Strange Saviour

Two months ago the British Empire was jolted by a rumor: because the Government of Newfoundland was unable to find buyers for a mere $8,000,000 bond issue, worried Premier Sir Richard Squires was preparing to raise the money by selling Labrador to "foreign interests" (TIME, June 8).

Sir Richard, rushing from St. John's to Montreal to New York and back, trying to borrow money, insisted that the Colony was not bankrupt, that Newfoundland's financial difficulties were a political plot. Asked pointblank about the Labrador rumor, he said:

"The subject has not been considered by the Cabinet. We have not talked about it at all."

Despite this apparent denial, stories about the sale of Labrador persisted. One version was that Labrador was about to be sold to a "group of international bankers," who were risking their money because they believed that the world's next great gold strike might be made there.

Last week Newfoundland's money troubles were suddenly solved. No province in distress ever had a stranger saviour. Miss Jeannette Lewis, a stocky lady with a large capable jaw and large capable feet, drove up to Montreal's swanky Ritz-Carlton hotel, registered, and let it be known that "myself and my associate" were ready to lend Newfoundland not only the $8,000,000 it asked for, but $109,000,000. Of this amount $10,000,000 was immediately available in cash.

One of the fabulous figures of finance is Jeannette M. Lewis. She was born in Ontario approximately 40 years ago, one of the 15 children of prolific Thomas J. Lewis of Hamilton. An older sister was the indefatigable tragedienne Julia Arthur (Lewis) who was born four years after Lee's surrender at Appomattox Court House and insisted on playing Joan of Arc at the age of 55.

Jeannette Lewis has been a businesswoman since the age of 15 when she raised money to build the Children's Hospital in Hamilton. Twenty years ago, says her legend, she bearded the directors of the Canadian Northern Railway (forerunner of the present state-owned Canadian National) and persuaded them to dig a tunnel under Montreal's Mount Royal, then persuaded Hamilton realtors to develop the area made available by the new line.

"At that time many people laughed and said it was a girl's imagination," said Miss Lewis last week. "But I have since had the extreme pleasure of driving along Van Horne Avenue and through Outremont, and have seen what I predicted come true."*

From real estate, Jeannette Lewis branched out into mining. She bought and still operates coal and other mines in Quebec, Ontario, British Columbia. Last week she was carrying on negotiations to ship 15,000 tons of Jeannette Lewis coal a day out of Vancouver for South America. Indomitable Jeannette Lewis has interests even among the far-off fuzzy-wuzzies of British Somaliland.

To the one reporter lucky enough to interview her last week Miss Lewis admitted that she had been interested in the development of Newfoundland and Labrador for 17 years (one of her sisters married a Captain Charles Robert Ayre of Newfoundland). As soon as preliminary notice of the Lewis loan broke last week other reporters bursting with questions stormed the Ritz. Why was a credit of $109,000,000 offered Premier Squires when he had asked for only $8,000,000? Who was "my associate"? Rumor carried the names of Harriman and Brown Bros, of New York. Had Jeannette Lewis & Co. bought Labrador? Was there truth in the gold legend? Miss Lewis made one potent remark:

"I have come to the conclusion that the greatest bank of natural resources, which if we stopped to think have been the foundation of our banks all over the country, is to be developed right at St. John's and in Labrador."

Not only reporters, but salesmen, beggars, old friends and lawyers with prospectuses flocked to the hotel. Jeannette Lewis slipped out a back door, disappeared.

*Despite Miss Lewis' assertions, Canadian National officials last week refused to credit her as originator of the Mount Royal tunnel. It was suggested, said they, by Sir Donald Mann and Chief Engineer of Location H. K. Wicksteed.

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