Conspicuously Canadian. The policy of the future will be an extension of the policies of the past, namely that the company should be a good citizen of Canada, which means contributing to Canada’s advancement and its own success, and taking, as it always has, its share of the country’s burden. In this democratic age it is possible that methods may be adopted which would not be thought of in previous times. It is certain that the company and its patrons will be closer together than ever before, because a greater mutual understanding is necessary if the unique problems of the present time are to be dealt with satisfactorily. Historically, that’s pretty nearly all that is going to be said about the Canadian Pacific Railway, except that when rail communication was established between the Atlantic and Pacific oceans in November, 1886, the company had 4,306 miles of track. To-day it operates or controls more than 18,000 miles. That’s going some. But it’s not all. A magnificent ocean service has been established on the Atlantic and the Pacific, and on the inland lakes and rivers of Canada its craft ply. It has become the “World’s Greatest Highway,” carrying the traffic of three continents. It lodges and feeds globe-trotters, so that a person may travel from Great Britain to China and Japan exclusively under its protecting care, on its trains, ships and hotels. It has developed fishing, mining, agricultural, immigration, forestry and other resources and industries. It is not a mere transportation company, as all railways were before its construction. It is an Empire builder. Let me speak now of those courageous captains of industry to whose activities and counsel are due the great success which has crowned their indefatigable efforts to make the Canadian Pacific the wonder of the world. The First President. George Stephen—now Lord Mount Stephen—who came to Montreal from Scotland, an unknown youth, was its first president. He was an earnest worker and a wise counsellor, as was his fellow director, R. B. Angus. In all the hazardous conditions and financial worries of his presidency he never lost heart. He, with his co-workers, pledged their entire fortunes to ensure the company’s very existence. There were dark days, darker perhaps than the world will ever realize, with apparently a hopeless future to face, but their courage never failed them. Their grandest monument is the C.P.R.