"Some years ago Mr. Glyn (I think with the assent of Mr. Baring) proposed to me to go out to Canada to conduct a negotiation with the Colonial Government in reference to the Grand Trunk Railway. I was compelled then, from pressure of other business, to refuse what at that time would have been, to me, a very agreeable mission. Since then, I have grown older, and somewhat richer; and not being dependent upon the labour of the day, I should be very chary of increasing the somewhat heavy load of responsibility and anxiety which I still have to bear. It is doubtful, therefore, whether I could bring my mind to undertake so arduous, exceptional--perhaps even doubtful--an engagement as that of the 'restoration to life' of the Grand Trunk Railway. "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 Shareholders very naturally look at, as the test of everything.