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The Huron Expositor, 1986-07-23, Page 9. ., THE HURON EXPOSITOR, JULY 23, 1986 - A9 i •FARM •. MVit. BIG BARBECUE - A large crowd attended a beef barbecue, part of the grind opening activities at the new Seaforth location of W.G. Thompson and Sons Ltd., former! the Ontario Bean Grower's Co-op premises, on July 16. The event also Included a tour of the elevators and a meeting with agricultural chemical experts, taftls photo FCC report pessimistic 1. The Honorable John Wise, Minister of these efforts over the past year, it is that the Agriculture has released the 1985-86 annual Corporation, with government su Bort, has report of the Farm Credit Corporation (FCC). been trying to develop newt financial "This year's results confirm what was instruments to help farmers deal with today's forecasted. Weak international markets, low economic conditions. The challenge for commodity prices and adverse climatic today's farmer is financial risk manage- ment," said Mr. Wise. The Interest Rate Conversion program, which was introduced in the previous fiscal year, ended in June of 1985. Some 5,455. farmers with loans outstanding of $535 million took advantage of the opportunity to reduce their interest rates. } reduce their interest rates. They h d loans with interest rates between 14 and 63/4 per cent for terms as long as 30 ye . The refinancing package enabled themreduce their interest rate to 123/4 per cent I r a term of five years. "We introduced the Shared Risk ortgage to provide farmers with financing tit t would allow them to take advantage of ince est rate decreases while also offering some protection against increases. This program haas� proven' popular," he added. Nationally, abppt 20 per cent of FCC loans were Shared Risk Mortgages last year. in British Columbia, Alberta, and Manitoba, about hal of the loans approved were under this pro ram. "Then last February, the fede budget introduced the Commodity -based an pro- gram which is designed to help fers in financial difficulty deal with the risks posed by low commodity prices. But we're not stopping there. Other ideas far farm investment alternatives, such as, equity financing and guaranteed loans `are now under study," said Mr. Wise. 'There is no single financial instrument that can solve all of the industry's Problems. and our options are limited by the•resources available to government. Howeyer,. our record during the past year has been one of innovation and I believe that the programs we ha`v� develgpglit will contribute to the ion -termstrength,aMiiiiiiianagriculturef "There are still more developments on the horizon. W e will have a system of debt review boards in place soon to give fanners facing foreclosure an impartial third -party review of their cases. FCC borrowers who we facing foreclosure when I introduced the morator- ium last September will be able to pattleipate in this precess. For those farme whose financial situations have deteriorat to the point that it is impossible to hold on to their businesses, we will soon be introdu ng the Canadian Rural Transition Frog to provide financial help and training to' a the period." said Mr. Wise. move to another occupation," said 111/ - Wise. "if there is one thing that characterizes conditions have had a serious impact on . Canadian farmers and this has taken its toll on Farm Credit Corporation's financial performance," said Mr. Wise. • A provision for load losses of $190.4 million was required to accommodate anticipated loan losses on FCC's loan portfolio. This was the primary reason for the loss on operations of $121.4 million. Arrears rose to $245.2 Million, a 51.1 per cent increase from last year. The arrears reflect the difficulties sonte borrowers are having in repaying their loans. But they are also an indication of the Corporation's commitment to giving its borrowers every reasonable opportunity to restore their businesses to financial viability. The Corporation continues to assist its borrowers through the reamortization of arrears, partial