Thank you, Mr. Chair.
Thank you to the witnesses for appearing today. I'm from the east coast, and I'm still trying to learn how fishing works in my end of the country.
I'll ask the first question to Mr. Boyes.
In 2004, Ecotrust Canada released a study estimating that by 2003 the market value of licence and quotas would be more than six times the capital invested in vessels and equipment.
Could you tell us what a licence is worth today, Mr. Boyes?