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Home My WebLink AboutClinton News-Record, 1987-07-29, Page 17Margaret Seotchmer and Mary Mair were on the job last week, selling tickets for the Bayfield Lioness Penny Sale. Winners in the draws were announced on Friday night.. (Shelley McPhee Haist photo) John Neville agrees to extend his contract STRATFORI) - The Stratford Festival announced recently that Artistic Director John Neville has reconsidered his earlier decision and will be extending his contract as artistic director of the Festival for an additional season. He currently is in the se- cond year of a three-year contract. With the one-year extension, he will continue as Artistic Director of the Stratford Festival through the 1989 season. William Somerville, President of the Festival's Board of Governors, Expressed ;treat personal satisfaction with news of the contract extension. • 1 am thrilled to be able to make this an- nouncement," he said. "I have enjoyed a close relationship with John Neville for the past couple of years and it was on his behalf that I stayed on for a second year as President of the Board. His decision to reconsider and stay on for an additional season is proof of the depth of his commit- ment to the Stratford Festival. "We had numerous discussions over the past two weeks and I am simply delighted we could arrange things in a manner that makes it possible for him to stay. This is great news for the Stratford Festival." CLINTON NEWS -RECORD, WEDNESDAY, JULY 29, 1987—Page 17 Minister gives commitment to Farm Credit Corporation future SHAKLEE PRODUCTS -Nutritional Supplements -Biodegradable Household Products •Personal Core Products JACK STONE, Atwood 1-800-265-2216 Your local distributor JOHN MOORE 527-1052 Steps will be taken to put the Farm Credit Corporation (FCC) on firmer financial ground, Agriculture Minister John Wise said July 2. "We will be taking action to keep the FCC viable, and to ensure that we are meeting the farm community's credit re- quirements," Wise said. The Minister's statement followed tabling in the House of Commons of the federal farm lending agency's annual report. The FCC's financial situation at year-end reflects the serious difficulties being ex- perienced by many of its clients. Depreciating asset values and deteriorating prices for many commodities, due largely to the subsidy practices of major exporters, have made it impossible for some borrowers to meet their payments, Wise explained. "Obviously we are going to have to take steps to put the FCC on firmer footing. I can assure the farm community that the federal government will do just that." The annual report shows that the Corpora- tion ended the year with a negative net worth of $124.8 million. This reflected a loss in operations of $132.5 million during 1986/87 — mainly the result of an allowance of $219 million made to cover anticipated losses on its current loan portfolio. Despite the low prices many producers have been receiving recently for the com- modities, about 80 per cent of FCC accounts were in good standing at year-end, which is down only slightly from 81.9 per cent on March 31, 1986. The number of accounts in arrears in- creased last fiscal year by 4.6 per cent from 14,070 to 14,723. While the increase was marginal, those already behind in their payments fell further behind, with the amount in arrears increasing from - $245 million to $344 million. "I am very concerned about the increase in arrears, and the resulting losses ex- perienced by the Corporation," Wise said. "But we must remember that the FCC is in this position precisely because the federal government has gone to the wall for farmers during these difficult times. And I make no apologies for that." The moratorium on FCC foreclosures an- nounced in September 1985 remained in ef- fect until May 1, 1987, allowing borrowers facing foreclosure action to remain on their farms while the government put assistance measures into place. In the meantime, ar- rears increased. Measures introduced during the interim included Farm Debt Review Boards, which so far have helped more than 600 farmers facing insolvency to remain in business. As well, the FCC introduced two flexible lending programs, Shared Risk Mortgages and Comodity-based Loans (CBL). Many FCC borrowers might not be farming today were it not for the lower CBL interest rates. Availability of these loans helped to nearly double FCC lending in 1986/87, with 4,311 loans being approved, compared to 2,276 in the previous year. Since phase-out of the moratorium began on May 1, the FCC has been counselling clients facing foreclosure action of their op- tions, and co-operating a5 mil"h as possible with Farm Debt Review Board recommendations. The federal government has given the Corporation special funding to cover new ar- rangements when debt review settlements are possible. The FCC lends to farmers who might not otherwise be able to obtain long-term finan- cing. For that reason, the Corporation has taken on greater risks than private lending institutions, and as a result has experienced more serious losses, Wise said. "I have been consulting with farm groups, the banking community and the provinces on matters affecting the future role of the FCC, and will continue these discussions over the summer. Decisions about federal actions in the farm credit area must be made within the context of the overall sup- port required by the farm sector." Cooney and. Chapman comedy classic on Playhouse main stage There Goes The Bride, a funny and clever farce by Ray Cooney and John Chapman, runs at the Huron Country Playhouse/Main Stage from July 21 through August 1. It is the story of a father gone crazy on his daughter's wedding day and the chaos that follows. All he has to do is bump into a door and he starts hallucinating, his principal vi- sion being a seductive flapper -style lady in pink chiffon and almost wrecks his mar- riage and nearly destroys his daughter's wedding. Appearing in There Goes The Bride is a delightful cast of characters including Em- ma Richter as Judy, Barrie Baldaro as Charles, Patricia Delves as Daphne, Robert Latimer as Bill, Gerald Lenton as Timothy, Louisa Martin as Ursula, Virginia Roncetti as Polly and Kenneth Wickes as Gerald. There Goes The Bride is just plain nuts, lunacy really. I laugh in different places every time we rehearse the play. I can't wait to see it along with the Playhouse au- dience," says Artistic Director, Steven Schipper. There Goes The Bride runs from July 21 to August 1/ Main Stage at 8:30 p.m.; Matinees Thursdays 2:30 p.m. at Huron Country Playhouse. For ticket information, call 238-8451. D HOME & D SERVICES Carpet & Upholstery Care Completed By Professionals For New Upholstery Protection - 3M ALL WORK +; o GUARANTEED L.ivingroom Diningroom Hall PRICE IT! Before Paying Too Much - CaII 482-7299 Art Bell's Fruit Farm FARM FRESH TO YOU IMES Peaches - Eating or Cooking Apples - SPECIAL S2. 6 QT. - Potatoes - Apple Butter - Plums - SWEET CORN - GARNET BEAUTY now ripe - RED HAVEN ready next week. Due to County Road 18 being under construction... WE'VE MOVED OUR FRUIT MARKET TO A SECOND LOCATION AT BOYES TRANSPORT ON HWY. 8, EAST - CLINTON. Art Bell's Fruit Farm 524-8037 OPEN 7 DAYS A WEEK, 9:30 A.M. - 6 P.M. 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