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Gold/Mining/Energy : Triax Diversified High Yield Trust Units
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To: kingfisher who wrote (24)9/30/1997 12:44:00 AM
From: Charles Holewinski   of 39
 
R. Barbe,

Thanks for you replies to my questions and observations on TRIAX and the bond vs interest rate picture. I must confess that up until a year ago I did not track the Canadian markets or interest rate situation at all. But recently I purchased some shares in a closed end fund named Blackrock North American (BNA). It trades on the NYSE. Currently it is paying a monthly dividend of 8% per annum and is selling at about a 15% discount to NAV. About 70% of this fund is invested in Canadian government bonds. So now I am learning all I can about the Canadian economy and interest rates north of the boarder.

From the little I know about this now I must say that I am surprised that the Canadian budget will be balanced what with the socialized programs which are currently in place. I do know that you have in addition to an income tax, a value added tax of some 15 to 17% if I am correct. So with such a heavy tax burden perhaps I should not be surprised about a balanced budget.

In the past I have always heard that when the U.S. economy gets a cold the Canadian economy gets pneumonia. From that I have to agree with you that our economies are tied together. However with the difference in our social programs and the tax situation which I think exists I wonder if our economies are still that closely linked.

I have spend several vacations in your fair country and must say I enjoyed it very much. One lasting thing I always remember was the currency exchange rate. When I first visited Canada on my honeymoon in 1967 I think the exchange rate was almost even or perhaps a few cents off in favor of the U.S. dollar. The last time I was in Canada about 5 years ago the rate was 1.25 Canadian for $1 U.S. and now it is about $1.35 CD for $1 USD. That is one of the reasons why I bought BNA since I think Canadian has bottomed in relation to the USD.

Thanks for the TRIAX phone number, I will give them a call in the morning.

Charles
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