Mr. President and Gentlemen,—

When we consider the vast influence railways have on the trade and commerce of any country where they exist it is wonderful how little attention Chambers of Commerce devote to them. It does not appear, even now, to be generally understood, that the development of the trade, commerce and industrial enterprise of any country depends absolutely on its transit facilities.

And by transit facilities is more and more meant railway transit facilities. Vast as is the importance of ocean transit it is as nothing compared with railway transit. If anyone doubts the truth of this statement, let him reflect on the fact that the total tonnage of the combined steam and sailing fleet engaged in the home and foreign trade of the United Kingdom in 1898 was 9,080,728 tons, and that if we take this at an all-round price of £16 per ton it will only amount to £145,291,648 while at the same date the paid-up capital of its railways was one thousand one hundred and thirty-four millions four hundred and sixty-eight thousand pounds (£1,134,468,000), or, say, nearly a thousand millions more than its shipping interest.

If we apply the same test to our own little country we shall find that the value of its shipping is but £2,200,000, while that of its railways is over £18,000,000, say, nine times as much ment, and one requiring close application and study, more as its shipping.

This being the case, gentlemen, it does astonish me that the Chambers of Commerce here and elsewhere have devoted so little attention to the important question of the