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PAGE Az, THE HERALD, Wednesday, December 1, 1974

B.C. Tel applies for increase

B.C. Telephone Company said recently it is planning to file an application wit the Canadian Radio- Television and Telecom- munications Commission (CRTC) for a general in- crease in rales.

Company President B.A. Beneteau said B.C. Tel expects to file the ap- plication by mid-December with the CRTC, the federal regulatory body which must approve any change in the rates of the telephone company.

Terming the request for higher rates ‘the only responsible and sensible option open to the compariy’, Beneteau said details of the rale proposal are in the final steps of completion and the application will request a general increase covering most items.

“If our request is granted, it will mean most monthly increases for basic residential telephone ser- vice will range from ap- proximately-45 cents to $1.60 depending on location,” Beneteau said.

Citing the need to improve the company's financial performance in order to be able to attract essential additional capital at reasonable cost, Beneteau listed the failure of the economy to recover more rapidly, coupled with very heavy built-in costs of doing business, as the twa prin- cipal causes for the com- pany’s own lagging recovery from its near- disastrous financial position of two years ago. .

“We're just inching our way out of a very, very serious situation — one which not only threatened our ability to provide even basic service to our customers, but also threatened the livelihood of hundreds of our em-: ployees,” he said. “No one can afford to slip back to these conditions and we would be irresponsible if we failed to make every effort to’ prevent this.”

“In 1976,"" Beneteau said, “we slashed $50 million from an already pared-down construction program and we cut our operating budgets to bare-bones levels with stringent cost controls, But in spite of these efforts on our part and in spite of the measure of ‘catch-up’ rate relief we were granted last year and because of general economic con- ditions, we didn't fit the amount of lon, istance business we needed and we didn’t get the number of new customers we needed to get us back on safe ground.”

Beneteau noted that, although the rate of inflation moderated somewhat as the year went on, the compan continued to pay a very hig price for the built-in in-

flation of contractual labour costs and interest charges on ils debt,

“Taking the two things together — revenues not increasing fast enough and

cost increasing too rapidly,

we can see another crisis like the one in 1974 coming right at us,’ he said. ‘We have to take the only responsible and sensible option open to us and that is to ask for increased rates to give us increased revenue. If we don't, we slide downhill again and the cost of getting back on level ground will be even higher next time.”

B.C. Tel has a vital role to play in the recovery of the province's economy and in its ongoing progress, ac- cording to Beneteau, who emphasized that the provision of good telecommunications, which are essential to the economy, require the in- vyestment of very large amounts of money for the construction, upgrading and maintenance of facilities.

“We plow back as much money as possible from our earnings,” he said, “but we can’t hope to raise all the money we require for con- struction programs our- selves, No utility can do it. We have to go to the outside money markets to get the restand lhe only way we can attract that outside capital at reasonable costs is by having a good financial performance.One of the most important measures of financial performance used by the money markets is the rate of return on invested capital.”

At the 1975 rate hearing the regulatory body decided that an ‘appropriate range of permissive rate of return on total average capital’ would be between 9.5 per- cent and 10,0 percent for B.C, Tel. Beneteau noted

on December 29, 1976.

..4215 Eby Street, -'

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that in 1975 the company had a rate of return of 8.6 per- cetit while Canada Savings Bonds offered 9.5 percent.

“We don't have our final figures for 1976 but it’s expected to be in the neigh- borhood of 8.9 percent,” he said, ‘a slight improvement over '75 but well below even the lower limit of the range

the regulatory body thought .

would be appropriate, and well below what would at- tract an investor or reassure a lender”.

B.C. Tel will have to depend on outside capital for the financing of a major portion of its 1977 con- struction program of $280 million which Beneteau considers the absolute minimum required if the company is to provide service and meet customer demand.

“It's impossible to con- sider each year’s program in isolation,” Beneteau said. “It dovetails into the preceding year’s work and is the basis of the remainder of the company’s long-range program. To interrupt the continuity of the programs or to curtail severely any single program would not only resuit in an immediate deterioration of service but higher even- tual costs because the work will have to be done at some time if the province is to have _ the telecom- munications services it requires. That means taday’s customer, tomorrow’s customer and the general economy of the province would suffer.”

B.C. Tel will ask that the public hearing by the CRTC

held as soon as possible in the'new year and, because the company’s need is urgent, will also file to have a portion of the increase awarded on an interim basis, Beneteau said.

G.W. Buchanan,

Y

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itlons in order?

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| Final hospital contracts let

The final contracts for the

-addition to Mitis Memorial

Hospital were let last week with two going to Terrace firms. Motz Masonry was awarded the contract for masonry and Glacier Glass the contract for sliding doors, glass and glazing.

Other contracls- went to Northern Masonry ~ of

Smithers for tile work; L and M of Burnaby for painting and wall coverings; TJ Drywall of Surrey for drywall work; Benton and Overbury of Vancouver for acoustical ceilings; Overload Con- tracting of Coquitlam for insulation and stucco; Calwood Industries of Surrey for millwork and

wood doors and Telkwa Roofing of Smithers for

roofing. = - Lester G. Taft passed

away at Invermere, B.C. on November 25. He is survived by his wife, Grace, son, Arthur Raymond of in- yermere, daughter, Anne Smith “of Vancouver, three brothers and two sisters. Mr. Taft was born in Aiken, Minnesota in 1907. He came to Terrace in 1919 with

These contracts will complete the addition to the hospital. Still to come are the contracts for renovations of the existing building. These are ex-

to be awarded in

“! have made it a rule never ta smoke more than one cigar at a time.”

pected ebruary of next year. — his parents. He joined the

| Former resident © passes aways

‘B.C. Forest Service in the

late thirties, serving as Forest Ranger in Hazelton, Terrace, Prince Rupert and Invermere until retiring in 1972. nee ; He was a member of the Oddfellows and Masons. Funeral services were held on November 27 under the direction of the in- vermere Masonic Ladge,

Mark Twain Ni

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