LETTER NO. L-59-95
SIXTH FLOOR. 900 HOWE STREET. BOX 250 VANCOUVER. B.C. CANADA V6Z 2N3 TELEPHONE: (604) 660-4700 ROBERT J. PELLATT BC TOLL FREE: 1-800-663-1385 COMMISSION SECRETARY FACSIMILE: (604) 660-1102 «DATA 96ROE&CGIPNGIWKP Variables»
VIA FACSIMILE December 4, 1995 «name 1» «title» «company» «address1» «address2» «address3» «city» «postal code»
Dear «name2»: Re: 1996 Rate of Return on Equity BC Gas Utility Ltd. ("BC Gas"), Centra Gas - Fort St. John ("Centra-FSJ") Pacific Northern Gas Ltd. ("PNG") and West Kootenay Power Ltd. ("WKP")
The Commission has reviewed the performance of the automatic mechanism to adjust the rate of return on common equity set out on Pages 39/40 of its Decision dated June 10, 1994 and has determined that the mechanism has performed favourably. Therefore, the Commission has chosen to apply the mechanism to determine the rate of return on common equity for 1996.
Accordingly, the Commission has determined that the appropriate rates of return on common equity in 1996 for BC Gas, Centra-FSJ, PNG, and WKP are as follows:
Allowed Rates of Return on Common Equity 1996 1996 Allowed Rate of Return Utility BCGas Centra - FSJ PNG WKP
on Common Equity 11.0 11.5 11.75 11.25 .. ./2
2 The calculation and other documentation in support of this finding is attached. Each Utility will be required to submit an application for approval to the Commission to vary its rates in line with the detenninations made in this letter.
Yours truly,
DWFllm Attach. cc: Mr. David Harrison Senior Vice-President and Chief Financial Officer
British Columbia Hydro and Power Authority
BCG/Cor/96ROE&CGIPNGIWKP Primary
Calculation of Allowed 1996 Rate of Return on Common Equity 1. 10 Year Canada Bond Yield Forecast Average: (Consensus Economics, November 1995 Consensus Forecast) 2. Average of 3 and 12 Month Forecasts 3. Add Yield Spread Between 10 Year (8.75%, December 1,2005) and 30 Year (9.0%, June 1,2025) Canada Bonds: (See attached pages from Financial Post)
4. Equals Projected 1996 Yield on Long Term Canada Bond 5. Less BCUC Forecast 1995 Yield on Long Term Canada Bond 6. Initial Adjustment Factor 7. Allowed 1996 Rate of Return Common Equity: Initial Utility 1995 ROE Adjustment Factor BCGas 12.0 -1.056 Centra-FSJ 12.5 -1.056 PNG 12.75 -1.056 WKP 12.25 -1.056 For BC Gas an additional 10 basis points has been added to the Intial 1996 ROE in accord with Commission Order No G-99-95 which accepted the Settlement Document which arose from the BC Gas 1996-98 Revenue Requirement Application. BCG/Cor/Calculation fo 96ROE
3 month Ahead 12 month Ahead (Feb. 1996) (Nov. 1996) 7.6 7.6 7.6 0.462
8.062 9.118 -1.056 Initial Rounded 1996 ROEI 1996 ROE 11.044 11.0 11.444 11.5 11.694 11.75 11.194 11.25
name 1,title,company,address 1,address2,address3,City,postal code,name2 ,Mr. c.P. Donohue,Manager of Regulatory Affairs,Pacific Northern Gas Ltd., 1400 - 1185 West Georgia Street,"Vancouver, BC",V6E 4E6"Mr. Donohue Mr. R.H. Hobbs,"Director, Regulatory Affairs and"," Corporate Secretary",West Kootenay Power Ltd.,Waneta Plaza,PO Box 130,"Trai1, BC",V1R 4N7,Mr. Hobbs Mr. D.M. Masuhara,Vice President,Legal and Regulatory Affairs,BC Gas Utility Ltd., 1111 West Georgia
Street,"Vancouver, BC",V6E 4M4"Mr. Masuhara Mr. Marcel Reghelini,"Manager, Regulatory Affairs & Rates",Centra Gas British Columbia Inc., 1675 Douglas Street,PO Box 3777,"Victoria, BC",V8W 3V3"Mr. Reghelini
BCG/Cor/96ROE&CGIPNGIWKP Variables
Survey Date November 13, 1995
Every month. Consensus Forecasts surveys over 200 prominent financial and economic forecasters fOr their estimates of a range of variables including fUOJre growth, inflation. interest rates and exchange rates. More than 30 countries are covered and the reference data. together with analysis and polls on topical issues. is rushed to subscrIbers by express mail.
COntents ~urvay Higtt';OI'ltS + ;., the United StatBs, GOP growth foreca.stS have been Significant Changes in the revised upwards again this month. fallowing the release Consensus._..._ ......_ ..._._.2 of encouraging data. for the third quarter. The predicted ~rend for 1996 is still one of modest growth and low Real Interest Rates inflation expectatiOns. It is widely e.xpec;t8d that the (continued on page 27)-_ 3 Federal Reserve will lower interest rates. to stimulate domesticdemand once agreementhas been reached on Individual Country Forecasts 1'10 budget proposals. United States 4 .. in Germany, current indications suggest that Duslness Japan 6 actiVIty has fmlen in the third quarter and. consequently, Germany 8 growm forecaslS have been downgraded for both 1995 France _ 10 and 1996. Despite a recent fall in Ut1smp!oyment In tne United Kingdom _. 12 west, the east German employment situation remains JraJy _.._ _ '4 diSappOinting. Wl1h the outlOOk for 1996 one of weak Canada 16 growth and high unemployment. the budget deficit is NetherlandS 18 ;'orecast to increase next year. . Spain 19 Sweden 20 .) :n France, weaker business and consumer confidence !13,ve resulted in downward revisions this month to all of Austria. Belgium, Bulgaria. Czech ~!'lemalorgrowth indieators. Proposedgovernmentspend-Republic. Denmark 21 ingcuts, coupled with highunemployment. is expected10 Egypt. Finland. Greece. Hungary. Israel 22 ;<eep private consumption weak in 1996. Ireland, NOnNay.Po~.Portugm.Romani~ Russia. saudi Arabia 23 +- ;n tne United Kingaom, the manufacturing sector haS Slovakia. SlOvenia. SoU1h Africa. performed worse than earlier estimates SUggested. Switzerland. Turkey, Ukraine .....•...• 24 prompting further reductions to forecastS for bOth 1995 and t996. The OutlOOk for inflation remains optimistio as Foreign Exchange and Oil Price demand is weak. raISing tne posslbJli1y of a further cut in Fo'~sIB _ ..._.__._._._•••••••_•••••••• 2S short term interest rates. COrporate Profits _ _._ 26 + Our special survey this month examines likely trends in COrporste ProfitabUIly on page 26. Also included this World Economic Aetivily month is our periodic: analysis of Real Interest Rates. Table _ - __.28, which is presented on pages 3 and Zl. CIaIIs_ Fo.-a (ISSIN: Cl8574llill) II...,...br CcN_ ecClll.....a "'co... SI_1\1_ A. 3,-c !l3~ea.~ LGniftlll. WtY ILT. Un_ l<Ingr/Qm O 1OdIIlr.~ Co~ Pullllllllr. PIllIIp M. H....,; • Tet ,7ta4ll1 3211 ~*'7'0401 =t
6044436696 BC GAS CENTRE RM734 Awrage '"Change on Previous CiJklnd"r Ye:iJr Gross ~ Mad11f18ry Domesac ecpencHtur. & Equipment Product lnvesImcnt
