Mr. Speaker, I thank the hon. member for his rhetoric. That is all it was, rhetoric. As I suspected, he was not listening to a thing I had to say on this very important bill. He was talking to his colleague all the while I was speaking and he never gave me a moment of thought nor listened to a word I said.
I am not saying we should put in place a new equalization formula for ever and a day. What I am saying is that we need to work out some kind of an arrangement for have-not provinces that will see the resource revenues they generate clawed back on a more gradual basis than dollar for dollar.
As I said a moment ago, Newfoundland receives about $1 billion in equalization payments. If the Hibernia development for instance were to bring in $900 million in the run of a year, we would be only $100 million better off. Is this not what we need, an opportunity to catch up to the other provinces in Canada? Put in place a formula that will see a more gradual claw back, a 15% claw back for Voisey's Bay, a 50% claw back for Sable Island gas development that will see the province given an opportunity to become equal with the other provinces. It will see that province given an opportunity to improve its quality of life and to raise its employment opportunities and then let that province make the contribution that it should be making to the country. That is all we ask, a new arrangement that would see claw backs made on a more gradual basis.