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Offers $18,000,000 for "Canyon" Bonds ihe amosunt of $18,000,000 are 10 De exâ€" changed for $20,000,000 of Ontario Puwer Service bonds, on condition that 90 per cent. of the Power Service bonds are deposited for exchange. Dated QOctober Next. The debentures of the Hydro Comâ€" miwssion, which will be guaranteed by the Government, will be dated Oct. 1, 1932. They will be piyable in Canaâ€" dian funds only, and instead of bearâ€" ing interest at 54 per cent. in either Canadian or United States funds, the interest rate will be as follows: 34 per cemnt. for five years; 44 per cent. for five years, and 5 per cent. for ten years. The Hydro Commission will retain the rimst to redeem at par on any interest Fremier Henry Announces Terms Un _ger Which the Government will take over the Abitibi Canyon Power Project. change. ‘"‘We have gone into the transaction thovroughly and are satisfied as to the arrangement under which the project is acquired," said Commissioner C. Alâ€" fread Maguire of the Hydro last week. "Ii we could not operate successfully we would nst have touched it Howâ€" ever, to protect the municipalities of the province now compcsing the Comâ€" mission in the case of an eventuality arrangements have been made that they incur no financial responsibility. he ownership would be in the pro irge direct and the financing would e done by the province direct, so tha he Hydro Commission and the muni ipalities concerned would not be obli ated specially for the purchase. Un ler the plan as outlined by Premie ierry, Hydro 20â€"year debentures t he amount of $18,000,000 are to be ex hanged for $20,000,000 of Ontari ‘uwer Service bonds, on condition tha K\ ser cent. of the Pswer Service bond ». T. Clarkson and Strachan Johnâ€" n, KC., are working out the deâ€" is of the exchange, and a detailed yertisement will shortly be published ng complete information to the wmiholders on the effecting of the exâ€" uring the last weekâ€"en . 8. Henry made known er which the Abitibi Can ect may be acquired by 5# Government. The Predicts Cheap Power. e Abitibi Canyon will put Northâ€" Ontario on the map," predicted WEDNES., THURS., AND FRIDAY JULY 27"" 28"" AND 29‘ See him while here Porcupine Advance rince of Wales Hotel EUROPEAN SPECIALIST Dr. Thuna Balsam Remedies Limited would tb i the fir rovince For Sure Results . . You should try The Insert One Next Week Remember the Dates NOuULC One Insertion costing you 50 cents in advance will bring you what you require will be at the Y nie O mild hat U Commissioner Maguire. "For years the lack of cheap power has held the deâ€" velopment of Northern Ontario back. It will be provided now. ‘The transacâ€" tion is a complete setâ€"up for the Hydro in Northern Ontario." Mr. Maguire stated that he thought the matter of when work would be reâ€" sumed would be settled at the Comâ€" mission meeting Thursday, or even met been cheap power. "At the canyon site of the Abitibi River there was the possibility of deâ€" veloping approximately 240,000 comâ€" mercial h.p. A power lease providing for the development of this power was granted to Ontario Power Service Corâ€" poration Limited, a company which is entirely controlled by the Abitibi Power and Pajpesr Company Limited, which was then in a prosperous conâ€" dition. t "In order to encourage the developâ€" ment and to meet the demand for cheap power, the HMHydroâ€"Electric Powâ€" er Commission of Ontario was authorâ€" ized to enter into a contract with the Ontario Power Service Corporation Limited for 100,000 horseâ€"power at $13 per horsepower, to be delivered to the Commission at Hunta, just west of Cochrane, for a term of approximately forty years, and the Government guarâ€" anteed the Commission against any less in respect of such contract. At the same time, the Abitibi Power and Paper Company, Limited, agreed with the Ontario Power Service Corporation Limited, to purchase from it for a term of forty years all the power not requirâ€" ed to be delivered to the Commission. "In July, 1930, Ontario Power Serâ€" vice Corporation, Limited, issued $20,â€" 000,000 20â€"year bonds bearing interest at 54 per cent. The bonds were underâ€" written at 90, netting approximately $18,000,000, which was paid to the Monâ€" 11 )6 h ind Bd )ment CI es whi( loped. demand man} the id vin Consultations Free Underwritten at 90 ing the e n Ontari # develop development in that par ince. Cheap power is re imulate the mining indus rticularly to encourage th of the lowâ€"grade minin h co There Statement nC the C Onta powe > mining therwise net hnha treal Trust Company, as Trustees, to pany‘s bonds are exchanged, the Comâ€" be paid out for construction and inâ€" | mission will be able by any necessary terest during construction, and Abitibi‘legal proceedings to acquire complete Power and Paper Company, Limited, ) title to the property thereafter. It is covenanted with the Trustee to fur-'intended that the Commission will nish any additional moneys which | transfer the property to the Province, might be required to fully complete the | but will continue to manage it on beâ€" development. The work is nearingihalf of the Province. completion, but it will cost approxiâ€" | "The Government rejected proposals mately two and a half million dollarstthat it should advance moneys to the in addition to the moneys still in the i cocmpany to enable it to complete on Trustee‘s hands to complete the work.| the security of secondâ€"mortgage bonds "Owing to the position of the newsâ€" ‘or any subordinate security, believing print industry, the Abitibi Power and| that the property should be owned by Paper Company, Limited, is unable to | the Province outright. supply any part of the moneys it agreed | "The plan proposed involves a conâ€" to furnish. It has made default in itslsiderable sacrifice on the part of the bond interest, thus a serious situation! bondholders, but the Government has has developed. been in tcuch with = large number of local bondholders, or their representaâ€" "Under these cirecumstances Ontario | |.___ Te Power Service Corporation Limited tlye§, .who nave finally indicated. their willingness to accept the proposed exâ€" requested the Go‘yex.'nmem s con51de1: change and to advise other bondholdâ€" some plan for assisting the company 01 ers to do so "Under these circumstances Ontario] Power Service Corporation Limited . requested the Government to consider some plan for assisting the company or for taking over and completing the work on behalf of the Government, and for some time the matter has been given serious thought by the Governâ€" ment and the Hydroâ€"Electric Power Commission of Ontario. "Under its contract with the Power Company the Hydroâ€"Electric Power Commission would be liable on comâ€" plletion of the plant to purchase 88,â€" 000 h.p. at $13.00 per h.p. a total of $1,144,000 per annum, and to increase the amount of power taken until in 1936 it would have to purchase 100,â€" 000 h.p. for a total of $1,300,000 per annum. At pwesent the Commission has sold 16,000 h.p. "The Commission has agreed to sell to the Abitibi Power and Paper Comâ€" pany, Limited, and its subsidiary, Abiâ€" tibi Electric Company, Limited, 45,000 horsepower, but owing to the financial position of the Abitibi Power and Paper Company and its subsidiary no income can be expected from these contracts for the present. "The Government and the Commisâ€" sion consider that it is most important that the development should be comâ€" pleted, and the Government with the approval of the Commission has finally decided as the most convenient way of getting title to the property to offer to the bondholders $18,000,000 of the Commission‘s twentyâ€"year debentures in exchange for the $20,000,000 of outâ€" standing bonds of the company, subâ€" ject to the condition that 90 per cent. of the issued bonds of the company are deposited for exchange. "The debentures of the Commission will be dated Oct. 1, 1932, and instead of bearing interest at 54 per cent. payable in Canadian or American funds, will be payable in Canadian funds only, will bear interest at 34 per cent. for five years; 4 per cent. for five years, and 5 per cent. for ten