releases of security, debt consolidation and counselling. At fiscal year-end, 81.9 per cent of FCC accounts were in good standing, down from 84.7 per cent last year. DECLINING DEMAND The demand for long-term credit from FCC continued to decline. The Corporation approved $237.7 million in loans in 1985-86, down 8.1 per cent from the previous fiscal year and only 31.4 per cent of the lending peak of $758.1 million in 1983-84. Although the number of loans declined, an analysis shows new borrowers had slightly higher equity (54.6 percent) compared to last year (51.2 per cent). The amount used to repay other debts was 28.5 per cent of loan approvals compared to 31.7 per cent the year before. This indicates that fewer loans were being used for refinancing and more ftmds were being iiilligEhr igveAttnneenfit; . cit ,Uional• "land or to makermproVemeh1s to an existing operation. The proportion of loans approved to purchase new farm units declined from 24.8 per cent in 1984-85 to 18.8 per cent in 1985-86, suggesting that economic conditions are discouraging the entry of new farmers ' into the industry. "The government recognizes and is deeply concerned about the financial problems in agriculture. W e have initiated a number of measures to assist fanners and to strengthen .Farm Credit Corporation so that it can continue to playa positive role in this difficult News deadline Monday 4 p.qi. t VAN PELT'S USED FURNITURE & APPLIANCES "We buy small & complete lots of Household Items" Main St., 348-8244 Mitchell A McMaster Siemon INSURANCE BROKERS WC. AUTO•BUSINESS.EAM CALL COLLECT Business: 348-9150 or Res. 345-2050 Call us for a Home insurance Quotet 68 Ontario Road Mitchell C ENTALL ofsavin s Ivory 450 mi. Softie Shampoo & 4 Conditioner 3. Johnson'# 50'3 Band Aid 19 Bandages . Warnpole' Synthetic 400' IU 100's Vitamin Johnson's 8's.L� J -Cloths .99 Nice & Easy BUSY BUTCHERS - Employees of Ron Williamson's barbecuing and Sons Ltd., new Seaforth area location on July 16. Over 500 service were kept busy carving the huge roasts of beef at the guests enjoyed the beef and other dishes available at the event. barbecue portion of the grand opening activities at W.G. Thompson Raftis photo, Market follows week's decline The market at Brussels Stockyards follow- ed the week's decline on a good demand on all classes of cattle. Pigs continued to trade at firm prices. There were 619 cattle and 982 pigs on offer. Choice Steers -79.00 to 83.00 with sales to 85.75.. Good Steers -75.00 to 79.00. A steer consigned by Ken Dalton of RR 1, Walton weighing 1290 lbs. sold for 85.75 with his offering of 24 steers averaging 1217 lbs. selling for an overall.price of 83.21, and his son, Darrel's steer weighing 1090 lbs. sold for 82.25 and his daughter, Elesha's steer weighing 1120 lbs. sold for 84.00. Eleven heavy steers consigned by J & M Ranch of Brussels averaging 1358 lbs. sold for 83.60 with his offering of 14 steers averaging 1364 lbs. .selling for an overall price of 82.96. Eleven steers consigned by Garnet Meyers of Beaverton averaging 1178 lbs. sold for an overall price of 82.92. Twenty-eight steers consigned by Maple Emblem Farms of RR 1, Dungannon averaging 11841bs. sold foran overall price of 82.26. Five steers consigned by Merton Rockwell of RR 4, Walton averaging 1044 lbs. sold for an overall price of 81.97 with a sale at 84.00. Thirteen steers consigned by John Van Nynatten of RR 5, Mitchell averaging 1192 lbs. sold for an overall price of 81.17. Eight steers consigned by Murray Mc - Ka gueof RR2, W Ingham averaging 1211 lbs. ,sold foran overall price of 81.13. Five steers consigned by Oscar Keiffer of RR 1, Bluevale averag kg 1094 lbs. sold for an overall price of 80.91 . 