I would reiterate my earlier anecdotal comment about the United Way of Calgary and the immediate effect that the elimination of capital gains had on its campaign. It reached its goal in a much shorter period of time.
Up until late 2008, gifts of securities were very significant, and of growing significance, for most charitable organizations. We had a levelling off, or a decline, of course, when the value of the stocks went down.
The rationale for using privately held securities is simply that we have seen such a growth in private family philanthropy in Canada. One of the single largest areas of new charities is private family foundations. A lot of the assets that go into these are privately held securities.