The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

es Regent® ie ®" Marech | real $25,000,000 Gatineau Power Com-- "It is not known whether an agree-- pany First Mortgage Gold Bonds to ment exists between th»s Catineau yield 5.40 per cent. A circular an-- Power Company, the Provincial cor-- nouncing the issue contains the fol-- poration of the Province of Quebec, lowing paragraph: 'The thirty--y¥ear and the Gatineau Transmission Com-- contract with the Ontario Hydr0o-- pany, a Dominion incorporation, rela-- Electric Power Commission will alone tivye to the transmission of »ower into produce annual nat earnings for in-- and within the Province of Ontario terest and reserves over 1.8 times such 1If such an agreement actually exists, interest charges.' it has not been followed up by any | "In other words, the HMHydro--Electric agreemeont between the Commission '\Power Commisson pays 1.8 timess the -- and the Gatincau Transmission Com-- entire annual cost of Gatin:au devel-- pany. The Commission cheques for | opment, no doubt, including the $4,-- payment of power are still made to the , '000,000 paid to the C.P.R. f Gatineau Power Company (Quebec), "Under these circumstances, one is ; and there is no privity of contract be-- not surprised to find that on July 20, tween the Commission and the Gati-- 1926, Gatineau Power Company OD-- -- neay Transmission Company. tained supplementary letters patent . "you will hear mor» :r«;m me og t | that." the Attorney--General promise \increasing the capital stock of the | "A T aking hi m:'; e s p',ak'mq con-- | company by the creation of 6 per cent. mring vge three hours." | accumulative preferred stock to a total -- tinuously for over three houtrs, | of $25,000,000. This made issued se-- lcurmu of the company as follows: * Bonds yvielding 5.40 per cent., $25,000,-- '000: preferred stock yielding 6 per | cent.. $23,000,000. Total, $50,000,000. | *"These are in addition to totals of |5oo.ooo common shares of a par mlue' E& | of $5 each, or $2,500,000. | eakln Recflrd | _ "It is upon these $52,500,000 issued . lshares and bonds of the Gatineau} ICompany that the power users of On--| Mnoainit tario were expected to pay dividends | « | Not nfertcable. yes Hydro Address Likely to | _ "With such a nest--egg in his pocke! 0ccupy at Least Ten ione can imagine the sinking feeling | with which Mr. Graustein receved the Hours iadvlce of Glen Osler that the agree-- n e Th GGe t ce ces ment was unenforceable as aganst the ; P \Commission on the then--existing ar--| Aitorney--General Arthur W. Roe-- | rangement for delivery at a point noc, buck is well on the way toward break-- within the Province of Ontario." lh?| ing all speaking records in the On-- Attorney--General said. Mr. Roebuck| . .. , u. ...... s § explained that Graustein was to par--| *****> Legislature. When he resumes ticipate in the public offer of the Gat-- | his address on affairs of the Ontario me(a)lr'x c.(,!npanl&s btil;gz the Chal Hydro Commission today he will com-- une 16, 1926, the airman nes ns shuamih a» af | reported to the Commission Mr. Osler's T,' n_:")- ]l".l;),,' (\':'n ,,'1 '31 ?_ h"_" ho |legal doubts. Mr. Lucas, the CoMm-- in. a44.--., sadrarvpdibe ut 4 | mission's general solicitor, was de-- ..;, lfl,' o maa oma o '"",'d today he spatched post--haste to confer with Taoph had the flcor for ten hours. % Mr. Os'er, and the result of their con-- | he comprehensive P o t of Hydro's ference was a fifth supplementary| RH&i"s commenced at 5.30 Tuesday agreement. | :\;tumon. He moved adjournmeont of The main clause of the fifth ana| {N¢ debate a half--hour later. Wed-- final "secret agreement" was read as nescéay he «poke for thre> hours, and follows: "The place of the delivery -'T'f;f'"j'd_":'. (-on::x'u\d_ on the same sub-- should be a point in the Province of: 1°C> {0" Over thrae hours. Ontario ten fset distant from the boundary between the Provinces of _ __ wtugerucoumegerceeniige ie it esereyreuereige en iss Ontario and Quebec at or near Chats Palls," C Also: "The change in the place of | Gah Is Ta[ delivery should not subject the com-- pany to the burden of taxes, fees or | other charges impossd under the ' i authority of the Province of Ontario' "r ng "c s |'e or any taxing authority thereof." Third Order--in--Council. wuptrisermeipennniirie e en Continuing. Mr. Roebuci said: P . on July 9, 1926, a third Order-- He Brought Disaster to --Ccuncil was passed approving and '\;a-ildatins the fifth agrggmrnr.g on HYdrO, DCClareS Attor' uly 27, 1926, the Commission au-- thorized the Chairman and Secretary ney'General to execute the fifth supplementary ce mmmmmemnmmmmmmemmms agreement er their tures ; R R t'ge scsal of u&d; Cgrl;;ni:igo?: ma: dt?xg Fredenc!: A. Gaby--victim of many same day, the Secretary of the Com. SX ODtario Legislature debate--was mission forwarded to Mr. Graustein l?-' med again yesterday in the Pro-- a duly executed copy of the agree-- vincial House. ment, thus relisving the anxisty of Hon. Arthur W. Roebuck was in the mind of the President of the Inter.| CVR Of his Gatineau charges. natonal Paper Company, wth the As a member behind me says," he devout hope that every legal shackle Stated. "now we know why Gaby went s on the power users of Ontario had, 10 the C.P.R. on leaving the Hydro been duly forged and tempered. | Commission. 4 "But even so, the doubts of the Hon. W. H. Price rose in defense Gatineau Power Company and the of the one--time Chief Engineer, and International Paper Company and its declx'alred that the reference was "un-- President, Mr. Graustein, dd not scem "*!; to have been entirely allayed. Mr. Gaby was dismissed. Where "In June, 1926. an application was | else would he go?" Colonel Price made to the Senate of Canada for the } queried. incorporation of a company known as | Mr. Roebuck declared that ho ha«d the Gatineau Transmission Company, ! no wish to be unfair. "I hope," he said. with wide powers for the transmitting: ~that hewill be truerto the people he and distributing of electric power.' NOW serves than he was to the After some vicissitudes and a good PCOP!¢ Of Ontario. But I cannot deal of delay a bill was finally passed Obcure, nor am I called upon to ob-- * in 1927 and now appears as Chapter SCUT®, the action of Mr. Gaby--a 108,, 17 George V. of the Statutes of NEMY paid official of Hydro--in Canada. bringing this disaster on the Hydro users of Ontario."