Canada’s Archives Missed Chance At Private Sale Of Underpriced Maps, Manuscripts

CANADA FX DEBT-C$ boost from strong Canadian jobs data, weak US numbers

The fact the collection highlighted the War of 1812, a favoured theme for the Harper government, appears to have loosened purse strings. Library and Archives’ own experts quickly determined Bonhams’ valuation was far too low. Drawing on information from previous sales of similar material, archives staff estimated a value of between $776,000 and $873,000. “Please tell me that we are thinking about asking to have the material withdrawn from auction so that we can negotiate directly with Bonhams/the family?” said one agency official, so as to acquire the collection at “a more controlled price.” And so the agency made a pre-emptive move: a week before the auction, it wrote to Bonhams offering to buy the Sherbrooke collection privately, for $80,000 to $160,000 more than the highest pre-sale estimate, plus buyer’s premium. “Should the owner’s counter offer exceed this amount, we remain willing to discuss,” wrote Chantal Marin-Comeau, director general of evaluations and acquisitions, signalling to the owner and Bonhams the unrecognized value of the collection. The anonymous owner declined Canada’s offer not unusual in the circumstances of a publicly announced auction, said a Bonhams spokesman. “It is relatively unusual to receive a pre-sale offer, but when we do receive one we discuss it with the seller involved,” said Matthew Haley, U.K. head of books and manuscripts. “Almost invariably sellers decide to continue with the auction as planned because that way especially with unique items they can feel most confident of achieving a fair market price.” In the end, the archives bested all other bidders, walking away with some 80 hand-drawn and printed maps, 37 letterbooks, artifacts, correspondence and a portrait of Sir John Coape Sherbrooke, former lieutenant governor of Nova Scotia and Governor General of British North America. They had been held by several generations of Sherbrooke descendants. Many of the hand-drawn maps of early Canada were unknown to scholars. But even before the gavel cracked, senior officials acknowledged that the agency’s chronic lack of funds for acquisitions over several years had also eroded the ability to network with auction houses and owners of private collections. “We have needed to rush work and to act in a frantic and reactive way,” archivist Shane McCord said in a June 13 email summarizing some lessons learned. “In previous years, experts in various areas … closely followed auction houses and the wider market for information resources.” The agency should consider rebuilding connections to “avoid the somewhat rushed circumstances we have faced in recent days.

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The unemployment rate nudged lower to 7.1 percent from 7.2 percent. The data saw the loonie strengthen to as much as C$1.0381, or 96.33 U.S. cents, and ended the session at C$1.0409 versus the U.S. dollar, or 96.07 U.S. cents, firmer than Thursday’s close at C$1.0506, or 95.18 U.S. cents. “The headline is outstandingly strong and once again it reinforces the volatility we’ve been getting in the Canadian job numbers,” said Craig Alexander, chief economist at Toronto-Dominion Bank. “It’s averaging around 12,000 a month, which is a lackluster pace of employment growth and is consistent with an economy that is growing at a modest pace.” At the same time, in the United States, 169,000 jobs were created, short of economists’ expectations of 180,000 new jobs. The miss, along with downward revisions to previous months, sowed some uncertainty over when the Federal Reserve will start to pull back its economic stimulus efforts. Many investors expect the Fed will announce a reduction in the pace of its $85 billion a month in bond purchases when the central bank meets in mid-September. Friday’s jobs report muddied the waters and helped take the greenback lower against a basket of currencies. Still, economists at a majority of U.S. primary dealers expect the Fed to announce later this month it will cut the size of its asset purchases. Economists did scale back the predicted size of the reduction. “The market by and large continues to see that tapering begins in September,” said Jack Spitz, managing director of foreign exchange at National Bank Financial.

Canada 0-0 Mauritania: Scoring woes continue for Canucks

It was that kind of game between Canada and Mauritania as the sides played to a scoreless draw in the first of two between the nations on the southeast coast of Spain. Right from the start it was a very physical game as tackles went flying inmany of them were dangerous. It was a friendly but definitely very physical, said Atiba Hutchinson, one of the few veterans on the field and captain for the day. I think we expected that a little bit but maybe at times it was a little out of hand, but no excuses. I think we need to look at the video after the game and we have to play them in another game and its important that we can come back and get a result in the next game. Just 11 minutes in, Kyle Bekker was scythed down under a late challenge after passing the ball and a minute after that, Kyle Porter was hacked down with another late challenge that drew the first of many yellow cards on the evening. New Canadian coach Benito Floro went with a lot of youth as Lars Hirschfeld, Dejan Jakovic, Atiba Hutchinson, and Dwayne De Rosario were really the only veterans in the game that featured two players getting their first caps for Canada and another six who had only earned their first action with the full national team earlier this year. Toronto FC teammates Ashtone Morgan and Jonathan Osorio linked up well to create what was possibly the only shot on goal 21 minutes into the game. Morgan won some space after the referee waved play on after a foul, and he found Osorio on the left who cut in and hit a shot that was tipped over. It was okay because for us this was a training game, Floro said. The only difference between this and training is that the opponent is a national team with a good defensive structure. They made it difficult to develop our attack. But its a good test for us. Porter had a close-range effort blocked just six minutes later, and just past the half-hour mark Bekker crossed into Jakovic who headed the ball over. It took some time for Canada to find its feet and it controlled the ball well to start the second half but as more fouls were called and the substitutes were brought in, it was difficult to find any flow. Its going to be important to get matches against teams like this and we just need to get some wins out of these, said Hutchinson. Thats the only thing thats going to help the program is getting that mentality of winning. Follow GOAL CANADA on Goal.com Man of the Match Goal.com Flop of the Match Top & Flop Global Ranking