As we have been discussing the intimate relationship between Mount Stephen and Van Horne, it is interesting to note that, much to the latter’s regret, the former President of the road, on account of his health condition demanding release from business, began to express again his desire to resign from the Board of Directors. He had remained on the Directorate and had been actively interested, as we have seen. But now he must have complete rest from responsibility. He was pressed to stay on the Board with less active participation, but he declared that “he could not be a figurehead and give himself no concern,” a statement which all directors of all companies should take to heart these days. And there is something touching in the fact that Mount Stephen, himself feeling the results of the heavy strain, began to warn Van Horne to be careful of his health and to throw more responsibility on others. As a matter of fact Van Horne was doing this within a short time after he became President. For Shaughnessy was moved up to be a Director and Vice-President and was making his brilliant business qualities felt in the management of the great enterprise he had seen grow from a small beginning. But Van Horne consented with great reluctance to Mount Stephen’s retirement. The caution of the quiet Scot had been a fine counterpart to the intense and almost headlong impetuosity of the practical railway builder, and a great friendship had grown through the years. So that we are not surprised when we find that Van Horne had written Mount Stephen saying, “Your withdrawal would not be the withdrawal of a Director, but of the soul of the enterprise.” The business world is sometimes as drab and dead and unemotional as a sand waste, but it has its oasis spots, and words like those just quoted mark one of them. During those years, however, it is a notable thing, that whenever a proposal was made even by Mount Stephen to Van Horne, that the business administration of the Canadian Pacific Railway should be conformed to English methods, the bluff railroader refused point-blank. He said that “the English methods work in England, but they will not do here.” He allowed that the English system of stabilizing the financial conditions of a railway was the best, but when it came to operating the road the extent and character of Canada made English methods wholly inapplicable. Mount Stephen knew that Van Horne was a past master at administrative operation, and wisely counselled English capitalists to trust in Van Horne and his Canadian associates to run the road. When I say “Canadian associates” the expression must be understood as meaning that men resident in Canada were to administer and operate the Canadian Pacific Railway. Many of these men were Canadian born; others in the early days were from outside; but throughout the years they have constituted a wonderfully able and efficient and splendidly loyal staff. We have gone forward of