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Hydro Refundin gs Save $360,000 Yearly Sale of 50,000,000 Bond' ' I Issue "Answers" On- . Ill. 1illllMllill tario Credit Critics AWey-geiiera'. ;x:;xuz' Embark I t t lf A ll E" yesterday announced the sale of $15.- 93133? 'uene:it,..Hdf,,"'of' 33333732 " P RE It Ell Hydm'a history. This tact, he said. was m dircc; Amway-General Arthur Roebuck rm announced the we ot $15.- 000,000 ot Ontario Hydro commission bonds u the lowest rate ot interest in am: history. The next best sale ever may the 'uym ©ommiatsion was the disposal ot eight-year bonds yielding 3.06 pen cent. the Attorney-General mid. i " hope this is n complete and tlnal i met to my friends opposite." Mrs ttoetruetaaidwhenhemadethetuw ynmnoemmt as the Provincial Ugis-, pm opened yesterday. ' Despite the Conservative changes that the Hepburn Government was ruining the Province's credit. he wish- ed to emphasize. he said. that the Government's ac:ion to date had only resulted in n further decrease in in tent nus tor Hydro. and once again the Commission had set a new low in interest payments. - This tnet, Be aid. was in direct com to the statements trom the Onset-wave Party that the credit. ot the Province and of the Commisv "Mm-been injured thrown the Hydro policy ot the Hepburn Admin- mundanetarnve yew with. cannon an 012': per cent. and are not miiattte. They are dated March 2, 1036. and m payable March 2, 1041. They were awarded " 99.561. and yield a." per cent. The successml syndicate handling the bow included the following Innis: Montreal. Nova Scotia. Do- minim. Toronto. Imperial. and the investment houses of McLeod. Young. Weir & 00.: Bell. Goulnlock a: Co.; Kills. Spence a Ca: Mc'raggart, Honndord. Bun a; Gordon; Midland Securities Corporation: Hanson Bros. Hydro Secretary and Controner Murray MttCritnttttrtt estimated last night that Hydro would make an an- nual interest saving of $360,000 by reason ot the refunding operations which would follow the loan notation. None ot the 815,000,000 is being used to undertake new capital com- mitments and the larger part ls to he used for remains the Commission's slure of Provincial issues put out largely for Hydro. Refunding is to be undertaken with respect to some capi- tal expenditures made in 1934 and} 1935. the larger portion of them inl Northern Ontario, notably in com. neetion with the AMtibi. Wahnapitae. I Ear Fans and Rat Rapids. u, Co, and Harrison - . . . "I say he is hitting below the Lye-it." Hepburn Remains Critical said the Conservative. f Bo kk . Disagreement. o o eepmg, But Ad. Premier and former Minister dis- . . . agreed about the importance of the nuts Misiudgment cgtaw assets. which. the Premier says, _--.-.-----.- were nor, discissod. - "BITTER E N E M Y" The exoneration came when Leo- pold Macaulay directed . bitter attack on the Premier. The 1934 pre-election charges. he said, were made because 'he Premier, Vincent Foley and Henry M. Walker wanted to concoct. some- thing against the Highways Depart- The Premier was then Liberal We: and Mr. Macaulay was Min- ister ot Highways. - Walker was convicted in London last week tor attempted extortion against Premier Hepburn and was labelled " blaelttnailer" in yesterday's Legislature. The Premier voluntarily cleared Gunning, and tuimitted he had made e mistake in judgment about Walker. "I'll admit I misjudged Walker and NI intentions." Premier Hepburn said. "t don't think more was any inten- tion of Gaming's to defraud the de- partmem. 1 don't think he was guilty of tttuappropriatitm." The Premier was still critical of the bookkeeping which brought on the "duiamr"ihares, but said he wish- " to clear Gunning, though he was one of his most bitter political enemies in Igln County. Fume-Up Claimed. JAMES R. GUNNING. highways loreman. who was the target " the tamed payroll-padding chutes levelled against the Henry Government highways administra- tlon In 19M. was exonerated yes- terday try Premier Hepburn. " think the Whole thing was a Mme-up on the past of Walker," mid the Premier, "who is a tt1acltrnnller, and the worst type of men." The Premier. Mr. Macaulay chewed, knew in 1934 that Walker was a blackmailer, but continued to use the "Gunning" charges made by Welter against the Conservative Highways regime. "Did the Premier come up and say the man was on euttortiottist'.'" he asked. as he described the sittings of the Public Accounts Committee which probed the chorus. . ,, -- .. "It was his duty," said Mr. Mae- why. "to notify the Public Accounts Committee that this was a name. up. Here was a me where my Mend knew there was no scintilla of truth. My friend went. around with abuses ot graft. Exhibit 'A' was the Gunning case when the Prime Minister knew and says he knew this man (Walker) was a b1ae1untviler." The former Conservative Minister Included in his attack references to the Liberal activities ot Vincent Foley. Lindon barrister. now in Kingston. and to the tuned "goat-pen" incident in June. 1984. at St. Thomas. Fe b, an al "The Prime Minister will never be able to repair We Tt1i.tlrl.ttty113rat that time to the Conseivadve cand- date, Dr. Davis." Charge Made. He termed the aititUvitq laid down It that time. "procured by a. nun by the name of Foley, and assisted by that political war-horse, Henry Walk- a." to be untrue. The lashing which Mr. Macaulay turned on Liberal pre-election aetivi- ties was preceded by an otter ot Con- tervative rebuttal to the Premier's charges in his "keynote" speech of Tuesday. The Conservative Minister charged the Premier with "taking a crack" at a. distinguished and respected laayer (R. H. Moorehead. in the Ritchie suc- eesslon-dutics case) in order to get at Mr. Macaulay politically. "The fact remains that the shares were not disclosed as they should have been." said the Premier. The valuation of the undisclosed stocks was an honest difference of opinion, said Mr. Macaulay. "I never participated directly or In- directly in the negotiations or the, pro- ceeds ot the negotiations. . . . You would have never brought up the Rit- chie estate it you hadn't thought some people would say something was wrong about Macaulay." The former Minister took the Pre- mier's methods of political attack to court. He wouldn't, he said. fight the Premier with gutter tactics. No Gutter for Him. "The basic mistake he has made is that he thinks that rough-and- tumble tactics are popular. I think they are on the wane. I'm no: going to get down in the gutter with him." fie turned to the Premier's dis- closures about civil service dishonesty under the old regime. a He reminded the Government Lrad- er that he had once said it was Ben- neu's head and not his heart which had been mjured when the former Dominion Premier was sick last spring. 'tll show souAater plenty of civil servants that were hired since the election-convicted telons,", he offered. " don't know how bad Four hear: is---" Mr. Macaulay told the Premier, who is under medical care. " can still take a little punish- ment," the Premier grinned. "t can say these 'cfsrences show your heart is as tcugh and hard as ever, and it there ls anything wrong, it's as you said with Richard Bennett ---in your head." "The all-time high in mean." was what Mr. Macaulay called the Pre- mier's Tuesday reference to Martin Turnbull.