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 of course, would be nationalized at once. All railway servants, managers and officials would continue their work, being henceforward in the employ of the State. The State would pay to shareholders the average dividends they had received during the previous three years, these payments being continued to the present shareholders for life, or for a stated number of years, and the shares would be made non-transferable.

As for the factories, shops, and other means of production and distribution, the State would "adopt the same method of doing business as the present owners." The speaker argues that even as the big Trusts and Companies are crushing by competition the individual workers and small traders, so the State should crush the Trusts by competition. "It is surely justifiable for the State to do for the benefit of the whole people that which the capitalists are already doing for the profit of a few shareholders." The first step would be the establishment of retail stores for the purpose of supplying all national and municipal employees with the necessaries of life at the lowest possible prices. The Government would buy these goods from private manufacturers in such large quantities that it would be able to get them at the very cheapest rate, and as there would be no high