Mr. Johnston (Westmount):

I take the view, obviously not shared by members of the NDP, that we require more foreign equity in this country. We have too much debt. One reason why our foreign account balance is in such a deficit position is the tremendous interest burden we must bear. But many object to foreign equity and, as a consequence, there has been a patriation of foreign equity, something which has not helped our dollar situation either. We ought to adopt a series of sound fiscal measures to attract capital into the industrial sector.

Mr. Johnston (Westmount):

There was nothing to prevent any member of the opposition holding discussions with anyone they chose. They are quite entitled to talk to the Canadian Bankers' Association, to economists, to analysts with the C. D. Howe Institute or the Economic Council. They can talk to anybody they please, and they are quite capable of putting questions to responsible ministers based on the information they obtain. But they have not done so. Basically, they are trying to create an inflammatory political situation out of a serious economic matter which the government has openly put forward for examination.

We hear charges that there is secrecy. There is no secrecy here, Mr. Speaker. There is nothing secret about the situation of the Canadian dollar. Nothing is undisclosed. The only secret, Mr. Speaker, and perhaps the best kept secret, is what the opposition's policy is with regard to the dollar, and, for that matter, with regard to other economic measures which they hope to implement, such as the stimulative deficit, about which we have heard so much, and such as laying off something in the order of 60,000 public service employees without

F ebruary 13, 1979

anyone getting hurt by such a move. There are many aspects of the policies of the opposition which really are shrouded in mystery and secrecy. But that is not the case in so far as the government is concerned in relation to the dollar.

Long term solutions are obviously necessary. We have to work together in a non-partisan way to arrive at long-term solutions which will ultimately resolve the problem of the dollar and the other attendant difficulties flowing therefrom. Low productivity presents a serious problem in this country. Reference has been made to the situation in the United States, where productivity is also a serious problem. In fact The Economist recently published material which indicated that of the seven largest OECD countries the increase in productivity in the United States was the lowest. Britain was second, and we are the third lowest. That is not a good record. And that is where we have to make a start. We need to establish long-term economic objectives, and I am sure we will do so.

Mr. Johnston (Westmount):

I think that the Tories must talk to each other and the Liberals must talk to the people.

Mr. Johnston (Westmount):

-a professional economist, attack the Minister of Transport (Mr. Lang) personally. I heard him attack the Minister of Finance (Mr. Chretien). He declared the Minister of Finance is the worst in the history of Canada-

Mr. Donald J. Johnston (Westmount):

Mr. Speaker, perhaps I misunderstood the purpose of the debate today. I have been waiting patiently since three o'clock in anticipation of somebody in the opposition putting forward some ideas. I attended the committee meeting when governor Bouey was questioned. In fact I questioned him myself. A number of opposition members who are here this evening also had the opportunity of questioning governor Bouey.

The policy of the government and of the governor of the Bank of Canada requires no defence here today. The policy is well known. It has been explained repeatedly. I had assumed that we would hear today even a germ of an idea as an alternative policy that could form the basis of a debate. I have heard nothing.

I listened to Mr. Gillies-