3rd. Duration. Temporary; this very Permanent; due to condition being quite conditions on which unsettling. the policy was based. 4th. Method of Political--Mr. McAdoo. Non-political; board Management. of management of business men. 5th. Competition. Eliminated; practical Preserved; strong monopoly of the competition assured. worst kind; over 265,000 miles. 6th. Result on Indifference. On their toes. Staff. 7th. Result Guaranteed return to Recognition of generally. Railways on investment. efficient service. Dictator McAdoo Promotion from merit wages award proved alone. to be a thirty-chapter serial with supplements. It would be a signal failure of duty here if one did not offer the warmest tribute of gratitude and admiration to the Board of Directors, which the Government appointed in September, 1918, to serve with me, and which administered 17,478 miles of railway, formerly the Canadian Northern, Intercolonial, National Transcontinental and Grand Trunk Pacific. The directors were: A. J. Mitchell, Toronto. G. A. Bell, Ottawa. Robert Hobson, Hamilton. E. R. Wood, Toronto. F. P. Jones, Montreal. Sir Hormisdas Laporte, Montreal. R. T. Riley, Winnipeg. C. M. Hamilton, McTaggart, Sask. Col. Thos. Cantley, New Glasgow, N.S. Later, Mr. F. P. Jones resigned for business reasons, Mr. C. M. Hamilton retired to become a candidate for provincial honours in Saskatchewan, (he is still in the Government at Regina), and Col. Thomas Cantley resigned when selected as a candidate in the Federal election of December, 1921; thus accentuating the non-political character of the Board. It is proper to repeat that these gentlemen gave to the work, shortly to be sketched, exactly the kind of supervision which able, conscientious men give to the management of private concerns. Many an anxious discussion did we have about the broad lines of policy, and the measures essential to laying deep and sound the bases of future success of a business which perhaps had heavier handicaps upon it than were hindering any magnitudinous contemporary enterprise. One of the most precious qualities in the administration of great businesses, including Governments, is what Napoleon called two-o’clock-in-the-morning courage, which is very different from the desperation of battle-heat. A glance at the fundamentals of the Board’s situation, will indicate whether they showed the Napoleonic quality, in the cold, dead hour, when temptations to turn over for a snooze are most potent.