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 replace their shares, they are given the prospect of an income in perpetuity equal to what they might reasonably expect to have derived from their shares. Unless there is reason to expect a great increase in the earnings of railways, the whole operation does nothing to alter the distribution of wealth. This could only be effected if the present owners were expropriated, or paid less than the market value, or given a mere life-interest as compensation. When full value is given, economic justice is not advanced in any degree.

There is equally little advance toward freedom. The men employed on the railway have no more voice than they had before in the management of the railway, or in the wages and conditions of work. Instead of having to fight the directors, with the possibility of an appeal to the government, they now have