It would be idle to say that a scheme of canal nationalisation, or even of public trusts with "Government guarantee" (whatever the precise meaning of that term may be) involving millions of public money, could be carried through _without_ affecting the British taxpayer. It is equally idle to say that if only the canal system were taken in hand by the local authorities they would make such a success of it that there would be absolutely no danger of the ratepayers being called upon to make good any deficiency. The experiences that Metropolitan ratepayers, at least, have had as the result of County Council management of the Thames steamboat service would not predispose them to any feeling of confidence in the control of the canal system of the country by local authorities. At the Manchester meeting of the Association of Chambers of Commerce, in September 1904, Colonel F. N. Tannett Walker (Leeds) said, during the course of a debate on the canal question: "Personally, he was not against big trusts run by local authorities. He knew no more business-like concern in the world than the Mersey Harbour Board, which was a credit to the country as showing what business men, not working for their own selfish profits, but for the good of the community, could do for an undertaking. He would be glad to see the Mersey Boards scattered all over the country." But, even accepting the principle of canal municipalisation, what prospect would there be of Colonel Walker's aspiration being realised? The Mersey Harbour Board is an exceptional body, not necessarily capable of widespread reproduction on the same lines of efficiency. Against what is done in Liverpool may be put, in the case of London, the above-mentioned waste of public money in connection with the control of the Thames steamboat service by the London County Council. If the municipalised canals were to be worked on the same system, or any approach thereto, as these municipalised steamboats, it would be a bad look-out for the ratepayers of the country, whatever benefit might be gained by a small section of the traders.