House of Commons Hansard #79 of the 36th Parliament, 2nd Session. (The original version is on Parliament's site.) The word of the day was finance.
Claude Drouin Liberal Beauce, QC
Mr. Speaker, my question is for the Minister for International Trade.
The United States recently published a document entitled “Foreign Trade Barriers” listing obstacles to international trade for American companies. Does the minister intend to provide a similar list for Canada and will he release details on our companies' access to international markets?
Pierre Pettigrew LiberalMinister for International Trade
Mr. Speaker, I thank the member for Beauce for his interest in this issue.
This morning, I released the government's annual report on Canada's priorities for 2000 to improve access to foreign markets. Our government wants to improve the performance of our exports and to eliminate the barriers to trade for Canadian enterprises.
Canadians can be very proud. In 1999, our exports set a record high of $410 billion.
Grant Hill Reform Macleod, AB
Mr. Speaker, on the issue of a conflict of interest for the finance minister relating to tainted blood, the minister sat on the board of a company that financed Connaught Labs. Blood from that lab was tainted. Should the minister not have excused himself from decisions relating to tainted blood since there is an obvious conflict of interest here?
Jean Chrétien LiberalPrime Minister
Mr. Speaker, I have only to repeat exactly what the commissioner on ethics is looking into. He will report to the House. He is doing a thorough job. I have discussed that with the Minister of Finance. He himself has asked me to refer it there. I am completely convinced that there was absolutely never any conflict of interest.
Grant Hill Reform Macleod, AB
Mr. Speaker, we have already got the documents that implicate this finance minister in this issue.
Might I ask again, is this not the reason that this finance minister would not support compensation for victims of hepatitis C—
Canada Development CorporationOral Question Period
The Speaker
Order, please. The right hon. Prime Minister.
Jean Chrétien LiberalPrime Minister
Mr. Speaker, again they use a word like “implicate”. They try to tarnish reputations, destroy people. We saw how they dealt with the ethics of their party yesterday when one of the two candidates tried to buy off the other one. They get up today and talk about ethics.
Canada Development CorporationOral Question Period
The Speaker
Order, please. The hon. member for Regina—Qu'Appelle.
Lorne Nystrom NDP Qu'Appelle, SK
Mr. Speaker, my question is also for the Minister of Finance. It concerns the volatility in the current stock markets in this country.
A larger than ever number of Canadians are borrowing money in order to speculate on the stock markets and we have also seen an explosion in unregulated derivatives which could threaten the stability of our financial system.
In view of the excessive exposure of our system to speculation, can the minister assure the House that the Canadian financial system is secure and that the public will not pay for speculation through a rise in interest rates which will affect every single Canadian in this country?
Paul Martin LiberalMinister of Finance
Mr. Speaker, yes, I can assure the hon. member that our financial situation is sound. In fact, it is my understanding that quite some time ago financial institutions began to cut down on margin loans. Obviously there are individual investors who may well find themselves in a difficult situation, but I can assure the hon. member that the system, the structure and the financial institutions are sound.
Lorne Nystrom NDP Qu'Appelle, SK
Mr. Speaker, the minister did not make any reference to interest rates. I think we all know now that the excesses in the stock market which are largely in the high tech sector are being caused in the main by the banks, the finance companies and the mortgage companies extending too much credit to people who just want to speculate in the market.
The banks have created much of the problem and the higher interest rates that might come would of course benefit the banks that helped create the problem in the first place.
Would the minister consider asking the Bank of Canada to impose a special reserve requirement on bank loans that are taken out for the sole purpose of speculation in the market?
Paul Martin LiberalMinister of Finance
Mr. Speaker, that implies that an exact delineation of the nature of those loans for that purpose could be made, which might be more difficult than one would think. The hon. member knows that I am not in a position to comment on interest rates, that finance ministers do not do that.
If we look at the reasons for which interest rates rise or fall, this would have to be a relatively minor part of any consideration that a central bank would take into account.
John Herron Progressive Conservative Fundy Royal, NB
Mr. Speaker, last week representatives from the species at risk working group graded the Progressive Conservative position paper with an A, with the government paper receiving a mere D. This is essentially because the government's paper would make the designation of species at risk discretionary and not based on science.
Why is it that a consortium of environmentalists, wild life biologists, mining representatives, woodlot owners, pulp and paper and agricultural groups can all agree that the listing of a species should be based on science and not on political choice and this government believes cabinet is best fit to make the call?
Paddy Torsney LiberalParliamentary Secretary to Minister of the Environment
Mr. Speaker, my colleagues have suggested that was the voice of an endangered species.
This government fully intends to bring in a holistic approach to protecting our species at risk in Canada. We have a solid approach and that member and all members of the House will know about that plan very shortly.
John Herron Progressive Conservative Fundy Royal, NB
Mr. Speaker, the beginning of our recovery plan will be our policy conference in Quebec and this party is anything but a species at risk.
The protection of a species at risk is a value that all Canadians—
Endangered SpeciesOral Question Period
The Speaker
Order, please. The hon. member for Fundy Royal may begin his question.
John Herron Progressive Conservative Fundy Royal, NB
Mr. Speaker, the protection of a species at risk is a value that all Canadians share. It should be the responsibility of all Canadians and not just a few. That is why the Progressive Conservative Party, industry and environmentalists all agree that social and economic considerations should be taken into account when designing the recovery plan for a species and not whether a species is at risk or not.
Why is it that this coalition of stakeholders agrees on a common front and this government believes that cabinet should determine whether a species is at risk or not?
Paddy Torsney LiberalParliamentary Secretary to Minister of the Environment
Mr. Speaker, perhaps the member opposite believes he is clairvoyant, but the bill has not been tabled so I do not know how he is managing to presuppose the outcome of what the government is planning to do.
It will be individuals and it will be stewardship right across the country that make the difference—people taking voluntary action. The last budget from the finance minister will encourage that process.
The bill will be tabled in a short time. I think he should wait and actually see what is being proposed.
Carmen Provenzano Liberal Sault Ste. Marie, ON
Mr. Speaker, my question is for the Minister of Canadian Heritage. April 9 is the 83rd anniversary of the Battle of Vimy Ridge. Will the minister inform the House of her efforts to recognize this important date in Canadian history?
Sheila Copps LiberalMinister of Canadian Heritage
Mr. Speaker, the member and all Canadians know that at Vimy almost 4,000 boys were lost to their families, their friends and their communities.
But from this loss was born a spirit of solidarity, of helping others, and of belonging to a country called Canada.
In support of the private member's bill of my colleagues, the members for Sault Ste. Marie and Algoma—Manitoulin, I am announcing today that this Sunday, April 9, 2000 the flag on parliament's Peace Tower will fly at half mast in honour of the sacrifice made at Vimy Ridge, a corner of France that is forever Canadian.
Reed Elley Reform Nanaimo—Cowichan, BC
Mr. Speaker, I believe there will be many hepatitis C victims who are very interested in the finance minister's answers on this issue. The bottom line here is this: The finance minister promised the House that he will release all CDC minutes, but when the official opposition asked for them under the Access to Information Act, the finance department withheld these documents.
Why did the minister not keep his own promise?
Paul Martin LiberalMinister of Finance
Mr. Speaker, when the ethics counsellor submits his report, we will make all documentation available. All pertinent documentation will be submitted.