North Coast Co-op gets $2.5 million
PRINCE RUPERT — With the Pacific North Coast Native Co-op now under a government appointed management committee, the provincial cabinet has authorized the co-op to borrow another $2.5 million to clear its debts and obtain needed operating capital for its Port Simpson plant.
Decision to transfer management control to the committee, a majority of whose members are appointed by the provincial government, was made by co-op members at a meeting held February 26.
HERRING
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The companies rejected, however, the idea of a 10 percent interest penalty, compounded monthly, on monies owing to the welfare fund after dates specified by contract.
Also outstanding is the union's demand that fishermen's tender-men's and shoreworkers' agreements be signed simultaneously.
There have been concessions to the tendermen over safety-related issues, and company agreement to boost the packing fee paid to gillnetters in the event packer service is not available, to $60 a ton.
The meeting, however, did little more than give formal ratification to an agreement already worked out between the government and its directors after the government had made "adequate managerial and financial controls" a condition of further aid in view of the $10.7 million in grants and guaranteed loans already spent on the operation.
Government appointed members of the co-op's management committee are:
Senator Guy Williams, president of the Native Brotherhood of B.C.; Francis Millerd, president of Francis Millerd and Company Ltd.; and two chartered accountants with experience in the fishing industry, Frederick Graham, financial adviser to Prince Rupert Fishermen's Coop, and Leif Nordahl.
Construction of the Port Simpson plant started in 1973 after the former NDP government approved a $3 million grant. Further grants between 1973 and 1975 increased the total to $6.2 million.
The NDP government also authorized a $3 million loan to enable the co-op to acquire its own core fleet and guaranteed $1.5 million in bank loans.
Its financial difficulties accentuated by last year's poor salmon season and its own labor relations policy, the co-op reportedly incurred an operating loss of around $1.6 million in 1975.
Richard Morgan photo
• Gillnetters had reported good catches in Barkley Sound as seiners waited for the March 7 west coast roe herring opening. This conglomeration of gear was found in Tofino, where fishermen on the eve of the opening renewed their campaign for improved safety in the fishery.
Plaque unveiled at meet
GAFF honors founders
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The names of the 10 founding members of Gulf and Fraser Fishermen's Credit Union are now commemorated on a plaque in the credit union's offices at 803 East Hastings Street, generally acclaimed as one of the most imaginatively designed buildings erected in this city during the past decade.
The names of the 10 — Ed Bale, Ivy Bale, Bill Barclay, John Donaldson, Mark Galway, Agnes Hill, Vic Hill, Harry Howard, Ole Martin and Percy Sabin — are inscribed on individual inserts in the plaque, which was unveiled at the credit union's annual meeting in the Bayshore Inn March 6.
Only one of the surviving founders, Agnes Hill — now Agnes Carter — attended the meeting to receive a presentation honoring her on her retirement as a director of the organization she helped to establish.
Her brief remarks were a summary of the organization's growth since it was founded on December 13,1940, with assets of $364 in its first year's operation, to its present membership of 5,856 and assets of $22.6 million last year.
The directors' report crediting the organization's success to a combination of service to mem-
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bers and loyal support by members was adopted with one amendment.
On a motion by Hal Griffin, the words "However, we are hopeful that the government anti-inflation program will have positive results and force rates downward" were stricken from the report. •
Griffin asserted that the report was accepting the program on the government's own claims for it "when, in fact, it is now being seen by wage earners for what it is — a wage-cutting program.
"The Bank of Canada has just raised its rate to a record 9.5 percent," he said. "The Canadian Chamber of Commerce sees little if any decline in the rate of inflation this year, only a small growth in the gross national product and an increase in unemployment.
"At the same time, we are all faced with higher car insurance premiums, higher hydro rates, higher civic taxes and higher prices for everything we buy. To
the extent that wage earners allow themselves to be held down, they will have less for their needs, less to spend and less to save, and all this is bound to be reflected in more unemployment.
"This is the hard reality and to accept any other view is to encourage illusions."
The meeting approved directors' recommendations for a 7.25 percent dividend on shares and a 10 percent rebate to borrowers in good standing on loan interest paid at 11 to 14.5 percent.
Four incumbent directors — Mike Canic, G. Williamson, Albino Boroevich and John Person — were returned unopposed for new three-year terms, and Hubert Lee was elected by acclamation to fill the remaining year of Agnes Carter's unexpired term.
Directors whose terms have another one or two years to run are C. Cave, Bob Long, W. McHugh, Wally Paulik, T. Pile-berg, Don Rea and Pete Wish-inski.
"Aye; here's the way I'm beatin' inflation . . . I joined the
GULF AND FRASER FISHERMEN'S CREDIT UNION
and invested in a
ONE YEAR TERM DEPOSIT
earning
91/4%
per
annum
MINIMUM DEPOSIT $1000 and their
CHEQUING ACCOUNT
is one of the best
• NO SERVICE CHARGES
• NO CHEQUE CHARGES
• FREE PERSONALIZED CHEQUES
i even earn interest on it too . . . and you dinna hafta be over 60 to get these benefits!"
That's right, these are just a couple of the advantages of being a member of your Credit Union.
Come in and learn more about our other Savings Plans
The Provincial Share and Deposit Guarantee Fund protects the shares and deposits of all individuals in every credit- union in British Columbia.
The Symbol of Savings Satisfaction
Gulf & Fraser FISHERMEN'S Credit Union
S03 East Hastings Street
Vancouver 4, B.C.
Telephone 254-6266
2/the Fisherman — march u, W6