Mr. Speaker, the point we are trying to get across is that a little cutting of regional development grants is not the answer. We need to scrap the whole concept because it is not working.
Let me illustrate with another example. This is out west and not in Quebec. A perfect example is the almost $4 million loaned to Myrias Research Corporation by Western Diversification to an Edmonton group in 1990. The final loan of more than $500,000 was made just two weeks before the company went into receivership, creating no jobs. Has the minister learned from the past administration that regional development is a huge waste of tax dollars and will he take steps to eliminate all federal regional development spending from our unbalanced budget?