Finance committee  Thank you.

Finance committee  Yes, that is a very good thing. I think that IRAP, of course, only helps small and medium-sized corporations, not large ones, but it's very positive, yes.

Finance committee  I think another report that should be looked at is the MacIntosh report. Professor Jeffrey MacIntosh wrote it in March of this year in commentary to the Jenkins report. One of the things he talked about was whether or not direct investment was really the way to go. His studies wo

Finance committee  The IRAP funding that you did was only $115 million of new money. That's very little of the $1.5 billion you took—

Finance committee  I think we have to see whether that's an effective way of dealing with it. Again you're asking the government to be an investor. Governments have never proven themselves to be particularly adept investors in any type of private enterprise.

Finance committee  No, I don't have any comments on that.

Finance committee  Yes, IRAP is a wonderful program. It's one of the best ones I've seen with the National Research Council. It's unfortunate that it doesn't have more funding.

Finance committee  Do I see that as what?

Finance committee  I think all of these issues are—

Finance committee  It's a very important issue, but I also think that SR and ED is very important.

Finance committee  Yes, they have.

Finance committee  I would thoroughly disagree with that.

Finance committee  We as a firm have never had a problem with CRA on capital expenditures. I don't know where that came from.

Finance committee  Do you mean the Jenkins report?

Finance committee  Yes.