ProduJI l»ptmIl8tt_ Inwt:safte- 1nrItNieu, ~ BtuI 'on•• ment '*tsSCld4W. ProdUl:tIt al/llfttlmp6l& EccnomIcFOI'WCI&lII8r.5 1995 1991 1895 19K 1995 1996 l~ .IPMorgancanada 2.4 3.1 1.7 3..1 11.1 8.4 NesblllBul'1'ls 2.4 2.6 1.7 2.7 12.1 9.1 15.5 B8nkof Montreal 2.3 2.8 1.5 3.2 122 as 17.1 C8Is&e de Depot 2.3 2.8 1.7 2.5 12.0 9.& 11.7 1nfonn.81rIC- 2.3 1.6 1.6 1..3 14.5 6.5 11.5 Bank of NovaSC'otfa 2.2 2.5 1.7 2.2 12.S 9.2 20.0 BunringWareUI9 2.2 2.6 1.5 2.3 11.6 8.3 13.6 ClBCWood Gundy 2.2 2.3 1..5 1.8 11.8 6.3 13.3 Conf Boardofcanada 22 2.7 1.& 2.1 12.1 10.3 11.0 fn:IdILIIeof PoUt.:v AneIpb 2.2 2.7 1..4 1.6 12.3 9.6 12.9 Ltnresq...s.ublen 2.1 25 1.5 2.0 11.9 4.1 22.0 NasIanal B8nk of Cia..... 2.1 2.2 1.4 2.S 6.0 5.0 9.0 Q8C 2.0 2.7 1.9 3.0 12.4 a1 19.6 RJehaldconGrIRWIShlefds 2.0 0.7 1..5 '1.0 7.0 2.0 na Roy~ BaIIkoC Caft8da 2.0 2.1 1.5 2.S 11.8 6.B I1ll SUn Ufo 1..9 2.2 1.6 2.4 11.4 7.7 9.4 co......u.(Mean) 2.2 2.4 t.8 2.3 n.4 7.5 14,.,& Luc lIon....·sMean 2.2 2.4 1.8 2.2 n.4 7.8 14.5 "MonrIIsAgo 2.3 2.3 1.6 2.2 9.0 6.0 13.9 HIgh 2.4 3.1 1.9 3.2 14.5 1D..3 22.0 lAW 1.9 0.7 1.4 1.0 6.0 2.0 9.0 SIandard Devtatlon 0.1 0.6 0.1 0.6 2.1 2.3 4.2 Comp:1lrisOftFGrecl1&1S MIn- ofFlnene6~••ss) 3.8 2.5 IMF (eeL '85) 2.2 2.7 OECD(.funo '95) 3.9 3.4 2.1 3.2 GAvemment and Background Data P~lIJJIister-Mr.Jeanariti..,(Uboral).Govemmen'-lh.UbGtals f hold 177oIUle 295 cooGle in p:riament.Next ElectIon - P3IIi3memary by OC*>b8r199B. NondnaIGDP-CS150.1bn(1S94).Popu'adon029.3mn(mid-year.1994). C$l$ED:tumge~.1.37 (GYerag&. 1994). Quar18rly Consensus Forecasts P8rcftnrage Change(yesr-an-year). HomSurvey:September 11, 1995 1985 1996 1887 Q2 Q3 Q4 at Q2 Q4 at QI Q3 Q2 ewrent .Account, C$ bn GrosSDOtnell:8c L3 2.5 1.:1 M 1.5 2.S 10 3./1 :1.1 3.0 Ptodue:t Rldern.l GoY! Budget fliIIr.sonlll 1.8 1.S UI 1.6 2.1 :!.S 2S 2.5 2.5 2A eq,enditunt 3 mth Trsy Bills, % (end~ 1~ Yr Govt Bond. % (end yr) Consumer 1.6 2.7 2.5 2.7 2.4 23 2.3 2.3 2.2 2.1 Prteea CtmssfSlJS Fomcssl.S shownin bolditaliCS 16
F-548 T-674 P-002 DEC 01 '95 08:48 Anay.TOlal Pre- TWJt Indut;wl;al Consumer Indusarlal Housrlg F/olits Producdon Prlcas ProdUa Sums Priess (thousand UMS)
BI1ttr4f1t»5 Ptoctut:rion PI'i.J:.'" PI1Jt~ ontill IntlU&flfeJ/e~ Produhs ~ lion IndUsfl1als "..".... chamer. mJHJan; 1896 1995 1996 1995 1996 1995 1898 1995 1996 nil na na na 2.5 2.9 M Nt na na 9.0 • .2 2.3 2.3 2.5 8.0 4.0 n2 135 15.3 na tlIl 2.2 1.7 na na n8 135 0.9 4.0 2.5 2.2 1.8 na na 111 137 -1.5 4.6 3..5 2.0 1.6 7.6 4.0 112 135 12.0 3.6 4.S 2.1 2.3 7.7 73 113 123 10.5 3..5 5.0 2.3 2.6 7.4 1.2 115 145 at 42 4.5 2.1 1.7 a1 4.0 112 130 &.3 4.3 5.4 2A 2.8 8.5 3.4 114 153 16.1 na na 2.2. 1.6 no. na 115 148 12.0 2.0 3.S 2.0 2.S ria na 100 120 10.0 na nil 2.& 2.8 7.8 5.0 13) 140 4 , .8 . na na 2.3 2.5 na na 108 140 3.0 1.0 2.D 1.0 ria na 120 130 na na nil 2.2 2.0 nil na 115 133 3.9 Nl na 2.4 2.1 na nil 119 141 a3 3.7 3.& 2.2 2.2 7.9 4..2 t14 136 10.D 4.2 3.9 2.3 2.3 7.8 3.2 117 140 9.0 2.4 2.4 &.7 3.D 126 146 16.1 4..6 5.4 2.6 2.9 8.5 7.9 120 153 ·1.5 2.0 1.0 2.0 1.0 7...4 1.2 100 120 5.3 0.8 1.4 0.2 o.s 0.4 2.0 5 9 1.3 1.8 2.1 2.0 Historical Data '%<iharweonprev;OU$ywJr 1991 1992 1993 1994 Gross Dame&tlc produc;te ·1.8 0.8 2.2 4.6 Personal EXpenditure· -1.6 1.3 '.6 3.0 Mad'llnery 6: Eqpt. ll1YestInenl- 1.4 o.e 3.9 11.6 fnit - Tax Proflts C -22.3 0.7 20.2 36.1 InduS'lrtal Produc.rtign C -42 '1.1 4.5 6.S c:msumer Prlcs.:- 5.6 1.5 1.8 02 IndusU'1a1 Pl"oduCl Prices- -1.0 0.5 3.3 5.8 Housing Sl8I't!J. '000 unillii '56 168 155 154 unemployment Ram, ~ 10.3 11.3 11.2 '10.4 -27.0 -25.9 -28.8 -22.3 BalBnce, fl5cal years. C$ bn -34.5 -40.5 -42.0 -37.9 7.2 7.1 3.9 7.2 82 8.0 6.6 9.2
DEC 01 '95 08:48
VeII,Avg AnnualTaall RealYIrlIIS Raleson Survey Data :i)omestic Demand Remains Depressed (Apr-llar) &.D'I' 7.6% itt spite ot an encouraging mOnthly GOP report for August UnempIOY- CUrrent FodGr.lI 3monlh 10 Yoar C:lP 1.2% year-on-year). our panel's growth forecasts have 1I"IM11 Account Go'" Budgo« "h'eeeurv Govornrnent remained unChanged this month. Although ttle main causes lb. (~) (CSbn) Bal.ance BIll Bond of the down1\Jm in the first haJf of the year. high short-term (CS1m) Rale(%) Ylold(%} :nterest rates and the slOWdown in the United States. havl:: T~U%dfI 8lI11Jnce DlIIt:/l Remiemcnt surl_Sons bOth largely reversed in recent months, sluggish domestic CttfImage Clxinlnto ~ ddObll~-(CSmtl) (C$mdJ duTnSsardil i01t!Jd' clemand is continUing to act as a drag on GOP growth. Now ('Jr.) 3mof~"'" d. fOarns" !1at the Quebec referendum has been held, the main focus 1995 1996 1995 1996 FY9S Ft96 End End End End r:as returned to the bUdget deficit problem. The federaJ 1J:eb'96 Nov. Fob'95 Nov"96 governmenrs two yearplan to eutthedeficit, announced last 95 &7 -18,0 -17.0 -30.5 -24.8 6.7 7.6 7.7 8.3 March, was back-loaded with substantial spending cuts in 9.5 8.9 .18.7 .laO -28.6 -18.9 6.1 5.7 1.6 7.3 t,l1e second year (FY'96) and this is likely to hold bacl< 9.6 9.2 -19.0 -15.1 na na 5.7 5.5 7.5 7.2 personal expenditure growth next year. Despite a lise in 9.5 9.1 -19.3 -15.4 -32.0 '25.0 6.3 7.8 7.4 8.4 t:emand in me United States, inventories remain at higtl 9.6 9..8 -19.7 ·16.7 -34.2 -zr.o 5.S 53 7.6 7.4 lsvels and forecasts for industrial production growth in both 9.6 9..3 -20.0 -17.0 .$2..7 -24.3 6.0 6.7 72 7.5 ~995 and 1996 have been revised downwards this month. 9.5 9.S -192 ·17,9 -32.7 -28.0 6.1 7.0 7.7 as Weal< domestic demand has kept consumer price rises low. 9.6 9.3 -.20.4 -m.7 -32.0 ·24.3 6.6 7.1 8.3 8.8 a.l c'cspite an increase in producer prices stemming largely 9.6 9.3 -18.4 -11.0 nil na 6.7 &.8 S.O tram the recent fall in the value of the Canadian dollar 9.5 9.5 -19.6 '13.8 $1.1 -24.0 5.7 5.S 7.5 7.3 1.8 ?gainst the US dollar. Our panellists expectthis to continue 9.7 9.2 -laO -151J -32.0 -25.0 5.8 !is 7.S 9.2 -20.0 into 1996 and have, consequently, revised up forecasts for 8.4 ·16.0 -32.0 -26.0 5.9 6.0 7.3 7.1 &7 na na ..31.0 -24.0 6.1 6.6 7.4 7.5 producer prices while downgrading forecasts for consumer 9.5 9.s 10.5 -310 -25.0 -32,0 -3.0 5.8 5.4 7.6 7.1 prices. This is likely to impact on profit margins and is a as 9.5 -19.5 .12.8 -32.7 -24.3 5.6 5.0 7.5 7.0 C'Jntributing factor towards the reduction in torecasted pre--as 10.1 ·tau -22.2 .33.0~ 5.9 5.5 7.5 7.2 tax profits for'996 from 1O.()% to 8.50/0. 9.6 9.4 .19.2 ·16.9 -32.3 -24.7 6.0 6.2 7.6 7.6 l1iemonthly traaesurplUs forAugustwasarecordC$2.69bn and is expected to have remained at broadly thesame level 9.8 9.4 -19.3 -15.8 -32.5 '24.2 in September. Demand for manufactured goods in the USIs 8.6 9.4- -17.1 ·16.1 -31.7 -24.5 graduany increasing and in August exports increase<' 9.6% 9.8 10.5 -18.0 ·11.0 -28.6 -18.9 G.7 7.S 6,3 e.G (month-on-month) after a declineof 6.1% in JUly. However, 9.4 8.7 -20.4 -25.0 -37.1 -28.0 5.5 5.0 7.2 7.0 nfJWtha1theuncertaintyovertheoutcomeofthereferendum 0.1 0.5 0.7 3.8 1.9 2.0 0.4 0.9 0.3 0.6 if. over, the Canadian dollar is expected to appreciate s.ightly. which may cause exportperformance to weaken in the coming months. ThisWIll have an adverse impacton the 10.8 9,A .32.7 -24.3 current account and. consequently, although forecasts re-9.7 9.4 main more optimistic for the current account deficit in 1996 9.4 9.1 ltan in 1995, they have been revised upwards this month fr.:Jm C$15.8bn to C$16.9bn.
