The Canadian government has a website on the issue: Seals and Sealing in Canada. I'll admit that I don't know much about the seal hunt, but I do know that there are a lot of repeated myths and misinformation around there.
On the cod stock rumour, for instance, the Gov of Canada says... Do you allow the seal hunt to help the recovery of cod stocks?
The commercial seal quota is established based on sound conservation principles, not an attempt to assist in the recovery of groundfish stocks. Seals eat cod, but seals also eat other fish that prey on cod. There are several factors contributing to the lack of recovery of Atlantic cod stocks such as fishing effort, the poor physical condition of the fish, poor growth, unfavourable ocean conditions and low stock productivity at current levels.
It is widely accepted in the scientific community that there are many uncertainties in the estimates of the amount of fish consumed by seals. Seals and cod exist in a complex ecosystem, which makes it difficult to find simple solutions to problems such as the lack of recovery of cod stocks.
(Of course, you could believe that's just a smoke screen put out there by the government to cover up the truth...)
Quoting Belize Me
It also sounded like the Premier didn't even know that the 'Red Lobster' restaurant chain was boycotting Canadian fish because of the seal hunt.
Red Lobster isn't really boycotting Canadian seafood, according to their website. They say they don't buy any seafood from Newfoundland, but that's not the same thing as actively boycotting.
The reference is with respect to the French Queen Marie Antonette who infamously said "Let them eat cake." when she was told her peasants were too poor to afford bread. That statement became infamous because while it is true the peasants could physically eat and digest cake, they obviously had no access to cake because they were poor.
Just because that quote is thrown around so much, here's the straight dope on if M. A. really said, "let them eat cake!"