A7 - Wednesday, Sept. 2, 1981 - North Shore News GE mailbox Blame Bennett for BC Dear Editor: Who is to blame for the failure of BCRIC? A good case has been made that serious misjudgement on the part of BCRIC management has caused serious problems for the corporation. Indeed. the now- rescinded appointment of Edgar Kaiser to the board, the 3'2 percent commission paid him. the astonishingly high price paid for Kaiser coal, the personal ownership by semior BCRIC officials of Kaiser shares, the un- successful bidding war at MacMillan Bloede!l—all these and other n- troversies have damaged the value of BCRIC’s shares and reputation both. However. the fun. damental problem faced by BCRIC is the low value of its shares thts is not simply the fault of BCRIC management. Rather, it ts the result of an ex- traordinary blunder made by Premier Bennett ia 1979. - When BCRIC established, sound. The bulk cf them had been assembled and enhanced by the first New Democrat administration. They were well-managed, profitable and constantly improving in value. The first prospectus valued these assets, and repcried that their net worth was $11.16 per share. was BCRIC For political purposes, Bill Bennett ordered these shares reduced tn value to the fire sale pnce of $6. For six months, this clever gimmick worked The share sale was huge, the premicr got re- elected, and BCRIC got going itS aSsets were ~ This then was the terrible blunder: Bill Bennet ar- tificially reduced the share value to $6, and had ab solutely no strategy for bringing it back up to the $9 or $10 value they shouid have hit. The shares did bnefly—-on the strength of euphona—hit this level, and have fallen badly ever since. Today, BCRIC trades in the $4 to $4.50 range, a sad testament to the fatlure of Bill Bennett to think into the future, and to realize the consequences of his pre- election stock promotions. Those who criticize the board of directors should remember who appointed its members tn the first place: Bill Bennett. Those who decry the low trading values of the shares should remember who reduced them: Bill Bennett. Yhose who worry about the value of BCRICs south. Cove not affected Dear Editor: In reply to Thomas Meyer's letter in the News of August 19, | am well aware that Manners’ Cove has a commercial component on the ground floor. However, itis not affected by changes to zoning regulations for commercial zones because it is in a residential zone (RH3) and not in a commercial zone. It is certainly not affected by the proposed new height regulations for commercial zones and would require a separate bylaw change if council wished to regulate its future possible height. My point was that this should be obvious to all aldermen Regarding pon i his second about the alternative of a pub I have checked this more carefully and find that he 18) correct that this proposal was not for the Manners Cove Property 30», -4 STORE WIDE! Featuring... Seiko Wate hes Fairigge Cultured Pearts facings Cronus Pers et However, it is correct that because of all the talk of hotels and pubs on adjacent property the Deep Cove Community Association was strongly influenced to accept the Mariners’ Cove proposal because of the fear that if they didn't this property might end up housing such a development. I apologise for the slight imaccuracy and will endeavour to be more precise in future. David Brechner North Vancouver Clean UpYour Act @) PITCH In PERRAULT, SMYTH & COMPANY Certified General Accountants Bookkeeping & Accounting Auditing Income Tax Consulting Management Consulting 102 - 1975 Lonsdale Avenue North Vancouver, B.C. V7M 2K3 987-8101 Nationally EVANCIC, PYPER, PERRAULT, BARCLAY & DILLON 8) % Gaol! Chains Bracelets AZ Zs Peactodamts Osearnond We provide jewelry Appraisals & Repairs Drop by and browse around our showroom ... gs Jewellers #26 1501 Lonsdale Ave., North Vancouver Harlin ° 986-4216 east coal should remember the man who is_ unfairly providing a massive subsidy to its north-east coal competitor: Bill Bennett. Those who worry about BCRIC’s interest’ in the Powell River natural gas projects should remember the man who killed them in favour of BC Hydro: Bill Bennett. And all those who borrowed money. pay in- terest and receive no dividends should remember the man who talked them into it in the first place: Bill Bennett. When their bank manager insists on a demand note at 23 percent to cover the borrowing, will Bill Bennett agree to co-sign? BCRIC today has the image of a fat © and = un- successful holding company. 2IC mess BCRIC today, under new management, 1S trying to turn that around. | wish them well. I suspect that Socred apologists in the = stock market will dispute this analysis. and find Bill Bennett innocent. 1 also expect that his incredible blunder in 1979, and his utter lack = of foresight will prove for historians to have been one of the most senous of all the mistakes made by the coalition government. Would:the 1979 election have produced a different result if BCRIC shareholders knew then what they know today? Charles Barber, MLA Opposition Critic BCRIC tor UNDER NEW MANAGEMENT After spending 5 great years with Keg Restaurants, Gus. Kristjansson, has taken over the Black Sheep. Some of the changes you will enjoy include: . - pocket pleasing beverages, a new sound system, our friendly, experienc- ed new staff, a reasonably priced, yet extensive menu, and a vastly improv- ed Salad Bar, NO LINE-UPS YET. Why drive over the bridge? CHICKEN GRAND MARNIER Meoneiess Hreaviof Chicken NMfiarnia sr i elds with Sausce Crrartedl vervenf with Mirnularin COruetpea Sti as 5 Ont gos Is ateditte Natal Mar rice NM pure rash XW LU LDR DANY INI BLACK SHEEP 984-9595 Oar vervicev are preal ?dayyva week Heavenly cuisine open Span claily in Ne restaqurunt that waved to be aia hnrch BLACK SHEEP RESTAURANT 121 EF 12th, East of Lonsdale, PRESENTING: A mixed bag of courses, . both credit and non | credit that may interest you For instance: EXPLORATORY | FIGURE DRAWING | Ths is a fen week course on Saturday | mormings starting. . September 26 in which - students will study | approaches in drawing- the human figure. - Subjects wi molude. § anatomy and use of nen - traditional drawing tools. This is a credit free course and the anly | requirement is that you - tke drawing For mare information call 986-1911. tocal 327. 3 CURRICULUM - ENRICHMENT . Offered by the Early ; Childhood Education’ : department, this is an evening Course for pre- schoot and Day Care §@ | teachers This is a credit upgrading program and. precise. instructed by “well known South American anthropologist and visiting SFU professor Dr Bernardo Berdichewsky, this is a course which shows students the nature of Archaeclogy and some recent developments in the freid Tris course (Anthropology 123) runs Tuesdays and Thursdays trom 1 to 3 pm starting next week ENJOY READING? ENJOY WRITING? Here's an interesting credit course that will be taught on Wednesday evenings this fall -- Canadian Women Writers (Women 8 Studies 104) This course which carnes full university transfer prea will centre on female perc eptions of ute starting with Emily Cart inthe 408 and moving up through the decades fo current writers All the works studied will be by women who have tived In Hoe then bees Persons rot infere sted in credit can Audit this Course (attend and partigipate without Mong asmgnments or exams } allor a porhonm of AND TO REGISTER: VE yarn ferdee fo pert ays tes Pesrdere bee | tg taaty yesterday, Doth bt bee Two soe boas Today for oe os & On om and ton fer, Sept 6 wy tase Tg sod t Seer rrasy att "OY, ears won $2)