May 29, 1972

NDP

Leslie Gordon Benjamin

New Democratic Party

Mr. Benjamin:

The Liberal party.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
LIB

Norman Augustine Cafik

Liberal

Mr. Cafik:

-our finance companies and insurance companies which are prevented by law from investing in equities except to a limited degree. I think we ought to do something in that area as well. Legislative changes need to be made. I think something ought to be done in both these areas to help maximize Canadian control over the economy.

I believe the present policy is a step forward, although in my view and in the view of many Canadians it is not a very brave step forward. On the other hand, this is the responsible approach since at this time we must not do anything that will jeopardize our ability to create jobs. I think we must take more courageous steps in future. I hope that once we get our people back to work in the Canadian economy the government will give serious consideration to further measures which will maximize our control over our economy.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
PC

David Samuel Horne MacDonald

Progressive Conservative

Mr. David MacDonald (Egmont):

Mr. Speaker, I appreciate the opportunity to say a few words this evening, and

presumably a bit more tomorrow, with regard to the legislation presently before us. When the Minister of Industry, Trade and Commerce (Mr. Pepin) spoke earlier today I was somewhat surprised, as I am sure others were, that the Minister of National Revenue (Mr. Gray) could not find it possible to lead off for the government on the need for the evolution of policy on this issue.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
LIB

Jean-Luc Pepin (Minister of Industry, Trade and Commerce)

Liberal

Mr. Pepin:

Why were you surprised?

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
PC

David Samuel Horne MacDonald

Progressive Conservative

Mr. MacDonald (Egmont):

I thought he was the minister who was chiefly responsible. But we are gradually getting the picture that this legislation is to be nothing more than a piece of face-saving material.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
LIB

Jean-Luc Pepin (Minister of Industry, Trade and Commerce)

Liberal

Mr. Pepin:

We split the work. I do the bill, he does the tour of the provinces. What is wrong with that?

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
PC

David Samuel Horne MacDonald

Progressive Conservative

Mr. MacDonald (Egmont):

I am glad that he is still in the government. I thought perhaps he had taken the route of some ministers who decided that the government was not responsible, and resigned.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
LIB

Jean-Luc Pepin (Minister of Industry, Trade and Commerce)

Liberal

Mr. Pepin:

That is our business.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
PC

David Samuel Horne MacDonald

Progressive Conservative

Mr. MacDonald (Egmont):

If the minister wants to speak again, I would be quite happy to let him do so.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
LIB

Jean-Luc Pepin (Minister of Industry, Trade and Commerce)

Liberal

Mr. Pepin:

Say something intelligent.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
PC

David Samuel Horne MacDonald

Progressive Conservative

Mr. MacDonald (Egmont):

The only intelligence the minister has displayed so far is the ability to be concerned about an issue that is important, but there was certainly not anything in what he said this afternoon to show that the government is prepared to come to grips with this problem.

It is rather surprising that the government has the ability to be at the opposite end of the emotional spectrum when the other response is required. I am impressed by the ability of this government to appeal for balance when strong measures are needed, and then caution against halfhearted measures when unnecessary overreaction characterizes its activity. I do not think I have to spell that out for the minister; I think he knows exactly to what I am referring. [DOT]

There is very little dispute between members of this House on the present financial difficulties facing our country. Indeed, the difficulties seem to indicate that any activity of a reporting nature with regard to financial institutions and transactions in this country should be considered with full care and caution. Well, caution is not lacking in the law we are discussing this evening. As a matter of fact, the bill before us is almost smothered in and suffocated by it.

The long, arduous, shrouded-in-secrecy study of the government and its policy development is broken only by the odd leak. This is one case when the leaks were better in some instances than that which was eventually produced. There was a great feeling of suspense. The final product is much like the egg that was sat on too long; all we have for policy is a bad yoke. I suspect the smell will be with us for some time to come.

No government that has been so callous about the necessity of creating employment has the moral right to

May 29, 1972

hide behind the issue of jobs needed. It is more than a little inconsistent to hear government speakers tell us that we must be so concerned about the issue of jobs, yet that is what we are hearing from them. Indeed, we are not hearing a strong statement of support of the bill before the House but, rather, a continuous apology for a policy for which apologies cannot be made.

