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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 30, 1974, Lethbridge, Alberta WMlnmdiy, October LETHBRIDQE HERALD Farm loans plan criticized Killed Rev. Frances A. Eng- lish, 79, retired pastor of St. Boniface Roman Catholic Church in Pater- son, N.J., was found beat- en to death Tuesday in the rectory of the church. Indian bill stalled OTTAWA (CP) Telegrams from three Indian leaders Tuesday stalled progress of a government bill designed to increase royalties on oil and gas from Indian lands Clive Linklater, vice- president of the National Indian Brotherhood, Dave Ahenakew of the Saskatche- wan brotherhood and Harold Cardinal of Alberta all asked the Commons Indian Affairs committee to shelve the bill because the government al- legedly broke its promise not to introduce Indian legislation without Indian consultation. "Parliament must not pass legislation respecting Indians when Indians are working damn hard to develop legisla- tion which deals with their lives and said Mr. Ahenakew. CALGARY (CP) The Federal Farm Improvement Loans Act, introduced in 1944 to help farmers get bank loans, "has outlived its an agricultural credit conference sponsored by the Canadian Bankers' Association was told Tuesday. Jack Drew, manager of the agriculture department of the Royal Bank of Canada's Regina branch, said the act boils down to asking banks to subsidize farmers while enabling Ottawa to "claim tremendous assistance to the agricultural industry." He was one of several bank- ers who criticized the act dur- ing the two-day conference, which ended Tuesday and was attended by 350 delegates. The bankers said the act means banks are making farm loans at interest rates two to three per cent below the rate charg- ed to other business. However, W. E. jarvis, fed- eral assistant deputy minister of agriculture, said farm im- provement loans "will con- tinue to make a very impor- tant contribution in providing short and intermediate term credit" to farmers. MAINLY FOR BEGINNERS Mr. Jarvis said farm im- provement ceil- ing was recently raised to are not intended to serve large, established farms, but beginning farmers, usually considered a risk by financial institutions. Mr. Drew agreed there are areas where subsidized farm credit would as helping beginning farmers or farmers during difficult times, but on the whole farmers and lending in- stitutions could do better without it. He said the act "had a useful purpose" 30 years ago, when farmers found it dif- ficult to get loans but con- ditions today are different. Mr. Drew said the risk fac- tor incurred by Ottawa under the act is MO of one per cent, whereas banks charged 10 per cent interest on guaranteed farm loans compared to 13 per cent interest charged to other businesses involving' similar risk, factor. At the cost of money today, the banks and other lenders were in fact sub- sidizing armers. Canadian banks prefer mak- ing commercial-term loans to farmers rather than farm im- provement loans. In 1963, 38.2 per cent of total farm loans was made under the act, and last year, farm improvement loans constituted only 22.5 per cent of total farm loans. AMOUNT SAME I. D. Gibb, conference chair- man and manager of the agri- culture department with the Bank of Montreal in Winnipeg, said the act does not increase the availability of farm credit since it is the banks which are making farm improvement loans in the first place. And Doug McRorie of Winnipeg, director of agriculture services with the Royal Bank of Canada, said the act "tends to set an interest patten: which may not be sufficiently attractive to bring forth the level of funds required by the farm in- dustry." Another topic drawing con- siderable interest at the conference was long-term farm loans. Currently, banks are reluctant to make loans beyond 10 to IS years. Reginald, Ryan, of Toronto, president of the Mortgage In- surance Co. of Canada, country's largest commercial mortgage lender, told the con- ference his company is exam- ining the possibility of enter- ing agricultural