PRESIDENTIAL ADDRESS. 5 
fool could do with two, and certain it is that apart from 
difficult design, economy of construction is a matter that 
engineers should pride themselves on. They like to have 
the opportunity of spending large sums of money when this 
is necessary, on account of the magnitude or difficulty of 
the operations, but big schemes will cost less if proper 
engineering skill is applied, and it is the business of the 
engineer to keep down cost through intelligent application 
of brains. 
Although lam urging economy in railway making, I wish 
it to be distinctly undersrood that | am not speaking of 
mere cheapness, although in some cases if money is short 
even that may be true economy. To judge of what is 
meant by the use of this word, it is well to search the 
dictionary and look for the derivation of the term, I find 
in the edition of Webster nearest to hand, under economy: 
‘1. The management, regulation and government of a 
family or the concerns of a household.”’ 
That is as everyone knows the original meaning of the 
Greek compound word from which our own word is derived. 
The next meaning given implies a more general use 
applied to other concerns outside. 
“2. The management of pecuniary concerns or the ex- 
penditure of money.”’ 
‘““3,. A frugal and judicious use of money; frugality in 
the necessary expenditure of money.” 
And then the lexicographer goes on to say :— 
‘Tt differs from parsimony which implies an improper 
saving of expense.”’ 
There are other derived meanings, but they do not con- 
cern us. What we wish to do when we want to practise 
economy is to get the cheapest thing, which will thoroughly 
serve the purpose, not necessarily the cheapest of all, but 
