were to answer, as they most probably would: "Very well, you are going to make terms on which it is impossible for our shareholders to receive any interest or dividends on their undertaking; we cannot accept these terms, and we will dispense with the services of those whom you represent until they are ready to work at the union rates which we have always paid." Would the capitalist be altogether helpless? It might not be safe to be quite certain that he would. On a later page (282) the writers ask: "Falling back upon their undoubted legal rights to the instruments of production and distribution, what could they (the profiteers) do?" But with astonishing inconsistency they suggest that: "In exchange for their present possession of land and machinery, the State might give them, as rough-and-ready justice, an equitable income either for a fixed period of years or for two generations." Then what becomes of that beautiful "equation" showing the advantage of Guild over State Socialism? And in any case, when the existing capitalist has been dealt with, the Guilds will have to provide fresh capital, and will have to pay for it. The capital goods—machinery, etc.—needed by the Guilds will have to be made by somebody who will have to be supported and sup-
