"'The means of transit and communication of the country (both internal and external), and especially the railways and canals (which are now rapidly falling into inefficiency through the exhaustion of their capital upon excessive dividends in the past), would probably be transferred from competitive private to organized public control--a transfer that would certainly be enormously stimulating to business generally. There would be no "robbery," the former shareholders would become stock or annuity holders. Nor would there be any financial convulsion due to the raising of the "enormous sum" necessary to effect this purchase. The country would simply create stock, while at the same time taking over assets to balance the new liability. "'A Socialist Government would certainly also acquire the coal mines and the coal trade, and relieve industry from the inconveniences due to the manipulation of the supply of this vitally important factor, and it would accelerate the obvious tendency of the present time to bring the milk trade, the drink trade, slaughtering, local traffic, lighting and power supply into public hands. But none of this is the destruction of property, but only its organization and standardization. Such a State organization of public services is, I submit, enough to keep a Socialist Government busy for some few years, and makes not only for social progress, but social stability. "'And does an honest and capable business man stand to lose or gain by the coming of such a Socialist Government? I submit that, on the whole, he stands to gain. Let me put down the essential points in his outlook as I conceive them. "'Under a Socialist Government such as is quite possible in England at the present time:-- "'He will be restricted from methods of production and sale that are socially mischievous. "'He will pay higher wages. "'He will pay a larger proportion of his rate-rent outgoings to the State and Municipality, and less to the landlord. Ultimately he will pay it all to the State or Municipality, and as a voter help to determine how it shall be spent, and the landlord will become a Government stock-holder. Practically he will get his rent returned to him in public services. "'He will speedily begin to get better-educated, better-fed and better-trained workers, so that he will get money value for the higher wages he pays. "'He will get a regular, safe, cheap supply of power and material. He will get cheaper and more efficient internal and external transit.