details from
a fascinating histgr.y sent in by
Mrs. • Stewart • Brook,, Ripley,
Ontario. I aril also very much
.y•• indebted to Mr's; Margaret•
•-P,ritchard, 89, Haddington
venue, "Toronto, and to many,
-• many more. I thank them all,
and will write to thein all very
soon.
In 'the meantime, I send you a
hoto rah of m self 'which
..h w
B y Jack itiddett mp p
Nie
P g P Y
you may be'able to publish, I'rrr ' With the introduction of the
sure this would be of interest to minibudget in July the net
your readers. My thanks to yo4 cash requirement pf ,the
for all . your kindness and .province was ` increased to
Cooperation. $1,769 billiori:r"This' is'' -being
financed in the following. way:
)'Jon -Public Borrowing.: Car�ada
Pension Plan - 42percent;
Ontario Municipal Employees
Retirement System (OMERS) -
8 • percent; -Teachers'
Superannuation Fund - 13
percent; Public Borrowing (to
he determined) - 37 percent.
The shortcomings of these
sources will soon become
evident as the province. is
definitely losing the funds from
which'it has so freely borrowed
to finance its deficit position
since 1970.
Assessing these sources
individually will illustrate
has run into some very serious firstly that the'plateauperiodof
problems from both 'economic the Canada Pension Plan is
find. safety. t this approaching more rapidly than,
r
Sincerely inter y
Mol`I'ie'\ h•iteside (Mrs.
59 Killyman Road,
Dungannon,
Y`
Co. Tyrone; IV, Ireland.
Editor taken in
w
Dear Editor,
It is•-distress'irig--to find that
you have been wooed and won,
by Ontario Hydro's smooth'
talking public relation men at
Bruce. -
1'6uring the past year or so it
had become very aapare,nt that
the nuclear industry in the U.S,
generosity of payments •from
th.e C , P . P . .S'h'�,uld th€•s,e
proposals be approved Y�.ind
ap.prf)va1 must come from two
,thirds of the prov'nces con -
titling two-thirds , f Canada's
estimated'that
itis d
papulation)tha
t
the fund's plateau period will
occur in the early years of the
1,980's.
Gross,. revenue of the'C,P.P.
comes frond three. sources: (1)
Contributions of ' employees,
'employers and;.the self-
, Omployed, (2), pr'oVincial in-
lerest payments :on the
cumulative amount borrowed
and, (3) repayments of„ prin-
cipal as the loans mature or: at
the discretion of the. Minister. of
Finance subject to early recall
as thefunds are needed.
, 'The gross revenue is- then
reduced, by benefit payments
and, -expenses of ad.
• ministration. The resulting. nt't
_—..1'01
1'e!ard to members' age, sex,
dr ability. '' retirement,' mor-
tality etc.., 'and as the System
ni,itured -,Lind • stabilized, 'the
need "'f'r�r' support from its
c.ristodianthe Pru , .
� ince t f
()titarto which was essential in
year one, was no longer
essential and in- fact was less
adequg.rte now ten years, later.
1' e. Ontario had init gIly issued
40 year debentures which the
fund could not have . obtained
else', here and guaranteed the
fund's pensicm benefits.) ,
However; even though. the
funds , are supposedly
guaranteed.a by the province;
there is no section in the
OMERS Act that states. -that the
province is to provide monies to
pay ()NIERS' Pensions if the
system were unable to do so, In
fact, Section 10 of the Act
provides that "'tile Con-
tributions of the . employees
view poen s revenue is, av la,sle "as in
originally anticipated tlu,� „f,, shrill he such an amount hs is
quite. apart from the still un-:;
.quite apart
irestitrns attache the d1e indexing of benefits.'' Thi vestmer�t'`caprtai to the par required in addition to the
q 41 ti)
'proliferation nd storage of plateau, period is`''the point atticipating provinces in that
which .benefits would rise to year. However,the actual cash
ever increasing quantities of •equal contributions and then -flow to the provinces is the.ne,t
deadly Canadian
poisons. continue 9to• increase -steadily 'revenue—less provincial
Our Canadian nuclear in- above them: This would rapidly '' Y
terests have become 'painfully.
