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some directors go to the place of meeting with the feelings of men who go to execution, and the shareholders go with the feelings of executioners, if not worse; while other directors and shareholders unquestionably go to hold something like a feast of reason and a flow of soul.

The half-yearly meeting we write of was imbued with the latter spirit. Wisdom and conscientious care had steered the ship and swayed the councils of the Grand National Trunk Railway, so that things were in what the captain called a highly flourishing condition. One consequence was, that the directors wore no defensive armour, and the shareholders came to the ground without offensive weapons.

Sir Cummit Strong having taken the chair, the secretary read the advertisement convening the meeting.

The chairman, who was a tall, broad-browed, and large-mouthed man, just such an one as might be expected to become a railway king, then rose, and, after making a few preliminary observations in reference to the report, which was assumed to have been read, moved, "that the said report and statement of accounts be received and adopted."

"He-ar, he-ar!" exclaimed a big vulgar man, with an oily fat face and a strong voice, who was a confirmed toady.

"I am quite sure," the chairman continued, "that I have the sympathy of all in this meeting when I say that the half-year which has just come to a close has been one of almost unmixed success--"

"He-ar, he-ar!" from the toady.

"And," continued the chairman, with pointed emphasis, and a glance at the toady, which was meant to indicate that he had put in his oar too soon, but which the toady construed into a look of gratitude--"_and_ of very great satisfaction to those whom you have appointed to the conducting of your affairs."

"He-ar, he-ar!"

Captain Lee, who sat immediately behind the toady and felt his fingers and toes tingling, lost a good deal of what followed, in consequence of falling into a speculative reverie, as to what might be the legal consequences, if he were to put his own hat on the toady's head, and crush it down over his eyes and mouth.

"Gentlemen," continued the chairman, "there are three points on which we have reason to congratulate ourselves to-day, namely, the safety, the efficiency, and the economy with which our railway has been worked. As regards the first, I find that ten millions of journeys have been performed on our line during the half-year with hardly a detention, with very few late trains, at high speeds, and with only one accident, which was a comparatively slight one, and was unattended with loss of life or serious damage to any one."

"He-ar, he-ar!" from the toady.

At this point a wag in the distance got up and suggested, in a very weak voice, that if the toady would say, "he-ar, he-ar!" less frequently, perhaps they would "he-ar" much better--a suggestion which was received with a burst of laughter and a round of applause. It effectually quelled the toady and rendered him innocuous for a considerable time.

"Now," resumed the chairman, "some people appear to think that it is an easy thing to work a railway in safety, but I can assure you that such is not the case. Intelligence, care, foresight, and the strictest discipline, are necessary to secure this result; and, remember, we have not the advantage of anything so powerful as military discipline to help us. We have nothing to appeal to save the hopes and fears of our staff; and we feel it to be our great difficulty, as it is our principal duty, to be most careful in the selection of the thousands of men who, in their various positions and vocations, have to be employed in the conduct of your enterprise.

"I know well," continued Sir Cummit Strong, "how men shudder when statistics are mentioned in their ears! Nevertheless, I shall venture to give you a few statistics that will, I am quite sure, prove interesting--all the more so that the figures which I quote apply to several other railways--and, therefore, will serve to give those of you who may chance to be unlearned on railway matters, some idea of the vast influence which railways have on our land.

"We run on this railway (I use round numbers) about 700 trains a day. In addition to which we have spare engines and empty trains, which perhaps ought to be added to the number given. Now, just consider for a moment the operations which have to be performed daily in the ordinary working and running of your passenger traffic. These 700 trains stop about 5000 times in the twenty-four hours, and of course they start the same number of times. The empty trains and engines have also to stop and start. We have on the line upwards of 1000 signals, including the telegraphic signals and auxiliaries. Those signals have to be raised and lowered 10,000 times in the twenty-four hours. There are on our line 1700 pairs of points, which have to be opened and shut, to be cleaned, oiled, and attended to, above 5000 times in the day. In addition to all this there are the operations of shunting, carriage-examining, greasing, and other things in connexion with trains which involve operations amounting to nearly 6000 in number. So that-- apart from repairs to the line and to vehicles--there are above 30,000 individual operations which have to be performed every twenty-four hours in the conduct of this enormous passenger traffic.

