Okay, good. That's all I need to know on that.
Mr. Sullivan mentioned earlier on the fact that the private sector alone cannot operate at a profit public transit in Canada because the population densities do no permit such a return on investment. Mr. Leung pointed out that he's only aware of Hong Kong as an example of a profitable privately administered, privately run, mass transit system. So our expectations have to be realistic in terms of the ability to recover costs through the fare box.
I know this is a complicated question, and it's difficult to boil it down, but in many disciplines we boil thousands of complicated factors down into one formula, equation, or ratio—everything from E = mc2 in physics, to real estate investors using the capitalization rate to determine if an investment is a good one, to stockbrokers and equity buyers looking at price-to-earnings ratio or price-to-book ratio, depending on their investment philosophy. The most sensible ratio to determine the economics of a project seems to me to be the fare box recovery rate. In Canada, what do you think is a minimum threshold for a fare box recovery rate of a project before it should go ahead?