Mr. Gillies:

Mr. Speaker, given the fact that beef today is selling at $70 per hundredweight in Omaha and $84 per hundredweight in Toronto, the difference is exactly the difference in the exchange rate. Surely the minister must understand that the depreciation of the dollar is one of the major reasons for the increase in the price of beef in Canada today. It is exactly the differential.

I ask the Deputy Prime Minister, and I ask him in terms of his previous reincarnation as an economist, is it the position of the government that we can get inflation under control in this country as long as we have a stance on monetary and fiscal policy-I notice the increase in the money supply is 10 per cent, year over year, with real growth at 3 per cent-that leaves us with an exchange rate at 85 cents? I am not talking about pegging the dollar; I am talking about a change in the structure of monetary and fiscal policy to get the dollar up in order to control inflation. Is it the government's position that they need do nothing about that?

Mr. James Gillies (Don Valley):

Mr. Speaker, my question is for the Deputy Prime Minister. Is it the position of the Deputy Prime Minister that because the Canadian dollar is selling at a discount, this has no effect on domestic beef prices?

Mr. Gillies:

If we want to talk about selective memories, we have seen one in operation. But my question is very simple and very important to the people of Canada. The question is simple, and I repeat what I asked: What has the minister done, what leverage is he applying against the multinational oil companies right now-not when we have another crisis, but right now-to ensure that under no circumstances will Canada be taken away from participating in the multinational oil pools?

Mr. Gillies:

Not as short as yours.

Mr. Gillies:

The first suggestion in the House of Commons for a one-price system across the country was introduced by the hon. member for Halifax; the minister ought to know that. It had nothing to do with his party.