Mr. Speaker, I would like to make a few remarks. First of all, I would like to express my support for the privatization of CN. This is the proper move at this time.
To put it in economic terms, for example, the Government of Canada at the present time has a $550 billion debt. That is of major concern to Canadians. Canadian National has an accumulated debt of $2.5 billion which is an encumbrance on the people of Canada. It is time to privatize and bring an operation like this one into the private sector so that it works under the rules of the private sector in terms of its financing and its efficiencies.
The amendment we are speaking on tonight, which puts the shares out to Canadians in the first 90 days, is a good one. If the capital is in Canada for individuals or corporations in order to buy Canadian National and to operate it as a Canadian entity, that would be a good thing. It would be divided among Canadians in a variety of ways.
Let us give Canadians the first opportunity. After the 90 days we could open it up so those international people who wish to invest can do so and in a very proper and positive way participate in the economy of Canada.