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 traffic, and from cheap excursions. These are forms of work for which railways seem to be particularly adapted, and which the diversion of a great portion of their passenger traffic would enable them to conduct even more efficiently. It is difficult to imagine, for example, how any sort of road-car organisation could beat the railways at the business of distributing coal and timber and similar goods, which are taken in bulk directly from the pit or wharf to local centres of distribution.

It must always be remembered that at the worst the defeat of such a great organisation as the railway system does not involve its disappearance until a long period has elapsed. It means at first no more than a period of modification and differentiation. Before extinction can happen a certain amount of wealth in railway property must absolutely disappear. Though under the stress of successful competition the capital value of the railways may conceivably fall, and continue to fall, towards the marine store prices, fares and freights pursue the sweated working expenses to the vanishing point, and the land occupied sink to the level of not very eligible building sites: yet the railways will nevertheless continue in operation until these downward limits are positively attained.

An imagination prone to the picturesque insists at this stage upon a vision of the latter days of one of the less happily situated lines. Along a weedy embankment there pants and clangs a patched and tarnished engine, its paint blistered, its parts leprously dull. It is driven by an aged and sweated driver,