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		<nameOfIssuer>AUTOMATIC DATA PROCESSING INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053015103</cusip>
		<value>22112</value>
		<shrsOrPrnAmt>
			<sshPrnamt>278850</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>278850</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>COMCAST CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>20030N101</cusip>
		<value>24400</value>
		<shrsOrPrnAmt>
			<sshPrnamt>454450</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>454450</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ENERPLUS RESOURCES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>292766102</cusip>
		<value>527</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20908</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>20908</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXXON MOBIL CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30231G102</cusip>
		<value>493</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>GOLDCORP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>380956409</cusip>
		<value>12081</value>
		<shrsOrPrnAmt>
			<sshPrnamt>465993</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>465993</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HUDBAY MINERALS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>443628102</cusip>
		<value>25868</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2796200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2796200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>KANSAS CITY SOUTHERN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>485170302</cusip>
		<value>570</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MAGNA INTERNATIONAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>559222401</cusip>
		<value>34091</value>
		<shrsOrPrnAmt>
			<sshPrnamt>334200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>334200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MANULIFE FINANCIAL CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>56501R106</cusip>
		<value>26255</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1320650</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1320650</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MITSUBISHI UFJ FINANCIAL GROUP</nameOfIssuer>
		<titleOfClass>Sponsored ADR</titleOfClass>
		<cusip>606816106</cusip>
		<value>22827</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3711000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3711000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ROCKWELL AUTOMATION INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>773903109</cusip>
		<value>19229</value>
		<shrsOrPrnAmt>
			<sshPrnamt>153600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>153600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ROYAL BANK OF CANADA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>780087102</cusip>
		<value>951</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13302</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13302</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SUNCOR ENERGY INC COM</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867224107</cusip>
		<value>21354</value>
		<shrsOrPrnAmt>
			<sshPrnamt>500714</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>500714</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SYNGENTA AG-ADR</nameOfIssuer>
		<titleOfClass>Sponsored ADR</titleOfClass>
		<cusip>87160A100</cusip>
		<value>486</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TELUS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87971M103</cusip>
		<value>9784</value>
		<shrsOrPrnAmt>
			<sshPrnamt>262492</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>262492</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEXAS INSTRUMENTS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>882508104</cusip>
		<value>27604</value>
		<shrsOrPrnAmt>
			<sshPrnamt>577500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>577500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>THE WALT DISNEY COMPANY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>254687106</cusip>
		<value>27843</value>
		<shrsOrPrnAmt>
			<sshPrnamt>324675</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>324675</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>THOMSON REUTERS CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>884903105</cusip>
		<value>24126</value>
		<shrsOrPrnAmt>
			<sshPrnamt>662550</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>662550</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TIM HORTONS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88706M103</cusip>
		<value>19668</value>
		<shrsOrPrnAmt>
			<sshPrnamt>359500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>359500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TORONTO DOMINION BANK</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>891160509</cusip>
		<value>23388</value>
		<shrsOrPrnAmt>
			<sshPrnamt>454275</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>454275</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRANSCANADA CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89353D107</cusip>
		<value>20064</value>
		<shrsOrPrnAmt>
			<sshPrnamt>420312</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>420312</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>U.S. BANCORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>902973304</cusip>
		<value>411</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>9500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WADDELL &amp; REED FINANCIAL </nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>930059100</cusip>
		<value>664</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WELLS FARGO CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>949746101</cusip>
		<value>28315</value>
		<shrsOrPrnAmt>
			<sshPrnamt>538618</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>538618</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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