On the question of reductions in rates (reductions which the Majority Report strongly urged as necessary), they did not think that reductions were more likely to occur under public than under private ownership. They suggested, further, that the official statistics of various countries showed that the fall in the average rate had been much greater on the privately owned railways of France and the United States than on the State-owned railways of Prussia, which were universally accepted as the most favourable example of State managed railways in the world. They came to the conclusion, after hearing all the evidence, that the management of the principal Irish Companies was not inferior to that of similar companies in England and Scotland. They narrated the many improvements (with which they seemed much impressed) that Irish Companies had in recent years effected for the benefit of the public and the good of the country, and said "they had spent money, and not always profitably, in endeavouring to promote the development of new industries." They considered the principle of private ownership should be maintained, believing that railways are better and more economically managed by directors responsible to their own shareholders than they would be under any form of State or popular control, and that administration on commercial principles was the best in the public interest. In their opinion, however, the Irish railway system was faulty by reason of its sub-division into so many independent companies, and they recommended a policy of amalgamation, with the ultimate object of including the principal railways in one single system, and also, that certain lines classed as railways, but which were really tramways serving purely local interests, need not be incorporated with the general railway system. Such amalgamation, they considered, need not be effected at one time, but should be accomplished gradually. Failing amalgamation by voluntary effort within three years, compulsion should be resorted to. On the whole the Reports were highly satisfactory to the Irish railways. They showed that the Companies had done their duty to the country honestly and well, and that they had been unjustifiably attacked. The good character of the Irish railways was thus re-established, and they again held their rightful place in public esteem.