Lord Shaughnessy’s power as an executive officer lay partly in the characteristics indicated already, but mainly in his tremendous prestige as a man of business whose ability as such was acknowledged the world over. When he was General Purchasing Agent for the Company he introduced a system of accounting which is said to have been adopted by the Corporation of the City of New York. There was no movement in the world of finance that he did not know about, and his mastery of the complex problem of international credits, led to his being called into the councils of the Empire both in peace and war. During the nineteen years of his Presidency, the Canadian Pacific was brought into a system of operation which was the last word in efficiency, so that, as already mentioned, he was called “King of Railway Presidents” on this continent, where the biggest railway interests of the world are in operation. His services in the years of the Great War are spoken of more fully in a chapter on that special subject. Little wonder then, that this famous chief executive officer of the Canadian Pacific was honoured by the King, first by knighthood and later by a peerage under the title Baron Shaughnessy, K.C.V.O., of Montreal, Canada, and of Ashford, County Limerick, Ireland. When the Great War, which left him with a proud, but wounded, heart because of the death of his gallant son, Fred, at the Front was well over and things became more normal, Lord Shaughnessy felt that he should relinquish the Presidency. His age and strength admonished him that he should take things easier and call a younger man to the office to deal with the tremendous problems of the reconstruction period. So, after forty-one years of service with the road, he retired in 1918 from the Presidency, which he had occupied since 1899, but he retained to the end the office of Chairman of the Executive Board. Mr. E. W. Beatty was called to the place in succession to the “King of Presidents” and is proving that the choice was a wise one. Later on we shall write more particularly of Mr. Beatty, this youngest President of such an immense organization.