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Page THE ALTON HILLS Saturday August Finance Minister Wilson using clever strategy TORONTO The other day I took Finance Minister Michael Wilson to task for refusing to ease his in rate policy Bui if economist Tom Hutchinson is Mr Wilson has been pulling the wool over our eyes He is letting rates fall despite his vehement protests to the contrary Mr Hutchinson works for International a financial market information service The facts are on his side For he past four weeks the Bank of Canada rate has fallen The bank rate is what he central bank would charge for emergency loans to the banking system The bank rate also serves as an indicator of monetary policy That because it reflects the finance ministers wishes as well as trends on financial markets So far the bank rate has not fallen enough to prompt chartered banks trust companies and other financial institutions to drop their loan and deposit rates That could change before long 1 Mr Hutchinson sees it Mr Wilson is using as a smokescreen his public statements that wage demands and inflation arc loo hi Behind the smoke he is easing the mono reins telling tints have beer the unusual willingness of the finance minister to talk to media I bun sitting around wit dung ill things going on and Dianne putting the pieces together he We have seen lots of com by Mr Wilson lately that in rales are staving where are in Canada because of credit growth wage settlements and the implications of the GST Mean while the bank rate keeps edging down Mr Wilsons extreme unit ion tan be traced to his January misadventure In January the hank slipped a quarter of a percentage point in one week The dram ilit drop sent the dollar into I who id to do funnel d m it is stupid Mi Wilson John row governor if ink of in id i I id to find oiih nth dm Mi it ius of sensitivity of Hit doll and whit about having another run on the currency he said So they dont want to say what interest rates are coming down have to do it covertly with one hand the table ACTIONS Meanwhile they are keeping up this big blustery anti inflation talk in the press say are not letting rales down but thev are he said This is really the only way it could work In Mr Hutchinson opinion the dollar is still vulnerable The only way to get rales down is slowly and gradually with the Bank of Canada holding a big stick over the market Whenever starts going tot quickly the bank will hit them In the meantime they keep This is good news for borrowers Mr Hutchinson thinks the prime business lending rate now 14 per cent will fall to per cent year end The prime is the ben against which lenders peg consumer and business loan rates Other economists are even more hopeful Ion Grant of Wood Gundy thinks prime will fill to 12 per cent by Mr lluttlnnson ex pi mis i sir tht minister Hit 1st few weeks It Mr is bout tin it in trial- with I ilk while A few simple solutions cut down on house heat This article is provided local Realtors and tht Ontario Heal state for Hit benefit of rs in real estate market This summer don let the heat get down If house heats up to 30 on the inside when it 35 outside take heart There are several relatively simple things can do to help ease the level of and heat in home transforming it from an en into the en it meant to be Start by your curtains and anv other window coverings during the day time A good deal heat buildup results from continuous sun shine pouring in uncovered windows You mav also want to con getting heavier drapes with in linings that help reflect the heat Awnings can also be installed over outside windows to cut down on the penetration of sunlight BRING IN Till- COOl Windows should be opened early in the morning to Id in the cooler air but shut mid morning once the outside temperature starts to climb When the temperature starts to dip again in the evening open the win dowsand let in the cooler air Fans are also handy at any time of the day or night to circulate air throughout your home It s also a good idea to leave doors between adjoining rooms open to keep air moving throughout our home If humidity is a real problem in your home you want to pur chase a These por tabic if of suitable for most homes remove moisture temporarily cooling the air as it passes through the machine Moisture from the air is then condensed into a container at the back of the unit which must be emptied when full Most ill shut on and off automatically in accordance with humidity levels in CI T DOW NOV APP1 During times of peak heat tv the use of lights and appliances should be kept at a minimum Try to do washing drying and ironing either in the morning or even when the outside temperature is generally lower Also to avoid us stove during the as mueh as possible Again early mor ning or evening use is belter and whenever possible use your microwave instead of vour regular oven to amount of While re doing vou can to cool down the main living areas of house should also consider the attic which can heat up to a steamv on a hot summer day late morning your will be hot your upper living area will be warm and lower living space will still be cool But by m