Real Growth and Inflation 12 J '," , 10 I \ \ 8 . \ I , 6 , 2. o . 1 .++-+-.....-4_-+-_-"" ·4 - Real GOP (0./. c:hg)'O)') - - -Consumer Poces ("Yo chg )'DY)
Short and Long Tenn Interest Rates 'Y. :! .............O+•••.I·.I·I·t-i-'f++-...,.,~_H-1++-oI-, 0'86 0187 Olell alB':} QI'JO 0191 0192 allIS 01114 OlliS 0l9lil - 3 Mth Troa:sury Bill Rotc - - _ 10 Vr Govt SQtld YIOld 17
·L4S CobalIIIgll 2!l.OO 28.25 28.2S Nat. gas • tIf!lre5S lo~ l.lJ.l .1.09 GaIium in!Jll 29O.lXl 29O.lXl 29O.lXl Ptwane (SarJgal) 3S.OO 35.00 Genmnun (kg) 95Q.OO 95Q.OO 95Q.OO Ptwane (&j'nJgal) 29.50 29.50 IntiIIn in!Jll S5Q.lXl S5Q.lXl S5Q.lXl (1lg) a.ane (SarJgal) 3S.5O 3S.5O ltry Mapsun(lne) 0Xl00 onm onm 23.50 23.50 a.ane(&j'nJgal) Miqlnese (Ine) l66Q.OO l66O.OO l66O.OO Oil . DIiIr%" Ml!r'cmy fta:sk . 145.00 . 145.00 145.00 (CS perllarTt!O lies .USS-' Mct;bd.feT.Otll) ll5ll ll5ll 14.00 It.SIU(Cluner) 2lJ8 2lJ8 4..5235 lDXl ll.ll3 QJiclIsMr 25IlJX). 25IlJX) 25IlJX) It. (&in) 24.lll LOOXl!B 0JD)Il25. n1 lUhriIn (liz) 211JI 211JI 2lIXl ~:- 24.lll "~","","~"." .~...............n'4J.fi1 5eIenin .~.an·a..n.,., .....",.", .~.a.u..d.ebarrel) 17JO 17.25 = Q.53f9 0.3953 Q.Sl. Tadaile 26.lXI 26.lXI 26.lXI Arab Il'Ild. 14.S0 14JO 3Bl1.i5 = 2.a:a5 . 5 a l . l.l : l3 TiI3rlUn(kill): 6.2ll 6.2ll 6.2ll BcnyIL:;. 17.50 17/D o.a:m Q.6l7l -il76 TlIllJ'ilI!npowder l2.69 12.69 l2.69 westT_d.' 18J3 1Ul T..........~·· ......ei1 .: Q.2lJ2 .llJ!WU..Q.8l (USc:eriSperbllliesssl3ll!d) (USc:eriSpergal.)., .,. 0JIJ1l4 Q..lI29'J(», n1 ArabicaClifee. 1lL92 113J] -ll5.O4 us.QI.' 488l 49.85 ll.llil9f llQ'lIIZ1' n1 IldIIsla lXlIfee lJ1,l.25 llI9JS' llIl.25 NY ItiItlor . Sl.«I S2.25 Q.So01 Q3JlB -oJO Cocoa (USS11Ile) 14!8JXl 1S32.lIl lS76.l1l u.s. lumber aJ'JJ11!' lllDl60 -092 ~v.b'iIll· l2lll l2l ' D ~ 12.03 (IJSS) - -' = ~ ~~ ~~ Q.S8653 0.43l7B Q.04 Canada grains' -'. l.lXXl53l QlXlJJn n1 (CSperllme1ll1lulder~ '~~·.;:,:;:.;e.. S lldm lt t I ll l l . .llIm.fir 345.IIl 345.IIl 37SOO 37SOO lJ11fJ!/1 Q.lDI2IB lUJ2 CanaIa ,•. :~ 386SD ", ll4.!:' -!I'.II) WSlmlllJllD1llll 241.00 2«lJ1l 03I1l lI.2I567 n1 ' . • _ o.lMI52 lIJXMl n1 lUl\8.: 0213l --o.m. Convertible debentures:; .~, l.IllJ]ll7 o.rDJ3I6 lllI setected gtIO!!bOR! on lIClMlIl' lrlIlllICl-. provided bV RIcIl8mson~ Q.QlllB Q1XBl2 ~ n ~ ,.,."". .~...m...-...... .,".,....,, ,-, ..',",' .."'. . .. .....-., --', ., .......r.r"- Y1IW S p I r I i I c re e e..-.. ePri-ce. 0.2D72 . 0J526 -il72 AbUi m.-Mar-Gl 7.85 143Jll - -L«I L56 2l:JS 6fj/ lll!iUl: . o.mtiI -o.m. AGf~; ~ 7m 99m lS-«I.- 719 l6.75' sm Q.l5«l Q.ID!l8 n1 AGf Managemett 6J5 95m 1591" 735 l6.75 4:T1 .)Q2J19'Q.l]5l n1 AP:oEagle(lJSS) 2].,Jano(I4 3SO ll3.3II Q.23 6.l2 1238 5.S8 mJ2Sl Q.lXXXJI84 4U11 Ai' CanacIa. .. »ApNl) 8.lJI 97.25 47.94 8.43 4.15 l2!/J IUXBJI.,: Q.lXI5!IO": n1 "... _. " (Il-ffll.04 75) l:Jl.25 lQl4 3.26 25.i'5 4.S5 L7.JIO"' l2lII2.: -0.46 IlemlGoId(USS":' 2lH1!lHII' 7.50 1l5JI)' 21.47, 6.14 L69 48.7ll 2.OllB ,l:.~ .. -QJ2 Braan,~:. JSoQ:toOZ 7m llSJ5 lJ9 4.1J. 22.lIll sm _______1Cllc:ades- "' ~tug-G1. 7.2$ l2Il5O' 7.44 . 4.l2 __ 7.25 lS3lI ' • al ':: " f. ~ i: ; ;.::.1b ~ . ; :. . ' }:; ''''" c c : : a a n n t t r r i i d d I I l l e e ~ ~ m m... . ...... ~ a3 8.lJI 9QJ5 4913 9.8l: lL8B 184 , .;::.... ." 6JIJ' lIlID. 34.lB 9.5S lL8B 4.44 .k 5&k AS QIIIilriIge~ m...ut04. 75) 85.25 (JJ:l7 1OJ3: lL8B. 2.82 225 ll5Jjl)' LOO93B canamMillK ..; m...~, 8!/J' lIJlm SIl.lD . 8.. Ul lD.OO' lD.OO J44 '1iB49'J6;. Q.7G.5 aa''' .' . ':r... 3l-Mi!y1M' 7.50 ~. 24Jl' 7.83. 14.811 sm D 1.2291»' Lll7!i52 ~HeialIDrS:~ 3l"~ 8.lJI IIISll ~. lll.99'" S..&1 s.:n ,48 81516"~ 7S92 QlnsoidaIl!dftlfield 3l......al. am'" 76.l1l 9951 l3JJI 0.25 L48 1174 o.ss:m 0.4B472 DevtIk.·I" Jl-~'" 8.lJI ~ 68ll. 8.93' 3J5 833 _ . 4.23ll86 l7ll15ll DomeD JnciIslrieS lS-ApNl) 8!/J llI5}5 9.74 7/iJ 211JI 4.S5 m' ~:.:;';' 0JII5ll6 DomI3r,.!,:-':, ~ 8.lJI 173.11I.- 3.29 lUll 1O.lII lS3lI 'TTl 114278:,:".:.- £maIIrQIsIries Jl-~,. 7.25. B4.IXl. 67.83 lQ.76 sm 5.41 195 456.~," S2L63 £maIIrQIsIries 3l-oec-oo 8.lJI 9lJII" 633/., 1OJ2 sm 6fj/ ______.1 t-tarmacPaciit~· 0+0cHM' 8.lJI lJ1,lm lB.6Il 6.64 14.6) 6.ll6 . c".;.';: k:;...-W.: HaIi9!r' < m.-NcIM18 7m 96.15, 2IlJ6 8.21 l2llB 6.lIl ,n ..tn' ;.;,?! .• ~ HarslIam(lJSS)':J.&oNIwo18 l2S 9lJI): 6.45 184 26.25 125 .;;.;.;;::;:.__..;;;.__ ~ Inco(lJSS), _ l.5-Mar-16 7.75, lJ1,l.5O 14.94'. 6JII 3S.6l 2.6l 3-tr ..." s.,r Itml!t < • 25-.»99 7.50 llXl!/J 25.83 134 lII.25 721 l.3923 LG7 L4348 Itml!t ~ 29-5elHl7' sm 74.00 ,34.lI2 8.S3 lII.25 4.7l 8ll.6l 8S.76 83.46 1YacD lS-....:ut 7.50 7S!