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individuals who came here with Mr. Jens Moe was a man by the name of D. F. Rennie, Executive Vice-President of Moe Industries and in a letter which he addressed to the Honourable Walter R. Shaw, Premier of Prince Edward Island on the 15th of August

1963, he said.

Reference is made to option agreement dated 6th June 1963 between The Prince Edward Island Industrial Corporation and Moe Industries Ltd. and appendix to our letter of 17th May 1963 which we agreed should form part of this option.

This is our official notification to The Prince Edward Island Industrial Corpor- ation that we are taking up the option and immediately upon your signifying your acceptance of the proposal we will make further arrangements and commence work

immediately.

In this connection we enclose our presentation for the information of the Gov- ernment of Prince Edward Island and for enabling it to assess and decide on the feasi- bility and advisability of cooperating with Moe Industries Ltd. and/or its nominees in the construction and operation of an integrated processing plant at Georgetown, P.E.I. We hope you will note as you review this presentation that we are proposing here the operation of the first fully integrated fish processing and instant food plant ever to operate in Prince Edward Island.

May we take this opportunity to thank you personally and to express our ap- preciation for the valuable assistance rendered to us by your Minister of Indus and Natural Resources, Hon. Leo Rossiter, your Director of Research, Mr. Hartwell lay, and your Deputy Minister of Fisheries, Mr. Eugene German, in our preliminary studies.

Yours respectfully,

(signed) D. F. Rennie, Exec. Vice-President”

The Aim of this project was to establish a specialized processing plant for the following purposes:

(a) To exploit the harvestin of the presently largely underdeveloped high quality, delicacy types 0 fish and sea foods available in the surrounding waters,

(b) To produce and market from this exploitation exceptionally high quality specialized fish and sea food products, including instant food, for the inter- national consumer market,

(c) To provide a ready source of herring as bait for Canadian and foreign fish- ing fleets operating in adjacent waters.

((1) To produce fish and herring meals and oils,

(e) To buy from inshore fishermen large quantities of fish for drying, employ- ing the most modern techniques.

They continued with the following observations. “Importance of Project to the Economy of Prince Edward Island

It is always difficult to completely assess the value of a particular plant to the overall economy of any province. However, this is a vital point in our thinking and we feel we must make some effort to stress this value.

In the first place, fisheries play a vital role in the total economic picture of the Province. In recent years the North Atlantic fishery has been facing critical problems and only very recently have trends been reversed. We believe that a fully integrated processing plant at Georgetown cannot help but make an outstanding contribution to the expansion of Island fisheries.

Secondly, there is the matter of employment. When maximum production is reached employment should run between 500 and 760.’ The impact of this kind of pay-

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