In Australia the railways, with the exception of certain lines belonging to the Commonwealth, are owned and worked by the several States. We found them paying full interest on the cost of construction, and sound assets of the country. The cost of working was, however, greatly increasing, due mainly to increase of salaries and wages. How this stands since the war I do not know; but that expenses have further advanced goes without saying. An important railway witness whom we examined expressed the opinion that increased expenditure could be recouped by increased rates. Perhaps that is still true. If it is, the railways of Australia are happier than most of the railways in Ireland. The railways of New Zealand belong to and are worked by the Government. For many years the Government, looking upon the railways as an adjunct to the settlement and development of the country, only expected them to return 3 per cent. interest on the capital expended. In 1909 this policy, however, was modified, 3.75 to 4 per cent. being then regarded as a proper result, and this result was accomplished. Water power in New Zealand is so abundant that the adoption of electricity for railway working has been engaging the attention of the Government. Many, well qualified to judge, were satisfied that it would prove more economical than steam locomotion. In both Australia and New Zealand, borrowing for railway construction had been by means of general loans raised for all kinds of Government expenditure. We came to the conclusion that if loans for reproductive works, such as railways, had been segregated from others, it would have helped the raising of capital, and probably secured easier terms. The construction of railways in Canada has, in recent years, proceeded at a rapid pace. We found that the mileage had doubled since the beginning of the present century, due, to a large extent, to the construction of two new Trans-Continental lines. The grain-growing districts of the prairie provinces, south of latitude 54 degrees, are now covered with a network of railways, and British Columbia has three through routes to Eastern Canada. The enterprise of the principal Canadian railway companies is remarkable. They own and operate not only railways, but also hotels, ferry services, grain elevators, lake and coast steamers, as well as Trans-Atlantic and Trans-Pacific steamers. One company also has irrigation works, and ready- made farms for settlers in the prairie provinces. But Canada lies so near to us, and in the British Press its railways receive such constant attention, that I need not descant further upon them.