untry, and for most of its railways no such promising prospect can, it
seems to me, be discerned. To _unduly_ increase rates would diminish
traffic and induce competition by road and sea. Past experience teaches
this.

It used to be said that railway companies asserted, in justification of
their rates, that they were fixed on the principle of "what the traffic
could bear," and the companies were reproached on the ground that the
principle involved an injustice, but a principle which involved the
imposition of rates beyond what the traffic _could bear_, could hardly be
said to be either sound or just. However that may be, the Government
have imposed upon the Irish railways a burden of working expenses which
they cannot bear. What is the remedy? Whatever course is adopted, it is
devoutly to be hoped that it will be fair and just to the proprietors of
a railway system, which has done so much for Ireland, and in respect of
which the proprietors have received on their capital an annual return
averaging less than 4 per cent.! No bloated capitalists these. Irish
railway shareholders largely consist of people of moderate means, and
their individual holdings, on the Midland Great-Western, for example,
average only 570 pounds per shareholder.

Whilst I am by nature optimistic, I must confess that in these latter
days my optimism occasionally receives a shock. Nevertheless, I believe
that the spirit of justice still animates the British people and
Parliament; that fair treatment will be accorded to the owners of Irish
railways, and that they shall not suffer by the policy which the
Government, under the stress of war, have pursued. Railway directors are
alive to the seriousness of the position, and may I think be trusted to
see that no precaution will be neglected to secure for their companies
fair terms from the Government. Shareholders also I am glad to observe
are banding themselves together for the protection of their interests.

CHAPTER XXIX.
THE GENERAL MANAGERS' CONFERENCE, GOODAY'S DINNER, AND DIVERS MATTERS

Soon after the Vice-Regal Commission had concluded its public sittings,
and long before its Reports were issued, I had the pleasure of receiving
from the associated companies a cordial minute of appreciation of the
work I had done, accompanied by a handsome cheque. Nor was this mark of
appreciation confined to me. My friend, Croker Barrington, Solicitor to
the Committee, who had given yeoman ser