Tuesday, April 26, 1967 " Lieutenant Governor in Council, Provincial Building, Charlotte town. Prince Edward Island . Gentlemen: Pursuant to your Minute No. 861/59 of October 22nd, 1969, and for a wide variety of reasons too numerous to go into in any detail herein, but borne out of and developed this past year or more through a lessening confidence in the Minister responsible for the operations of this Board and a general lack of co-operation therefrom, I herewith submit my resignation as a Member and Chairman of the Fishermen's Loan Board of this Province, effective forewith. (Signed) A. Walthen Gaudet." People were wondering why Mr. Gaudet had retired and resigned; there is the indication. What was going on? Nobody had any say, nobody had a chance to say any¬ thing, the old steam roller rolled right along as we saw an example in this House not so very long ago. Those are the tactics that are being used and he spared some of them, anyway, we go back now. Mr. O'Connor 's memo had to do with voucher No. 168 of March 11th which advanced $75,000.00 in respect of hulls nine and ten. These mon¬ ies were advance before Bathurst Marine had met the requirements clearly stated in the contract as being the essential before monies could be advanced by the Fishermen's Loan Board. Nor was this the only instance, possibly there are many others. But here is one at least, voucher No. 624 of the Fishermen's Loan Board of the 12th of July 1966, came out pretty close to the deadline. Voucher No. 264 of the Fishermen's Loan Board on the 12th of July 1966 advanced $87,100 to Bathurst Marine in respect of stage three of hull seventeen. This amount was advanced at a time when the Building Contract was invalid because Bathurst Marine, even at this late date, had been unable to obtain the Maritime Commission Agreement called for under the January 20th, 1966 contract. I can well imagine now what haunted the sudden and unexpected resignation of the Chairman of the Loan Board in March of 1965. Here was lost the services of a man with six years experience as Chairman of the Loan Board and with many more years experience as Secretary Manager to the Business Associations of the Prince Edward Island fishingindustry. By this time, he too must have been wondering what happened to the plan. What was going to happen to their Prince Edward Islandfishing industry? Perhaps the chairman of the Loan Board had an idea of what was yet to come. Perhaps he wished to be spared the indignity of being hauled before Moe to sign the contract of January 20th, 1966. This was to build nine trawlers with a contract price of approximately $7.8 millions of dollars, to build these trawlers in one of Moe's com¬ panies for another of Moe's companies, with the Prince Edward Island Government footing the bill not only for the net cost of the trawlers but advancing as well and financing the federal subsidy. 60% of the cost of the trawlers, until such time as this would be forthcoming from the federal government. Of course the signing of the con¬ tract was a mere formality since the, story was given to the press before the loan board were ever summoned to Georgetown . The "Command Performance" of the loan board occured on January 20th but we read in the , which hit the street the day before, January 19th, the full story, not omitting, of course, the important role of the Honourable Minister of Fisheries who inserted a silver dollar in the keel of hull number sixteen which was laid the day before the contract was signed, according to the story in the Graphic. "Bathurst Marine Builds 9 mere trawlers $7 MILLION CONTRACT AWARDED 19th January 1966 Representing the PJSJ. Fishermen's Loan Board at the contract signing will be