My impression is that Donald A. Smith, with that craggy head and beetling brow of his, was the most doggedly determined Director of them all, though less able as a financier and diplomatist than Stephen, to whom, generally speaking, those who know the history of the road quite properly give endless credit for his masterly work as President of the Company. After writing the preceding sentence, I came across the following statement by Sir Charles Tupper, who himself did so much to carry the great project through. He said in 1897: “The Canadian Pacific Railway would have no existence to-day, notwithstanding all the Government did to support the undertaking, had it not been for the indomitable pluck and energy and determination, both financially and in every other respect, of Sir Donald Smith.” I can quite understand some reader putting in a question here, as to how it was that men of such ability, after having estimated the cost of constructing the Canadian Pacific, found themselves at the end of their resources within two years of their taking the contract. It is not enough to say, although it was true, that there was an immense amount of unexpected expenditure in battering the way through the Laurentian rocks on the North Shore of Lake Superior, and in boring a road through the mountains of British Columbia. There were other causes for the hard circumstances that came upon the railway. The chief reasons for the financial difficulties of the Railway Company, beyond what has been already indicated, lay in the facts that, succeeding the boom inflation in the West in 1881, there came a very serious depression all over the country. On account of this, immigration fell far short of what was expected. In consequence, both freight and passenger traffic was very scanty. The Railway Company, for the same reasons, could not realize anything worth while on its land, which was for the first ten years a drag on the Company rather than an asset, as can be readily ascertained by a study of the question. Thus the two main sources of expected revenue failed to materialize. In addition, the threatening discontent of the half-breed population which culminated in the Riel outbreak, further discouraged the incoming of settlers. Resolutions, passed unwisely at conventions in Manitoba, warning immigrants not to come until there were other railways linking up with the States, being used by immigration agents for other countries, created a bad impression as to the Canadian West. And because investors abroad were also influenced against the Canadian Pacific at the financial centres of London and New York, by certain rival railway interests, the assets of the Canadian road could not be turned into money. In this connection it is well to recall again the bitter “Disallowance” agitation carried on against the Canadian Pacific, chiefly in Manitoba, all through the construction period. There was persistent effort made by that Province to charter