years, with the right to the Commission to redeem on any interest day at piar. These debentures will be guaranteed by the Province. To Acquire Title. If a sufficient number of the comâ€" The two 8$â€"week old Eastern Canadian black bear cubs seen above were born on the Wedgewood Hunting and Fishing Club grounds at Bissett, P.Q. They arrived in Montreal accompanied by Arthur Beauvais, well known guide. They‘ve been called Michael and Mary. As shown by the photograph, and photographs cannot lie, these two babies took early advantage of their first introductiona to civilizatior THE PORCUPINE ADVANCE, TIMMINS, ONTARIO "The details to carry out the exâ€" change are now being worked out by G. T. Clarkson and Strachan Johnâ€" ston, K.C., and a public advertisement will shortly appear, giving the bondâ€" i holders full information as to the steps | to be taken to give effect to the ex | change." Highâ€"Grade Samples from Week‘s Run of the Press St. Mary‘s â€" Journalâ€"Argus:â€"Thore had been a rearâ€"end collision. One of the drivers climbed out in a fit of temper and strode up to the man standâ€" ing on the sidewalk, thinking him to be the other driver, "Say, where‘s your tail light?" he roared. The innocent bystander locked up) at him. "What do you think I am, a blooming lightâ€" ning bug?" Blairmore Enterprise:â€"We hope soon to publish a new book, entitled "Conâ€" dolences," containing the many letters of symplathy we have received of our marriage in the various papers throughâ€" out Canada. One friend of ours, who, by the way, is still holding his fort as a bachelor in eartern Ontaric, ends his comment this way: "Gone, but not forâ€" gotten!" Cobden Sun:â€"Westmeath can claim no cities or towns within her limits, and no advanced institutions of learning, but from her two villages and from her farm homes have gone forth many men and women of keen intellect and sterlâ€" ing character ‘to bring honour to the community that claims them as its sons and daughters. Mention might be made of three native sons who have received parliamentary honours. The late James Findlay of Beachburg was for a time member of the Dominion House of Commons and was first Engâ€" lish speaking member of Parliament to give an address in the French language in the House of Parliament. Norman Reid of Westmeath was a member of the Ontario legislature; and David Sykes was for a number of years a The high standing of Canada as a gold producer is indicated by a table i wjat_erways project while at the same time there is the oft repeated cry of recently published by The Engineering "We haven‘t the money"â€"when the and Mining Journal. This table indiâ€" cates that out of the 88 largest goldâ€" producing mines in the world in 1931 Cansda has no less than 16. In a list sf 40 of the leaders, Canadian mines to the number of seven are included, these being the Lake Shore, of Kirkland Lake, the Hollinger, of Porcupine, the Teckâ€"Hughes, of Kirkland Lake, the Noranda, Oof Rouyn, Que., the Mcinâ€" tyreâ€"Porcupine, of Porcupime, the Dome Mines of Porcupine, and the Wrightâ€" Hargreaves, of Kirkland Lake. Of the forty big mines listed, 27 are in the Union of South Africa. Two, the Homeâ€" ctake and the Alaskan Juneau are in the United States One, the Ashanti Goldfields, is located on the Gold Coast. One, the Kiloâ€"Moto G:old Mine, is in the Belgian Congo. Australia is repreâ€" sented by the "Lake View Star," while Rhcodesia has the "Cam M>â€" tor." . en providing of relief work is mentioned. The Advance apparently forgets that the St. Lawrence development is exâ€" pected to be a great benefit to Toronâ€" to!" ce > ANNOUR From August 1st The Helperin § are to I 7 74 Fifth Ave. ec w _ _# S on 20# Canada‘s Gold Mines Rank High in World Lake Shore Fifth; Hollinger Seventh; Teckâ€"HMHughes, Noranda, Mclntyre, Dome, Wrightâ€"Hargreaves in the List of Dividendâ€" pavers. Mine Government Gold Crown Mines New Mcdderfontein Randfontein Lake Shore East Rand Hollinger ...‘ New State Areas Homestake Mining Brakpan Mines In gold production for 1931, the f ten in world preduction are as follc Mine Croid. OZS. Government Gold 1,129,872 Crown Mines 986,329 New Mcdderfontein . 