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e s qi Pps e # & A pri | 6. Commission shall taks up the matter w of these claims at once. it could not do so before becoming the owner of the property. Contract Requirements. o "When the Government was advised that Abitibi Power and Paper Com-- pany, Limited, was not able to furnish Ontario Power Service Corporstion, % * Limited, with the money necessary to complete the development the Gov-- ernment had to consider the possi-- i veneme the nebeosmry momey nmage necessary money under some plan of reorganization. Had the bondholders completed the plant and | called upon the Hydro--Electric Power | Commission to take power under its \ power contract with the Ontario Power Service Corporation, the commlsslon' would have had to pay in the first year $1,144,000 for 88,000 h.p. Against this, the Commission would receive from International Nickel Company $208,000 for the sale of 16,-- > 000 h.p. at $13 per h.p. (delivered at Hunta), the net result being ® & loss of $936,000 for the first year, the Abitibi Power and Paper Company, Limited, and the Abitibi Electric Development Company, Lim-- ited, being not at present able to take the power that they contracted for. It must also be borne in mind that the Commission was obligated with On-- tario Power Service Corporation, Lim-- | ited, to purchase additional power up to 100,000 h.p. The immediate ; advantage to the Province owing | to the purchase of the Ontario Power | Service bonds will appear from the | following figures: | Estimated annual cost to the Prov-- ince had the bondholders completed and retained the Ontario Power Service 'plcnt. and sold power to the Coramis-- ! sion. as above mentioned, for the pres-- 3 ent year, $936.000. The estimated annual cost to the Province, as owner for the first five f:::l following Oct. 1, 1932, is as fol-- 3!4 p.c. interest on $18,000,000 Hydro debentures .. : +++.+*«+ §030,000 Interest on estimated costs to complete plant, say, $2,500,000, ut 4:4 Per Cent. .............-- 112500 Operating and mainten'ce costs Operating. Sosle Canyon piaks.. id nt.. / Water ?amu m 78,000 $930,500 g.,eu rev. from International DHECKUE y ac.cee trrecs¥irxri.. 208,000 $722,500 resulting in a yearly loss of $722,500, instead of $936,000, being a saving of . $213,500; besides which the Province. will own the whole of the devéelop-- ment, estimated to produce at least 240,000 h.p., instead of only having control of 100,000 h.p." Mr. Henry added, in connection with the foregoing table of figures: "I would elso like to point out _ that the revenues that would have been received from the Ontario power service 'water rentals' for that period might reasonably have brought the deficit down to $650,000."