Thank you, Mr. Chair.
When you look at the railway profit picture, folks, you're not exactly hurting, compared to the farm profit picture. If you look back over the last 12 years, freight rates for farmers have increased massively.
First, Mr. Mongeau, you must have said at least seven or eight times that rail rates in Canada are 35% lower than those south of the border. I would suggest to you that this is somewhat misleading. They may be lower in the rail rates, but as compared to the United States, you are operating main lines now, and branch lines are virtually gone. The farmers have to get the grain to the main line; they have those additional costs. Their costs have gone through the roof, while you people have managed, by going to mainly main lines with the branch lines closing down. The farmers' costs have gone up in terms of the additional trucking costs and additional elevation costs, and then they run the grain on your line.
This is my first question to the railways. Under the formula, what return on capital are you assured? It used to be 21%. What is the return on capital that the railways are assured now?