The Times is making in big type what the Americans
call a " tall " proposal. It wants all the Railways to federate themselves under a Parliament composed of all railway chairman, who are to have, we presume, one vote for each million of capital. They are to settle all disputes as to territory, lay out new lines, provide a new system of debentures, and—the Times really hints it—to elect Mr. Hudson as general President of the Railway system. Then, we are told, contractors, and promoters, and jobbers, and Par- liamentary agents, and the rest of the railway vampires, would disappear, shares would rise, and shareholders would be quite comfortable. Not a doubt about it, and so they would if Parliament voted them a bonus of 100/. per share. It is just as likely to do it, as to allow the federal control of railways to pass into any hands but its own. Federation is wise enough, but the Federal Council must be the House of Commons, and the Federal Presi- dent the Parliamentary Secretary of Intercommunication.