The previous speaker, the hon. member for Ontario (Mr. Cafik) spent most of his time suggesting alternatives. He really gave us quite a tour. It was almost like a combination of the encyclopaedia and the Canadian geographic magazine; he went all across Canada, all over the world and threw in his ideas. He seemed to forget the matter before us is government legislation which, if he is still a member of the government, he is supporting. It is just another indication of lack of support.

There is also a reflection of lack of leadership on this particular issue. Nowhere has there been any less indication of leadership than on this issue. If one wants, as some government speakers have done, to refer to the Canada Development Corporation as another part of the positives, it certainly is a part of the positive: it is establishing a new game of Crown corporation musical chairs where we, presumably, will permanently see a collection of various odds and sods of institutions, all of a governmental or quasi-governmental nature, being taken over by the CDC with absolutely no relationship to the question of economic self-determination for Canadians.

We in this party are well aware of the need to encourage development in Canada, especially in areas where economic conditions are depressed. We in this party have no hang-ups or misconceptions about a healthy attitude toward foreign investment.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
?

An hon. Member:

What does that mean?

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
PC

David Samuel Horne MacDonald

Progressive Conservative

Mr. MacDonald (Egmont):

Just listen and I will get to it. Where we differ and find cause to belittle this bill and its child's step, instead of what should be a mature solution, is in the complete reluctance to realize the firm need for some very clearly stated guidelines on foreign investment and Canadian development for this country. I find it passing strange for the government, with a straight face, to produce a report such as was presented to this House a few short weeks ago and then follow it up with this kind of bizarre piece of legislation that the minister spoke of this afternoon.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
LIB

Jean-Luc Pepin (Minister of Industry, Trade and Commerce)

Liberal

Mr. Pepin:

You have already said that three times.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
PC

David Samuel Horne MacDonald

Progressive Conservative

Mr. MacDonald (Egmont):

Maybe it needs to be said more often if the message has not reached the minister's ears. Presumably that is one of the points of debate.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
LIB

Jean-Luc Pepin (Minister of Industry, Trade and Commerce)

Liberal

Mr. Pepin:

I am waiting for ideas.

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink
PC

David Samuel Horne MacDonald

Progressive Conservative

Mr. MacDonald (Egmont):

There will be plenty. I hope the minister took note of those that were presented today. I am sure he did. There must be some understanding of what the government's role will be with respect to investment generally. There is no indication whatsoever of what the government has in mind. Indeed, all we are getting from this government in the matter of investment is a conflicting signal.

Proceedings on Adjournment Motion

The greatest enterprises which involve the largest number of Canadians must be shaking their heads in vain about what the government is really up to with regard to the Canadianization of economic activity. I am referring to the activities that took place last fall with regard to the taxation of co-operatives and credit unions. Both inside and outside this chamber we witnessed hamhanded attempts to limit the effectiveness of the most Canadian institutions that we have. It was only after considerable pressure that the government finally and reluctantly reverted to the previous legislative situation which in effect provided an effective framework for co-operatives and credit unions to flourish in this country. What could be more important to the future development of Canadian involvement and control of commercial activities than these two very important enterprises?

Since it has reached ten o'clock I will not take up any more time this evening. However, I will present some concrete suggestions tomorrow afternoon and I hope the minister will be in the chamber to hear them and respond. May I call it ten o'clock, Mr. Speaker?

Topic:   GOVERNMENT ORDERS
Subtopic:   FOREIGN TAKEOVERS REVIEW ACT
Sub-subtopic:   MEASURE TO CONTROL FOREIGN TAKEOVERS OF CANADIAN COMPANIES
Permalink

PROCEEDINGS ON ADJOURNMENT MOTION


A motion to adjourn the House under Standing Order 40 deemed to have been moved.


EXTERNAL AFFAIRS-BANGLADESH-ESTABLISHMENT OF FACILITIES IN DACCA FOR CANADIAN PLENIPOTENTIARY

May 29, 1972