/J 24.98 lD.OO 18J3 lD L4lB2 LG12 L42l8 KauIellilQ 2&.»98 7:15 99m S9JJJ 8.l7 - 4JJ) s.:n L4732 L4456 L42D7 MaclllO' m.-MIr'07 sm 7ll.OO 26.66 7!11 l6JII 3.49 .' ._ Map IrQIsIries 05-tlIH6 7.25 114.00 14.28 536 5ll.8ll 166 Il7l83 Q.i'lP3 D.69iO Mark Rescua!S . ])-fbo-04' _ 8.lJI 92!/J 4B.ll 9.25 _ 6JIJ ,8.lJI 63.6S 6O.B4 58.17 J.laIIiIlarclulPrcp 1l·Mar-04 6JIJ 72.25 43.22 11.23 lJJJ 25.64 1~ lOO79 0.9989 0.9909 ,NGlleQire' ])-fbo-04 9m ll5.IXl 29.41 1174 4.65 l2.9O 2.ll51O 2.ll3IIl 2.lI3lD Noranda" 29-11;1-(iJ sm 9lJII lO.l3 6.ll 2B.63 2.ll6 . __ "';;'.. Nora!n E!1erIlr ll-MaNI7 sm 87.m 13.22 6JD l8BB 4.00 ______.1 ttmlCfnerlIr lS-~ 7.m 89m S5.26 932 5.38 7.41 "w"ur.-t-.es R ~&lipMIrpon(lJSS) J lS h -O U cl r -O i O 8 6 9 J m IJ l ll I L J O lm O 55 8 . . I 6 lB 3 8 3 . . 9 5 9 2 6 7 . . 3 5 4 0 l6 s.O.sOa um U mililOft. d ln .. d .. iC_ Repap(lJSS) m..Aug097 8!/J 104.00 21.65 5.94 5.50 14.8l ve'... ",.,.my RlJgerSQlnm .' m.-!ieIl-99 7!1J 96.00. 28.34 8.77 14.25 4.83 Price Y1IW b1eIMellIIs 3l-cr.t-99 9m 96.00 79.47 lll2I6 ltD 5.«1 SlLau'eri Paper 1S-tlII-04 8.lJI 14650 5.47 2.04 21.50 6.44 SIJ!Il:D 3l-Au9-98 7:15 lIJlm 79.82 7:74 5J5 lSl l0L76 6.23 Taisman m.-oec-oo 8!/J 1OOJ5 690 8J1 25.SO 119 lOl.68 6Jl) Tenilec m..1<ult03 7.50 137m 6.93 2.23 12.7S lD.OO ~m". 6.23 1lDTInark 3l-.1an-98 8.lJI 97m 35.S3 9.$ 18J3 145 lO2.1l 6.56 .... PelroItun m...ut04 7.50 ll,4.25 2L64 SJ9 4.70 19.D5 l0L36' 6.65 I8.l.5O 6.911- P""'lium ,. alated ••• percant.,. .nd I. Ill........nt oaid In ellC." of Ill. m_ ..... of tile L04.95 6.92 bond'S .nClerlyinl .".,... Yields ere c..culated to mat."". L053l 6.93 How to read the Teo, Index Options, Futures Prices and lOlDl 7.m LOO.56 "- 6.80 Futures Options tables Futures prices open interest reflects previous trading day . CBOT - Chicago LOl3O 6.7B Board of Trade; CMI _ Chicago Mercantile Exchange; COMIX - New York oo.u 6.QS Commodity Exchange; FINIX _ Financial Instruments Exchange; IMM - 0156 6tH Intemational Money Market; CSCI- Coffee. Sugar. COCoa Exchange; KBOT - I PEl QQ.19 6.32 Kansas City Board of Trade; MPLS _ Minneapolis Grain Exchange; ME - IPEl 04.95 7ZJ r;V;, ~ ~t ~a~~lfY~';- "!ew York CottOl'l'Exchange; NYME·-:.rNew York 1~ 0l.79 02.45 PM- : Mercantile, Exchange; NYFi - New York Futures ExChange; r - option not ~,.; 6.89 Itraded;' •.._ no option offered; T - Toronto Stock Excnange; 11'E - Toronto Rps! 657 '8.403 • .•fFutures EX~hange; V~..vd~ul/et.StoWExolttrng~!WP~Wlmupeg.~~.: ~''-OO~1'J..'A/lr1f99 97~ 6Ji' 'US,m jl" M9
loW I U$) Oierl1l\Jll "-'Xl :loX> :>.X> 3S.OO 1"lll1ml 5.Sl 5.Sl 5JS "S'i'l'O'' 29.50 l-1lllllCIl 5.62 5.70 5.75 5.50 Bank Rates 5JJJ 5.56 5.44 3S.5O 6-manltl 5.43 canada u.s. 23.50 CS l-t'nlnIl 5JS 5.6ll 5J5 6.lIl [»A l-1lllllCIl. 3.82 179 178 196 Bar*of can.1lIIe 6JJ7 DisaU't IlIIe S.25 'Il:N l-t'nlnIl 03l Q.28 0.25 Q.lB Prinelllle 7:15 Primelllle 8.75 GBP l-t'nlnIl 6.6B 6.62 6.56 6.62 Cal Loan AwnI.1t 6.25 fed Funds 6.lIl 2U5 I~~-~-~---~-------------233i' Bonds ~E'C;' -"or tv 01/ 3 " 16Jl5 SuODlIed by _"Ii" V.h"tiOn Co. from,.RBC Do_on _ritl•• .....1-- from ".ut.,. lUI c..- iIIt..... BidS YId% e.t- ........ Bid$ YId% 17.20 BerUm8Ik--.es~ll'/ttIllBlr1k labl!t lII.25 Q:tlSlOl ll3Jll 733 170 at ca-. - listed in bokltaC:e.~ labl!t 9.25 Allr1lll2 llB95 7.15 benI:i'Il18ll<.(O)-(lld~ labl!t 7.50 DeclllD ~ 7JJ3 Canada CMbec 93/ Janl6l23 lllJ3 833 49.11) a.tC 6.lIl DecllW 98J9 6.45 labl!t 9!/J MarlllZl ll2.6O 8.32 S2.55 a.tC &25 AugJ199 lDS.l3 6.64 QBIel: IttCiD 1OS7 .u2SIlIl llS.38 lUll OK 8!/J Dec1199 lll6J4 6.66~ &l2 feb 4197 lal.25 6JB 6.786.76 Corporate 23UXl ...., _ •....,............, ====--------Jl5JXl a.tC 7:15 DeclJlJ) lIl3Jl2 6.ll3 1ST.., 9.50 AugWOC 1W8 753 23UXl c c a an n m ma a 9.25 ~ May1J96 l.Ol1J 5 ~ .S7 AlaHItGIs 8.«1 .u15lO3 lD4JB 71.3 7:15 l!iI96 l.OlJB Ava! fin - 1]5 Mar l5IDl lll5JlII 7J3 CanIda (0) 8JlO MIr J5I97 Jll2A2 6.00 aeGIs 8!/J Aug26/U2 105.50 7.44 canma 7.5O.ullW lD2J7 6.03 aeGIs 8.15.u2111113 1lI3J3 7JJJ CInIda 00 7. Sell J5I97 lOLSl 6Jl8 a eTei 7.25.u1Sl'\lB lII1:JS 6.5l CanIda (0) us Fe IJ!l8 1llOJl8 6.3l aeTei 9/D .. AllranJ. lJ6.lIl 8.l6 . t . ' . -. --o. e .... -... ' , -...... , . /V .. 1 . ' . " .. OCE 9JJ) . •• . ~._...7- ' 104.25 6J6 lS.al CInIda 00 8JlO NcIIIJ!l8 1OU7 631 OCE 7J2 MayllW 1Ol.25 6.S5 20m canma 5J5 Mar1l99 97.98 6.45 OCE B95 Allr1lll2 1117.50 7.44 'JJJ!J1 QnIdI 7:15" 5elIlJ99 lIIllW 6.S5 Bel 9!/J.lII15flI2 llDJB 73/ 17.93 canma 9.25 Dec1l99 lJ1,l14 6.6l Belc04 9.45 MarlJll llBllB 8.04 8.lJI e:.