Cholmondeley considered _the_ event of modern times and many
over-sanguine people expected it to inaugurate a universal peace. On the
other hand Carlyle uttered fierce denunciations against it. It certainly
excited far more interest than has any exhibition since. Then, nothing
of the kind had ever before been seen. Railway expectations ran high;
immense traffic receipts, sorely needed, ought to have swelled the
coffers of the companies. But no! vast numbers of people certainly
travelled to London, but a mad competition, as foolish almost as the
preceding _mania_, set in, and passenger fares were again and again
reduced, till expected profits disappeared and loss and disappointment
were the only result. The policy of Parliament in encouraging the
construction of rival railway routes and in fostering competition in the
supposed interest of the public was, even in those early days, bearing
fruit--dead sea fruit, as many a luckless holder of railway stock learned
to his cost.

Railway shareholders throughout the kingdom were growing angry. In the
case of the Midland--they appointed a committee of inquiry, and the
directors assented to the appointment. This committee was to examine and
report upon the general and financial conditions of the company, and was
invested with large powers.

About the same time also interviews took place between the Midland and
the London and North-Western, with the object of arranging an
amalgamation of the two systems. Some progress was made, but no formal
_engagement_ resulted, and so a very desirable union, between an
aristocratic bridegroom and a democratic bride, remained unaccomplished.

Mr. Ellis was chairman of the Midland at this time and Mr. George Carr
Glyn, afterwards the first Lord Wolverton, occupied a similar position on