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HomeMy WebLinkAboutThe Goderich Signal-Star, 1984-08-29, Page 25• PAGE IpA GODERICH 5`. ONAI ; WEDNESI A.XA1GI:1g29,.1984 . Goderich Public tttilltI s CQIr mission • 54 West Street 524.7371 THE HEAT PUMP DOES (TALL Escape the swelter of summer heat. Keep your home cool with an electric heat pump. You can choose a heat pump that can do all your cooling and winter heating. Or one that will do the heating with some help from your existing furnace. There's a clean, easy -to -install heat pump just right for your home. And after along cool summer, you'll appre- ciate the economy of the heat pump in winter. Phone today about economical year-round comfort. For More Information On The Above, Units & Installations Contact YOUR LOCAL DEALER • 1 �%. OFF Remaining Summer Fashions lOoFF All New Fall Arrivals Mari/ S LADIES' WEAR & GIFTS 36 North Street, Shoppers Square, Goderich ph: 524-8572 woomais NIT NW Hydro must not .insulate itself ti BY JACK RIDDELL, MPP It has been confirmed that Premier William Davis is appointing Tom Campbell, Deputy Minister of Treasury and Economics, as Hydro Chairman:-• This im- portant post has not been filled on a perma- nent basis for more than a year. Instead of recruiting a strong, independent chairman to review Hydro management, make essen- tial changes and rectify past mistakes, the Premier is Appointing a man whose depart- ment has supposedly been responsible for monitoring Hydro, its management and bor- rowing practices - a bureaucrat who will at- tempt to defend his own past borrowing ap- provals. Elected representatives should have an opportuntiy to review his credentials for the job, to hear his position on: ( a) Hydro's pro- posed borrowings of $60 billion over the next 20 years; ( b) the over -expansion of power plants which have cost the province billions of dollars to build; i c ) Hydro's growing dependence on a single source of energy - nuclear power, and the balance of po�?er generation which he supports. Also, willlter bring rate increases back into line with in- flation? Hydro's borrowing program is, of course, designed to support the Capital Expansion Program, both past and present. Its report, "Long -Range Financial Projection, 1983- 2003", prepared in Auf.K4 1983, reveals plans to borrow a gross amount of $64 billion during the twenty years to 2003, to be used for new capital expansion, and to roll-over old debt, as well as financing interest capitalized. Hydro has one of the largest debts in Canada - $18.16 billion at the beginn- ing of the year. Its borrowing requirements are trio large to be met on the Canadian c UEEN'S PARK money market alone, and it borrows in Europe and the United States. Last year, in- terest on the $18.16 was over $2 billion. Hydro borrowed to pay $1.25 billion in in- terest, leaving $760 million to be paid by Hydro customers out of revenue. Now, Hydro plans to borrow $2.9 billion in 1985, up $376 million from the $2.5 billion it borrowed in 1983. Hydro's foreign borrowing costs con- sumers dearly in foreign exchange losses - nearly $400 million lost since 1978. These losses account for a substantial portion of rate increase, and the latest financial outlook indicates that foreign exchange loss will mean an extra cost to the utility next year of $61 million over original forecasts. Hydro projected interest costs ( including foreign exchange losses) to be covered by revenues in 1984 and 1985 at $953 million and $1,455 million respectively, resulting in the need fora 9.1 per cent rate increase. Now its "Updated Financial Outlook"•projects addi- tional interest costs of $88 million resulting from the projected foreign exchange loss of $61 million, and higher interest rates for borrowing, resulting in a projected Toss of an additional $27 million. 