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Rh then A. can only sell milk and water at 4d. a quart if he is to continue to pay his way. Thus the competition of shopkeepers absolutely tends not only to ruin the competitors, but to maintain and even to raise prices, and so to lower real wages.

Under this system of local option it will be seen that the tradesmen of the town—be they co-operative societies or individuals—would become, if not strictly or technically so, yet in a very real sense, municipal servants. But they would not be bound up in the red-tape of officialism, and would have the fullest rights and powers of initiation. It would not be by any literal conformity to cast-iron and inflexible rules, but by their skill and judgment in forecasting the wishes and in anticipating the tastes of their constituents, as well as by their integrity and courtesy as business men and women, that they would win and maintain their good-will. They would run certain risks, as all tradesmen must, and in return they would be paid, not of course in the form of salary, but in profits. But the risks they would run would be far less than they must be where competition is unchecked and uncontrolled, while their annual profits in