These conditions naturally raise the whole transport problem in Ireland. Mr. Arthur Samuels suggests a scheme of State assistance to a cheap transport which may require attention later on, though it can only form part of a larger scheme of traffic reorganisation. The Nationalist Party seems definitely to have pledged itself to a scheme of nationalisation. This policy has been urged in season and out of season upon an apathetic Ireland by the _Freeman's Journal._ The cost of the nationalisation of Irish railways could not be less than fifty millions, while the annual charge on the Exchequer was assessed by the Irish Railways Commission at L250,000, and it was anticipated that a further recourse to Irish rates might be required. It would be obviously impossible to ask the British Treasury to advance such an enormous sum of money to an independent Irish Government. At what rate could an Irish government raise the money? The present return on Irish Railway capital is 3.77 per cent., and thus, to borrow fifty millions at 4 per cent, will involve an annual loss of over L300,000 a year, even without a sinking fund. It is extremely doubtful whether the credit of an Irish Government would be better than that of Hungary or Argentina. If anything more surely led an Irish Government to financial disaster it would be the working of railways. As the Majority Report of the Railway Commission recommended on other than commercial lines, the 25 per cent. reduction in rates and fares suggested by Nationalist witnesses would involve a loss of more than half a million a year. We see, therefore, immediately, that if anything is to be done at all to improve Irish transport it must be done by a Government that has the confidence of the money market. The railway director who contributes the principal article on this subject in the book calculates that a public grant of two millions, and a guaranteed loan of eight millions would suffice to carry out all the reforms that are necessary in order to place Irish railways in a thoroughly sound position. It is obvious that with the development of trade which will follow on the adoption of Tariff Reform by England, Irish companies will be in a better position to help themselves, and the increase in the wealth and prosperity of Ireland must soon enable the railways to carry out constructive works which they all admit to be necessary.