Thank you very much, Mr. Chairman.
Ladies and gentlemen, thank you for being with us today. My first question is for you, Mr. Ballantyne.
Mr. Shannon, Canadian Pacific's legal counsellor, told me, when I asked him if it was a monopoly, that there was no monopoly. He was quite offended by that.
You talked about the Canadian Pacific and Canadian National monopoly. I would like you to explain to me how it works, so that the people who will read this fully understand the monopoly the companies are operating.