mortgage in- surance. "However, there should be some assurance that there will be a sufficient volume of business to warrant the cost of setting up such a he said. Roger Johnson, agriculture investment officer with John Hancock Mutual Life In- surance Co! of Sioux City, Iowa, said the experience of U.S. agricultural mortgage in- surance lenders is that such mortgages "provide favorable yields and reasonable secure investments." Proposed Alberta insurance firm would help farmers CALGARY (CP) An Alberta Insurance Corpora- Prince irked by publicity LONDON (AP) Prince Charles said Tuesday lie is "slightly irritated" by the publicity given to his romances. He said he accepted the situ- ation because he is accustom- ed to press treatment but "it can make things very dif- ficult'' for a girl-friend. Speaking in a television interview after concluding a tour of Australia, he'made it clear that his comments had "nothing to do with anybody else at the moment who I par- ticularly want to marry or anything Jike that." tion proposed by the Alberta government would hfelp farmers get needed financing at favorable interest rates, C. J. Roth of the policy and liaison secretariat of the Alberta agriculture depart- ment said Tuesday. The proposed corporation would work with the Alberta Agriculture Development Cor- poration, the Alberta Oppor- tunity Company and the Alberta Housing Corporation in providing mortgage in- surance in agriculture, in- dustrial development and housing He told an agricultural credit conference sponsored by the Canadaian Bankers' Association that ideally, such a program should be instituted as a national scheme but fail- ing that, the Alberta govern- ment is interested in starting it on a provincial basis. Mr. Roth said in an inter- view later that under the proposal, which is still at the cabinet discussion stage and not yet submitted to the legislature, the Alberta treasury would be the financ- ing agency and would raise capital, purchase mortgage blocks and invest in in- surance. The insurance corporation would issue mortgages, collect insurance fees and pay claims. The lender would go to the financial institution of his choice and the institution would approve mortgages, apply for insurance and ad- minister mortgages. The scheme would help Albertans who need money to start a farm, buy a house, start a manufacturing plant, and the like, and because of mortgage insurance the risk to banks is greatly reduced and loans can be made at favorable interest rates. BUY NOW AND SNOW ot REGULAR E78-14I735) G78HJ825) H78-14 (855) H78-15I855) J78-15I855) tnc only -ftegtrfor tire only No charge for mounting No Irode-iri Tiiv wuuiuntcc OK 36 MOMIHS MMIMMK lire cornet a Wei ond worfcmontfcfo WITHOUT UMTT TO MONTHS MJ1ES AT NO One fcrace for Comport, Medium worn ovr tmgfaol oil rf cHiom end gupgfl chorw lubrication. (M 00 cfcorjjt for comvrtion of wdfed Wbricolion rrgtAcn WfingiJ for lifrrfh American lunwry Con 77 37f 2025 Mcjrpr MagrMh tOTWMyIWQ iMOfl'MNMPJ' fcKi mm. to PHARMACY FALL SPECIALS ANTACISUSPfNSlON [3 flr AMTUMlSOUHCUKATMt fOR CONSTIPATION Flintstories One A Day with Iron Vitamins 100 tablets. Maalox Antacid 12 oz. suspension Metamucil Laxative Vitamins A natural source laxative. 100 children's chewable 12 oz. Powder Antibacterial Germicidal Medicated foaming skin cleanser. 16 oz. Woolco (TM) Decongestant Cold Capsules Pkg.of 10. Robitussin-DM Cough Syrup A cough suppressant 4 oz. One A Day Vitamins Medi-Citron Cold Medicine Hot lemon medicine to reduce fever and relieve pain. Pkg. of 12. Neutrogena Soap Non-drying and non irritating Tegrin Shampoo Lotion Formula 100 mis. Agarol Laxative 22 02. Suspension. Nupercainal Bradosol Anesthetic Ointment Lozenges For hemorrhoids, minor For sore throats, bums and cuts. 1 oz. -20 lozenges. TriViSol Chewable Vitamins 100 Children's chewable vitamins Actifed colds, hay fever and allergies. 24 tablets or 4 oz. syrup. Your choice ffll for following Manr" Blue Cross flMMn iMMk] C tnp ul. M trttkl TnnOWn MDVEMIEH ZM. W OCPARTWJENT STORES DIVSIIW n11 co ITO Optn 9 am. to pjm. and t lo 9 ;