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Higher returns sought
Weston reports strong profits in '82
Canada's largest corporate food giant, George Weston Ltd., declared after tax profits of $68.7 million for the fiscal year ending Dec. 31, 1982.
The corporation, which owns 85 percent of B.C. Packers, the west coast's largest fishing processing company, also declared operating profits of $202 million before interest payments and taxes.
According to the financial
report, the resource sector provided little to the overall profit picture for the 1982 financial year, but directors are optimistic an "above average" return on capital can be gotten as production costs are reduced and markets are "anticipated to return to normal levels."
The fishing section provided $10 million in operating profit to the holding company, but this was cut down by high interest payments.
The  company  also  got a
'positve return' on its 1982 investment in a fish processing and marketing operation in Aberdeen Scotland, but Mike Nugan, Weston's comptroller for the resource group told The Fisherman, foreign investment was not a trend of the corporation.
He said it was a corporate policy to keep secret the amount of money invested in operations, such as the one in Aberdeen.
Nugan also refuted suggestions that B.C. Packers gained an advantage in the selling of
fish because of its control lying with the Weston firm.
"I think what you have to keep in mind is the sales are made at normal levels," he said.
Asked if low-interest loans were provided to B.C. Packers or if cash was transferred to the parent company in the form of interest on loans, Nugan said Weston lends money to subsidiary companies at the going interest rate. He said Weston does not normally disclose how
much money it lends to subsidiaries.
Last year B.C. Packers paid more than $15 million in interest on money borrowed to finance the pack. B.C. Packers officials say the majority of the money came from the banks, but like the parent firm, have not disclosed actual figures.
The Toronto-based firm also reiterated corporate policy that there is too much See WESTON—page 2
Bank to decide Millerd's future
Within one week the fate of the financially troubled Millerd Fisheries will be known according to company owner Don Millerd.
Millerd told The Fisherman, he has submitted a proposal to the Royal Bank and Clarkson Co., the receiver, for saving the firm from bankruptcy, but declined to comment on th^ details.
He said new capital had been found to finance the fish company based in North Vancouver, but that a reduced operation would be running if the bank gives its approval.
"I think employment levels would be down somewhat, but not by 50 percent or something like that," he said.
Since the firm was forced into receivership in January, workers at the plant have been active lobbying city councils, the Royal Bank and two levels of government to demand the plant remain open. Workers missed the herring season as a result of the closure.
Millerd said the company would remain intact, although the possibility of amalgamating with other companies was explored during attempts to refinance the company.
At stake are an estimated 150 jobs during peak season, including an operation in Sointula.
Under the earlier agreement worked out between Millerd and the receiver, a total of $1.5 million in capital was necessary in order to ensure the continued operation of the business.
The small fishing company was a classic victim of the depression, shaken by high interest rates and weak markets.
Besides the Royal Bank, Nippon Suisan is a major player in the future of Millerds since they buy a major portion of the fish, but it is not known if they have increased their participation in the firm.
During a press conference in March, Takeo Muroi, president of Nippon Suisan of Canada told reporters his firm would consider a capital investment into Millerd, but stressed they didn't want to become active owners.
Both the receiver and the bank backed down substantially since first moving in on the company. At that time they wanted it refinanced or sold off at an auction by the beginning of April, but public pressure including the threat of a picket sign around the bank forced them to reconsider.
While several employees found limited work at other fish plants during the herring season, the vast majority remain unemployed and sinking further into debt.
Vol. 48, No. 8 •      2 Vancouver, B.C. 80<t     April 22,1983
1983 season opens with 1977 prices
_ Sean Griffin photo
• Unemployed workers took to the streets in Victoria recently to protest the lack of government action on job creation and relief for the thousands who face a future of poverty and idleness. In Vancouver, a similar rally was held at Fishermen's Hall where more than 200 people turned out to hear speeches from union and political party representatives.
May Day march set
Organizers of this year's May Day celebrations hope to tear a page from history May 1 by having the largest march and meeting since crowds swelled to 15,000 during the hungry 30s.
"We're going to make great strides this year in returning May Day to the prominence it enjoyed during the 30s," said May Day Committee chairman, John Radosovic.
"The people are more interested in May Day because the .theme of ending unemployment is more meaningful than ever before."
More than 30 groups are involved in the Vancouver Trade Union May Day Committee and many unions are actively working to encourage their members to participate.
Other themes of the march, which will leave the Court House
at Robson Square at 1 p.m. and proceed to Lumberman's Arch, are full equality for women, support for national liberation movements, the defence of labor's rights and living standards and an end to racism.
May Day is a traditional celebration of working people first begun in 1886 when more than 350,000 workers in North America went on strike to win the eight hour day.
Election coverage
With the provincial election just days away, The Fisherman has provided coverage of the issues in the fishing industry and positions of the major parties on page 5. We also look at labor's input into the election and the activities of UFAWU members to make sure fishing industry workers are aware of the issues.
Fishermen, please note that if you go to the nearest port on election day you can vote in your home riding. While it is not required, if you have your voting card with you it will speed up the process.
Trollers heading out for the first week of fishing were met with rock bottom prices for their catches, making it nearly impossible to keep up with rising fuel and gear costs.
Posted prices by B.C. Packers on the west coast were down dramatically, with $2.00 for large, $1.40 for medium and $1.10 for small. In 1981 at the beginning of the season the posted prices were $2.55 for large, $1.70 for medium and $1.40 for small. Last year's closing prices were $3.00 for large, $1.85 for mediums and $1.55.
It was six years ago that prices opened as low as they have this season and the effect on the troller fleet will be severe unless prices come up quickly.
Similar drastic cuts were in evidence in Bristol Bay, where trollers saw last year's opening price of U.S. $1.25 to $1.30 slashed to a mere 75 cents spring salmon.
On the grounds, reports indicate that cash buyers have only raised the basic price set by B.C. Packers by 5<F, again indicating the key role the Weston subsidiary has in controlling the prices paid to fishermen.
"It's going to hurt fishermen like hell," said one B.C. Packer official, who asked not to be named. "Their costs aren't going down, they still have to buy groceries, fuel and gear."
"It is definitely going to hurt them," he reiterated.
"It points out once again that the only guarantee that fishermen have are the prices the companies have committed themselves to by contract and are obligated to pay because of this," UFAWU business agent Bill Procopation said.
Procopation refuted company arguments that the markets were weak for fresh fish, charging that companies were under pressure to get the fish as cheap as possible from the fishermen, even if it means starving them out.
"Trollers need to be organized and demand minimum prices," he said. "The only path to decent prices in this industry is if the companies know you are prepared to struggle to protect your livelihood."
Al Meadows, president of the Pacific Trollers Association hinted in media reports that if prices don't rise, action could be taken.
"If prices don't pick up later in the season, it could precipitate some industry tie-ups," he said. "There have been lots (of strikes) in the past and there's nothing See PRICES—page 2
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