I. Canada. The three transcontinental systems, 32. — The Grand Trunk and Canadian Northern, consolidated as the Canadian National, under government ownership, 34. — The rate problems; the problem of control, 36. — II. Great Britain; the war situation, 38. — The act of 1921: compulsory consolidation; rates fixed, 40. — III. The United States; Transportation act of 1920, 43. — Consolidation, on principles different from the British and Canadian, 44. — Rate regulation and labor adjustment, 46. — IV. Significance of the changes; competition almost eliminated, 47. — Returns to investors virtually guaranteed, 48. — Eventual consequences: not stockholders alone, but bondholders, executives, and employees will come to have a share in management, 49.