youngest man who had ever been appointed to a situation of such high responsibility and trust; Lord Canning was in the prime of life; and I, if I am not already on the decline, am at least nearer to the verge of it than either of my contemporaries who have preceded me.  Indeed, when I was leaving England for India, Lord Ellenborough, who is now, alas! the only surviving ex-Governor-General of India, said to me, ’You are not a very old man, but depend upon it, you will find yourself by far the oldest man in India.’

Passing from these personal topics, after noticing the good fortune which had placed the formation of the railway system of India in the hands of a man who had in a special manner made that subject his own, he proceeded to speak of the future of Indian Railways, insisting especially on a point about which he felt very strongly, the necessity of their ceasing to depend on a Government guarantee, and adding some practical hints for their development and extension: 

[Sidenote:  Future of Indian railways.]

But, Gentlemen, however interesting it may be to refer to the past and to dwell upon the present, the most important questions which we have to answer relate to the future, and the most important of all in my opinion is this—­to what agency are we henceforward to look if we would desire to extend as widely as possible, to all parts of India, the benefit of this potent instrument of modern civilisation?  I have no hesitation in affirming at once, in answer to this question, that we must not look to an indefinite extension of a system of Government guarantees for the accomplishment of this object.  In the first place, it would be wholly unjustifiable for any one object, however important, to place such a strain upon our finances as this policy would involve.  In the second place, however justifiable and necessary a system of Government guarantees may be in certain circumstances, it is essentially an expensive one, because by securing to shareholders a minimum rate of interest on their capital it weakens in them the motives to economy, and because by dividing the responsibility for expenditure between Government and Railway Officials, it diminishes in the latter the sense of responsibility.  Moreover, the indefinite extension of a system of Government guarantees is wholly incompatible with the endeavour to bring private enterprise largely into play for the execution of these works; while there is an unlimited call for capital for works enjoying the protection of a Government guarantee, it is not to be expected that capital will be forthcoming to any extent for similar works which have not that protection.  For the accomplishment, therefore, of the great object to which I am referring, we must henceforward, I apprehend, look to private enterprise; not perhaps to private enterprise wholly unaided by the State, but at any rate, to private enterprise not protected by Government guarantee.  But if so, what are the conditions which will entitle