expectations, and supposing that Glasgow should be able
to borrow _24,000,000l._ at 3-1/4 per cent., which seems extremely
unlikely, there would accrue, on the most favourable showing, a net
profit of _200,000l._ per annum to Glasgow, if nothing be allowed for
the cost of management.[690] The possibility that that gigantic
speculation might prove a failure is not even considered. On the
contrary, it is assumed as certain that Glasgow will greatly profit by
the growing value of land. Now if through natural economic
development, or through the rule of a Socialist national or local
administration, Glasgow should decline and land in Glasgow should fall
in value, the town might be ruined. Of course that would not hurt the
penniless Socialist agitators. Besides, there would always be the
sovereign remedy of repudiation.

According to the fundamental Socialist doctrines which condemn
profit,[691] "Municipal trading does not seek profit. To the private
trader the making of profits or losses is a vital matter. He makes the
mistake of thinking the same motives induce a municipality to provide
a public service."[692] To the Socialist administrators it is quite
immaterial whether their enterprises are run at a profit or at a loss,
so long as they can draw freely on the rich and well-to-do to pay for
their extravagance. "The Socialist view of the fair way of dealing
with profits on trading concerns is to have none--if one may be
excused so paradoxical a statement. Fair wages and good conditions
generally for the employees, and selling at cost so that all may use
freely the commodity or service, is the nearest approach to justice in
respect to such municipal concerns as are incapable of being used with
equal freedom by all."[693] "The only sound principle of municipal
management is to run all these things primarily for use, with no idea
of making profit at all, and as far as possible at a price to the user
covering the cost of the production only. Such profits as are made
should be used either to extend municipal enterprise or be utilised
for what in Scotland is known as "the common good," that is, in the
provision of instruction, amusements, parks and open spaces, helpful
and beneficial to all."[694]

"Municipalisation or nationalisation must proceed on the right lines
and for a practical object. What should be the object of
municipalisation and nationalisation? The primary object should be the
most economical provision of the be