thing convulsive would occur.'"

"'The means of transit and communication of the country
(both internal and external), and especially the
railways and canals (which are now rapidly falling into
inefficiency through the exhaustion of their capital
upon excessive dividends in the past), would probably be
transferred from competitive private to organized public
control--a transfer that would certainly be enormously
stimulating to business generally. There would be no
"robbery," the former shareholders would become stock or
annuity holders. Nor would there be any financial
convulsion due to the raising of the "enormous sum"
necessary to effect this purchase. The country would
simply create stock, while at the same time taking over
assets to balance the new liability.

"'A Socialist Government would certainly also acquire
the coal mines and the coal trade, and relieve industry
from the inconveniences due to the manipulation of the
supply of this vitally important factor, and it would
accelerate the obvious tendency of the present time to
bring the milk trade, the drink trade, slaughtering,
local traffic, lighting and power supply into public
hands. But none of this is the destruction of property,
but only its organization and standardization. Such a
State organization of public services is, I submit,
enough to keep a Socialist Government busy for some few
years, and makes not only for social progress, but
social stability.

"'And does an honest and capable business man stand to
lose or gain by the coming of such a Socialist
Government? I submit that, on the whole, he stands to
gain. Let me put down the essential points in his
outlook as I conceive them.

"'Under a Socialist Government such as is quite possible
in England at the present time:--

"'He will be restricted from methods of production and
sale that are socially mischievous.

"'He will pay higher wages.

"'He will pay a larger proportion of his rate-rent
outgoings to the State and Municipality, and less to the
landlord. Ultimately he will pay it all to the State or
Municipality, and as a voter help to determine how it
shall