Mr. Speaker, it is important to add some clarification to this issue since the Leader of the Opposition who we all know has great interest in Canadian culture seems to be implying that Canadian interests were somehow ignored in this.
I want to make it clear as the minister responsible for Investment Canada there were a number of implications to this complete transaction which should be well understood.
What was reviewed by Investment Canada was an indirect acquisition of an already foreign owned company, Maxwell Macmillan Canada, which was in receivership. Part of that transaction when approved by Investment Canada obtained from Prentice-Hall certain valuable undertakings with respect to the Canadian publishing industry, which I think are a net gain for Canada.
In the context of those undertakings for example we have commitments to ensure a strong development program for new and upgraded Canadian material for educational programs. We have ensured that primary distributors for imported consumer book lines which were valued at approximately $4 million in 1993 will be Canadian controlled publishers and agents. We
have ensured support to the Canadian publishing industry infrastructure by maintaining an integrated warehousing system. There are other undertakings that were obtained in the context of this transaction.
Simultaneously, as the minister has said, CDIC did dispose of its interest in Ginn as part of a verbal commitment made by the previous government. That commitment was one which we found in our review was not going to be met by any potential Canadian purchaser.
In the context of obtaining very significant commitments as part of the acquisition we feel it was a net benefit to Canada.