First published in 1938, Volume two deals with Canadian transportation from 1867 to the late 1930s, and includes what is regarded as one of the best short discussions of the Canadian "railway problem."

The Railway Game is a constructive study that demonstrates deficiencies of railway transportation in Canada and the U.S.

This book analyzes the financial and operating record of the Canadian National Railway System in comparison with its private competitor, the Canadian Pacific Railway System. The author offers solutions to the problem posed by the uneconomic competition between the two rail lines.

Through capital formation, the changes of the era are analysed: for instance, the boom in the wheat economy, the growth of the railways and the expansion of cities.