'These are arpong the primary factors leading Hydro to revise its requirement for a 1985 rate increase of 10.3 per cent. Fluctuations in the Cana- dian/United States dollar rate may cause still higher rate increases due to Hydro debt obligations. Hydro has`lnade a serious error in its deci- sion to reduce purchases of the more expen- sive low-sulphur coal from Western Canada. The "Updated Financ'i'al Outlook" shows a saving of $22 million in purchasing more U.S. high -sulphur coals, It may save $22 million, but Ontario may suffer similar economic losses due to acid rain damages, and tourist industry reductions. The Energy Board should prevail upon Hydro to reverse this decision, and recom- mend against the tripling of the "water ren- tal" tax announced in the Provincial Budget - equivalent to a tax on electrical consumers which will impact rates in 1985 by 1.6 per cent or an extra $59 million. This tripling of tax will further discourage' private en- trepreneurs from developing hydraulic power potential, at least equal to that in place now. Hydro has remained aloof from normal market forces, primarily as a result of the provincial government's guarantee on Hydro borrowings. Its ever increasing capital requirements indicate a serious pro- blem for the Crown. Corporation's financial soundness. Ignor- ing warnings, it has over -built and over- spent. Its debt load will skyrocket to $28.6 billion by 1987 if not brought under cotttrpl. This alarming debt, guaranteed by the government, will within four years repre- sent an average indebtness of $13,148 for every family of four in Ontario. Interest costs already amount to $2.5 billion. The debt has serious repercussions on our whole economy. Vital needs in health care, educa- tion and housing are not being met because the province's financing capacity is being squeezed. , The Liberal Party has introduced legisla- tion to make Hydro accountable to the Legislature and the people of Ontario. We have, as mentioned at the beginning of this report, recommended that the appointment of the Hydro Chairman should be approved by the Legislature, following committee hearings. We recommend that legislation should require the approval of the Legislature for Hydro borrowing, or bor- rowing by the government on Hydro's behalf, or government guarantees on Hydro bonds. Lack of such accountability procedures has, we believe, led to the present chaos. Hydro's "Updated financial Outlook for 1985" indicates that the rate increase for the utility to maintain its normal targets for financial soundness should approach 10.6 per cent. In other words, the situation is worse than originally thought. We believe that Energy Board hearings should be, extendedto review Hydro's latest projections and to cross-examine Hydro staff. Hydro has stated that its corporate objec- tive is to keep bulk power rates at the rate of inflation, yet its proposed 9.1 per cent in- crease is almost twice that objective. On- tarians already pay more for our electricity than the average Canadian. Rates have more than doubled in the last nine years. We believe that Hydro must play a leader- ship role, and must not be allowed to in- sulate itself from the normal market forces. 1985 bulk power rates should be kept at the projected rate of inflation - five per cent. We would also recommend adoption of "lifeline rates" to cushion the effects upon senior citizens andtothers on fixed incomes. Couple .: return to Florida- home 411111111111111 PORT ALBERT NEWS Tom Livingstone, 629-7646 Dave and Marg Cowan from Hudson, Florida, who have been visiting friends in this area, returned to their Florida home Wednesday. Tom and Dianne Dickson from Port Albert will leave .on September 5 for a four- week vacation in Scotland and England. While in Scotland, they will be visiting relatives in Dumfries. Visiting with George and Kaye Fennell at their summer home in 'the village recently were John and Delma Twinberrow from Hamilton. Vi Petrie from Port Albert will be one of many from this area who will be taking a bus tour to Beauport. Quebec and the sur- rounding area Saturday, September 1. ,lo -Ann and Al Ingman from Holly, Michigan are visiting at the home of her parents. Don and Barb Harrower. Victoria Beach. Port Albert. Prior to visiting Port Albert, the Ingmans attended the Olympics in Los Angeles. Church News A large congregation was in attendance at the 9:30 a.m. Communion Service at Christ Anglican Church on Sunday. The Reverend Douglas Pitts conducted the service. Visitors were present from Sarnia and Lon- don. Names for list needed The Goderich Township 1-5-0 committee reminds everyone that names for the patron's list of the Goderich Township History Book must be compiled arid taken to the publisher by September 1, 1984. To be eligible for the patrons' list, you must live or own land in the township in 1984. Contact Mrs. Charles Orr, RR 2 Goderich, N7A 3X8. To order your History Book by