a menu of interest • and
aware of the gr•owingpconcer'n deplete the former • excess repayments of principal, o
in U.S. public:opinion,• and are amounts of capital from which although the fund level may,.
now' busy, promoting the myth the province.could borrow. continue to rise- .the net
inc plateau period was provincial cash . flow°, is
that CANDU is different.' There ,.originally anticipated to -occur
are of. course several nuclear -around 1984. In the Federal
energy. systems • currently in Government's "White Paper on
Use in the world today, of which Income Security” published in
CANDU is probably amongst., 1970 proposals were made to
the .best. While they differ in increase the 'scope .and
technical details "they all in -
✓volve the -same basic principle
r ,
CiODER1CH SIGNALSTAR, THURSDAY, JULY 31, 1975-7,PA47 3
C,1
contributions of the' members of its'funtls, were to be invested ' The Teachers',, Superan,.
and interest" eal-ned to provide in marketable Ontario: nuatichi Fund appears •to be ,
fur the payment of benefits and provincial bonds (the average .,headed in the same di.•• ction
expenses''. In other •words, the 'fora Cdn. pension- fund is 25 since all 'af its investments are
Municipalities and local boards ..-percent ` n- provincials), then presently
held i
n„ •Qntaiio.
of Ontariocmploycrs theadditional , su.sthe,.debentures.
-COU-pons:
under the °NIERS Act are
'obliged to discharge OMERS'
liabilities. 'The probability •of
the province having to step in to
guarantee faMERS perisions
anyway is very remote,, par-
ticularly if funds were invested
in a conventionally diversified
portfolio of Canadian
province of Ontario would have ranging from 6 percent to 8,57
to borrow in the pupl.ic market percent:. Pension Funds must
would be as follows; out of necessity.trytq obtain the
1974 - ' $96,,000,000; 1975 - high:est rate of return passible'
4110,000,000; 1916 - $122;000,000; -on their inyeStments in order to
1977. $134,000,000; 1978 ; - 'comply with demands 'for in -
4150,000,00p; 1979 -,$179;;p0(f,ObO; creased benefits brought on by
:1980 $185,000,000; :1981 - unyielding inflation.• •
4''0%,060,000; 1'9$2 -$217;000;000; So fare this hod -public
borrowing accounts for' '63
percent of the net financing
requirements. 'We Are left with'
$648 million still to be found to
balance the 1975 budget. The'•
province has already gone to
the market (July) to•obtYain $150'
million: OVer half -way through
increase, in the price of money the year and we still have
of the,.. , Canadian capital- " to the province another $498 million to find.
market! It is clearly a matter of time How do they /propose to ob-
. Knowing the' -anticipated before the province loses:this twin this with Interest rates
growth of OMERS, if 20•percent source' of income. remaining at all time highs?
securities. " ' is 198,3 - $232,000,000.
Every. investment specialist , Th'e consequences 'of Ontario
whom the Study Group con-
sulted was of the opinion that
the hest interests of the em-
ployers ' and thu' members of
OMERS would he served if
OMERS' funds Fere to be in-
vested in marketable securities
being required to' borrow such
sums in the public market
rather than from OMERS.
would ' be an increase "iii the
Supply of ' the p'rovince's
securities in the market and an
ns, signs
everywhere a sign
' BY JEFF SEID'DON niosphc're of small town life. Theseare in cony;eniently • installed a flashing mobile
+
declining and will . become the centre of town since the outside edge's .sign on Victoria Street that looks like the
negative in the early 1980'5. :Motorists .approaching Goderich could beauty is hidd''en by the mass of signs marquis for the premiere of an ,acaderrry
And finally, the government ��"rll }ac thrcn�'n into a minor state of con protesting the beauty of the, centre. award winning movie and ' advises
Still has'not •decided what ae- fusion Lis they pasS over the town limits on 'File ,signs are erected by the -various motorists -cif -the place to be in.,.Goderich at
tion to take to 'compensate for any one of the three main highways fun, "C . Ice clubs, committees:and businesses • that time. .
