How can the Aire and Calder possibly be taken as a model--from the point of view of calculating cost of improvements or reconstruction? Let the reader turn once more to the diagrams given opposite p. 98. He will see that the Aire and Calder is constructed on land that is almost flat, whereas the Rochdale section on the same trunk route between the Mersey and the Humber reaches an elevation of 600 feet. How can any just comparison be made between these two waterways? If the cost of "improving" a canal of the "model" type of the Aire and Calder be put at the rate of £1,000,000 per 100 miles, what would it come to in the case of the Rochdale Canal, the Tardebigge section of the Worcester and Birmingham Canal, or the series of independent canals between Birmingham and London? That is a practical question which I will leave--to the experts! Supposing, however, that the canals have been purchased, taken possession of, and duly improved (whatever the precise cost) by State, municipalities, or public trust, as the case may be. There will then be the almost exact equivalent of a house without furniture, or a factory without machinery. Before even the restored canals could be adapted to the requirements of trade and commerce there would have to be a very considerable expenditure, also, on warehouses, docks, appliances, and other indispensable adjuncts to mere haulage. After all the money that has been spent on the Manchester Ship Canal it is still found necessary to lay out a great deal more on warehouses which are absolutely essential to the full and complete development of the enterprise. The same principle would apply to any scheme of revived inland navigation. The goods depôts constructed by railway companies in all large towns and industrial centres have alone sufficed to bring about a complete revolution in trade and commerce since the days when canals were prosperous. There are many thousands of traders to-day who not only order comparatively small quantities of supplies at a time from the manufacturer, but leave even these quantities to be stored locally by the railway company, having delivered to them from day to day, or week by week, just as much as they can do with. A certain "free" period is allowed for warehousing, and, if they remove the goods during that period, they pay nothing to the railway company beyond the railway rate. After the free period a small "rent" is charged--a rent which, while representing no adequate return to the railway company for the heavy capital outlay in providing the depôts, is much less than it would cost the trader if he had to build store-rooms for himself, or pay for accommodation elsewhere. Other traders, as mentioned in the chapter on "The Transition in Trade," send goods to the railway warehouses as soon as they are ready, to wait there until an order is completed, and the whole consignment can be despatched; while others again, agents and commission men, carry on a considerable business from