Flemming

"jects that his government could support. The mid-1950s also saw governments in many Anglo-American democracies intervening more and more in the economy to promote economic development and job creation. It was as true for right-of- centre government as it was for left-leaning governments. In Canada, for example, it was the John Diefenbaker Progressive Conservative government that introduced the first of many economic development measures for slow-growth regions.6 Flemming announced with considerable fanfare that he would sup- port the McCain project for his constituency. He proudly declared, “We are convinced that this new industry will help to provide new and profitable markets for farmers over a wide area of New Brunswick.”7 The Flemming government guaranteed a $470,000 bond on behalf of McCain Foods. This, Wallace McCain explained, “was a big deal for us.” It enabled McCain Foods to borrow money at a low interest rate. “Who,” he asked, “was going to buy McCain Foods bonds without a guarantee?”8 Hugh John Flemming was not to be outdone by other provincial"

"game and attracting private sector jobs away from their own region. It was Flemming’s turn not to be outdone. He established the New Brunswick Industrial Board in 1956, and McCain Foods was the board’s very first project. It handed out its first two loans or bond guaran- tees to McCain Foods – one for the construction of the plant and the second for cold storage. The assistance was for twenty years at a 5 per cent interest. They were the first of many loans, loan guarantees, and grants McCain Foods would receive from the provincial and federal governments as they grew their business.11"