To the OP...
Good call on asking for advice, even if it is on a motorcycle forum. There is some good advice that has been offered.
Mine...sell the panel you got from work on kijiji, it is not allowed and will help pay for having it done right.
Visit
www.esasafe.com ,under "Find Electrical Contractor" enter you address and check off the "Residential" and "ACP" options. (ACP is the Authorized Contractor Program and they are inspected on an audit basis and are pre-authorized to have Hydro re-connect your service.) Get a few quotes, etc.
Your existing service is in very bad shape. Oversized fusing, white/neutral conductor connected to a phase and a black wire on the neutral, old twisted pair ground, maybe even some aluminum wiring mixed in there and judging by the size and number of wires leading out of the sub-panel something doesn't jive (looks like it feeds a kitchen reno) I'd hate to see in there.
That is some old ****, keep the covers on, do not poke around in there and call an electrcial contractor. Good Luck.