-da (0) &.SO ...1M 106.67 6.66 Bel 9JO Dec15f.t2 ll7m 8.23 22m e:.-da 00 7SJ Sell 1M 103Jl) 6J2 lllcoft.bin!lll 8115 .lIIlIlD 1lIlJ3 7.42 2.ll5 canma 9:15.l11lJOl lll23 6.B2 lllcofMclireallll8S DecIWl 124.00 70 20m canma 9.50 Q:tlJOl 1l2JS 6.89 lllcofHS 8.10 Mar24IIB 104.00 7.38 6.5lI canma 9J5. DeclJOl lll95 6JII lllcofNS 89O.lIIZ1125 lll8!/J 8.14 26JI3 c ca a n nm m a a ' 8.!D - Allr1lll2 llII.04 691 Ilonilarder 8.Il .u2111113 1D3J5 7JA 22!/J 7:J5.l11l1lD lJIlJB 7J1J CDC 7JO 'MarlllllM 97:15 7.47 J5.SI. canma 7.50 DeclllD 102.«1 7JD CDC" 9.65 Q:t3lll4 llS.38 80S canma' 11125 fEblJlM 11914 7Jl cmPacilic lll!/J AlJ'JWl ll161 7:IJ 20m canma 6.5lI.lIIlJIM 959l 7JS cmWilies 8.43 .lII1II5 lll6Jll 7.48 l2.lD CInIda(O) 9. Dec1J04 ll1S5 7J:1 cmWilies 9.«1 MlJ1I23 11415 8.06 6751 e:.-daOO d Dec1lll5 11L09 7.18 Ccns.GIs 7!D Decl5l97 llI2J3 6.41 l2.lD canma· 9!/J .lIIlIlD ll7.99 7.45 ImasmUll 8J7.l112'.W3 lll4.15 754 22m canma 9m Mar lJll lll82 7.14 1ItllrllI'Of~ 8.20 feb 15124 llJI.38 8.l6 6.5lI canma lII.25 Mar15l14 126.5B 754 MalsDnIlrew 831 MarlllUl lO3.25 7.61 l8!/J Canadir 9:15.l11lJ2l 123JJI 71J2 Hort/ImTeI 7.45 Marllllll8 1DLlIJ 6.54 lS.al CanIda(O) 8JlO oluIlllZl 104.30 7.11l. Nova 8.Il.u15lO3 lll4J3 751 l6.5lI ClnldaOO 9. oluIl1l25 :us.t7 7SJ /Qa5altiaPw 7JO Q:t15lO3 lOOZi 7/D 1667 Provincial OsIlawalilQ 8.25 .lIIJIIIB 10163 7.61 3Q8l I~~===---------I Palanl'et. 1]5 HIlr9J115 1D8.38 7.54 38.25 AIl8tI 5J5 ~3IlllS 99.86 S94 ~Bar* lll!/J Mar1lll2 lJ6.lIl 7:JfJ W5 AIl8tI ,- 6JIJ Mar1199 S'6J7 6.S6 5eapn UIl 9m Dec1Sl'\lB lll6J3 6.73 21.25 AIl8tI 8!/J ~1199 105.95 6.67 T·DBar* 9JD MlJ15flI2 1D3J5 6.34 32.00 BrCOUlilia 7m Mar2AIB lDl42 6.ll Taismalfll!r1l 9.45 Dec22199 llIl.25 7117 l2.lD BrCOUlilia 7m .lII9J99 1llI.35 6.S6 TaismalEnerg 9.11) Dec22Jll4 ll2.63 7.83 2B.63 Br~ lO.1S Aug291Ql 114.811 6.95 Telegklbe 8.35.Lc13l1U3 lLIl8B 7fiJ al.25 Br~ 9m Jan9JQ2 1191J2 7.ll3 1Il:lmsDIl 7!¥J ~17JQ2 102.llB 735 l2!/J Br COUIilia 7.7fi.lllWlB 102.llB 7.25 1Il:lmsDIl 9JS .u6104 119.38 7JA BrCollRUl 9m .lII21I04 l1ll.62 731 TrCda~ 9.45 MarZVlB ll2J3 8.25 7:15 BrCOUlilia 9.50 Jan9ll2 l1S.lI6 7:76 TransaiaUli 8.35 Dec15lO3 1DS.63 7.41 35.lIl = Br COUIilia 8!/J Aug 23Il3 lll6.83 7J8 lDlnGIs 9JO HIlr6ll7 ll4.S0 8.26 25.IJl BrCOUIilia . 9m Aug 23124 ll2Jlll 7J!fJ lDlnGIs 1]5 Aug3ll8 1l5JI) 8.26 ll5ll 9.12 AlJ'1Ill2 lll9.85 7J6 westmastEner 9.~ Janllll20 ll7m 8.26 1 6 7 .2 m 5 HewIaudand l l O l.l . X lll l f . E u b 2 1 S 5 l l l I l 2 l 1 ll 2 2 4 ! . / 1 J 0 7 8 : . J 2 fJ 11 ; I:n:t:e.r:n.;a;t,i;o;n.;a;l;;:;;;:;:::==-------6J5 HIlrISalliI 90 MarllW 1II7JO 6.41 AuslraiI l2!/J 15SEP1997 l1Jl.$ 7:19 2Q.7l NovaSallil &25 Dec1ll5 lll4.15 756 AuslraiI 7m 15APRZIXl 9754 7.67 l8.52 NovaSallil· 9JJJ Janlll22 115JS 8.l7 AuslraiI 8.lJI 15.ll.m 95:T1 8.14 lSS3 Qt tlfd 9m Arr'l1l96 lJIlJB 6.03 Brtain 8.lJI m.SEP1997 lll4D6 6.25 28!/J Qttlfd 7.25 Mar3lI98 lDlB7 6J6 Brtain 8.lJI 0700::ZIXl lll456 6.~ 84.00 Qttlfd_. 91J2 AugJ199 11921 6.72.~ 8!/J 0700::m lll6.S9 7.54 lD.OO Qt tlfd196 lO.lll Mar l8IIll lDl42 6.74 France 5.75 12 MAR 199B lOOZi SIJ2 29m Qt t\yd 9m Arr 16102 lJ1,l:JfJ 7J6 France 7m 12ocrZIXl llI3.3l 6.l9 S.25 Qttlfd 9m.lll24llTl lJ1,l54 7JS France 7.75 2Socrm 1DS.6l 6.94 Qt tlfd -- lO.l2 Q:t15I2l l21SB 7.96 Gennanr 7.25 20ocr1997 1D5.ll4 196 Q Or t a tl r f io d 890 A A u rr g W lSl 9 2 7 2 l 1 D lll l D 42 9 6 7. J 9 B 8 G Ge e n n n n a a n n r r s 6. . S s O a 1 1 5 4 M o A cr Y m ZIXl 1 lI 0 l3 2. J S l2 9 6 US 1]5 _ .14 Orario 8.lJI :-'MarlllUl 10179 7JJ. IIaIJ lll!/J 15.ll.l99B 99JA lQ.92 Orario 1]5 ',.11If1J llJl.OS 732 IIaIJ lll!/J 15.ll.ZIXl 98.6l 11lS Orario 7.75 Dec8lll3 102.41 735 IIaIJ lll!/J OlAPRm 95.92 ll.Sl Orario 9m ~15104 llO21 73J Japan sm 2200::1997 lJ1,lJ8 0.45 Orario 8.10 ~8123 10132 7.98 Japan 6.4120MAR:aJXl·l2l.5Il 1.32 Orario 7.50 feb 7124 94.64 7.98 Japan 141 2OJIl2lX!i lOl8S 2.89 9.75 Arr llItl2 ll2.2D 733 us. 5.38 3lNOVl997 lOO.O3 5.36 . 9.25 Mar l8Il3 llO.85 8.07 us. s.so 15 tOJ1998 lOOZi S.41 :t .Ul, :.Altll9l, lll2.82~ ~~ us. ~4.. 45:6) 3lWV:aJXl" 100.44" ~~ CllM!bi!t: ~ c 8.00' 'MarIll98 lOl29 '6.44 us. ': 6Si 15 ALG 2lX!i lD5.J1 SJll GMlbec· lO.2S Arr7/98 lOSJI) 6..45 us. s.sa 15NOV2lX!i llXl.97 5.75 :·11.3 151'liB3)2Sr.'·lliW 62.: ,"' ....... .<r> ,n~< "~A1m 117M 71'; lL<:' 6.Bll15AUG202S l1O.O9 ill
·L9l .2.84 l76 Q.84 245 221 lJ2 .l.S4 ·2.42 2.54 Q.Ol Q.DS Q.l6 .Q.l9 -0,01 -0,04 -0.31. -Q.62 161 Q.84 0.42 .2.lll .L6Q .2.23 L4S Q.2l 2J3 l.64 L44 ·0.92 .2)2 L90 -o.:Il -o.ss -Q.lS -Q.8l -032 -Q.66 try
