"This line, both as regards its length, the character of its works, and
its alliances with third parties, is both too extensive, and too
expensive, for the Canada of to-day; and left, as it is, dependent
mainly upon the development of population and industry on its own line,
and upon the increase of the traffic of the west, it cannot be
expected, for years to come, to emancipate itself thoroughly from the
load of obligations connected with it.

"Again, the Colonial Government having really, in spite of all the
jobbery and political capital alleged to have been perpetrated and made
in connexion with this concern, made great sacrifices in its behalf, is
not likely, having got the Railway planted on its own soil, to be ready
to give much more assistance to this same undertaking.

"That the discipline and traffic of the line could be easily put upon a
sound basis, that that traffic could be vigorously developed, that the
expenses, except always those of repair and renewal, could be kept
down, and that friendly, and perhaps improving and more beneficial,
arrangements could be made with the local government--is matter, to me,
of little doubt. Any man thoroughly versed in railways and quite up to
business, and especially accustomed to the management of men and the
conduct of serious negotiation, could easily accomplish this. But after
all, unless I am very much deceived, all this will be insufficient, for
many years to come, to satisfy the Shareholders; and I should not
advise Mr. Glyn or Mr. Baring to tie their reputations to any man,
however able or experienced, if it involved a sort of moral guarantee
that the result of his appointment should be any very sudden
improvement, of a character likely much to raise the _value of the
property in the market_, which unfortunately is what the