CANADA: Refinance & Raptures

The Canadian Province of Alberta last week defaulted payment of $3,200,000 principal on two matured 6% bond issues issued in 1916, thus became the first Canadian Government to welsh on a financial obligation. Elected on a platform promising ''$25 a month dividends to every citizen." Alberta's sanctimonious, bulb-eyed Premier William C. Aberhart explained: "We haven't the money. I'm sorry." Fact was that ''Bible Bill" Aberhart had inherited a $150,000,000 load of indebtedness from his predecessors, had only $140,000 with which to make an interest "token payment" on the two defaulted issues. Social...

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