Doug Peters

[Banks, June 3rd, 1996]

Mr. Speaker, the hon. member is making wild accusations. That is not correct. The white paper will be out sometime this month. I am sure when it comes out he will see the results are not the results of the things he suggested.

[Goods And Services Tax, May 31st, 1996]

Mr. Speaker, I would like to remind the hon. member that I would be happy to take credit for the growth in the GNP in the early nineties. Unfortunately this party was not the government at that time. However, there was not very much growth if he will recall that time.

As far as this being on the agenda for the first ministers' conference, as I mentioned a few minutes ago, the agenda has not

been set up yet. The finance minister has already stated it will be on the agenda and surely that is enough to satisfy the member's question right now.

[Goods And Services Tax, May 31st, 1996]

Mr. Speaker, I would remind the hon. member that the GST deal with the Atlantic provinces is available to all provinces that lost funds on that.

It is interesting to look at the results from Quebec. Quebec benefited from harmonization. If one looks at the first year alone of harmonization, Quebec tax revenues increased by something like 20 per cent after harmonization.

Since harmonization, Quebec has benefited by about $2.5 billion to $3 billion. Maybe we should be looking at that $2.5 billion to $3 billion in increased revenues that Quebec gained from harmonization. Maybe Ontario should be looking at that as an opportunity for a better revenue performance of its own.

[Goods And Services Tax, May 31st, 1996]

Mr. Speaker, this question is clearly part of the finance minister's meetings. It is a matter that the finance ministers will discuss at their meetings, which will very likely be next month. That is the appropriate place for discussions to take place.

I would like to remind the hon. member that the agenda for the first ministers' conference has not been released yet, therefore I cannot comment on that.

[Goods And Services Tax, May 31st, 1996]

Mr. Speaker, the finance minister has already mentioned that it will be part of the agenda of the finance ministers' meetings some time next month.

[Canadian Securities Commission, May 28th, 1996]

Mr. Speaker, it is an important issue that regional differences in capital markets are represented in a Canadian securities commission, if one should come about, and we are working at that.

We must remember that a group of provinces initiated the Canadian securities commission idea. The regional differences would be represented by commissioners from the regions. They would be represented by regional offices.

It is important to stress that Canada is the only major country that does not have a national securities commission. In other countries that have those securities commissions there are very strong regional developments.

[Newfoundland, May 17th, 1996]

Mr. Speaker, the member obviously does not understand interest. To think that there would be a payment of $160 million up front instead of $8 million a year for 20 years is entirely wrong. It will be discounted by an appropriate interest rate. That is exactly what I meant when I said it was a fair and reasonable substitute, with the discounted factor. That is the amount we will paying.

[Newfoundland, May 17th, 1996]

Mr. Speaker, as the hon. member knows, the annual payment to Newfoundland is some $8 million a year. It is to be made in perpetuity as part of the original Constitution.

Newfoundland is facing some exceptional and difficult fiscal and economic challenges with the fishery and with the phase down of Hibernia. It has been requested that the payment be moved forward and we have agreed. It covers an advance of some $50 million this year and further payments later on. It is a fair and reasonable substitute for the $8 million statutory requirement.

[Ways And Means, May 15th, 1996]

moved that a ways and means motion to amend the Income Tax Act, the Excise Act, the Excise Tax Act, the Office of the Superintendent of Financial Institutions Act, the Old Age Security Act and the Canada Shipping Act, laid upon the table on Thursday, March 28, be concurred in.

[Securities, April 26th, 1996]

Mr. Speaker, I remind the hon. member that the proposal is not a federal one. The proposal was brought forth by some of the provinces that asked us whether we would arrange a Canadian securities commission.

The objective of this was to improve the efficiency of Canada's capital markets, to reduce investment barriers and costs to Canadian issues and make Canadian companies more competitive, which means more competitive for Quebec and more jobs in Canada. That is the objective of this and if any province-