A PAPER ON ADMINISTRATIVE AREAS READ BEFORE THE FABIAN SOCIETY

{Footnote: I am indebted to Mr. E. R. Pease for some valuable

corrections.--H. G. W.}

Let me begin this paper upon the question of Scientific Administrative

areas in relation to municipal undertakings by defining the sort of

Socialism I profess. Because, you know, it is quite impossible to

conceal that there are very many different sorts of socialism, and your

society is, and has long been, a remarkably representative collection of

the various types. We have this much in common, however, that we insist

upon and hammer home and never lose sight of the fact that Property is

a purely provisional and law-made thing, and that the law and the

community which has given may also, at its necessity, take away. The

work which the Socialist movement has done is to secure the general

repudiation of any idea of sacredness about property. But upon the

extent to which it is convenient to sanction a certain amount of

property, and the ways in which existing excesses of property are to

be reduced, Socialists differ enormously. There are certain extreme

expressions of Socialism that you will connect with the names of Owen

and Fourier, and with Noyes’s “History of American Socialism,” in which

the abolition of monopoly is carried out with logical completeness to

the abolition of marriage, and in which the idea seems to be to extend

the limits of the Family and of intimate intercourse to include all

humanity. With these Socialisms I have nothing in common. There are a

large number of such questions concerning the constitution of the family

upon which I retain an open and inquiring mind, and to which I find the

answers of the established order, if not always absolutely incorrect, at

any rate glaringly incomplete and totally inadequate; but I do not

find the answers of these Socialistic Communities in any degree more

satisfactory.

There are, however, more limited Socialisms, systems which deal mainly

with economic organizations, which recognize the rights of individuals

to possessions of a personal sort, and which assume without detailed

discussion the formation of family groups within the general community.

There are limited socialisms whose repudiation of property affects

only the common interests of the community, the land it occupies,

the services in which all are interested, the necessary minimum of

education, and the sanitary and economic interaction of one person or

family group upon another; socialisms which, in fact, come into touch

with an intelligent individualism, and which are based on the attempt

to ensure equality of opportunity and freedom for complete individual

development to every citizen. Such socialists look not so much to the

abolition of property as to the abolition of inheritance, and to the

intelligent taxation of property for the services of the community. It

is among such moderate socialists that I would number myself. I would

make no hard and fast rule with regard to any portion of the material

and apparatus used in the service of a community. With regard to any

particular service or concern, I would ask, Is it more convenient, more

likely to lead to economy and efficiency, to let this service rest in

the hands of some single person or group of persons who may offer to do

the service or administer the concern, and whom we will call the owners,

or to place it in the hands of some single person or group of persons,

elected or chosen by lot, whom we will call the official or group of

officials? And if you were to suggest some method of election that would

produce officials that, on the whole, were likely to manage worse than

private owners, and to waste more than the private owner’s probable

profits, I should say then by all means leave the service or concern in

private hands.

You see upon this principle the whole question of the administration

of any affair turns upon the question, Which will give the maximum

efficiency? It is very easy to say, and it stirs the heart and produces

cheering in crowded meetings to say, “Let everything be owned by all and

controlled by all for the good of all,” and for the general purposes of

a meeting it is quite possible to say that and nothing more. But if you

sit down quietly by yourself afterwards and try and imagine things

being “owned by all and controlled by all for the good of all,” you

will presently arrive at the valuable discovery in social and political

science that the phrase means nothing whatever. It is also very

striking, on such rhetorical occasions, to oppose the private owner to

the community or the state or the municipality, and to suppose all the

vices of humanity concentrated in private ownership, and all the virtues

of humanity concentrated in the community, but indeed that clear and

striking contrast will not stand the rough-and-tumble of the workaday

world. A little examination of the matter will make it clear that the

contrast lies between private owners and public officials--you must

have officials, because you can’t settle a railway time-table or make a

bridge by public acclamation--and even there you will find it is not

a simple question of the white against black order. Even in our state

to-day there are few private owners who have absolute freedom to do what

they like with their possessions, and there are few public officials

who have not a certain freedom and a certain sense of proprietorship in

their departments, and in fact, as distinguished from rhetoric, there is

every possible gradation between the one thing and the other. We have

to clear our minds of misleading terms in this affair. A clipped and

regulated private ownership--a private company, for example, with

completely published accounts, taxed dividends, with a public

representative upon its board of directors and parliamentary powers--may

be an infinitely more honest, efficient, and controllable public service

than a badly elected or badly appointed board of governors of officials.

