Of the two I much preferred the Minority Report. The working of the Irish railways (in accordance with its Recommendations) as business concerns on commercial principles, seemed to me both sound and sensible and the policy best calculated to serve the interests of the country. I cannot, however, say that I concurred in that part of the Minority Report which proposed the welding of all the railways of Ireland into one great system. In my humble opinion, the formation of three large systems--a Northern, a Midland and a Southern--was the desirable course to adopt. This course would, at any rate, keep alive the spirit of emulation which, in itself, is a wholesome stimulant to enterprise and endeavour, as well as to economy. The Majority Report, which amongst other things said, "We consider it obvious that Irish development will not be fully served by the railways until they cease to be commercial undertakings," found favour mostly, I think, with those who looked upon Ireland as an exceptional country requiring eleemosynary treatment, and whose railways ought, in their view, to be placed beyond the ordinary healthy necessity of paying their way. Our Chairman, the Honourable Richard Nugent, addressing his shareholders at the time, put the matter rather neatly. He said: "The case, as recommended by the Majority Report, stands thus--the Government to find the money for purchasing the railways; the Government to guarantee the interest on the capital cost; the County Councils to work the railways on uncommercial lines; the Government to pay to the extent of 250,000 pounds a year any deficiency incurred by uncommercial management; and any further annual losses to be paid by the County Councils striking a general rate, which you and I and all of us would be required to pay." He added, "Does this seem a businesslike proposal?" The Government took no steps towards carrying out the Recommendations of either Report. Perhaps they thought them so nearly divided, and so almost evenly balanced, that the one neutralised the other. They may also have thought that each Report made it clear that the Irish railways were well managed, not lacking in enterprise or energy, were doing well for the country; and that, therefore, the wisest course was to "let well alone."