What the Railways Have Done 395 



capital than he does with his own. It is not alone that trade 

 and industry have vastly increased in volume as the result of 

 railway operation. Trade and industry have, also, completely 

 changed in method, while thousands of men can carry on a 

 business of their own to-day who, in the pre-railway epoch, 

 must have been content to be little more than hewers of wood 

 and drawers of water. 



The economy in time, also, due to the speed at which the 

 general merchandise traffic of the country is carried, has been 

 of no less importance than the economy in cost of transport. 

 Of these two elements speed in delivery may often be by far 

 the more important. Slowness in transport, as is the case on 

 canals, may cause no inconvenience where time is immaterial 

 and large, or comparatively large, stocks can be kept on hand ; 

 but these considerations do not apply to the great bulk of 

 English trading and industrial enterprises as carried on under 

 present-day conditions. Hence to the direct saving in the 

 cost of transport, and to the greater advantages in the ex- 

 change and distribution of commodities brought about by 

 railways, must be added a fair allowance for gains secured 

 indirectly through this further saving of time. So far back as 

 1838, and long, therefore, before goods trains were run at an 

 equivalent to express speed, Nicholas Wood wrote in the third 

 edition of his " Practical Treatise on Rail-roads," in comparing 

 rail and canal transport : t . 



" In our comparison of the two systems of transit, we must 

 not lose sight of the very important consequences, resulting 

 to the commerce of the country, by the rapidity of com- 

 munication effected by the railways, which far outweighs any 

 trifling balance of economy in favour of canals, even if such 

 do exist ; and, therefore, we presume, whenever the balance 

 between the two modes in any degree approach each other, a 

 preference will be given to railway communication." 



Against the various advantages that improved means of 

 transport have thus brought to the British trader must, 

 nevertheless, in his case, be set certain disadvantages. If he 

 can forward his commodities with greater ease, at lower rates, 

 and in less time, to the leading markets of the country than his 

 grandfather before him could do, he finds that, in practice, 

 the foreigner can do the same. Where the foreigner produces 

 at lower cost, gets the lowest available rates by reason of size 