0.7l89 0JlD3 0IH19 NA 'NA NA llm9 Q.993l Q.984S 2.am 20366 2.ll369 tll.74 6.26 0169 6.39 9.832 ' 6.2S
6.l3 CadmIlIn Wt. :u.o "-J.U """" -Q.85 Orome metal 700 700 700 NaL gas: AitI..jl/ant lll3 lll3 -L03 Cdlat ingot 2Il.25 28.2S 28.2S HaL gas. Eno"ess lll3 1.03 ·0.94 GalIUn ingot 290.00 290.00 290.00 Pt«Jane (SMJgaL) 35.00 35.00 Germanun(kg) 95O.IlO 95(100 95O.IlO Pr~(EdmJgan 29.50 29.50 Indium ingot (kg) sso.oo S50.oo sso.oo Butane (5arJgan 3S.5O 3S.5O try Map:sun (Ine) 43l1OO 4mOO 43l1OO Butane (EOOLIgal) 23.50 23.50 Manganese line) l66O.OO l66O.oo 16InllO Oil = IIICS ~ Mer<uy flaslc 14 l3 5 . . J 0 S 0 1 l 4 3 5 . . J 0 S 0 14 1 5 4 . . 0 0 0 0 ( L C L S S p a e J r / b '( a C r t r a e n l) er) 2178 ZUS IIaUSS~ MJIybl1Fetr.(kg) wii: ~ ::(oz) ~ ~ ~ ~~= 24.lll 2337 11.04OO7 Q.Q33';8 034 5elenUn 3BO llll llll Brentaude 17.25 17.20 0.5334 03934 -Q1ll Tariaile 26.IlO 26.IlO 26.IlO Arablfed. 14.70 14.70 Jll273 2.8225 -0.87 TQnUn(lcilo) 6.2D 6.2ll 6.2D 8ar'If1l. 17.65 17iD Q.8454 D.6235 029 I ;T:,:;lJ.;;:tgsltl~'.:;:oowoer;:;.;;:::;.......;l2.69::;;;.._..;l2.69=_.:#NI,;;;,;,;.A I West Texas ill. 1B.Il lll33 01618 o.s6l8 r1l TropicaJs He.tilIc.. 0Jlll87 0.6S54 Q.63 (UScerlSper bunlessstated) (UScerIS per gal) 02148 0J.!Xl4 Q.l8 Arabicacdfee ll5.83 m 0J1 : J 119.58 u.s.Gur ~ 5081 Q.03967 Q.ll2926 Q.06 llllil8l llO382O Q.06 ::a~) ~. ~ NYHarIo' 52.90 SlSO 0.5«l9 03Il89 00.49 Sugar V«lrld 11 1196 l2.l2 1192 U.s. lumber - 0J1J9(Jl Q.OO67tl -(l.Q) Canada grains =1lIl.hem-fr 335.00 335.00 0.58S75 0..m97 r1l (CSperlcm!alllulderBay) SlI1I'" 1J7JXJ 1J7J1J ll = miJl o.< : XX : l39l r1l QInaIa 382Jl) 382.90 3ll7.2O Wslm~ moo 2DJ1J lJlXl296 tJ.Lm'Zlll -Q.07 _ I1l5l6 Q.2fH r1l -0.: Convertible debentures Q.OOl765 Q.OOI3ll r1l Selected QUOtatIOnS on lICINely traded tlebemures. llfO\IlCleClll'f Richart/Son~ lUIlll2 0.<nl20 0.l6 eo.... ,... % , SUre CoInt. Q.ll2S54 Q.QlSll4 -Q.26 .,- MabIritJ YleIlI price ,. Q.2lIlS ll.l537 0.47 .Ai'CiInilda 2O-AIJ-OS 8.00 91.38 48.6S 8.41. 4.00 12.50 lllml 0.D3!i9 r1l AIJilili 0l·MaMl3 7B5 147.00. .l47 lJD 22.38 6ii7 o.lli39 Q.03';6 -Q.02 ~ Eage (1JSS) 27-Jan-04 l50 83J5 Q.23 6.05 12.50 _ 5.58. 1I')02375 0JJ5l r1l AGFManagement .».ma2 7.00 9900 14.77 719 l6.Bll 5.00 umJ2Sl 0.lXXm85 -<l.78 AGFManagement :»No¥-al 6.7S 94.25 14.6l 7.45 l6.Bll 4.77 Q.lOIXl 0J1J590 r1l "- l8-feIH)4 7!/J 129JXJ &83. 141 25.Sll 4.55 lJ549 l2942 029 IlemaGold(lJSS) 2lHelHXl 7!JJ llll.SO UlJ9 5.24 l.8l 48J8 ) 2f1l1Jl l4902 -ll27 llrasran lS·0ct-()2 s 7 . J s X o J . 1l5.2S 184 4.41 22.63 5JXJ _______1taIlamManll: 0l-5el»'8 99.50 )lJ9 8JO 4.20 lOJ1J ~. .... _ Qlcades 19-AuQ-03 , 7.25 mso 7.44 4J2 72 15.38 on ,...... CInilricIgeSl1Qling 0l·MaMl3 8.00 89.25 49.42 lDJ.2 llJ5 3B4 '1:.'" S&... AS· Cantridge~ Ol·Mlro04 6.00 792 3Ul 911 llJ5 4.44 7'!JV U7.I27 l.llI.5l2 Cantridge Sl1Qling 0l..uHl4 7.50 lK15 60.96 lQ.23 llJ5 2.82 nm ().86]93 Q.74l115 CcnsoIidaltdEnfield 3l.Mar-Q2 8.00 76.00 99.49 ll79 Il.26 l48 !9l6l l2390l i073B2- aa: 3l-May004 7.50 96J1J 2253 8J6 14.88 5JXJ n59 IT1AJ 75.B3 0EMek' :»~ 8.00 9&00 68.ll 8.93 liS ll33 .l3178 ll.SS99O Q.4llS26 DomalIi1Mlries 15-AIJ-OS s.so lll5.ll8 9.84 7J;l 2lJXJ 4.55 _ 4.241181 3.6823S llomtlr. _ 18-Mr-63 8.00 l71JXJ W 0J1J ll3lI 15.38 ,~ ~ !'E3I5., i . JS3lii . Q.8666 _ 8 £malIlWslries :»Ajr-02 7.25 84.00 6lJrJ 1016 5JXJ 5.41 IJJS7 . £mal IIWsIries 3l-Dee-OO 8.00 9lOO 6337 lllJl 5JXJ 6ii7 I1l63 ~92 5l9J3 QiClielic:rJIllIn 3l-~ 8.00 9l.OO 4lAl WB 5.63 ll33 . '.. • HoIiIger .: Ol~ 7J1J 96J1J 19.53 8.57 l2.88 6.00 . - _ ~,~: •...L ""'" HcnIBm(lJSS) l8-Hof-18 , .3.25 : 92.73 634 172 26.75 125 ~ : .--~ .. ' ....: HannacPacIil; 04-0c1-04 8.OO.llQ.OO 2IUl 6.49 1450 6.06 ~ >DOn ,..... Im1et - . 2S-.U-99 7.50 lOl.Sl 2187 7J1Z lll63 7:JJ T 3-fr ~ 5-fr IYaCll·: 15-Aor-lO 7!iJ 76J1J 24.44 9.92 l838 113 2 l3892 l40S2 14312 KaufelGta.cl- 28-.U-\18 715 9900 ':RiD 8.l7 4.BO ll33 8 1T1.28 84.48 82.48 Mac:Slo 0l-May-07 5JXJ ·7700- 26.2S 8.l3 l6.25 149 '1 l.3ll77 l393l l4l36 Map lnIilstries ~ 7.25 11450 14.47 53l' ':RJXJ 1.66 Xl l4lml4555 lGlS MarlcResa.n:es :»Nolt-04 8.00 92.50 4919 9.24 5.88 8.00 ~,"- '. ~Prql 11-MilMl4 6.00 722S -«l38 ll:JJ 168 2S.64 13 Q.7lS8 Q$f1 Imlllt· 29-Sl!P-07 5.00 7-tOO 32.43 ,&53 lll63 4.7l fI 62.82'~ 51111. 111:0 (\.l!I1J :, 15-Mar-16 715 109.50 1145 6El 36.25 2.6l 52 0.9988 0.9907 a.98l7 Ncrc8lfnergJ :»Mar-07 5.00 88.00 U64 . 6.51 19.00 __ 4.00 :l6 2.l)6ll3 2J)468 2.0474 t«JmEfnergJ lS-Ajr-02 7J1J· 89JXJ - 5oU2 932 5.50 7.41 ~ ..::t?... .;: .. i.