OTTAWA, Ont. July 19—The ef fect on water power development of the St. Lawrence. deep waterways project and an investigation of the amount of water takers from Lake Michigan by the Chicago drainage canal Will be considered by a joint commission of engineers appointed by the United States and Canada. * This announcement was made in the house of commons yesterday by George P. Graham, minister of rail ways and chairman of the Canadian national advisory committee, recent ly appointed to investigate benefits to Canada by the proposed St. Law rence development.