18 - Sunday, May 13, 1990 - North Shore News AFFLUENCE@ Ward at the helm Tom Ward sails stormy seas of shipbuilding SOME TIME THIS week the B.C. Ferry Corp. will announce which B.C. ship- yard has won the tender to build two new 85-vehicle ferries, a contract worth ap- proximately $24 million. By SURJ RATTAN News Reporter Sitting in his North Vancouver office, Tom Ward, general man- ager of Vancouver Shipyards Co. Lid. (VSCL), smiles and nods his head when it is suggested that the Seaspan International-owned ship- yard will likely get the job. Vancouver Shipyards’ bid of $17.6 million for each of the two ferries proved to be the lowest bid. And while the North Vancouver shipyard might not build both of the ferries, Ward is confident it will build at least one. The West Coast shipbuilding in- dustry, particularly its North Van- SHIPBUILDING WAS in the family blood for Vancouver Shipyard general manager Tom Ward, who grew up in a seaport in the English town of Liverpoo!. cancellation of the $680 million Polar Class 8 icebreaker contract. Construction of the vessel, which Ottawa had promised B.C., would have created up to 1,000 jobs at the North Vancouver and ‘Victoria facilities of Versatile Pacific Shipyards Inc. (VPSI). ed by various provincial govern- ments and Crown corporations. And Ward says he would pit West Coast shipbuilders against their East Coast counterparts any day of the week. ‘Because of the private nature of the shipyards, the West Coast shipyards are more productive than the ones in the East. The reason for that is we have a better climate, and because they (West Coast yards) are all privately managed and they tend to be tighter managed...they’re leaner and meaner than the East Coast shipyards that have the protective shield of the provincial govern- ments to fall back on,” says Ward. “T think the third thing is that people on the West Coast work better. It's been my experience, having worked across the country and in foreign shipyards, that the West Coast tradesman is a good worker. “They also happen to be the highest paid shipbuilders in the world. That gives us a problem when we're in competition, but they make up for that by working smarter and working a little bit harder,’ says Ward. . fa NEWS photo Neil Lucente government has also tendered a contract to construct two 470- vehicle ferries. The ferry contracts, Ward says, are welcome news. But he adds that the industry could have used that work long ago. “The current B.C. Ferry con- “It would have been nice if that ferry program would have been spaced over the last four or five years when the industry was very short on work and that would have increased employment throughout the industry.”” West Coast shipyards are all But he also admits that unions have created some problems within B.C.’s shipbuilding industry. Ward says those problems have to be ironed out if the industry is going to survive. “Some of the obstacles to the changes that are taking place are couver component, needs all the . ‘ fs ‘ . ( . work it can get, especially in the In addition to the two 85-vehicle struction program is obviously go- privately owned, unlike shipyards See Ward wake of the federal government's ferries contract, the provincial ing to be a great help,’ says Ward. in eastern Canada, which are own- Page 19 GULF & FRASER FISHERMEN’S CREDIT UNION % SHARE DIVIDEND _ =| INTRODUCING - THE NEW _TRADITIONA STYLE SOLID ; a a i a Mr. R.E LONG Mr. L.S. GATTO PRESIDENT CHIEF EXECUTIVE OFFICER Gulf and Fraser Fishermen's Credit Union celebiated another year of exceptional results al their Annual General Meeting held on April 20, 1990. The Board of Directors are pleased to announce a share dividend of 24% on equity shares. Non-equily shares will receive a 12% cash dividend, plus an additional 12% dividend which will be credited in the form of equity shares for a total return of 24%. President Mr. R.F. (Bob) Long in his report to the shareholders explained that “Gulf and Fraser Fishermen's Credil Union sets the standard for financial strength in the Province of BC. In 1989 our assets surpassed the $150 million mark, a figure that was reached while maintaining won ' . . sound and conservative policies that ensure the safety of our depositors’ funds. The capital ay we _ et . oe - i" of the credit union continues to far exceed the levels required by legislation. This impressive AVAILABLE IN:: =: rn 4 result would not have been possible without the co-operation and committment of our members. : a ‘ , December 13, 1990 marks Gulf and Fraser Fishermen's 50th Anniversary and that milestone ig cause for great pride in our joint achievements. The next year will be an exciting one for the Credit Union; we encourage you to join the excitement.” Chief Executive Officer, L.S. (Len) Gatto, stated in his report ‘‘A total of $1,318,259.00 was allocated to members in 1989, $778,560.00 of which was returned to the members in the form of equity shares from a patronage refund based on 1988 1esults, and $539,699.00 representing the 1989 share dividend. This represented the 49th straight year that the credit union declared a dividend. Even after this exceptional income distribution, the credit union was able to add $518,502.00 to retained earnings in 1989, continuing to build a strong capital . ; base for the future. Retained earnings and equity shares totalled $7,273,755.00, well in ex- : cess ol the minimum statutory requirement of $3,982,217.00. Growth continued to be strong, NORBURN LIGHTING centre with total assets increasing by 15%, to almost $152 million, a record level for the Credit Union. TTT TTT Copies of the 1989 Annual Report may be obtained trom a branch of the credit union or by 299-0666 calling: Mr. L.S. (Len) Gatto, Chief Executive Officer. ¢ Polished Brass » _#-Antique White -* Antique Black =. "-« With Complimentary. |» © Shades, 4600 EAST HASTINGS ST. BURNABY WHOLESALE AND RETAIL FREE CATALOGUES AVAILABLE HEAD OFFICE: VANCOUVER BRANCH: STEVESTON BRANCH: Gulf & Fraser ¢ 9 Fishermen S Ong Fir. 03 E Hasvngs 603 East Hasnngs St 4371 Chatham Street . * Vancouver. BC 5A. 198 1, BC YEA TRG Richmond. BC. V7E 2¥9 Credit l Jnion Tel vB) 2557270 16H) 2529 Yet (808) 2745911 Come browse in one of the most fascinating stores in B.C.