1. Yes. The government, acting through the Canadian Commercial Corporation, undertook to provide George T. Davie and Sons Limited with any deficiency in its working capital necessary to enable it to complete and deliver three ships to the Ming Sung Industrial Company Limited. The maximum aggregate at any one time of the amounts so advanced was $1,011,187.
3. At various dates during the currency of the advances, $371,500; on July 7, 1950, $59,687; on September 6, 1950, $30,000; on April 30, 1951, $20,000.
5. $450,000, as of November 2, 1949.
6. Yes. For $1,450,000.
8. (a) $80,000; (b) nil.
9. Mortgage not released.
Date of Contract
Feb. 16, 1950 Nov. 9, 1950 Nov. 9, 1950 Jan. 31, 1951
June 8, 1951
Vessel Covered Cost to
1 gate vessel $500,000
1 influence type minesweeping vessel 925,000
1 gate vessel 500,000
Production of working drawings, et cetera,
for gate vessels 25,000
1 loop layer basic type J. craft 700,000
The amount of estimated cost to the government includes cost of labour, material and overhead plus a fee of five per cent of the total thereof payable to the company. The amount of the actual profit to the company under each contract cannot be determined.
12. The directors of George T. Davie and Sons Limited are Andre Delagrave, Brenda Delagrave and Maurice Paquet. The majority shareholders of the company are not known.
Subtopic: MING SUNG INDUSTRIAL COMPANY-CONTRACTS FOR SHIPS