all Ihe upper areas will be hot and the lower level will be warm At night the tempeiature in vour attic will dip to about but without good lion the heats becomes trapped If your attic properly ven dated you can install a natural Illation system to make use of he natural flow and help push the led lis ventilation systems which will help expel hot air and draw cooler air in using mechanical vents Mil CONDITIONING Air conditioning is another alter native to beating the heat hut like a dehumidlfier this method of cooling requires some capital outlay whether decide to use window units or a central air conditioning svstem Before you an air conditioner should determine what needs are The cooling of air conditioners is measured in British Thermal per hour The size of air conditioner vou need is dependent on the size of the room want to use it in takes about ifi to cool one square foot of floor spate If you decide to purchase a win dow unit check the efficient rating first The higher the rating the more the unit is Also make sure the unit you hive chosen will fit pm perls in vour window Central air systems generally have a higher efficiency than window units hut are more A central coeds jour entire house pushing coed air through the same forced air duct work that your uses in the winter Heat pumps art also effective beating heal Heat pumps work by transferring heat from vour house to the outdoors In winter a heat pump tikes heat from the out side and brings it into the house a a warmer temperature There are air snirti pumps and ground source Survey Completed Wednesday August MORTGAGE RATES ANNUAL INTEREST SIX MOOT ONE YEAR mo YEAR THREE TEAR FOUR YEAR FIVE YEAR TRUST COMPANIES Canada Trust 14 14 14 14 14 14 25 Municipal Trust A 13 50 13 13 13 13 75 CHARTERED BANKS Bank of Commerce A 14 14 25 14 14 14 Bank of Montreal Bank of Nova Scotia A 14 14 14 14 14 Royal Bank 14 14 14 14 25 14 14 25 Toronto Dominion 14 14 14 13 13 This survey was prepared to help the Herald readers track weekly Bank and Trust Company rates Plan ahead for renovations This article is by local Realtors and Ontario Heal OR for the benefit of in tht real estate market Does home need a facelift If so you probably want to hire a contractor to do the renovation work But before you sign on the dot ted line of anv contract there are several things you should know When planning anv type of renova it s essential to have a clear idea of what you want to do and how much you want to spend Once you put your ideas on paper you car tart to get your project under wav Depending on Ihe nature of the work vou want done you may also want lo consult an architect to help you develop formal plans tional consultants may also have to be approached for technical assistance If vou have a good working knowledge of house construction and have a lot of time to devote to your renovation project vou may want lo act as your own contractor and sub contract various tasks involved to qualified professionals This re- a great deal of organizational skill but vou can save monev If you have neither the time nor the talent to do this 11 have to lure a professional Contractors illv have a crew of individuals to do the basis renovation work while specialized tasks like wiring and plumbing are subcontracted pro fessionals in those fields DO Once you re ready to shop around for a good contractor take lime to do a little homework before a decision about who you re go ing to hire Ask your architect for nam of suitable people Talk to friends and relatives about renova tion work they had done If they are pleased with the outcome gel Hi if l Mil can also contact your local home builder s association to get names of renovation contractors Then contact these firms and get their business licence numbers Also make sure they carry uptodate public liability and property in You may also want to phone the Better Business Bureau in your area to see if any complaints have been filed against any of the contractors on your list If at all possible view the sites of other projects and get references from satisfied clients Once you ve confirmed the status of these firms pick three to supply cost estimates for your project Give all three the same information about your project so they can give you ac curate quotes You should also in elude any special considerations the information you supply to the bidders such as time constraints cleaning provisions and so on Your decision rest solely on the lowest bid in some cases an exceptionally low bid can mean that costs haven I been properly estimated Consider all the quotes carefully before making your deci sion should also get references for these contractors and heck them Once yeiu have chosen a lor you have sign a contract This document should include all pertinent information including a detailed account of the work to be done including any subcontracting work and any warranties It should also include a list of any permits which are required and an outline of who is responsible for obtaining them Renovation contracts should also include the overall cost of the work to be done and any payment terms is well as the beginning and finish