The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Under financial pressure United Coop reorganizes its financial affairs United Cooperatives of Ontario has filed for protection under the Companies Creditors Arrangement Act in order to obtain the lime necessary to complete a re organization of its financial affairs the largest agricultural co operative in Ontario has been under financial pressure since January when approximate debt fell due and could not be re financed Major creditors include Canadian Imperial Bank of Commerce MO million Canadian Co operative Credit Society Co million and Barclays Bank Canada IS million In addition is indebted to its members and other by way of unsecured debentures million and to a consortium of in lenders by way of first bonds on its Windsor Grain Ter million The Companies Creditors Arrangement Act is federal legislation which permits a debtorcompanywith funded debt to obtain a stay of proceedings against it while a plan of Compromise or Arrangement is prepared and filed The Cooperative has until September 1981 to file such a Plan with the Court In granting protection under the Mr Justice of the Supreme Court of Ontario also appointed Price Limited of Toronto as Inlarim Receiver and Administrator to have general supervision over the preparation and implementation the Plan to be filed connection with the re organization of In due course the Plan as filed will be submitted to the creditors and members of for ratification in the Order appointing Price Water house the Court has directed that the Interim Receiver and Administrator lake all steps and do all things necessary to protect the interests of the members and creditors of the Cooperative and shall maintain as far as practicable the services provided by the Cooperative The Court has granted Price Waterhouse the power to borrow up to SO million in order to adequately maul tain operations In material filed with the Court Albert C Plant Chief Executive Officer of stated that UCO s revenues exceed BOO million per year and its assets are over million employs approximately 1300 persons in its 98 retail locations throughout Ontario including George town in central feed plants across at the Ontario Stock Yards at Toronto in its grain terminal at Windsor Ontario and at its head office and dlslribu centre in Mississauga The Co operative has approximately direct members and Indirect members through its member cooperatives was incorporated by Special Act of the Ontario Legislature in although its origins go back to the early 1900s It was subsequently continued under the Co operative Corporations Act of Ontario and its presently governed by that Act The Government of Ontario and the Govern of Canada have previously indicated their willingness to give financial and other support lo provided certain conditions are met UCO hopes to meet those conditions as part of its current rest rue luring The Cooperative reported its first operating loss 1981 losses continued in and 1983 with the result that almost million of reserves were wiped out These losses were caused primarily by a major expansion during the 1970s financed almost entirely by shortterm interest sensitive borrowings When in terest rates in I960 debt service costs became unbearable Although the Cooperalive has substan reduced its operating losses by cutting costs and disposing of re venue- producing assets it cannot repay its massive debts over million without restructuring Mr C Garth President of Price Limited has indicated that as Interim Receiver and Admin- he will do everything possible lo keep operations running smoothly While the eventual restructuring may require certain changes to be made Mr MacGirr emphasized that there are ample funds available to pay wages for all employees Similarly suppliers can count on being paid on a current basis Farmers delivering grain and livestock to Ihe Cooperative will be protected In addition to Ihe SO million standby line of credit author red by the Court Price will have access to a monthly cash flow of over 80 million which is produced by norma operations Approximately two thirds of the Co operatives customers are its own members and Mr Plant is optimistic that their strong support will be continued After all they ore only helping them selves Mr Plant said recently Both Mr MacGirr and Mr Plant believe that the eventual Plan of Compromise or Arrangement will follow closely the in formal restructuring plan that was hammered out during lengthy negotiating sessions with major lenders and the Governments over Ihe past several months We would rather have avoided necessity of formal court proceedings Mr Plant said but in view of the com plexity of the task the number of parties involved and the fact that each party quite properly placed its own interest above those of others makes the supervision of the Courts necessity wW fflfflL GeorgetownActon Wednesday September 1984 Georgetown 15 N GEORGETOWN 8775108 Toronto Line Farmers share