The conditions as to increase of traffic from the country served by these former rivals, are, relatively, what they were before the war. If the two lines were on anything like an equal footing as regards the quality of the territory served, and the amount of business available, for instance, at such competitive points as Saskatoon, Regina and Edmonton, where both compete against the C.P.R., the ratio of operating losses would have been about the same, in 1922, when the return to normal was well on the way, and would have been much nearer attainment but for the Crow’s Nest revival. But, though the G.T.P. total earnings were not one-third of the C.N.R. total earnings, and were an increase of nearly two millions over those of 1921, or 11.1 per cent., the loss on operation was nearly a million and a half more than on the Canadian Northern. If the Canadian Northern loss had been proportionally the same as the Grand Trunk Pacific, it would have been over fourteen million dollars instead of less than three. These remarkable comparisons, it cannot be too clearly emphasized, are in spite of the turning over of immense quantities of C.N.R. business to the G.T.P. The conviction remains that, if the C.N.R. could have been kept as a separate entity, it would have made a small profit during these four years, with the exception of the abysmal 1920, and its emergence into an entirely self-sustaining system would have been immediately in sight. One aspect of the co-ordination of the C.N.R. and G.T.P. is specially worthy of remembrance. During the heavy season of grain movement to the Lakes it has been an excellent policy to transfer millions of bushels to the old National Transcontinental at Winnipeg, to relieve the congestion on the old Canadian Northern between Winnipeg and Port Arthur, via Fort Frances. The effect of this sort of double-tracking has been partially offset by the necessity to operate as two separate railways, with two sets of roundhouses, repair shops, etc. There has been a special advantage to the National Transcontinental side of the account, though. During, say, eight months of the year, the Canadian Northern could handle all the business accruing from its own lines at Winnipeg. But the diversion having been made for the grain-congestion period, it is continued for the balance of the year. A facility in movement for the Canadian Northern during the rush season is more than paid for by a loss of traffic for the rest of the year. Such, then, was the irresistible logic of railway events when the irresistible logic of political events presented to the directors, including the two who had given long and undivided service to the properties, a freedom from responsibility which has been appreciated at its high private value.