Mr. Michael Doorly:

Yes. When one looks at the figures, circulation, sales and readership numbers tend to be very stable and advertising revenues are volatile and will rise and fall in line with consumer spending. However, those rises and falls were not just in property; they were across the board. One should look at the newspapers today. One should look at the run of paper display advertising. One should look at the number of jobs being advertised and the number of properties being advertised. These are all down. At the time, the economy was experiencing a boom and all boats were rising.