Mr. Speaker, my colleague's comments allow me to say a couple of things I forgot to say. My colleague from Durham, who seconded this motion, talked about a jeweller family, Hooper's Jewellery, which has been operating for 60 years and for the last two generations, the owners have wanted this excise tax removed. This tax has been there for 86 years. I know in the case of my own community, Preston Jewellers has been fighting this tax and I continue to receive letters concerning this issue.
People have made such good cases in the last 10 years on several occasions before the finance committee and with their own independently commissioned reports and submissions to the finance department. They felt the case was so strong and the promises were so strong, that when there was no delivery at budget time, they have actually given up.
This private member's bill has reawakened some real optimism and they are thinking that this time it might really happen. It is rather inconceivable that members from all parties in the House of Commons are going to reject this notion. The tax is an anachronism.
In terms of the north and the provinces, the Premier of the Northwest Territories has stated publicly his real concern on several occasions. There is a burgeoning diamond industry and the Northwest Territories is getting about 4% return on the royalties. It is the same argument for the east coast offshore oil and gas.
During the east coast offshore oil and gas debate I empathized with Premier Handley's position because eventually the provinces, the territories and industry will find other alternatives or these ventures will not proceed simply because they are not the beneficiary. It is too indirect when the moneys go to the federal authority and then the federal authority transfers them back on a different basis and reduces or increases them on a one to one basis based on the royalties.
It is not a happy situation and needs to change. My bill does not address the bigger question. It only addresses abolishing this tax.