We may--and I for one do--think that a number of public services, an

increasing number of public services, can be best administered as public

concerns. Most of us here to-night are, I believe, pretty advanced

municipalizers. But it does not follow that we believe that any sort

of representative or official body pitched into any sort of area is

necessarily better than any sort of private control. The more we are

disposed to municipalize, the more incumbent it is upon us to search

out, study, and invent, and to work to develop the most efficient

public bodies possible. And my case to-night is, that the existing local

government bodies, your town councils, borough councils, urban district

boards, and so forth, are, for the purposes of municipalization, far

from being the best possible bodies, and that even your county councils

fall short, that by their very nature all these bodies must fall far

short of the highest possible efficiency, and that as time goes on they

must fail even more than they do now to discharge the duties we Fabians

would like to thrust upon them. And the general reason upon which I

would have you condemn these bodies and seek for some newer and ampler

ones before you press the municipalization of public concerns to its

final trial, is this--that their areas of activity are impossibly small.

The areas within which we shape our public activities at present,

derive, I hold, from the needs and conditions of a past order of things.

They have been patched and repaired enormously, but they still preserve

the essential conceptions of a vanished organization. They have been

patched and repaired first to meet this urgent specific necessity and

then that, and never with any comprehensive anticipation of coming

needs, and at last they have become absolutely impossible. They are

like fifteenth-century houses which have been continuously occupied by

a succession of enterprising but short-sighted and close-fisted owners,

and which have now been, with the very slightest use of lath-and-plaster

partitions and geyser hot-water apparatus, converted into modern

residential flats. These local government areas of to-day represent

for the most part what were once distinct, distinctly organized, and

individualized communities, complete minor economic systems, and they

preserve a tradition of what was once administrative convenience and

economy. To-day, I submit, they do not represent communities at all, and

they become more wasteful and more inconvenient with every fresh change

in economic necessity.

This is a double change. Let me first of all say a word in justification

for my first assertion that existing areas do not represent communities,

and then pass to a necessary consequence or so of this fact. I submit

that before the railways, that is to say in the days in which the

current conception of local government areas arose, the villages,

and still more the boroughs, and even the counties, were practically

complete minor economic systems. The wealth of the locality was, roughly

speaking, local; rich people resided in contact with their property,

other people lived in contact with their work, and it was a legitimate

assumption that a radius of a mile or so, or of a few miles,

circumscribed most of the practical interests of all the inhabitants

of a locality. You got rich and poor in visible relationships; you got

landlord and tenant, you got master and workman all together. But now,

through a revolution in the methods of locomotion, and chiefly through

the making of railways, this is no longer true. You can still see

the villages and towns separated by spaces of fields and physically

distinct, but it is no longer the case that all who dwell in these old

limits are essentially local inhabitants and mutually interdependent as

once they would have been. A large proportion of our population to-day,

a large and an increasing proportion, has no localized interests at all

as an eighteenth-century person would have understood locality.