<'~ NobleOlia. ~ 9J1J 83.00 'JJ:I] 12.16 4.35 12.90 Norandt •. - 29-Jd{J7 5.00 M 934 6.ll 2ll.88 2.86 ecurities PIr1I(IEtMron(1JSS) lS-Oct-lXl 6.00 lllJ1J llOO 153 6.l7 l6.OO RIlgetsConm Ol'~ 7!lJ 94.00 'JJJi1 9.43 llSO 4.83 ,n'm..... ~1 million. Ind,coted RepIp' 3lhlIl-\I8 9.00 lOOJ1J 58.09 8.99 7.13 5.88 .d 0""'. m..u"tV d.... REpap(US$) 0l.Au!t'97 s.so lOl.Sl 22.46 752 5.3l 14.8l Price YleIlI ~Melals 3l.Qct-99 9JXJ 96J1J 77J8 lIl.26 195 s'''l ~~::--_~:-::::-_ f St.lanriPaper l5-.1I1-04 8J1J 139JXJ 5.58 2.83 20.38 6.44 lOl.72 6..2ll Slelco 3l-~ 715 lOOJ1J 78.5l 7]4 6JJ 15l lOl63 6.44 Ten1leC 0l-1tJg-03 7S1 145.00 l2.O7 132 l2.7S _ 10.00 99m 6.24 . T!n'm1lril 3l-Jan-\18 8.00 96J1J 33.96 lQ.08 l838 .145 lO2.O3 6.62 Taisman Ol-<lec-OO s.so lOOJ1J tei14 aso 25.50 119 = lCl2S, 6.Jl UlsterPl!Jrolelm Ol~ 7!JJ 114.25 22.48 S39 .4.65 19113 WJJI1- 7.01 PreINum " .....d ... pe,cent... and i.... amount Paid in ••c... of t.....,......u. of the lO4.57 7JJ6 bond'. und.rtY'n, '.0'''. V'.ld. Of. c.lculoted to m"u'ity. lOO.42 ;~ How to read the TeO, Index Options, Futures Pn·ces and 6.88 Futures Options tables - - Futures prices open interest reflects previOUS trading day. CaOT _ ChiCago 10293 6.91 6.06 Board 0f I 10010 Trade; CM - ChiCago Mercantile Exchange; COMEX - New York lOl5l 6J3 Commodity Exchange; FINEX - Financial Instruments EXChange: IMM - lOO.72 6.36 Intemational Money Market; CSCE - Coffee. Sugar, Cocoa ExChange: OOT - 1G4.2l 7:51 •. Kansas City Board of Trade; MPLS - Minneapolis Grain Exchange: ME - 1Dl.67 6.50: Montrelll '.Excnange:·NYCE .. .New Vorn:C<ltton ExChange; NYME - New Y.ofk,~ " ·i·.ui25 ;. ~71'1d 10l95' UrJ. Mercantile Exchange;'NYFE - New York Futures Exchange; r -..optiO£\':!1ot 99.6i3. ',,"L 6Ji5.- .tlj\~.d;. ;;. no option 0tterea:" 1;, -loronto.Stock ~chang~~,.::T~nto1~.~r ~"+"'ao l:.~''',n,'',· V - Vancouver "stock EXChange; W~G - Winnipeg I Quebec
LIl2 1.t.u=r.:o-o....:..:e:.:;po=lil::.l..:.:I.:.::4::.~.:...:.;.I:.:.:....;':..- I LIl2 USS CM!rrI!jt S,62 S,68 s.62 5.68 35.00 1-1IlOI'G1 5.72 5.68 5.68 5.66 29.50 l-1IlOI'G1 S,te 5.75 5.84 5.8l Bank Rates 3S.5O 6-1IlOI'G1 5.S6 ~ 5.S6 5.8l Canada u.s. 23.50 CS l-1IlOI'G1 5.68 5.62 5.87 6.00 OM l-1IlOI'G1 3.8l 3.JS 3.8l 4.03 Bar« 01 can rate 6.07 Iliscourt rate 5.2S YEN l-1IlOI'G1 0.27 Q.26 Q.S3 0lS Prime rate 715 Prime rate 8.7S 2l.ll1 Gl3P l-1IlOI'G1 6.68 6.47 6.62 6.62 call1lan AVfrIqJ 6.00 I1!d fInls 5.69 _ 23.S3 Bonds h!o..J.;2'1 4---- n.1t:LJ ~S3; l6.55 Suoolied by sec.."ti•• V.'u.tion Co. from~'Oonun,on S....,,,tl•• 'ne./lnt.rn..io••1from R.ute,. 14."l c..- Mat. Dale Bid S YIcI% CGallOll Mat. Date Bid S YIcI% 16.90 Ber1ctmatII--. as~ ll'f \till Siw1k Quebec 7!JJ Del:1/03 \I8.2ll 7.81 17.91 of CanacIa. are listed in bOldface. (Hr-- Quebec 9:Il Janl6l23 lll9.25 &51 bencIYnatl<. (O)-okl bend'lmlltk Quebec 9!JJ Mar lII23 llOJll 8.49 Canada QuebecHylio lll.87 .lA25IOl 115.44 0J1J 49,8) a.lHC 6.00 Del:lI'i6 9ll.55 6.54 Sas*aId1ewan 8.l2 f1!b4197 l1l2.24 6.ll ,nA on S2.lS = ~:~ u ~ ~Co.;;.rpo~;.;..rat=e~ _ a.lHC 8.8l Mar 1/00 lO658 6N NiT A1S1 Aug24lO4 lll63 7.65 34Q.OO a.lHC &2ll.klnll/OO lOS.04 6.89 AlaNatGas 8."l .lA1SI03 lll3JS 7]4 1J7JXJ o.t«: 715!)!c1/OO llIUS 6.95 A'lCllfiI 8J5 Mar15lOO ~ 7:JJ C1nIdI . 9.25 May 1196 lal.36 5.89 BCGas &51 Aug 26102 lO4Jlll 7!IJ H.A. C1nIdI 715 Sl!P JSI96 lDl39 5.91 BCGas 8.l5.lA28103 lll2Sl 7Jl canada(O) 8.DO .... JSI91 1D2.42 6.111 BCTei 7.25.l : A1 : SI9 : 8 lOl.Sl : ~ :00 :: S:~ :: ~ ~TeI:: ~ :: canada (0) &.2S Feb 1198 99.95 U1 OCE 7J2 May lI'i6 llIl.l3 ~ CoInt. Canada 6Sl Sl!PlI'i6 lOO.l2 6.45 OCE 8.95 AlJ'1IIl2 lll6.8ll 7!IJ Price canada 00 8.DO How 1198 104.09 6.44 Bel "eft '-l5I02"."" 8.00 C1nIdI 5J5 Mar1/99 9110 6.54 7-'N _. ....... 7.49 ls.OO Canada 715 Sl!PlI99 llll55 6.66 Belc04 9.45 Mar1lll llBJ3 816 17.93 Canada 9.25 Del: 1/99 1ll&J8 6.7l Bel 910 Del: 15132 ll5.13 8.37 2Q.OO I canada (0) 8.SO Mar 1100 106.26 6.78 1lk00Marimi 8.8S .Ail1lO3 1ll7.5O 752 2Q.97 canada (N) 7.5IJ 5eIl1lOO lD2.6S 6.83 B1colMom'eallllSS Del:3lIt8 l22J5 8.Ol 22J1J CWIla 915.k1n1lOl ll2.68 6.94 B1colHS 8.10 Mar24103 lll3.3ll 7.49 2.05 C1nIdI 9S1 Od1lOl lllJ5 7.lll B1colNS 8.9O.kIn:lll2S lll6.8ll 8.27 2Q.OO C1nIdI 915!)!c1IOl lll36 6.99 IlorJtner ll.ll ...28103 103.13 715 lOJ1J C1nIdI &51 AlJ'1I02 111731 7113 0IlC 7JO MarlOlO4 WJXJ 7:$ 6.50 C1nIdI 72 .kIn1/03 lOO.:E 719 0IlC 9.65 Od31ll4 lll88 8.19 26Jl1 C1nIdI 7S1!)!c1I03 llll.6O 7:JJ <:a1Pacific lO.SO AlJ'llIOl IJ3J3 7S1 22.SO C1nIdI lll.2s f1!b1/04 l.l.8.26 72 CdnWilies 8.43 .Ail1/05 ~ 7J;l 35.Sl C1nIdI 6Sl.kln1104. 