I can tell you what happened and how I got to those numbers. I was consulted by Paul Tellier, a director of both BCE and Alcan, before their takeovers. He had the figures from Alcan and BCE, and we estimated at that time that each would entail about $20 billion owned by Canadian holders. That is why I said Alcan alone was $20 billion.
In addition to that, there are these enormous sums coming in for the tar sands that are, as I said before, being brought in here absolutely inefficiently and are going to be overspent tremendously. The companies' costs are going to be such that their profitability will be negligible unless the price of oil stays very high. That has brought in an enormous amount of money.
There have been many other smaller companies in this country taken over by money coming in. We were involved in St. Lawrence Cement, in this connection, etc.
I am not a great believer in just selling all our companies in this country. Already, 80% of our stock market today is either cyclical or made up of materials and financial stocks—80%. That's not a market anybody can diversify in properly for investment.
I am not in favour of subsidies, but we have to come at some early stage to a long-term solution to the relationship of our currency with the United States, because we are tightly tied to that market and we cannot permit ourselves either to go back to 62¢ or to stay at the present level; we're going to destroy all kinds of things in this country.