805,560 Randfontein 745,313 Lake Shore 533,077 East mand ......_...., 501,085 fIollinger ......... j 487,123 New State Areas 479,205 Homestake Mining in n Brakpan Mines iesd 414,539 Seven of the above are located in the Union of South Africa, the three exâ€" ceptions being the Lake Shore and Holâ€" linger, of Canada, and the Homestake of the United States. The next five producers are all from the Union of South Africa. â€" The sixteenth on the list is the Teckâ€" Hughes, with a production of 294,422 gold ozs. i 9 ¢ Noranda is tentyâ€"fifth with 253,363 gold ounces. McIntyreâ€"Porcupine _ has twentyâ€" seventh place in the world cutput, with a production for 1931 of 229,413 gold ounces. Wrightâ€" Hargreaves eighth place in the gold ounces. Dome Mines is thirtyâ€"fourth, with 169.886 go‘!‘d ounces. It is interesting to note that Canada has second place as a world goldâ€"proâ€" ducer but that if South Africa, the leader, were ruled out, Canada would greatly outdistance all other countries. In the matter of dividends the New Modderfontein ranks first, with Lake shore a close second. Government Gold is third with Hollinger close beâ€" hind it. Teckâ€"Hughes is fifth, Homeâ€" stake sixth. It ma be noted that Canada‘s gold output is steadily increasing, while this is not true of the gold mines of other countries. This year it is expected that Canada will have at least four mines among the first fifteen gold producers of the world. Christian Science Monitor:â€"With a radio set in his helmet there will be times when the London "bobby" will be ready to admit he has "a bee in his bonnet." A news dispatch announces that a group of London police are to be equiriped with miniaturesets, the esâ€" sential part of which is carried in the bowler or helmet and=operates to enâ€" able the ma:n: beneath it to hear whatâ€" ever may be received on the waveâ€" lengths to which it is attuned. ture member of the Saskatchewan legislaâ€" Huntingdon Gleaner:â€"Barney Corâ€" bett, of Neeces, S.C., long a prominent figure in state politics, wore his "fightâ€" ing" clothes‘ to the Democratic county convention. "I‘m here to fight genâ€" tlemen,"‘ he declared in a speech from the floor. "I‘ve got on my fighting clothes. These breeches are the same ones I wore when I rode in the parade behind Wade Hampton back in ‘76." reaves takes thirtyâ€" in the list with 140520 week had the following editorial comâ€" ment:~="The Porcupine Advance comâ€" ments on the fact that the Ontario Government ‘and the HMHydro Electric Commission will spend from one hunâ€" gred and five to one hundred and ten million dollars on the St. Lawrence waterways project while at the same time there is the oft repeated cry of "We haven‘t the monev‘â€"when the Is THI® THE REAL REAsON FOR THE SAID THUSNESS Monday Aug. south Porcupine, July There is Bring down the cost of housekeeping with electric cooking. Get your electric range now on easy terms at the sensational price now in effect. It will save money for you from the minute it is installed. Savâ€" ings on food alone in a month will easily amount to the cost of a goodâ€"sized roast of beef. _ With all nourishing elements retained and waste ended, six pounds will do the work of seven. Every dish tastes better and is prepared with far less trouble. Many families do all their cooking on an Electric Range for a month for as little as $4. CANADA NORTHERN POWER CORPORATION LIMITED Cochrane Northland In response to the request of a large number of citizens, I hereby proclaim All C mzens are requested to govern themselves accordingly Civic Holiday 1‘t the money"â€"when the f relief work is mentioned. CONTROLLING AND OPERATING Northern Ontario Power Company, Limited Northern Quebec Power Company, in ELEC T RIC COOKING CHAS. V. GALLAGHER, for the Special Attention to House Raising and Cement Work Phone 906â€"K 344 Pine St. 8. Timmins All Other Classes of Work Done Full Satisfaction Ask for Free Estimates. Reasonable Charges on any work done. Write or Phone Thursday,, July 28th, 193 T. Glandomenico 346 Reeve