• this eventual loss to.f funds.. nelin); traffic through here. As they cruise in town, wishing visitors' to stop, ,look And if ou still mis •." li' .si n there is th
. Y g e
y eight lovely at the town stoplights.
and hazards,, hazards so Hannes Alien, Nebel prize, borrowing more and more from to s.leelf) by t'lae rolling hills and old ,'in lead ing roan for the next, ca•rload. They directing you to the' tourist -n Stoplights
W/
it every year and this y.car. it, ��;,tahlishcxl farms but their first quarter or iu•c for the •'must part .put up on town l�c)oth so you. can find out what was on all
frightening that anyone ` who winner itiPhysieS.,_.
:: accounted —for approximately a mile, thrc,riigh Goderich 'w'ill change all property and all those that are not owned • the signs. you missed driving into town.
°' plans to be ar•c�und for the next Once so° promising: in the bya municipal body are subject to the OK ' •
. twenty -years "should find out first enthusiasm of'the atomic' one-half . �,of the province ti tit it, frim town Council,,
financing needs.
'about (other than-fron-1 the well era, •nucle,ar power generation . 1 ' ,, ` • • The .best bet- 'for a motorist entering ' . , ,
—lubricated .is becoming something of a The ,;f�rndsN:of both ON11. RS t;,,dr'r'ich fcir -the' ,Girst time is to instruct is `I he town .owns : three.'signs on each en-
machiiie of nleaempire .monster, ,with ''dangers to , and the Teachers Supraian c'„ pilot 0) drop the read ma and start trance directing touristS• to the.- various
P people and the environment so nation Florid_ are solely .in- ,b,, ,• s p P municipally owned feinctions in town or
builders.) "�, .•it;ns as th ey whiz the right
, The -premise that Americans vested in Ontario debentures - rust testifying to the beauty of Goderich.'
• awesome ,as to raise serious, blind �� inclri�ti of the. c u
..are•so stupid,, and•Canadians so d• oubt's •'orae this is1 indeed the
smart in nuclear technology, - energy source•,of the future" -••
may be flattei•in �..eto us, but is E• ditorial New' York' 'Times,'-
. w 'August 197 ,•'
ha r,ctl•y`-realr��:fic: Nearer the . •
truth is 'the fact' that the. • "Owing to -potentially grave,
Americans -have been . at it and as yet unresolved problems
longer than:us, and are running related to waste. management,
into problems that`no doubt we• diversion of fissionable
will' experience five or; ten material,.. and major,
- radioactivity releases ,arising
Instead they have been through the countryside they can be lulled around, spend, -d few bucks and then move , four b .' ei
years from now,.
from accidents, . sabotage, •-•or_
I would like to quote,''the' acts- � of war,; the wisdom—of.
,w or ,-•-o f_ -a -few intern traria lay' teen'm•it�ment io riu-clea-r liSsf rr
�
recognized authorities:- ' • as a principle of energy
"I am increasingly worried for mankind must •he seriously
that the current blossooming of . questioned at the present time"
the nucjea:r power industry, will —.'►3rd Pugwash Conferenc.o of
be an i'rreyers.iwhle calamity for:- Science. •
the human race" . — Prof. There, is: nothing about' the
Jame n.,- Watson of Harvard CANDU 'system' that would
University, Nobel 'prize winner exempt, if from .the validity of
in Genetics and Cancer 'these comments,
'r'esearch. Yours truly,
"Fission energy does not
represent .an ac'cePtable
-solution to.• the energy problem.
If would place an unendurable
burden on the safety and health
of future geite,ations". Dr,
. Donald McKee
P.S. Tours of the Bruce
Nuclear • Complex ' are not •
'absolutely'free of charge' -the
cost ,comes out •Y)f your hydro:
hill.
A
Mrs.Mahe T ri in side, Dungannon No,.rth: Ireland:
d:
FROM
•
'AINSLIE :MAR ET- CAL,t.. 523-8551 • ,,, •
Home -Dressed Inspected Meats .
(Buy at our Wholesale Prices)
LIMITED
cI':NTItF SI.ICE,S ONLY'.
_
Beck Bacon $1
(S,1VI? $1.00113.)
