Money lost
in stock play

A NORTHWEST NATIVE health authority lost $40,000
on the stock market after investing transfer monies
received from the federal government.

In all, $130,000 was invested by the Gitxsan Health
Authority in several high risk stocks a year ago and sold in
June when the purchase came to the attention of the federal
government.

The authority provides medical services to five Gitxsan

~ communities in the Hazeltons using money from the feder-
al government,

The Intent behind the investments was to turn a profit
and use that to offset the high cost of delivering such pro-
grams as patient transportation to the Lower Mainland,
said Myrtle Goertzen, chair of the 12-member board which
oversees the authority.. '

‘We felt at the time that we could invest it to cover the
extra cost,’* she said.

‘We were always going into deficit with the patient
transportation program.”’

It wasn’t until later the board realized how high risk the
stocks were, she said. ‘“This is what we understood after,”’
Goertzen said. ‘‘People make mistakes and we got most of
it back.”

Average Gitxsan people seemed similarly surprised at
news the authority has been playing the stock market,

*T had no idea,’ said Kispiox resident Bill Blackwater.
"T think il’s not right, I mean, if there’s something going
on I should know about it. Everybody should know about
it.’

Blackwater has been critical of the authority’s delivery
of health services.

According to Blackwater, the money should have gone
into health care in Gitxsan communities, not a stock play.
“Every single cent of it is for the delivery of service,’’ he
said,

The authority owned common shares of Petrobank Encr-
gy and Resources, along with income trust units of

-Manalta Coal and” Pengrowth Energy. Those securities
were purchased through an investment account with
Stephen Avenue Securities Inc. of Calgary.

Money to buy those securities came out of $300,000 in
“surplus”? funds. The balance was put into more secure in-
vestments such as treasury bills.

Goertzen would not say who advised the board to buy
the stocks.

“I'm not going to name any special person who has done
that. I felt as a board we’re all responsible.’’

Chiefs
-unhappy

WHILE THE the Gitxsan
Health Authority was inves-
ting so-called '‘surplus”
money in the stock market,
some communities. werent,

getting their share of health.”
care, according to some
Gitxsan leaders.

Under. its $12-million,
five-year agreement with
Health Canada, the authority
is to provide health care in
Gitanmaax, Kispiox, Glen

Vowell, Gitwangak and
Gitanyow.
Another village, _ Git-

segukla, wanted no part of
the authority and struck its
own deal with Health Cana-
da, although money for that
community still flow
through the authority.

"We hardly almost didn’t
see any monies from
Gitxsan Health, just a wee
bit here and there and that’s
all,” said Gitsegukla chief
councillor Ken Russell,

Another village,
Gitanyow, is also in the pro-
cess of setting up its own
health care agreement with
the federal government.

In a May 14 letter sent to
the authority board, eight
Gitanyow chiefs express
their frustration.

“The Gitanyow chiefs are
shocked to learn that
$300,000 was invested by
the Gitxsan Health
Authority. in the stock

“market in Calgary, Al

berta,’’ the letter states.

ws the beauty

fof vinyl windows

at .

All- WEST
GLASS

“$ee our ad
on page Al2

AB - The Terrace Standard, Wednesday, November 11, 1998

b J . a s
a It’s bidding time!
Patricia Kozak carefully checks out the mer-
chandise ready to be auctioned off at the Terrace

Rotary's annual auction Nov. 14. She had her eye
on a couple of items that she wanted to bid cn.

: A registered nurse will b

a

Activities and information for healthier living

You are invited to drop by our

DIABETES CLINIC
Wednesday, November 18th
10:00 a.m. to 4:00 p.m.

everyone of our customers.

e available to check your blood sugar level and answer
any questions you may have about diabetes. Also meet our pharmacists. We
specialize in patient counselling and providing individual atlention fo each and

She said she really wanted the mountain bike
(retail value $300), which was donated by Tim
Hortons. The auction was hoping to raise about
$27,000 to support various sports teams and com-
munity projects like the Pacific Northwest Music
Festival.

Skeena Mall
47641 Lakelse Ave.
Terrace, B.C. V8G 1R5

YOUR PRESCRIPTION FOR PEACE OF MIND

638-2094

$3,768. Total obligation Is $20,576 f. 1995
excise tax snd taxes not Included, Dedlat may sell ar hase for less.
$10,453.32. Down payment,

Rise to the top in the 1999 Whistler/Blackcomb Limited
Edition Jimmy SLT. Faaturing: 4-wheel drive, 4.3 litre V6 engine,

electronic automatic transmission with overdrive, Next
Generation dual air bags, 4-wheel ABS, air conditioning,
remote keyless entry, leather interior, CD player and more.

fo @ “SMaRTLEASE/ «|
_ 36 monrHst
“$3,768 cown
-PAYMENT

URBAN

F () SmantLea: a ;

» SB MONTHSF. :
$3,900, pown
_ PAYMENT

; SwantLease/36 Mon
-o 83.855 Down ParMenr.

The 1999 GMC Yukon SLT. Featuring: 4-wheel drive, 5.7
litre V8 engine, 4-speed automatic transmission with
overdrive, 4-wheel ABS, dual air bags, Passlack™ security:

system, front & rear air conditioning, CD player, homelink i

transmitter and more. _-

The 1999 GMC Suburban SLT. Featuring: 4wheel drive,

5.7 litre V8 engine, 4-wheel ABS, dual airbags, front

rear air conditioning, CD player, power seat adjuster, dual
heated electronic side mirrors, Passlock™ security system
and more. .

ONLY AT YOUR BC PONTIAC BUICK GMC DEALER

‘Yau should know this; Based on @ 36 month SMARTLEASE for Limited Edition ‘Whisller/@lackcomb 1999 Jimmy, Yukon sng as

cow $3,900. Total obig

1999) Jimmy ot
16 $23,268}. Annual kilometer limit 20,000 km, $0.05 per excess Kitometar, Otner ease options avallatte. *tLicence, Insurance, sir conditioning,
*Finencing on approved GMAC credit only. Example $10,000 at 2.9% APR, Ihe manthly payment ls $290.37 for 36 months. Cost of borrowing Is $453.32, Total obligation Is
trade and/or security deposit may be requited, Monthly payment snd cost of borrowing will vary depending on Amount Dofowed and down Dayment ade. OAC. Offer apolics ta £999 now of demonstrator models, Offer
Spaties In BC to qualified retail customers anly. Dealer Wade may bo required. Limited time offer, Otter may not be Combined with other offers, Sen your deslor for details. wweamcanada Is 8 trademark of General Motors Comeration.

$2,858. Total Obligation is $46,183*, 1999 Yukon downpayment

1

4

4

it
\