He was probably thinking about all the people who couldn't be saved no matter how hard they tried to save as many passengers as possible.
I've been chasing grace/ But grace ain't easy to find

Probably nothing, just shock and astonishment. They really were arrogant and stupid people, or just uncaring. There was probably a few designers or safety conscious people saying the ship needed more life boats, all the while there was some cost cutting people saying no, and what are the chances of her sinking, especially on her first voyage.
Well, they got their answer.

He was probably thinking "Thank god we're not fully booked". Titanic had accommodation for 905 1st class (only 322 on board), 564 2nd class (only 277 on board) and 1134 3rd class (only 709 on board) plus 898 crew. Thus she was barely more than half full. Had she been fully booked there would have been 2,603 passengers on board rather than the actual 1,308 and hundreds more would have died. The media in general is always hyping up the Titanic and likes to ignore the identical Olympic which entered service the year before, making Titanic merely second banana. The low take up of berths on the ship indicates that the travelling public were less impressed than the people who have written about the disaster ever since, who always attempt to portray the Titanic as something the like of which the world had never seen before.

Sh, and two more months 'til retirement.
Really, this was supposed to be Captain Smith's last voyage before retirement.

This message has been deleted.

All right! This thread has been around for two years and still nobody's come up with what to me is the most obvious answer:
Andrews: How many people on board
Captain Smith: twenty two hundred or more, and there is room on the lifeboats for.how many?
Andrews: twelve hundred.
Captain Smith: We're gonna need bigger boats!

I think his though went something like "oh f**, oh beep oh beep becuase certainly with the way bourocracy works he will be blamed for the sinkage (and he was, apparently he steered into iceberg sideways instead of front and that sunk the ship).
P.S. beep imdb for its facist censorship.
Applied Science? All science is applied. Eventually.

This message has been deleted.

This message has been deleted.

"Is it over yet? Is this as hard as it gets? Is this what it feels like to really cry?"
"You know, maybe we just shouldn't name ships unsinkable. How 'bout that?"
"I should have become a janitor!"
"We tried."

I think Captain Smith was thinking what a lot of people were thinking that night. Something along the lines of what Captain Darling said in Blackadder Goes Forth:
Captain Blackadder: How are you feeling, Darling?
Captain Darling: Made a note in my diary on the way here. Simply says:
"Bugger"
.
Your name is of no importance and you live in the pipe in the upstairs water closet.

Probably that he was going to die. There's a poignant moment when another member of the crew asks his senior officer 'what chance do we have?' It was obvious that the lifeboats would contain the passengers first and foremost.
I imagine that as a distinguished sea farer and captain he felt responsible for the fate of everyone on board and the ship itself.
I'm a fountain of blood
In the shape of a girl

This message has been deleted.

"Oh, baby (glub, glub, glub)!
This was a line from Blanche Devereaux in THE GOLDEN GIRLS.

Andrews: How many people on board
Captain Smith: twenty two hundred or more, and there is room on the lifeboats for.how many?
Andrews: twelve hundred.
He'd have to be thinking..oh the panic. How do you control for that? And in a very deep moment he probably knew he'd be going down with the ship. That was like night follows day.

"Who's James Cameron?"
"We're fighting for this woman's honor, which is more than she ever did."

Damm I should have retired and taken that part time job at Marks & Spencer.

There goes my bonus.

Oh Crap!

Oh crap!

This message has been deleted.

"Hah! No more alimony payments to that b!"
"Think anybody will notice if I shinny down one of those ropes and climb into a lifeboat?"
"Tell the band to play 'I Will Survive.'"
"I'm glad I ate a big dinner."
"Damn! And I wanted to catch the Ziegfield Follies when we got to New York."
"Wonder who'll play me in the movie?"
"Are there sharks in the North Atlantic this time of year?"
"Where are those blasted water wings?"
"I will haunt every rat bastard on the Californian til the end of time."
"We're fighting for this woman's honor, which is more than she ever did."

Save me Jebus!!

"Mr. Lightoller, now that we only have a couple of short hours left, I feel that I need to tell you thatI've always loved you."
"And Captain, I think I need to inform you that I am now going to arm myself!"