"The railways of India, which yield a great portion of our Indian revenue, are owned by the Indian Government. The well-managed and prosperous systems of Australasia, with the best conditions of labour and the lowest freights of any railways in the world, are State owned. Why, then, should not the British Government own and control in the public interest the systems which are so wastefully and inefficiently managed by the present companies?"[735] The last Annual Conference of the Independent Labour Party resolved: "That in the opinion of this Conference the time is ripe for the nationalisation of the railways of the country, and that our representatives be asked to urge forward a measure to that effect in Parliament."[736] The Fabians think that "An equitable basis of purchase may be found in Mr. Gladstone's Act of 1844, which enables the Treasury to buy out the shareholders of lines built since that date at twenty-five years' purchase, calculated on the earnings of the previous three years. The price of the railways need not be an insuperable, or even a serious, difficulty in the way of national possession of the means of transit."[737] The demand of the Socialists that the Government should acquire the railways would perhaps be reasonable if that demand was not coupled with extravagant and fantastic ideas regarding their future management. The different Socialistic views as to the proper management of State railways are summed up as follows by Mr. Blatchford: "The railways belong to railway companies, who carry goods and passengers and charge fares and rates to make profit. Socialists all say that the railways should be bought by the people. Some say that fares should be charged, some that the railways should be free--just as the roads, rivers, and bridges now are; but all agree that any profit made by the railways should belong to the whole nation, just as do the profits now made by the Post Office and the telegraphs."[738] One Socialist writer modestly proposes that the fare anywhere in Great Britain should be a shilling. "Look at our railroads--might they not be the property of the community at large as well as the high roads, instead of being a monopoly in the hands of private persons whose sole object is to enrich themselves at the cost of their fellow citizens? If so, it has been proved that you could go to any part of these islands with a shilling ticket."[739]