'el , tvkstee'l+sco ' i ed byy" alb�� ilf"I1R•3, Winghanea ging'I for an overall price o 480.67 with a sale at 84.25. Twelve steers consigned by Glen Johnston of RR2, Bluevale averaging 1243 lbs. sold for an overall price of 80.96 with sales to 82.25. Fourteen steers consigned by McLean Hair 4 59 Colour Colgate 100 ml, 19 p •7 Toothpaste Farms of RR 1, Conn averaging 1286 lbs. sold for an overall price of 80.67 with sales to 82.00. Eleven steers consigned by Douglas Wagg of RR 5, Mitchell averaging 1184 lbs. sold for an overall price of 80.84 with a sale at 85.75. Twelve heavy steers consigned by Jim Hayden of RR 3, Goderich averaging 1353 lbs. sold for an overall price of 79.92 with a sale at 83.75. • Eight steers consigned by Dan Pearson of Ethel averaging 1106 lbs. sold for an overall price of 81.17. Seven steers consigned by Allan Edgar of RR 2, Wroxeter averaging 1033 lbs. sold for an overall price of 80.52. Twenty-six steers consigned by Berberich Bros. of RR 1, Mildmay averaging 1261 lbs. sold for an overall price of 79.03. Choice Exotic Heifers -78.00 to 82.00 with sales to 84.00. Choice White-faced heifers - 76.00 to 80.00. Fourteen heifers consigned by George McKinnon of RR5, Goderich averaging 1121 lbs. sold for an overall price of 81.80 with sales to 84.00. Seven mixed heifers consigned by Tim Prior of RR 3, Brussels averaging 1036 lbs. sold foran overall price of 81.08 with a sale at 83.00. Twenty heifers consigned by Bob Wheeler of RR 5, Brussels averaging 979 lbs. sold for an overall price of 79.70 with sales to'82.50. Twenty-four heifers, mainly herefords consigned from Dan Pearson Feedlot of RR 1, Ethel averaging 952 lbs. sold for an overall price of 78.45 with 2 fancy heifers averaging 900 lbs. selling for 83.60. 6 Choice Co1.054;00 to 68.00'v?Ith:bales to 61.00. Good Cows -50.00 to 54.00. Canners and Cutters -46.00 to 50.00. Heavy bulls traded to a high o170.75. Light bulls to a high of 72.50. A buil consigned by Harry Mann of RR 1, iistowel weighing 1960 lbs. sold for 70.75. orfz``et vjd 3011 Ml. lye (1! Coppertone Oil 110 mf. Suntan Lotion 329 .' .. 192 The Squarte, G derkh' MatereaM•r.Chnton Main Corn•r', ssoforth„ McBride Bros. MACHINE and REPAIR 1314 mile west. ofKippen) -Precision Machining and Milling -Custom Built Trailers & Thick Boxes -Combine & Tractor Repairs NEW SHOP NUMBER 262-3020 Advertising can save shopping time. CANADIAN ADVERTISING FOUNDATION Pigs under 30 lbs. traded to a high of $1.56 per lb. 30 to 40 lb. ,pigs traded to a high of $1.46. 40 to 50 lb. pigs to a high of $1.29. 50 to 60 lb. pigs to a high of $1.18. 60 to 70 lb. pigs to a high of $1.09. 70 to 80 lb. pigs to a high of $1.03 per lb. AUTO PARIS & SUPPIfES PARTS & ACCESSORIES for 911 makes of ears & Inaks •. AUTO SUPPLY 5274707 527-1670 FISHER SEAFORTI4 I 1 GODEIUCHST. R. LwC+i@d e, f(awffs PAW* e: R©ss RIBEY FUNERAL DIRECTOR HOW �o �S iY 0 0 -BYE The terminally -ill person and the friend of that terminally -111 person often find themselves trying to comfort each other whi'fe dealing With their own sadness and feats. Many find consolation in their religious beliefs 'Clergymen are helpful and we encourage you to turn to them so they may fielp the person as well as his loved ones, regard death in a more positive way.. • Eath of us must learn to fate dying or the loss 6f a loved one with courage, even when we cannot understand ft. When Socrates the Creek Phflosbpher, trastondefttned to ifeath, he was able to gay "good=bye" to his friends With faith a'nd sincerity. "Now it is time that we were going, 1 to die and y'ou'fo live; but which of us has the happier prospect is unknown to anyone but God." Please call or write u's if you would like more inforination.on this topic. WHITNEY,RIBEY FUNERAL HOME • 8TGsislarich St, W. Seaforth 527.1390 Best Rates G.I.C.'s 5 Year 101/4% Personal Financial Planning DTax Planning DR.R.S.P.'s L]Tax Saving Investment Funds °Mutual Funds DTax Saving Monthly Income Plans TILLCAN Mike Thomas 527-1539 dJr" eeney CONSTRUCTION LTD. CUSTOM BUILDERS Windows • Doors Replacement Windows Aluminum & Vinyl Siding Oilcan Building Products •..IW.,,N 0.14s Dublin 345-2405 Pre -inventory CLEARANCE SALE Our year end is July 31 st. We'd rather sell it to you than count it, so we're offering fantastic savings on Honda motorcycles, scaoters. AtC's and ciao -stories. this Thurs.; Frei.; Sat. Only! 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