"I have been engaged to-day, Mr. Mayor, on an interesting and important work, which I feel convinced will be a very great benefit, not only to the town of Liverpool, but to the vast commercial resources of this and surrounding towns. The difficulties in making a subterranean or subaqueous railway are only too clear. You have hitherto had means of taking passengers and goods over the river by steam ferries. I am aware that this right has existed a long time--I believe as far back as the 11th century. But it is a remarkable fact that in the last year you conveyed across the Mersey, from Birkenhead to Liverpool, on the steam ferries 26,000,000 passengers, and 750,000 tons of goods. You may say, such being the case, why do you require to have this tunnel, and to have your railway to connect Liverpool and Birkenhead? The answer is that you have to encounter storms, you have to encounter fogs, and you have to encounter ice. Both your passengers and your goods are very frequently imperilled. Therefore, a great engineering scheme of this kind, which will be a very great boon, is one deserving of encouragement. Not only will it benefit the commerce of the north-west of England, but it will also open up a railway system to Wales and that beautiful picturesque country with all its health-giving resorts. Great praise is due to Major Isaac for the indefatigable manner in which he has carried out this work and has found the capital, and we have also to recognize the indomitable energies of Mr. Brunlees and Mr. Fox, the engineers, and I must not forget to mention the name of Mr. Waddell, the contractor. At the head of this company we find my right hon. friend, Mr. Cecil Raikes, who has had a long experience in railways. Before sitting down, as I know there is no time for long speeches, I wish most cordially to drink 'Prosperity to the Mersey Railway,' which I am sure you will drink most heartily, and to connect with the toast the name of its chairman, Mr. Cecil Raikes." Mr. Raikes, in responding, said he held it as a most happy omen for that great undertaking whose completion they celebrated, that the heir to the throne should have come there to take part in completing an enterprise which would, he believed, be reckoned as one of the most important and interesting of Her Majesty's reign. His Royal Highness had been good enough to refer especially to the connection which was now to be established between Liverpool and his principality of Wales. As a resident in that principality he could assure His Royal Highness that the expression of interest would be cordially appreciated and treasured by the people of Wales. The Prince of Wales said:--