The Goderich Signal-Star, 1979-09-27, Page 38PAGE 18A—,0QUERF,CH SIGNAL -STAR, THURSDAY, SEPTEMBER 27, 1979
Higher interest hurts farmer
Increased interest
rates are causing har-
dships for many farmers
and will eventually lead
to a decline in produc-
tivity, Peter- Hannam,
President, Ontario
Federation of Agriculture
(OFA) told the Pine
Dear Captain Comet:
How are you? My birth-
day was September 20
and I'm five -years -old. I
am in kindergarten at
Kingsbridge School and I
like my teacher, my
school and my bus driver.
I have three brothers,
Paul, Jay and Beau and
our address 'is RR3
Lucknow.
Bye for now
Dean Riegling
-Ridge Branch of the
Ontario Institute of
Agrologists recently.
Hannam said the in-
crease in prime rates
from 81, percent in early
1978 to 13 percent today is
costing farmers an
Birthday
Club
Hi! My name is Susan
Madsen. I am five years
old today, September 27. I
would like to join your
birthday club.
I live in Bayfield with
my mom and dad, Pat
and Robert; sister Wendy
(in the picture with me at
the left); and baby
brother Terry.
Bye for now
Susan
estimated $70 -million in
extra interest charges on
short-term loans alone.
The OFA ,stimates
farm indebtedness in
Ontario is now $3.2 -
billion; short-term bank
loans amount to $1 -billion
and $3-400 million is owed
to supply companies,
dealers and individuals.
The balance is made up of
mortgages and long-term
loans for expansion, new.
equipment or improved
facilities.
The OFA estimates,
every one percent in-
crease in interest rates
costs farmers an ad- •
ditional $32 -million
dollars 'per year. Last
year interest costs
represented' 12 percent of
the operating expenses on
Ontario farms and
Hannam expects the
percentage will increase
considerably this year.
Consumers will have to
pay that bill.
Hannam said young
farmers are in serious
financial difficulty. Many
have large mortgages on
their $200-400,000 farms
and are dependent upon
the banks for short-term
loans until their products
are sold.
"I exPect many young
people will be forced off
their farms this winter
and others will be so far
in debt they will never get
gut", he said. Hannam
warned this would have
serious long-term effects
for the industry, .because
often the young farmers
are the most progressive.
Hannam said, well
established farmers are
also being hurt.
"At 12 percent you
might go ahead and buy
new machinery or
facilities but at 14 or 15
percent it just doesn't
make economic sense,"
he said.
Hannam concluded,
farm efficiency would
decline leading to both
reduced farm incomes
and higher consumer
prices. He also forecast a
difficult year for the farm
supply industry. He
called on both provincial
and federal governments
to re-evaluate current
economic policies and
their impact on the food
industry, and to take
drastic steps if necessary
to cushion the effect of
high interest rates on
agriculture for the
benefit of producers,
consumers and all other
segments of this all-
important industry.
Dear Captain Comet:
I will be I0 -year. -old on
September 30 and I am in
Grade 5 „8t Robertson
Memorial School. I live at
117 ,Quebec Street in
Goderich with my dad
(whose birthday is , on
September 29) and my
mom and sister Denise. I
would like to join your
birthday club.
Bye for now
Steve Johnston
Dear Captain Comet,
My name is Benji and I
wouldlike to join your
birthday club. •I will- be
three on September 29...
I live at R.R. 6,
Goderich, with my mom
and dad, Karen and Brian
Crane.
Bye for now, Benji.
• n
These children were judged best dressed
preschoolers in the Dungannon fall fair parade last
Thursday. Left'to right are Amy Jo Glenn, Danny
Kerr, and Brenda and Barbara Nivens. (Photo by
Joanne Buchanan)
SINESS DIRECTORY
Ronald L.
McDonald
CHARTERED ACCOUNTANT
47 CHURCH ST., 524-6253
Goderich, Ontario
R.W. BELL
OPTOMETRIST
The Square 524-7661
@ecora±inc td
33 Huron St., Clinton
Box 337, Clinton NOM 11.0
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OCTOBER 1-7
H.O. JERRY LTD.
Complete line of
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Products for every
user.
H.O. JERRY LTD.
"The Paper People"
185 Pork St. GODERICH
524-2855
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TRAVEL SERVICE
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GODERICH
524-8366
OPEN:
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Saturday
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1 RAVEL
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524.4555 523-9321
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For All Popular Makes
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33 EAST ST.
GODERICH
THE
OLD FASHIONED
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For Home, Farm IL Industry
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inmiIM cher.
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40 THE SQUARE
GODERICH, ONT.
HAMILTON
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WINNIPEG
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VANCOUVER
524-2677 GODERICH
..J
Alexander Banter.. and MacEwan
Insurance Agency Ltd.
10 THE SQUARE, GODERICH, ONT.
524-2177
Bert Alexander
John Banter
Don MacEwan
Don Sine
HOME NUMBER
524-7836
524-8149
524-7685
524-9313
Science and Fashion In Hair Care
• M'Lady complete hair care services
• M'Lords hair cutting & styling — Tues., Thurs. evening
• Senior citizens discounts Wednesday afternoons '
Plus • Nucleic acid 8, protein hair treatments
Where???
The Beauty Lounge
AT
81 East St., GODERICH
524-8994
"Naturally"
MacEwen
Insurance Agency
Residential - Commercial
Auto -Life
38 St. David St., Goderich
Ph. 524-9531 or 524-2522
is Ida a...r,..111,
Dear Captain Comet:
My name is Kelly Ann
will be three r'
years -old on October 1. I
live at home with my
parents, Jim and Sue and
my baby brother,
Michael James.
Bye for now
Kelly
Edna Alton helped lead the Dungannon parade on her horse last Thursday -
afternoon along with the Seaforth high school band. The parade was part of
the annual Dungannon fall fair. (Photo by Joanne Buchanan)
Congrats., -w
this week
to Fred Peel
Captain Comet, sends
Frtd
Peel of Goderich who was
a second prize winner in
the eight and nine-year-
old age group of the
Elmer the Safety
Elephant contest
recently.
Anstett Jewellers
11 ALBERT ST., CLINTON
"LIMITED
4824901
N WEDNESDAYS
For Your Convenience,
HOURS: Monday through Saturday, 9
a.m.-6 p.m.; Friday nights till 9 p.m.
WELCOME 10 OUR
3EV 4011111511i
FRIDAY SATURDAY
SEPTEMBER 28th SEPTEMBER 29th
9;00 a.m. - 8:00 p.m.
rPIPERPIii]
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s i South Street 524-4444
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