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NEWS photo Cindy Batamy

$5,000 GRANADA sweepstakes winner Lolecta Turner stands with
the priazs she won daring a recent company contest. Ten people across
prizes. Turner recentiy picked up her
windfall oi the CagZanc hinl Graasda Home Eatertainment store.

Certificates awarded

The companies’ new status will
allow them to take advantage of
recent legislation whereby financial
institutions become eligible for tax
refunds on business income deriv-
ed from international business ac-
tivities.

Finance Minister Mel Couvelier,
who has been respensibie for the
legislation, said that providing a

The provincial government pro-
claimed the International Financiai
Business (Tax Refund) Act and the
faternational Financial Business
Act effective October 31, 1988.

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BUSINESS

3° - Sunday, February 5, 1989 - North Shore News

Port packs economic wallop

THE PORT of Vancouver packs
an economic wallop that translates
into thousands of jobs, and hun-
dreds of miliions of dollars to
economies across Canada each
year. This fact is among key fin-
dings of a major study released
today by the Vancouver Port Cor-
poration (VPC).

Ten months in development, the
study measuring The Economic
Impact of the Port of Vancouver
was commissioned by the Port
Corporation, and undertaken by
the consulting firm of Coopers and
Lybrand, Vancouver. It's method-
ology and conclusions have been
described as ‘‘conservative’’ by
VPC's port manager, and chief
executive officer.

“Study results present conu-
clusive evidence of the magnitude
of direct, indirect, and induced
economic benefits to our local,
provincial and national
economies,”"" said Francis Mac-

Naughton. ‘‘Canada's largest port
is both a creator and a facilitator
of significant economic activity in

this country.”’

In 1987 (the model year used in
the study), the Port of Vancouver
handled 37 per cent of all cargo
moving through the Perts Canada
system, more than three times the
volume of the Port of Montreal,
the nation’s second largest port.

Benefits to the Lower Mainland
include more than 8900 direct jobs,
backed by an annual payroll of
$355 million. Additionally, the
port’s massive public and private
installations of terminals, trans-
port, and support industries
distributed some $163 million ia
operating expenditures during
1987, spent $64 million in capita!
investments, and collectively paid
some $184 million to various levels
of government, mostiy in taxes.

Further benefits accrue in sec-
tors not directly involved in the
cargo sector. Ship building, marine
services, bunkering, fish process-
ing, and consulting collectively
generate another 2560 jobs and a
$72 million annual payroll.

The driving force behind the

study’s impressive figures is im-
Port-export cargo. Totai tonnage
in 1987 topped 63 million tonnes,
tepresenting Canadian exports
valued at $10.8 billion, imports of
$10.1 billion, and domestic
cargoes in excess of $3 billion.

Commenting on the ripple-effect
of these economic dynamics,
MacNaughton said, ‘‘The study
should assist many sectors of our
community to better understand
the benefits — and opportunities
— presented by having a deep-sea
port on our doors-step. The fin-
dings represent an excellent plann-
ing resource for educators,
business and industry, as weil as
municipalities, and other policy-
makers,’’ he concluded.

The study shows that, across
Canada, activity arising from the
Port of Vancouver generated
18,875 man-years of employment,
and some $395 million in lator in-
come. Furthermore, $422 million
of ‘:dustria! production was
generated

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