ideas on tour By KiRBY The problems of dealing with corn root worm deciding proper tillage methods and examining new seed variations were among the topics covered In annua Halton Soil and Crop Sunrise Tour held Thursday morn Ing Close to local farmers turned out for the morning session to learn a little more about the science of For some it was their first attendance at the annual event which was sponsored by the Ontario Ministry of Agriculture and Food In a day and age when farming is hardly a rich mans occupation it is necessary to make the most of the land and take ad vantage of newer and improved means of planting which may reduce costs That was the message echoed by a number of those present hoping lo gain some profitable knowledge Guest speaker Tony Vyn of the Crop Science Department for the University of addressed farmers on Ihe subject of tillage to corn and soybean plots Soybean la a relatively new crop in Ontario and is considered a valuable addition lo cash crop farmers Following nearly two years of research it appears that offset or chisel plowing is the best method of plowing specifically for corn crops said Mr Vyn With tillage representing per cent of planting costs it is essential to determine the most efficient means of tilling the soil And with clay soil a predominant feature in the area experiments In deep tillage have been carried out but with no great success reported Mr We have had no response to deep tillage in clay solid and if a tillage system is going to work it must reduce cos a and preserve soils he said Ken and his brother Karl were among those making a few mental notes on the lour Both quit successful and wellpaying jobs farm fulltime after farming on a port time basis for the last five years The two admit it was not an easy decision but they enjoy their work and knowing they are their own bosses For yearold Karl Wettlaufer it meant Riving up a a year Job as on auto mechanic but today he is supplementing his farm Income with a parttime teaching position at Mohawk College where he teaches his former trade The two brothers decided to go Into cosh craps following a trend away from livestock breeding Catlle require costly feeding facilities and fencing making cash crops a more viable venture explained Ken Wettlaufer The days tour began at the Line farm of Richard Sovereign where visitors had an opportunity to view a soil control device check out a com and soybean plot and receive some advice from Tony from the University of Gueiph From there it was on to the farm of Ed Segsworlh on Walkers line where guest speaker Tim Weller of Pioneer Seeds spoke on the current dilemma of corn root worm He also discussed the advantages of planting corn seeds at a higher population to determine yield response and ex periments currently being done with hybrid seed mixes For Scott Harris who has followed in his fathers footsteps farming both livestock and cash crops the day was well worth the effort You get a chance to see different crops and the potential for next year this tour gives you an idea of the varieties and you have a chance to see different practices he explained Scott Harris could be considered a part- time farmer In the winter months he can be found at the Glen Eden ski hills where he has a Job manning the snow machines The tour also included a trip to examine soybean plots put out by Fred Anthony on Sixth Line and and a final stop the University of Gueiph s crop rotation plot on Trafalgar Rd near Highway A hi if Tim Welter representing looser Seeds was on two speakers addressing local farmers at lha annual Soil and Crap lour Among subjects cove red wars the problems associated with corn root worm and determining yield response according plant popula- Phyllis MacMaattr Hilton Agricultural representative lor the Ministry turn and Food looks over a com crop at the Lin farm of Richard Sovereign with one mately Halton plowmen compete despite wet weather Ion The tour Included Welti to a number area turned out lor of com eeed varieties hB our Body heat from cows foots the heating bills Robert Bauman a dairy far mer in Waterloo County has discovered a new homeheating system that make his oil healer seem obsolete It is body heat from cows and he has of them now footing the heating bills for his home The technology Is new and involves heat recovery from barn ventllationalr For Canada its a first Ron Mac Don aid an energy engineer with the Ontario Ministry of Agriculture and Food designed the system from scratch together with a heating and ventilating contractor He the technology is all Canadian The Idea was con ceived by a dairy farmer here we designed system imple mented it and ironed out the bugs ourselves It took vision and Insight to conjure up the idea happened t cold waiters day when Mr noticed snow melting He realized quite a lot of heat was being wasted so he consulted a con tractor about the possibility of recovering that heat The contractor got in touch with MacDonald at the