Englishmen will all agree that it is unthinkable that the Chairmen of the great British railway companies could meet and give their words _as gentlemen_ that each of their companies would observe certain rules in the conduct of its business and that a few weeks thereafter it should become evident that no single company was keeping the word so pledged. But it would be just as absurd to question the personal integrity or sense of honour of such men as Mr. Marvin Hughitt, Mr. E. W. Winter, Mr. W. H. Truesdale, and the others, as it would be to question that of the most upright man in England. The fact is that the conditions are almost unthinkable to Englishmen. No company, in becoming party to the agreement, had surrendered its right to retaliate when another violated the provisions. The actual conduct of the business of the companies--the quoting of the rates to secure the traffic--was in the hands of a host of subordinate officials, and when a rate is cut it is not cut openly, but in secret and by circuitous devices. It was, on subsequent investigation, always impossible to tell where the demoralisation had begun, amid the cloud of charges, counter-charges, and denials. There was not one of the subordinate officials but declared (and seemingly proved) that he had acted only in retaliation and self-defence. As there was no way of obtaining evidence from the shippers, in whose favour the concessions had been made, it was impossible to sift out the truth. Each Chairman or President could only say that he had entire confidence in his own staff. There was no visible remedy except to discharge the entire membership of the Traffic Departments of all the companies simultaneously and get new men, to the number of several hundreds, who would be no better able to accomplish the impossible than their predecessors. * * * * *