eee

TERRACE — Businesses and
. individuals here have: so far
escaped the worst of the coun-

iry's,,economic. downturn, in-

dicate. those - who deal with
troubled finances.

Statistics show the level. of
consumer

_ing-at-about the same as they
* did in; 1990."

The statistics, kept by Con.

‘ sumer: and Corporate~ Affairs
Canada, record £2 consumer
‘and’seven business bankruptcies

in -1990;: Up to July this year,“

the’ figure-is 11 consumer and
seven business bankruptcies,

- ‘These statistics are backed up
by ‘a-Prince George bankruptcy
trustee: who says the north is

: healthy, compared to other parts .

of the country. ©
oa Oe annual terms, there has
. not been‘ that much change,”
‘said John Beverley of Deloitte
and Touche. It handles: the ma-
-jority. of : ‘Northern | B. C.
bankruptcies. ;
But he does note it takes a
aye ‘couple of years for the effects of
-»; @ National recession to be felt in
“B. C, and i in the north.
oie Guy: Pocklington, a debt
~'gounsellor for the provincial
» government who covers the nor-
“¢thwest, says his workload rivals
“that of the last great recession in
the early 1980s.
cio<The one exception is Terrace
where Pocklington says things
are stable,
~ “Over ‘last year, the entire
=." region is up by about 40 per
t- cent. It’s high in Prince Rupert
because. of. the fishing
ndustry,”” he said.
“Terrace seems to be about

ast couple of years,”’ Pockl-
ington added,

- He-has found that economic
ownturns followed by in-
dividuals getting into financial
trouble “i is. cyclical, ‘depending

and business.
bankruptcies this year is runn-

he same:as it has been for the -

ankruptcies

upon the health of the major in-
dustries -. individual nor-
thwestern cities ‘and towns.
Rick Jones of.Caledonia Col-
lection Agencies attributes some
of the stability inthe local
‘economy to: -diversification
away. from a heavy dependence
upon the foresiry industry.
- “There's enough diversifica-

tion so that a bump in the. loge- -
ing ‘industry isn’t felt as much.
‘—, unless the news media plays:
it’ up; people don't, start: hoar-.

ding their money,” he said,

Overall, Jones said Caledonia .

through a subsidiary have done
véry litile liquidation of
business assets,-. particularly
vehicles and heavy equipment,
for bankruptcy trustees, -*
‘*This is not to say. companies
aren’t getting into trouble but in
a wide sense, . the weaker: com-
panies have been culled out over
the last seven or eight years,” he

said.

But Jones did say ‘there i is an
‘increase .in' the number of
repossessions . of private
vehicles,

He traces that back the last
two or three years when, as the
economy here picked up, people
went out and bought new
vehicles on time payments.

“At the time they thought
they would be able to do it —
that things would get better.

’ That’s what life is built on, but

now they’re finding they can’t
meet those payments,"’ said
Jones.

Yet he says non-economic cir-

cumstances, such as family

break ups and illness are often
as not responsible for people
turning in. those vehicles,

. “I figure that 90 per cent (of

repossesions) are people who
have hit some kind of set back,
What they'll do is go out and
buy a beater and drive it for a
couple of years, But they'll be
back. some day,” said Jones, __

Night work

' JUDICIAL WISDOM was the order of the evening as real
estate representatives chose the winners. of the annual
__ Christmas light decoration contest Dec. 20. That's Gordie
Sheridan, Sylvia Griffin, Joe Barbosa and John Evans with
their marking sheets. Best commercial went to the Skeena
Mall. Mountain Vista Challenged . McRae Crescent for best.
street but, for the third year in a row, the latter won. The Allen
residence on 4930 Scott claimed best theme while best home-
went to the McGinlays on 5502 Hwy16. Two homes, 5105

Bren
" which owns 24 Hour Video, has —

ght the Crazy Mike’ s outlet

orsley said the purchases con-
solidate his company as one of
the : major video. retailers in
tern Canada.

