October 15, 1951 (21st Parliament, 5th Session)

Hon. Douglas Abbott (Minister of Finance):

Perhaps I might be permitted to answer that question. I got back only this morning and I shall have to ask my hon. friend to permit me to take his question as a notice and I will give him a full statement tomorrow. The Ming Sung company were unable to meet the principal instalment of $1,200,000 odd, which fell due on June 30, within the time stipulated in the contract. They did pay the interest, but they were unable to meet a further interest payment due on September 30. The banks have asked the government to implement its guarantee, and the government has done so. The banks have been requested to institute appropriate legal proceedings under the mortgages and my information is that those proceedings are under way. I will give my hon. friend a full answer to his question tomorrow.

Inquiries of the Ministry