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'Page 10 ~ . TERRACE BAY NEWS April 27, 1961 KIMBERLY-CLARK PULP AND PAPER COMPANY LIMITED ANNOUNCES NEW LOAN POLICY "We are happy 'to announce a new and more comprehensive building loan policy, effective May 1, 1961. This policy is possible because of an arrangement that has been worked out between the Canadian division of Kimberly- Clark and the Imperial Bank. For those who qualify, larger loans will be available under this new policy than were possible under the old. Loans will be made by the Imperial Bank, guaranteed by the Company, Some of the important provisions of our new polity are as follows: 1. Employees may make application -to the Company for a building loan to assist them in the construction of a home for them~ Selves and their family. Such homes must be built within the limits of the municip- ality and comply with local building standards, | 2. Employees who qualify may be able to obtain one of two types of loans, depend- ing upon their financial circumstances, One of the conditions of qualification Should be that they have a minimum of $1,000. cash which they can invest in thei | homes, 3, For those who have a limited amount of Capital and desire to obtain major long- term financing through C.M.H.C. or other leading agencies, it may be possible to | obtain a bank loan, guaranteed by the company, of an amount up to $4,000, This amount will provide the employee with sufficient capital to enable him to qualify] for the long term financing, This loan -- will be secured by promissory note given to the Bank by the employee with repayment guaranteed by the Company. Such loans wil bear interest at 6%, compounded semi- amnually, and must be repaid' in not more | than ten years, | | | i i | 4, Employees who have a sizable portion of the capital required for construction and do not need major long-term financing, may make application for a loan in excess of °'¥ the $4,000, In this case the interest rate will be as above but the period of repay- ment may be extended to fifteen years, The Company guarantee in this type of loan wil be secured by a first mortgage on the property. 5. Monthly instalments will be made as usual by Payroll deduction, 6, Lots are still $150.00 each, payable upon Signing of the agreement to purchase a lot. Any further information may be obtained by | contacting A, Pattison, Mill Office ' ; Superintendent, local 241. (signed) R.G, Shirriff, Mill Manager, The-earlier a case of tuberculosis is ' discovered and treated, the better, the chance - of recovery, but thirty-five to forty per cent | of new cases are far advanced when first | reported. ee enc nS cn ca eager: KIMBERLY-CLARK PULP AND PAPER COMPANY LTD. NEW POLICY RE SALE OF HOUSES ANNOUNCED: We have received approval on a new sales policy for Company=owned houses as at May 1, 1961. It appears to us that the new policy may prove advantageous to many who have entertained hopes of buying a house. Many things will rémain the same as on the old policy. For example, the selling price will remain the same, and payments can still be made by means of payroll deduction, Houses will be sold only to Company empleyses The payment of taxes, insurance, etc., will still be handled by the purchaser. However, effective immediately, the Imperial Bank will actually loan the money for the purchase, and the buyer will sign a promissory note bearing interest at 6% compounded semi-annually, The Company will guarantee payment of the note. There will be no down-payment required, but the prospective purchaser will have to convince the Company that he is financially able to make the payments, pay taxes and insurance, etc, Of course, down payments will still be accepted in any amount. The bank loan must be repaid in not more than ten years. Extra payments on principal will be allowed at any time, rather than just on the amnivere sary date, as under the present policy. While minimum monthly payments may be somewhat higher because of the ten-year repayment time, we feel sure that the elim- ination of the down=payment will enaourage many more people to purchase homes of their own. Any further information may be obtained by contacting A, Pattison, Mill Office Superintendent at Local 241. (signed) R.G. Shirriff, Mill Manager. KINDERGARTEN SET DONATED. TO HOSPITAL On behalf of the Hospital Board and the Staff I wish to thank the Ladies of the Moose for the generous donation of a sturdy table and chair set to the Children's Ward of Terrace Bay Private Hospital. 1t is very much appreciated. (signed) Mrs. P, Buck Hospital Superintendent OUR ADVERTISERS Our largest source of revenue is in our advertisements. Without these we could not publish this paper. We therefore bespeak your custom on behalf of. our advertisers and we are sure that, quality considered, just as good bargains may be had from local store- keepers as from larger stores elsewhere, IMPERIAL PRESIDENT TO aDDRESS BUSINESS LEADERS W.O. Twaits, President of Imperial Oil Limited, will address a luncheon. meeting. of Northwestern Ontario industrial and business leaders on "The Challenge of Changing Economic Circumstances -- the Opportunities and Problems", The luncheon is sponsored by the Quetico Conference and Training Centre and will be held May 1, 1961, in Fort Wm. A niece and nephew, Mr, & Mrs, J. Mealey, and their two sons, of Colton, Calif. visited at _the home of Mr, & Mrs, ©, Buck last weekend,