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		<nameOfIssuer>AUTOMATIC DATA PROCESSING INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053015103</cusip>
		<value>24190</value>
		<shrsOrPrnAmt>
			<sshPrnamt>269650</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>269650</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BANCO BILBAO V.A. ADR</nameOfIssuer>
		<titleOfClass>ADR</titleOfClass>
		<cusip>05946K101</cusip>
		<value>16258</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2493500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2493500</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>BCE INC COM</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>05534B109</cusip>
		<value>1415</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>31500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CISCO SYSTEMS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>17275R102</cusip>
		<value>23743</value>
		<shrsOrPrnAmt>
			<sshPrnamt>833950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>833950</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>COMCAST CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>20030N101</cusip>
		<value>22642</value>
		<shrsOrPrnAmt>
			<sshPrnamt>370700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>370700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DIREXION SHARES ETF TRUST</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25459Y678</cusip>
		<value>335</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>12200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ENERPLUS RESOURCES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>292766102</cusip>
		<value>91</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23234</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>23234</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXXON MOBIL CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30231G102</cusip>
		<value>276</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GOLDCORP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>380956409</cusip>
		<value>15284</value>
		<shrsOrPrnAmt>
			<sshPrnamt>940900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>940900</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>17858</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4866000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4866000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KANSAS CITY SOUTHERN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>485170302</cusip>
		<value>521</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>MAGNA INTERNATIONAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>559222401</cusip>
		<value>27296</value>
		<shrsOrPrnAmt>
			<sshPrnamt>634200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>634200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MANULIFE FINANCIAL CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>56501R106</cusip>
		<value>22009</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1553300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1553300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MITSUBISHI UFJ FINANCIAL GROUP</nameOfIssuer>
		<titleOfClass>ADR</titleOfClass>
		<cusip>606816106</cusip>
		<value>20730</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4516250</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4516250</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NATIONAL FUEL GAS CO.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>636180101</cusip>
		<value>616</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>615615</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ROCKWELL AUTOMATION INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>773903109</cusip>
		<value>20239</value>
		<shrsOrPrnAmt>
			<sshPrnamt>177925</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>177925</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>731</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12669</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>12667</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUN LIFE FINANCIAL INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>866796105</cusip>
		<value>216</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUNCOR ENERGY INC COM</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867224107</cusip>
		<value>10737</value>
		<shrsOrPrnAmt>
			<sshPrnamt>385050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>385050</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEXAS INSTRUMENTS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>882508104</cusip>
		<value>25885</value>
		<shrsOrPrnAmt>
			<sshPrnamt>450800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>450800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>THE WALT DISNEY COMPANY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>254687106</cusip>
		<value>22067</value>
		<shrsOrPrnAmt>
			<sshPrnamt>222200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>222200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>THOMSON REUTERS CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>884903105</cusip>
		<value>24962</value>
		<shrsOrPrnAmt>
			<sshPrnamt>615370</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>615370</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TORONTO DOMINION BANK</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>891160509</cusip>
		<value>15362</value>
		<shrsOrPrnAmt>
			<sshPrnamt>355450</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>355450</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRANSCANADA CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89353D107</cusip>
		<value>26361</value>
		<shrsOrPrnAmt>
			<sshPrnamt>669660</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>669660</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>U.S. BANCORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>902973304</cusip>
		<value>321</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WADDELL &amp; REED FINANCIAL </nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>930059100</cusip>
		<value>398</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>16900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WELLS FARGO CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>949746101</cusip>
		<value>18834</value>
		<shrsOrPrnAmt>
			<sshPrnamt>389450</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>389450</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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