Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 16, 1976, Winnipeg, Manitoba Winnipeg free press Friday january 16, 1976 21 Winnipeg rated sound investment Community Bill Mccance Money does t have to go to Toronto or Mon t r e a i to be professionally managed by Wally Dennison Winnipeg will never be a bustling financial Centre but it s a pretty sound investment Community for its size says Bill Mccance president of the Winnipeg society of financial analysts. Similarly Alan r. Max Well president of the win n i p e g Stock Exchange believes prospects for farm economies have never been he agrees with opinions that the food Power Grain economies in world Trade will expand As global food supplies decline thereby probably resulting in progressively higher Price Levels for grains. Winnipeg is a fairly Large financial Centre relative to the City s size and it s fairly adequate As a financial Centre because of Hie presence of Large institutional investment or. Mccance a senior securities analyst with great West life Assurance company said in an interview. Three institutional in vestment firms employ perhaps 80 per cent of the City s financial analysts he said with the head office Here of one of the nation s largest retail brokerage firms Kichard son securities the head office of great West life one of the two or three 1 e a d i n g life insurance companies in Canada and with investors Syndicate possibly the nation s Lar Gest Mutual fund. Collectively institutions making up the financial Community Likely represent the largest private employer in the City or. Mccance guessed. Almost people were employed in finance related businesses in Winnipeg a c c o r d i n g to the 1971 census. From an employment perspective it s greatly advantageous to have a viable financial Community or. Mccance pointed out. It s a labor intensive Industry helping to pro vide a stable tax and eco nomic base for Winnipeg. Employment in Finan Cial institutions in t by c 1 i 1, and this Factor helps in establishing Bond ratings for the City he added. As for Quality of invest ment advice or. Mccance emphasized Winnipeg is a Good invest m e n t Community and those assessing securities Aren t sacrificing any de Gree skill performance or expertise by being located in Winnipeg. Money does t have to go to Toronto or Montreal to be professionally managed. The Winnipeg society of the financial analysts federation contains about 70 members to serve a population of perhaps the largest per capita grouping of Finau Cial analysts of any West Ern Canadian City he said. The bulk of these in counsellors arc Winnipeg natives. This Large local representation undoubtedly results from the presence of Large institutional investment firms which exercise their opportunities t o recruit from Community colleges and other educational institutions or. Mccance observed. Admittedly he said local securities advisors might suffer some disadvantage in being so Dis Tant from Wall Street and the major Slock exchanges and corporate business Headquarters concentrated in Eastern Canada. This reduces business communication. On the other hand or. Mccance said it s just As easy for an analyst to Telephone Long distance for needed information. Only the personal element o f face to face communication is lost. And there s some gain to be made from being removed from the larger financial centres he con tended. Of think it helps us to Render More Independent and objective he said. We May be forming a better perspective by standing apart from the heart of Canada s financial Community and not being subject to the rumours and innuendoes that could affect objective investment Deci Sion making. So there s an advantage in not being too close.1 aut Opac propping up costs million continued from Page 19. Year later and Hie 1974 and 1075 corporation annual report is not released until april. The government s funding As reported in the Public accounts does not appear in the corporation s financial statements. Or. Ziprick said the corporation does not include the statement receipts and disbursements. While i appreciate this would be helpful we Are staying with the insurance Industry practice which does t do the provincial auditor said that the corporation had Money in the Kitty for unpaid claims and unearned premiums after the deficit As at october 1974, had been deducted. This according to the corporation s balance Sheet was million. Or. Ziprick added that Public accounts payments also included Money sent across by the government for investment purposes. The corporation s balance Sheet under assets shows this to be about million a Good half of which went to seven or eight Manitoba hospitals in the forms of Bonds and debentures for improve ments to existing facilities. Or. Ziprick confirmed that there had been substantially More Money received from the government than the corporation s year end statements indicate. He said it was sitting on the balance Sheet As deferred income Reserve for unearned premiums and provi