to spend lavishly by drawing upon those who have money, will not make for efficiency and economy, and the end will be the Poplar-ising of Great Britain. There is a generally accepted principle, "No taxation without representation." That principle requires as a supplement, "No representation without taxation." Otherwise Great Britain will be ruled by a mob headed by imaginative and dishonest demagogues. No enterprise is too large or too costly for the Socialists. Quite recently the Fabians recommended in a leaflet that Glasgow should acquire the whole built-over ground of the city at a cost of _24,000,000l._, issuing against that sum Corporation Bonds bearing 3-1/4 per cent. interest. Provided that everything should be settled according to 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]