September 1. The hard cover book, Township of Goderich History, Vol. I, will be available by December 1984. Cost to patrons and others ordering before December 1 will be only $20 per copy; after December 1, $25 per copy. The main concern at the present time is to have all patrons names gathered before September 1 to allow the history book com- mittee to meet their obligation to the ,publisher. Don't be disappointed. Order your book now. A second book dealing with township families will be published in 1985 - the ses- quicentennial year. Anyone who wants to submit a brief history of their family should contact Mrs. Don Lobb, RR 2 Clinton, NOM 11,0 - telephone 482-7167. All material must be received by Mrs. Lobb by the Fall of 1984. In other committee activities, bumper stickers with a non -permanent backing have been distributed to residents in hopes they will put the stickers on their vehicles as a means of publicizing the sesquicentennial • celebrations upcoming in 1985. Meetings of the Goderich Township 1-5-0 committee are open to the public and are held on the second Wednesday of each month at 8:30 p.m. in the Goderich ' Township Community Centre, Holmesville. •o�`" BRUCE IN HURON BRUCE °+ needs of credit at under john even more Corp. to farmers. the sale pension and tax under john Income Tax farmers to the sale to an RRSI' (The measure the secret to in agricultural When -Bruce, has stabilization of special farm 4-S% of much of the have not form of not favor current suggests more aC y r6, t f pE yy f .6{ 9' 'Px 3�Y r zr aE Ai Y • 1.I- /21/' ., Liberal BRUCE McDONALD BELIEVES: 1. One of the most pressing farmers today is long term affordable interest rates. The Liberal government Turner is ptedged to do through, the Farm Credit meet the changing need of 2. Bruce McDonald believes of a farm is a farmer's should be subject to generous exemption. The Liberal Government turner is pledged to changes that. permit transfer up to 5120,000 from of their farm businesses without incurring tax liability. Conservatives opposed this in the '84 budget) Bruce McDonald helieves sustained economic recovery -Bruce is a healthy small business sector. flourishes in Huron business flourishes. 1980, the Liberal Govert'nment 5290 million in to Canadian producers grain and livestock. A program will rebate c harges for 2 years. and it was reported in '84" mailing for those who hanged or varied! ' be treated as a control. candidate does loosening of the on the subject and laws be enforced 4 I. Bruce McDonald believes Canadian a initiatives for peace and freedom from a Huron nuclear war arc vital to the survival of and' mankind on our planet. agriculture Prime Minister Turner has pledged small Canada's continuing effort to bring Since Russia and the U3. to a successful paid international pac 1 on ,arlms control and payments disarmament. fruit, assistance interest S. Bruce Mc Donald stated his position on Abortion Ice al press. It was repeated in his "C ampaign heard it or read it, we repeat it now....11 has not c (He said Liberals generally not believe in tjhe freedom of birth individuals but that freedom can be abused. 1 Our Abortions should not be allowed any on demand, said Mr. McDonald, laws in response to a question on the current subject. He said abortion should stringently. BRUCE McDONALD LIBERAL CLINTON GODERICH for Election Information FOR: *YOUTH* •EXPERIENC8e •VITALITY• VOTE BRUCE, LIBERAL HEADQUARTERS: FORMOSA 367-5622 COMMITTEE ROOMS: WINGHAM - 357-1302 - 482-3401 SEAFORTH - 527-1022 - 524-2103 EXETER - 235-0151 or Election Day transportation Please call!. 0 N.D.P. PROGRESSIVE CONSERVATIVE al McDONALD, BRUCE0 LIBERAL McDONALD SEPT.111 4th COME CELEBRATE COMMUNITY Authorized LIBERTARIAN ELECTION NIGHT WITH US IN SEAFORTH CENTRE...AND GET THE RESULTS FIRST HAND by Barry Reid, official agent fot• Bruce McDonald. capital requirements indicate a serious pro- blem for the Crown. Corporation's financial soundness. Ignor- ing warnings, it has over -built and over- spent. Its debt load will skyrocket to $28.6 billion by 1987 if not brought under cotttrpl. This alarming debt, guaranteed by the government, will within four years repre- sent an average indebtness of $13,148 for every family of four in Ontario. Interest costs already amount to $2.5 billion. The debt has serious repercussions on our whole economy. Vital needs in health