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 CHAPTER VI. in the 4th and 5th chapters dealt with the fund at the disposal of the Board of Management, and have endeavoured to show, and I believe with success, that the rate-rents collected by the trustees in their capacity of landlords of the towns will suffice, (1) to provide interest on the debentures with which the estate is purchased, (2) to provide a sinking fund which will at a comparatively early date leave the community free from the burden of interest on such debentures, and (3) to enable the Board of Management to carry on such undertakings as are elsewhere, for the most part, carried out by means of rates compulsorily levied.

A most important question now arises regarding the extent to which municipal enterprise is to be carried, and how far it is to supersede private enterprise. We have already by implication stated that the experiment advocated does not involve, as has been the case in so many social experiments—the complete municipalisation of industry and the elimination of private enterprise. But what principle is to guide us in determining the line which shall separate municipal from private control and management? Mr. Joseph Chamberlain has said: "The true field for municipal activity is limited to those things