told, Brenton has 125

‘Saskatchewan and, employs
nore than 750 people,

‘Skeena Cellulose senior com-
“pany: official Reg Lightfoot
“makes an appearance at the Ter-
“race ‘and. District Chamber of
Commerce’ 8 ext Juncheon

ob “meeting. .
F “Lightfoot, who has respon- |

sibility: “for: the -Repap ° sub-
i orthwest operations,

on: ‘Capital Video Inc., 7

‘Brenton 2 eesident” Frank

‘stores in “more than 60. com. .
anies ‘in: B.C., Alberta and

at the Bavarian Inn. |
The luncheon begins at:11 245

reg’ m;‘-If you want to go, please

call the chamber office.”
Oe ak ae ;
Refurbished .1950s-era rail

cars will be making their ap-
' pearance next .month on Via's
. Skeena passenger service.
-The: cars will not only have —

renovated - interiors. but ; have
been coverted from running on

"steam: ‘power. to electricity,

This. conversion. process has
been going on with Via's‘other
western trains for several years.

. a keke:

‘BC. Tel reports earnings for
average ordinary shares were up

in the third quarter to'50 cents _
per share compared to.46 cents ,

for the same period last year,

That pulled 1991 year-to-date
- earnings. fractionally ‘ahead of |
last year-at $1.24. per share :

against: $1.23 in 1990.

CEO Brian Canfield said the
upswing occurred: because -

revenue. increases exceeded

' those in expenditures. He ex- ,
pected: this year's fourth: quarter
‘results. ‘would also show an im- :

provement over 1990's, ,
speaks tc to the © gathering Jan. | 16

Agar and 2413 Cramer, received honourable mentions.

Th IE set ag ae TY
Se ia aerapatn

intg. financial-trouble because
,they have no idea of how to
budget, says a provincial debt

counsellor who covers the nor-

thwest.

“In terms of prevention, the .

- Number One thing is to do some
planning and learn to control
- your. money rather than letting

it control you,” says Guy
’ Pocklington. :

"You have .to make a con-

scious decision on. what to do.

with what is left over,"’ he said.
Pocklington’ 5s job is to take

the accumulated debits of people

in trouble.and then structure a
. payment ‘schedule through a
court order,

That often: i means receiving -
envelopes full of cut up credit’

_cards‘from péople ‘who ‘use the
provincial. government service,

spendin right- up to the line. .
When they lose a job or there’s -§

a reduction in work hours, they
can’t meet creditor payments,'’

_ said Pocklington.

‘“There’s no place that people
can learn budgeting principles.

“It’s recently been introduced in
~ the schools but-it seems fairly —
limited. Most of the people we J:

deal with,’ the key group, who

do get into debt are older than .

those courses,’” he continued..
And Pocklington said that
the budget planning informa-

tion is more aimed at people i in
the top 20 per..cent of income
levels and so doesn’t have much
relevance for others. | .
But he adds that job losses ef-

plan their expenditures careful-
ly.

_ tion available in general circula- .

“fect even those peaple who do -

IN ONE NIGHT!

Terrace Standard, Monday, December 30, 1991 — Page AQ

“HOURS: a
* Our office is open 8: 00 a.m. -.6! 00 p.m: Monday to Friday: 1

phone 638-7283 Fax 638-8432

“About| the Terrace Standard

8:30 a.m. - 12:00 noon Saturday.
DEADLINES:

Deadlines for classified advertising Is 12:00 noon Sefurday
before Wednesday paper:

Deadline for space booking of display advertising is 6: 00 pm, . ;

Friday before: ‘Wednesday paper.
Deadline for submission to the editorial department Ig 12: 00
noon Friday before Wednesday paper. ;

SUBSCRIPTIONS:
. Subscription rates for the Terrace Stancard are $90. 09 O per

year,
HOW TO CONTACT US:

Weare located at
4047 Lazelle Avenue in Terrace, B.C. V8G 188

STOLEN IN QUEBEC.

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So the next time you're : shopping for a s used vehicle, look for

this symbol. Or your next deal could be a real steal.

The symbol of racmibershih in in nthe
Motor Dealers’ Association of
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TERRACE MOTORS
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