I 1'R 1 i.I?-1N
Gio�fld'Chuck 68t,
quit a convenience factor in.`
easing the provi'nce's 1..ot'S go to the jail. ne let'sego to the, .
borrowing requirements.'"I'he.. niusc`ritl?, no Ictsgo.shopping, no• let's see'
Report of the Joint Sttal*I oup •,'tier' Pie-tti st To' nin Canada, no lets see
on OMERS'Investment Policies tli.: ix'o h, no let's go to the raCes, no lets
(Feb. 14, 1"9�r4) Supports the ::'shopping at the gift "shop or ,The Square.
finding that if future con- .� No there's radar in opercition let's do 30
. tributi s were to be invested ,%Miles per hour and keep right on driving'.`
in. a full r Inge of marketable, The thi•c'e entrances- to 'town are clut-
'secut;it•idS 'under the 'Pension ' terc'd vith signs directing motorists to t'he
Benefits Act and its'regulations many hot 'Spots , in Goderich' where the,
rather than in the ' non- beauty of town can he enjoyed, and where
...-...marketable.. „9,1)t i io deylen- one can.. relax. in the -unduttered . at
tures, OMERS would receR'e
higher - rate of return on the
system's .funds; possibly from
a minimum of 3/4 percent' per,-
...,annum--to
er,„annum----to a maxiniufn 'of, 11,,r
percent per annum..
.Such a higher return on the
basis of funds to be available
for investment •would on-.
siderably increase the
System's investment income:'
,,As a result of ' the impact of
inflation (pensions, are being
.'determined on t-1'' basis of
”, earnings at or 'near i' tir•ement%
•
-and, the pur"chi),sing power of
°.pension;S,,i8 protected by in-
creasing the pension each year.
by .ari index such..as-the CPI) -
. OlVIE•RS' 'requires additional
revenue to increase its benefits.
Therein lies'tfie significance of
investments increasing in-
vestmcnt' "income.
P n
At this point.. the prime.
question is;. shoul,ti the funds of
OMERS be dedicated to: (I) a
reduction of the impact' of
Ontario's borrowing, on the
public .capital market: (2) a
reduction in the. cost of.
Ontario's long'tcr'ni'honey (31'
the enhancement Of Ontario's•
credit: OR ('1) the exclusive
interests 'of the employees'aricl'
nir'nihc'r" orf ()MFRS,
• With- OMERS tece-['t-abtt'ct.y..
.sem urecl , (.in early 1,970's
OMERS actiiariesl '- a.c-
..cuniulated reliable data with
Readers are cordially
invited to. express VW(:'
opinions of 'local, pfrovin-'
tial and federal issues
through the Lett' rs to
the Editcfr'column of The
,Goderich Signal -Star.
All letters must
signed to be published,
although pen names are
Permissible providing it
Is understood that; Upon
request from andther -
reader, the letter writer's
true name will be
revealed. .
• •
While )here is no limit
•otot•he length of a letter• -
which can be offered for
publication, the editor
does reserve the tight to
delete portions of any
copy submitted for ,In=
c'lusion in this
newspaper.
Take an activ'1nterest
In your hometown
newspaper. Write a letter
to the Editor today.,
The jail board owns three or four large.
,signs rm.the edges of town as well as their
little ones strategically placed on town
siclestreets and corners and on the •lawn of
theirgaol. Business owns threeor four, the
race track- three and the service clubs
three These' combined with the street
signs., and traffic signs make for, good
reading for 0 bored motorist.
lf, however, . one manages to- miss' the
painted beauty of the highways one can be
sure arid make up' for it when they reikch
the centre ofAtown. The - tourist committee
The 'jail board was especially careful not
to leave - anyone,.:out' when they ,installedtheir. signs. 'They 'captirrd--•the motorist.
.They felt there was not enough air travel
into-Goderich to merit signs at•Sky Harbor
but the boater, ah yes�the•elusive boater.
Skipping over „the waves 'of .beautiful
Lake Huron he never sees a sign telling
him where to be or go unless he comes into
harbour •for supplies or fuel. And if he
cc)mes into Goderich, steps. off' his -boat and
.approaches the municipal marina.. he
shquld keep his eyes straight ahead. If he
allows,tlhem to wander slightly left he is
caught. There on the top of the hill in a two.
• foot by two foot splendor' is the question
everyoneseems'tc.be,asking.' •
"See the;jail?'= • • ;
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