Sion for unpaid claims. Corporation general Man Ager j. 0. Button said As he had t Ever seen the. Public accounts figures he would prefer not to make any com ment. Asked what deficit he expected for the year end october 1975, or. Dutton said of believe the deficit will be reduced but by what i cannot say. All f can give is an educated idea and in my View aut Opac s deficit will be lower than it takeover decision seen turning Point Toronto up Robert Stevens president of Gow ltd., said the Battle Over control of the Canadian subsidiary of Westinghouse co. Goes beyond the question of secures rights to a he said in an interview Here that the Gow Westinghouse struggle is the first crucial test of the Federal government s determination to create a world size Cana Dian controlled company in secondary Industry. The the fed eral a turning Point for a major sector of secondary Industry in Canada the major appliance in he said. Based on this decision the Industry will either have a Canadian controlled intonation a 11 y competitive com Pany or it will he said Gow is seeking use of the Westinghouse Trade Mark in Canada for five years after which it would be phased out. White consolidated Indus tries which purchased the Westinghouse appliance bus Ness in the United states applied last year to the Federal foreign investment review Agency to take Over Westinghouse Canada s appliance business but was turned Down. It has applied a second time and or. Stevens said he expects the Agency to announce a decision by the end of this month. Or. Stevens said if the fed eral government does t Lake a stand it May not get an other Chance. The White Westinghouse Gow matter is an appropriate one to take a Clear Posi Tion upon and there May not be another Opportunity with All of these he said the application comes Early in the history of the review Agency adding this is a highly visible trans action a Case Clear of any his reference to Lack of blemish was the fact that Gow is fully Canadian owned. Or. Stevens said he is Matching the amount of about million offered by while s Canadian subsidiary scribed As 95 per cent agree for the rights but his offer ment with Westinghouse can was Cash unlike the one by Ada for Sale the appliance White Bast october Gow Rea business subject to the rights to the Westinghouse Trade died what or. Stevens do Mark and patents. Illegal payment probe expanded Washington Reuter the . Securities and Exchange commission is Check ing 30 major american companies in an expanded investigation of illegal political payments kickbacks and bribes Sec chairman. To Derick Hills said Here. Hills did not identify any of the companies involved but told a joint congressional sub committee that the extent of corporate undercover Finan Cial dealings was much greater than had been known previously. He gave new details of an investigation which had Al ready resulted in Legal suits against nine Industrial giants including Northrop corp. And Gulf Oil. Stanley up Orlden head of the Sec s enforcement division said the investigations in elude such new elements As commercial bribery of corporate procurement officers false accounting entries to evade currency Export controls overseas and foreign tax evasion. Every Day we learn of a new Sporkin said. Hills told the subcommittee on priorities and Economy in government that the Sec has been unable to account for tens of millions of dollars in foreign payoffs that Ameri n companies operating overseas have admitted Mak ing. He said tar commission in most cases Only has the word of the companies in question that they actually paid the millions of dollars to foreign consultants agents and in some cases government officials to win contracts and business. No foreign official has yet confirmed receiving such funds lie said adding we Don t know where the Money chartered accountant staff . Required to assume full responsibility for All accounting auditing tax and related functions for Small and medium size clients. Salary is attractive and fully commensurate with experience qualifications and ability. Reply in strict Confidence to trenholme Winterbottom Paris ii 325-777 Broughton Street Victoria . V8w1e3 604-388-6696 resource talks stand taken Paris Router Oil producing and developing countries adopted Here a. Joint position for negotiations with industrialized states on w o r 1 d resources beginning Here next month. Delegates from 19 Arab african latin american and asian countries ended 10 Days of intensive consultations with a working Docu ment that will serve As their common standpoint in the negotiations. Announcing the agreement to reporters Manuel Perez Guerrero venezuelan min ister for external economic relations said the group of 19 emerged strengthened and United from its preparatory session Here. We did what we set out to achieve to prepare our selves for the coming negotiations with the industrialized nations and to organize the work of the group of he said. 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