"All this information I have obtained from our able and excellent passenger-superintendent, than whom there is not a more important officer in the Company's service, unless, indeed," (here the chairman turned with a smile and a slight bow to the gentlemen who sat on his right hand) "I may except the general manager and secretary.

"Well, now, gentlemen, I put it to you, is it surprising that the 6000 men who have to perform these 30,000 operations in the day--amounting to the vast total of ten millions of operations in the year--is it surprising, I say, that these 6000 men should now and then fall into some error of judgment, or make some mistake, or even be guilty of some negligence? Is it not, on the contrary, most surprising that accidents are not far more numerous; and does it not seem almost miraculous that where duties are so severe, the demands made by the public so great-- speed, punctuality, numberless trains by day and night--there should be only one accident to report this half-year, while last half-year there were no accidents at all? And does it not seem hard that the public should insist that we shall be absolutely infallible, and, when the slightest mistake occurs, should haul us into court and punish us with demands for compensation for accidents which no human ingenuity or foresight could prevent?

"Before leaving this subject allow me to direct your attention to the fogs which occurred this half-year. There were thirty days in which during a part, if not the whole, of the twenty-four hours we had out our fog-signal men; that is to say, an additional staff of 300 men, each with his flag and detonating signals, placed within sight, or within sound of one another, to assist the ordinary signalmen in the safe conduct of the traffic. During these fogs the omnibuses had to be withdrawn from the roads, the steamers had to be moored on the river, and the traffic on the streets was almost at a standstill, nevertheless we carried through the fog, in and out of London, above one million six hundred thousand passengers _without_ _accident_!"

The "hear, hear," which burst from the audience at this point might have satisfied even the toady himself!

"And yet," continued the chairman, with emphasis, "if a single mishap had occurred owing to the mistake of any of our half-blinded men, we should probably have been let in for compensation to the extent perhaps of 20,000 pounds! Is this fair? If it be so, then one may be tempted to ask why does not the same `sauce' suit shipowners, many of whom are notorious for sending to sea unseaworthy craft, and who consign above one thousand human beings to an untimely grave _every_ _year_ without being punished in any way or being asked for a farthing of compensation?

"I have already said so much on this point gentlemen, that I shall make but a few remarks on the other two subjects. Well, then, as to efficiency. Our carrying ten millions of passengers in safety and comfort is one proof of that--and, I may remark in passing, that our receipts for the conveyance of these ten millions amounts to nearly half a million of money. Another proof of our efficiency lies in the fact that all the compensation we have had to pay for loss or detention of luggage has been only 100 pounds. Then as to goods. For merchandise carried we have received about 150,000 pounds, and the total compensation for the half-year amounts to only about 660 pounds. Surely I may say with truth that such facts speak to the regularity and efficiency of your service.

"If the public only knew the anxiety and care with which its interests are looked after both by night and by day by our excellent passenger and goods-managers they would perhaps present each of these gentlemen with a testimonial piece of plate, and would for evermore lay aside that wicked and ungrateful idea that railway companies are `fair game,' to be plundered by every one who receives, or fancies he has received, the slightest possible amount of damage to limb or property. Railway companies are not perfect any more than other companies. There are certain faults, it may be, and weak points, which all of us deplore, and which are being remedied as fast as experience and the progress of human knowledge will admit, but I hold, gentlemen, that the management of railway companies is above the average management of many other companies. We have much more work--more dangerous work--to do than other companies, and we do it with much less proportional loss to life, limb, and property."

"He-ar, he-ar!" burst from the toady in spite of his recent rebuke; but as it was drowned in a round of hearty applause no one was the wiser or the worse of his note of approval.

"When I think," continued the chairman, "of the condition this country was in before the days of railways--which probably most of those present remember--the ingratitude of the public seems to me utterly unaccountable. I can only understand it on the supposition that they have somehow obtained false notions as to the great value of railways and the great blessing they are to the community.

"Why, our goods-manager informs me that there is a certain noble lord, whom of course I may not name in public, who has a farm at a considerable distance out of town. He has a fancy that the milk and cream produced on his own farm is better than Metropolitan milk and cream--(laughter). He therefore resolves to have fresh milk and cream sent in from his farm every morning, and asks us to carry it for him. We agree; but he further insists that the milk and cream shall be delivered at his residence punctually at nine a.m. To this we also agree, because the thing can be done; yet it is sharp practice, for it is only by the train arriving at its time, punctually to a minute, and by our horse and van being in
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