care, educa- tion and housing are not being met because the province's financing capacity is being squeezed. , The Liberal Party has introduced legisla- tion to make Hydro accountable to the Legislature and the people of Ontario. We have, as mentioned at the beginning of this report, recommended that the appointment of the Hydro Chairman should be approved by the Legislature, following committee hearings. We recommend that legislation should require the approval of the Legislature for Hydro borrowing, or bor- rowing by the government on Hydro's behalf, or government guarantees on Hydro bonds. Lack of such accountability procedures has, we believe, led to the present chaos. Hydro's "Updated financial Outlook for 1985" indicates that the rate increase for the utility to maintain its normal targets for financial soundness should approach 10.6 per cent. In other words, the situation is worse than originally thought. We believe that Energy Board hearings should be, extendedto review Hydro's latest projections and to cross-examine Hydro staff. Hydro has stated that its corporate objec- tive is to keep bulk power rates at the rate of inflation, yet its proposed 9.1 per cent in- crease is almost twice that objective. On- tarians already pay more for our electricity than the average Canadian. Rates have more than doubled in the last nine years. We believe that Hydro must play a leader- ship role, and must not be allowed to in- sulate itself from the normal market forces. 1985 bulk power rates should be kept at the projected rate of inflation - five per cent. We would also recommend adoption of "lifeline rates" to cushion the effects upon senior citizens andtothers on fixed incomes. Couple .: return to Florida- home 411111111111111 PORT ALBERT NEWS Tom Livingstone, 629-7646 Dave and Marg Cowan from Hudson, Florida, who have been visiting friends in this area, returned to their Florida home Wednesday. Tom and Dianne Dickson from Port Albert will leave .on September 5 for a four- week vacation in Scotland and England. While in Scotland, they will be visiting relatives in Dumfries. Visiting with George and Kaye Fennell at their summer home in 'the village recently were John and Delma Twinberrow from Hamilton. Vi Petrie from Port Albert will be one of many from this area who will be taking a bus tour to Beauport. Quebec and the sur- rounding area Saturday, September 1. ,lo -Ann and Al Ingman from Holly, Michigan are visiting at the home of her parents. Don and Barb Harrower. Victoria Beach. Port Albert. Prior to visiting Port Albert, the Ingmans attended the Olympics in Los Angeles. Church News A large congregation was in attendance at the 9:30 a.m. Communion Service at Christ Anglican Church on Sunday. The Reverend Douglas Pitts conducted the service. Visitors were present from Sarnia and Lon- don. Names for list needed The Goderich Township 1-5-0 committee reminds everyone that names for the patron's list of the Goderich Township History Book must be compiled arid taken to the publisher by September 1, 1984. To be eligible for the patrons' list, you must live or own land in the township in 1984. Contact Mrs. Charles Orr, RR 2 Goderich, N7A 3X8. To order your History Book by September 1. The hard cover book, Township of Goderich History, Vol. I, will be available by December 1984. Cost to patrons and others ordering before December 1 will be only $20 per copy; after December 1, $25 per copy. The main concern at the present time is to have all patrons names gathered before September 1 to allow the history book com- mittee to meet their obligation to the ,publisher. Don't be disappointed. Order your book now. A second book dealing with township families will be published in 1985 - the ses- quicentennial year. Anyone who wants to submit a brief history of their family should contact Mrs. Don Lobb, RR 2 Clinton, NOM 11,0 - telephone 482-7167. All material must be received by Mrs. Lobb by the Fall of 1984. In other committee activities, bumper stickers with a non -permanent backing have been distributed to residents in hopes they will put the stickers on their vehicles as a means of publicizing the sesquicentennial • celebrations upcoming in 1985. Meetings of the Goderich Township 1-5-0 committee are open to the public and are held on the second Wednesday of each month at 8:30 p.m. in the Goderich ' Township Community Centre, Holmesville.