"In thirty-three years the capital borrowed will be paid back from a sinking fund provided out of the receipts.
"The gross capital expenditure to May 1901 was £1,947,730.
"The sinking fund amounts to £75,063.
"But the Corporation have, in addition, written off £153,796 for depreciation, they have placed £91,350 to a Permanent Way Renewal Fund, and they have piled up a general reserve fund of £183,428.
"Under a private company £100,000 would have gone into the pockets of a few shareholders on last year's working—even if the private company had charged the same fares and paid the same wages as the Corporation did, which is an unlikely assumption."
If you will read the two books I have mentioned, by Messrs. Haw and Suthers, you will be convinced by facts that Socialism is possible, and that it will pay.
Bear in mind, also, that in all cases where the Municipality has taken over some department of public service and supply, the decrease in cost and the improvement in service which the ratepayers have secured are not the only improvements upon the management of the same work by private companies. Invariably the wages, hours, and conditions of men employed on Municipal work are superior to those of men employed by companies.
Another thing should be well remembered. The private trader thinks only of profit. The Municipality considers the health and comfort of the citizens and the beauty and convenience of the city.
Look about and see what the County Council have done and are doing for London; and all their improvements have to be carried out in the face of opposition from interested and privileged parties. They have to improve and beautify London almost by force of arms, working, as one might say, under the guns of the enemy.