95.lB 729 Cdn WiIies 9."l May 1123 113J1J UJ 6lS! canada (0) 9.00 Dec1lO4 U1Jl5 7:» ColIs.Gas 755 Del:.l5IW lll2J3 6.42 2ll.OO canada 00 8JS Dec 1105 UlI.lD 7.n ImastoUd 8.37.Ail23lll3 lO4.OO 7Ji1 l2J1J C1nIdI 9S1.k1n1llO ll6.56 7iD Iiterprov~ &2ll f1!bl5l24 IV5 &Jl 22J1J C1nIdI 900 Mar1Ill 112.41 7J;l MoIslln Brew &2ll Mar1lI03 lI.l2.6l 7J2 lIl2S Mar15l14 124.85 7.h9 NortI1emTel 7.45 MarlM8 lOlJ5 6.60 ..,.., ....- 915.Ailll2l l2lll7 717 ls.OO I canada (0) 8.DO JUIl JI.23 lD2.5S 7:17 Howl· ll.ll.lA15I03 llllSll 7JB l2J1J canada 00 9..00 JUIl J.G!S U4.02 7.18 HowIScolia PlY 710 Od1SlO3 99.63 7]6 l6Ji1 Provincial =~ ~ -:~ =~~ Aberta 5J5 Sl!P3I96 99B5. 5.95 0-.../"-'" ,.eft "-1102 llS.38 738 ""'--- ......... .-l3.JS Aberta' 6J1J Mar.1/99 1al2.1i.65 SeagrantUd 900 Del:.151S8 lO5.88 .. 6.82 32.00 Aberta.. &51 Sl!PlI99 ~ .~ T·Dllar* 9JO MaylS/1l2 lll3JS 6.36 12.00 BrCWrOa 700 Mar2198 TalismanEmg 9.45 Del::l2I99 moo 7l4 28.63 :: ~ ::::. ~ ~; TalismanEmg 9,8) Del:221G4 lll8ll 7.94 tc.25 Br CWrOa 900 Jan 9102 lll9J1Z 715 Te!egbbe a3S.kIn <!lI03 lO3.25 717 12.50 BrCWrOa 715 .kInl6l03 lIl2.27 73i nornm . 7.90 Se1117102 102.25 7.47 190 BrCWlila 900 .kIn2l104 lll9.82 7.43 nornm ~ .lJI6I04 llll.63 715 2l.2S BrCWrOa 9S1 Jan91l2 114.20 792 TrCdaPcx! 9.45 Mar2Dl1ll 110.63 8.39 38.25 BrCWrOa &51 Aug 23IU llU! 794 Transab Uti a3S Del: 1SI03 lO4Jlll 7.53 25.00 BrCWrOa 900 Aug23124 llll95 8.Il2 lklilnGas 910 Nov6ll7 ll2.B8 8."l llSO Ne.wilnnsNi:k 9J2 AlJ'1IIl2 lll9JO 731 UniaIlGas 8J5 Aug3l18 lll3.5ll 8.() 715 NewfoInllaI1IlllOO .lJ25IOl lllJ5 7.41 westl:Dastfner 9.90 JanlOl2lkllS.38 8."l 35.00 NewbIdand llJ1J FeIl15ll2 l22.J) 8.45 International'" 6.2S NovaScolia 99 Marll'i6 ~95 6.50 ,~... SfP1 U6.52' _ 732 2Q.7l NoYaScolia 82S Del:1/05 lll1iO 7Jl AusIr.lIIa "-N 15 '1l7 17.00 NoYaSallia 9.60 Janlll22 lllll 8.34 AusIr.lIIa 700 l5APR3m 91.25 715 6.7S QriHyd 900 AlJ'22196 llIl.l3. S,\18 AusIr.lIIa 8J1J l5.A.lm 94.te 8.3l' l8.52 QriHyd 7.25 MarJlI\I8 JlIlJ2 6.44 Briain 8J1J 01 SfP 1'1l7 lO3.lll 6."l lS.53 QriHyd 9.62 Aug3l99 1119.lll 6..8l Briain 8J1J 07OCC3m lO4.O3 7.03 28.SO QriHydt96 lllOO Mayl8/Ol 10143 6..8l Briain &51 070CCm lQW6 7.62 lOJ1J QriHyd 900 AlJ'l6I02 lJll.b4 7.28 fnw:e 5J512MA1l1998 lOO.7S S38 29.00 QriHyd 9oo.klnW02 108.91 7:0 fnw:e 7.00 12 OCT3m 103]9 6.ll7 84.00 QriHyd lO.l2 Odl5l21 l2lS5 8.l2 fnw:e 715 250CTm lO6.l4 6El. 5.2S QriHyd 8.90 Augl8/22 lOIl.23 8.14 GennaPJ 715 ~OCT1'1l7 lO5.7l 4.04 0riar1l 8J5 AlJ'l6IW 1Ol41 .6.ll GennaPJ 5.B8l5MAV3m llllSll 4.96 Qriari) 8J1J Mar 11103 103.13 7.43 GertnIIlTf 6Sl 14OCT2005 lOL91 6:JJ 0riar1l 8 71 J5 5 A D ll e r l 2 :8 2 1 l0 0 3 3 1 lO 11 l 7 J 3 7 8 7 7. .4 4 3 5 I II Ia at t t t l l O O . . S S O O 1 15 5 . . A A .l . l l 9 3 9 m 8 9 9 8 91 J8 5 l l l L l.8 Qriari) lO 7 0riar1l 900 Sl!Pl5I04 109.46 . 7.51 IIatt lO.SO OlAPRm 96.l8 1146 0riar1l 8JO Sl!P8I23 99!IJ 8.14 0riar1l 7S1 f1!b7l24 9291 8.14 Japan 5J1J 22rfC1'1l7 lll9:O 0.42 Japan 6."l ~MAR3m m60 132 PEl 915 AlJ'1lI1l2 llL4l 7.48 Japan 1"l ~Jlm2005 lOl62 2.92 PEl 915 Marl8ll3 lll9.20 8.24 u.s. 5.63 3lOCT1'1l7 Quebec 8.50 AlJ'1/W lO2.8l 6.26 llXl28 S,47 Quebec 8.00 Mar1lI\18 lO3l5 6.5l u.s. 5.50 151\OV1998 99.94 5.S2 107.95 6.54 u.s. 5J5 3J.OCT3m ~ ... W" QueIlec.;,".6.00 AlJ'1/99 97!/J 6.8S u.s. t ,6511l5ALGZXlS lll43l 5.91 J,O,25 ~~0l:.w.s5 ',7.55 ,u.s, ~.. 5.B8 l5OOV m ;., ~.9!, '5.88 10.25' Odl5l0l 1lllO 7.45 u:s. 7.63 l5FEl2ll25 ID.Q 6.3l' . 0" ••• ,,0, '1'<101 7':;7 II~ &S 15AlXi2ll2S 1(~.66 6.23
'Y 2l.l5 23.37 llllJlO . 1lI1JO ~~ tlJm~~~' . lO2lD :~ 1lIL3l£-wm -" lll4.6O lO4.91·'~ lll2,S8 lOO.47 .
~ 2lSO CS OM 5.2S 'lEN 8.7S GBP SJS 21.46 2169 Bonds
-0.01 -<US "''ill 4.Ol .QlI2 5.4S 5Jl Q.lI7 ll5 l8l o.ss 2Jl2 .1.33 0.46 2l.l3l Q36 .23/ 038 o.ss tJiQ 8.96 o.os L8S 0Jl3 .2.81. ·L48 657 llI7 Q.lI7 lII3 o.B1 ~ l.Il3 Q.06 lII3 35.00 29!ill :ry :5SlI 23.50 uritles L12 6.29 160 6.(1 .1llO 6JB L95 6.66 US 6.76 .692 7JJ9 4.30 7.15 44\4 716
"''<V 3-mth forward rate~ 3-mth forward ratea~ 5.4l 31111:1l'1th1 5.84 5.93 6lS 6.90 3-1l1QIiII 5.76 5.76 5.76 5.76 491 61111:1l'1th1 5.86 5!J1 6.18 6.74 6-moliII 512 SJ2 512 512 180 S 911 _ 11: l 1 e l'1t d h1 R. 6 . . , I . X t l ..... 6 0 .l 1 Jl C.... 6 .. .2 . 9 -IIldIO 6.12 9-monIl 1_ s.m_. s..m-.. s.m. S.llI by 2llISl London inter1aanlloffer rate (US$I tJiQ &69 ..... w...... ..... ., .. "! l-fl1lllllh 5.ll7 593 S.llI 5.lI3 - 3-manlII 5.ll7 6JI6 5.ll7 634 1.02 6-fI1llIIIh 5.68 SiS 515 5.84 1.02 34JlO 29.00 Bank Rates :5SlI Canada u.s. 2llXl Bart ofcan. rate 612 DisaU1t rate 5.2S Pr'rne rate 715 Prille rate &75 Cal toanAveraga 6.IXl Fed ft8lds u.