Dr. Jim Stewart:

Well Chairman, let us consider that one is looking for a yield from an investment and supposing that that yield is 5% or let us say 10%. One is then told then that the after-tax yield will only be 5% and one will not be paying any tax on that. If the yield was 10%, one would pay tax on that of perhaps 50%, or whatever, possibly a third, hence the yield after tax would be 6% or 7%. If one is told that there is this yield, that it is 6% and there is no tax, this will reduce the cost of capital for those investors. It makes it a much more attractive investment for firms or individuals who may think of purchasing debt being issued by these companies. For that reason, it facilitates the raising of debt at a lower rate of interest and lower cost of capital.