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		<nameOfIssuer>ADVANTAGE OIL &amp; GAS LTD.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00765F101</cusip>
		<value>6060339</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1043600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1043600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>AUTOMATIC DATA PROCESSING INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053015103</cusip>
		<value>24688675</value>
		<shrsOrPrnAmt>
			<sshPrnamt>264050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>264050</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>BANCO BILBAO V.A. ADR</nameOfIssuer>
		<titleOfClass>ADR</titleOfClass>
		<cusip>05946K101</cusip>
		<value>13411346</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2516200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2516200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BCE INC COM</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>05534B109</cusip>
		<value>1185883</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>25000</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>23941857</value>
		<shrsOrPrnAmt>
			<sshPrnamt>833050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>833050</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>COMCAST CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>20030N101</cusip>
		<value>24440001</value>
		<shrsOrPrnAmt>
			<sshPrnamt>368850</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>368850</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ENERPLUS RESOURCES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>292766102</cusip>
		<value>191356</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23336</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>23336</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXXON MOBIL CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30231G102</cusip>
		<value>334656</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>GOLDCORP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>380956409</cusip>
		<value>18445</value>
		<shrsOrPrnAmt>
			<sshPrnamt>939200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>939200</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>22625650</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4856000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4856000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KANSAS CITY SOUTHERN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>485170302</cusip>
		<value>578556</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>MAGNA INTERNATIONAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>559222401</cusip>
		<value>21800617</value>
		<shrsOrPrnAmt>
			<sshPrnamt>641600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>641600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MANULIFE FINANCIAL CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>56501R106</cusip>
		<value>20261419</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1555800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1555800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>MITSUBISHI UFJ FINANCIAL GROUP</nameOfIssuer>
		<titleOfClass>ADR</titleOfClass>
		<cusip>606816106</cusip>
		<value>19371922</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4526150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4526150</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>NATIONAL FUEL GAS CO.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>636180101</cusip>
		<value>718770</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ROCKWELL AUTOMATION INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>773903109</cusip>
		<value>20148200</value>
		<shrsOrPrnAmt>
			<sshPrnamt>178350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>178350</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>824</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10798</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10798</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIERRA WIRELESS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>826516106</cusip>
		<value>8787357</value>
		<shrsOrPrnAmt>
			<sshPrnamt>514400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>514400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUN LIFE FINANCIAL INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>866796105</cusip>
		<value>210381</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>SUNCOR ENERGY INC COM</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867224107</cusip>
		<value>13473898</value>
		<shrsOrPrnAmt>
			<sshPrnamt>485150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>485150</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEXAS INSTRUMENTS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>882508104</cusip>
		<value>25511010</value>
		<shrsOrPrnAmt>
			<sshPrnamt>413000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>413000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>THE WALT DISNEY COMPANY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>254687106</cusip>
		<value>21997095</value>
		<shrsOrPrnAmt>
			<sshPrnamt>223525</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>223525</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>THOMSON REUTERS CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>884903105</cusip>
		<value>23781694</value>
		<shrsOrPrnAmt>
			<sshPrnamt>588400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>588400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TORONTO DOMINION BANK</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>891160509</cusip>
		<value>15272159</value>
		<shrsOrPrnAmt>
			<sshPrnamt>361520</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>361520</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRANSCANADA CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89353D107</cusip>
		<value>30860824</value>
		<shrsOrPrnAmt>
			<sshPrnamt>667050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>667050</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>U.S. BANCORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>902973304</cusip>
		<value>290302</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WADDELL &amp; REED FINANCIAL </nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>930059100</cusip>
		<value>269893</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>18717660</value>
		<shrsOrPrnAmt>
			<sshPrnamt>399950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>399950</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
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