Ministry We looked into the idea and did some preliminary design work to see if the idea was feasible and we found that it was So we in stalled he system and have been monitoring it for just over a year The objective was to design a heal pump for home heating using dairy barn exhaust air as the heat source Depending on the density or the livestock and the type of animal housed winter exhaust air temperatures can range from around 10 degrees C dairy to degrees C growing finishing bogs and up to degrees young chicks The system was installed at the dairy farm in the fall of 1981 Basically it consists of an air-to- air heat pump the same might be used in a city residence Only instead of drawing its heat from ambient air It is drawing it from he exhaust air thats being taken out of the livestock bam There Is no actual physical transfer of any of hot air a suction line from the barn to the home carries vapor which has re moved the heat from he barn exhaust air The homes old heating system was a combination wood oil furnace Since the new heat pump was installed oil has been used only as a backup No wood has been burned In the furnace but some has been used in the kit chens airtight stove MacDonald says the occupants of the home feel more comfort able with this system probably because it has done away with fluctuations in room temperature previously caused by the oil furnace This because the beat pump cm run continuously In very cold weather while the oil furnace had to stop periodically Hostein Assn marks century September marks the 100th Anniversary of the founding of Canadas largest dairy breed organization the Association of Canada Within one year of Holstein Friesians being introduced into Canada the Dominion Breeders Association was formed at Toronto Industrial Exhibition with some breeders comprising the membership The object or the Association at thai time was to present the efforts of cattle to the public and protect honest breeders from those who might try to palm off grades rather than thoroughbreds on unsuspecting parties The first Canadian Herd Book was published in and Ihe Holstein lion was the first Livestock Association In Canada to achieve Dominion Incorporation The widening of Canadas role has heralded a new era for the organization In 1983 the last year of its first century Canada had over 15000 members and recorded 158472 registrations extended pedigrees classifications and 17750 exported head From a staff of six In the organiza tion has become a computerbased opera tion employing people The name was officially shortened to the Holstein Association of Canada Thursday rainy weather would have caused a washout for many outdoor events but not in Ihe case of plowmen The annual plowing match went ahead as planned with competitors jnr there were and according lo Plowmen president Lloyd Stokes was a factor in the decreased participation The junior class who placed in the first five positions all accumulated enough points to enter the International Plowing Match at Teviotdalc in Wellington County Along Ihe representing H Club and Junior Farmer members Barry Timbers of will be at the annual Sept Charlie Bird of Georgetown was best in the field of Junior competitors in Class two furrow He also received Stan May trophy us highest scorer in both ihe junior and senior matches Wayne Paul of was second in class He was youngest competitor and earned Lloyd May trophy for the best plowed land among those under 18 years or age Third went John Stu McPhail took fourth spot and David Bird was fifth All three men arc from Georgetown The winner of Class Tour or more furrows was resident Karl who also received the trophy for highest score in that class Freed of won Class two furrow and Bob Brown of Ayr look first in Class two furrow Second place went lo Barry Timbers of Milton In Class three furrows Herb Jarvis of was first followed by Cecil Patterson The Class prize went lo Howard Dunk of and Pickering was the first place finisher in Class five or more furrows The antique class was won by Kellh McKcnzle Andrew Mac Robbie of Mount Forest along wllh his two Belgian horses let his years of plowing experience show as winner of Jointer plow competition His two song competed against him In the horsedrawn plow class The will be at the Inter national match to defend his position of Reserve Grand Champion Horse Plowman earned at las years malch at OtlawoCarllon A horse shoe pitching contest was won by CM f Wrigglesworth wilh Ken second and Cecil Patterson third The farm of Frank Anthony at corner of and provided the home for he match this year Competitors were Judged for qualities like of furrow uniformity shape and Judges supplied by Ontario Plowmens Association were Gordon Brad- field of Peterborough and Ed Grey of Toronto An awards banquet was held at Palermo United Church following the match Hallon Furrow Queen Frances attended the banquet and will be representing the Region the International Rowing Match Thurs Sept