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3 H 3 fl;';zfi 5 ts OE PE DCP 3 :-'-----. N k #4 A'." ' »\.7:"':':' f c ale e w w }. e (CT oas "$2.000,000 in such a way thatt ? X W% a% KE KA 4 #. %,'1 J 1 _ not wm' ~into -- com UL! : f ige Eo a \with Dominion bonds. < t ita k 1. Healt i+ * 44 y t us f5 4 h * Xao.."s o p l, wo% | T 5. e § * Capital fof Wydro--electric, _ < _ | ; e : hk 1 -- vesteraay Mr. Wood said they o . o C '.» l could place another $1,000,000. The ; AM $ 4| Province would probably require $8,-- A P " Ts M onese . --{000,000 for capital expenditures this > # o * . | year, most of it for the Hydro--eclec-- | 4 R i tric. ' f M f "Hon. T. W. McGan'y EXDlalflS The money will cost 6.3166 per a # 'lcent. The loan was not finally put | f | ' Details to the 1|\ through until yesterday. Mr. Mc-- a 3 * s i |Garry said that in his judgment no . '. Leg|S|ature ) | Government in Canada had placed a f |loan recently on such favora.ble| C o e | terms. "It would have been a black-! eye to the Province if we had not ' ; | v f CAP'TAL F 0 R H Y D R 0 I been able to place the loan, and con-- f A Sunpipinemuvecmemeninnencmentes sequently no announcement -- was 1 a made in the> papers," said Mr. Mce-- S lSome Brokers Sent Out Literature Garry. "Thex?e phas' been' no c;m- Mss Before Proper mission pald by the Province. 'The e + $2,000,000 issue was sold at 97 and l Time. the $1,000,000 at 99, the average ' . t juinenrmare eomaitanicemndonts --! price being 97.66. Not one bond i X1 To § s authorized to be issued unti f | ¥63/ The Provincial Treasurer, Hon,. T. o ;Veasterday, and I take a good de:l E)} p | _ / [| W. MceGarry, yesterday -- toid. the '{pride in announcing these terms." f Legislature about the $3,000,000 Pro-- '| Mr. Proudfoot Questions. - f vincial loan which has just been t a, 5 4 floated. He said that a loan in New Mr. Wm. .dProufi,I?tft' Opp'osliuon ' J York would have been impossible h o aiveh o9 U c ref does hot ' f : ork . wou e. been imp tion given by the Treasurer does not 4 at less than 8 per cent., and the quite coincide with the facts as I 6 brokers in Toronto at first would :mderstandtth;m- 'I:l-' thte fil.OO?.OOO f cha onas at oan was to be so o the large § f x;o't gua;a?}:ee tc.' pu";.imss bto take companies, why was it that these ; i( es but they Mene > 6 companies sent out circulars indis-- "% a in eption on them. He then saw criminately throughout the Province T § Sir Thomas White and made &r-- - asking people to subscribe to the k : '; rangements for money at 614 per loan ? F{Drt instan;::'tvsogg c:)rccul::;: f 3 P I 7 i were sent to my office beca . ' cent. On the 4th of Fe})ruary Sir o have Leen in the habit of selling . Thomas White asked him to feel fonds... Wny did they try to sell ; E out the market here, and place a 'these bonds to farmers, townsmen T ' loan in this Province if possible. * , and other residents? I accept the & i ' The Province of Ontario was ank-- Treasurer's gtaltemer;)t tu;:ti hg :}";s t i yi b-- 'imade a good loan, bU s unfor-- 6 ious not tu interfere with the T | unate that the ircumstances gave j erty loan. f | rise to so much question and criti-- "We had in mind that the Do--t cism. I would not say anything CE minion Government must go into the | that might be detrimental to the ] i market this year for $400,000,000 icredit of the Province. Some kind s p lat least. That is the estimate of ; of arrangement was made, but ap-- ¢ : [ 'Hon. F. B. Carvell," said Mr. Mc--| parently the bond dealers did not § # Garry. When he commenced nego-- /' carry it out. Anyway they were ' -- tiations with the Toronto brokers taking a dead sure thing. It is one § | he specified that the loan should be of the most favorable loans ever cf-- E f '|at better terms than 614 per cent., j fered to the people so far as inter-- | ]%}m he ga'veA ons Ccom{)llames.! est is concerned, and I have no hesi-- WB || Messrs. A. E. Ames & Co., Messrs.: tation in advising clients to buy the ;Wood. Gundy & Co., and the Do-' Th inlerest® i8 certainlyl : i min{on Securitiee Corporation, aAu--| | bonds. C aid before = Imorny to place $2,000,000 of On--! higher than we ever D Aapere t i tario bonds at 6 per cent., provided | !pid the bond dealers carry °('i' Th & & they could place these bonds where ; arrangement with you, or had they B they would not interfere with Do-- 'no right to send out circulars broad-- j minion financing, and on the under-' cast?" ' ; standing that the investors who! Mr. McGarry replied that it was J bought them undertook that the admitted by one of the brokers That 3 $ . bonds would not be placed on the : some of the advertising matter sent [ f | market. What the bond dealers got . out was not in keeping with the ar-- Af || was the right to feel out the market. , |rangement. -- The Provincial Treas-- ' 10 [ | No sale took place and no communi-" |urer added that he had been inform-- ; c __-- _ || cation came from them between the |; 'ed by the bond dealers that the loan a 4th of February and Monday of this has been placed chiefly in large f ( f week, when Mr. Wood intimated that ounts: , f $ they had succeeded in placing the| on Ee npnrammmccontercrmereremmmmme: 4 g 1 es e e e on * Q; 1 ' t\ -- l ' j WeB & Y} ;} e it ' . H ' ' f - f s i Aal _ . t Jt