Take for example Guildford, or Folkestone, and you will find that

possibly even more than half the wealth in the place is non-local

wealth--wealth, that is, having no relation to the local production of

wealth--and that a large majority of the more educated, intelligent and

active inhabitants derive their income, spend their energies, and find

their absorbing interests outside the locality. They may rent or own

houses, but they have no reality of participation and little illusion

of participation in any local life. You will find in both towns a

considerable number of hotels, inns, and refreshment places which,

although they are regulated by local magistrates upon a basis of one

license to so many inhabitants, derive only a small fraction of their

profits from the custom of the inhabitants. You find too in Folkestone,

as in most seaside places, a great number of secondary schools, drawing

scarcely a pupil from the neighbourhood. And on the other hand you will

find labour in both towns, coming in by a morning train and going out at

night. And neither of these instances is an extreme type. As you come

in towards London you will find the proportion of what I would call

non-local inhabitants increasing until in Brixton, Hoxton, or West Ham

you will find the really localized people a mere thread in the mass of

the population. Probably you find the thinnest sham of a community

in the London boroughs, where a clerk or a working man will shift his

sticks from one borough to another and move on to a third without ever

discovering what he has done. It is not that all these people do not

belong to a community, but that they belong to a larger community of a

new type which your administrators have failed to discover, and which

your working theory of local government ignores. This is a question I

have already written about with some completeness in a book published

a year or so ago, and called “Anticipations,” and in that book you

will find a more lengthy exposition than I can give here and now of

the nature of this expansion. But the gist of the argument is that the

distribution of population, the method of aggregation in a community,

is determined almost entirely by the available means of locomotion. The

maximum size of any community of regular daily intercourse is determined

by the length of something that I may best suggest to your mind by the

phrase--the average possible suburban journey in an hour. A town,

for example, in which the only method of progression is on foot along

crowded ways, will be denser in population and smaller in area than one

with wide streets and a wheeled traffic, and that again will be denser

and compacter than one with numerous tubes, trams, and light railways.

Every improvement in locomotion forces the suburban ring of houses

outward, and relieves the pressure of the centre. Now, this principle of

expanding communities holds not only in regard to towns, but also on the

agricultural country side. There, also, facilities for the more rapid

collection of produce mean finally the expansion and coalescence of what

were previously economic unities.

Now if, while this expansion of the real communities goes on, you keep

to the old boundary lines, you will find an increasing proportion of

your population straddling those lines. You will find that many people

who once slept and worked and reared their children and worshipped and

bought all in one area, are now, as it were, delocalized; they have

overflowed their containing locality, and they live in one area, they

work in another, and they go to shop in a third. And the only way in

which you can localize them again is to expand your areas to their new

scale.

This is a change in human conditions that has been a very distinctive

event in the history of the past century, and it is still in progress.

But I think there is excellent reason for supposing that for practical

purposes this change, made by the railway and the motor, this

development of local locomotion, will reach a definite limit in the next

hundred years. We are witnessing the completion of a great development

that has altered the average possible suburban journey in an hour from

one of four or five miles to one of thirty miles, and I doubt very much

whether, when every tendency of expansion has been reckoned with, this

average hour journey will ever get much beyond sixty or seventy miles an

hour. A radius of four or five miles marked the maximum size of the old

community. A radius of a hundred miles will certainly mark the maximum

of the new community. And so it is no effectual answer to my general

argument to say that a revision of administrative areas always has been

and always will be a public necessity. To a certain extent that always

has been and always will be true, but on a scale in no way comparable

to the scale on which it is true to-day, because of these particular

inventions. This need in its greatness is a peculiar feature of the

present time, and a peculiar problem of the present time. The municipal

areas that were convenient in the Babylonian, ancient Egyptian, or Roman

empires were no larger and no smaller than those that served the purpose

of seventeenth-century Europe, and I believe it is highly probable--I

think the odds are in favour of the belief--that the most convenient

administrative areas of the year 2000 will be no larger and no smaller

than those for many subsequent centuries. We are, in this respect, in

the full flow of a great and permanent transition. And the social and

political aspect of the change, is this steadily increasing proportion

of people--more especially in our suburban areas--who are, so far as our

old divisions go, delocalized. They represent, in fact, a community of a

new sort, the new great modern community, which is seeking to

establish itself in the room of the dwindling, little, highly localized

communities of the past.

Now what are the practical consequences of this large and increasing

non-local element in your old local government areas? First, there is

this. The non-local people do not follow, have neither the time, nor

the freedom, nor the stimulus of sufficient interests to follow, local

politics. They are a sort of Outlanders. Local politics remain therefore

more and more in the hands of the dwindling section of people whose

interests really are circumscribed by the locality. These are usually

the small local tradesmen, the local building trade, sometimes a doctor

and always a solicitor; and the most energetic and active and capable

of these, and the one with the keenest eye to business, is usually

the solicitor. Whatever you put into the hands of a local

authority--education, lighting, communications--you necessarily put into

the hands of a group of this sort. Here and there, of course, there may

be variations; an organized labour vote may send in a representative,

or some gentleman of leisure and philanthropic tastes, like Mr. Bernard

Shaw, may confer distinction upon local deliberations, but that will not

alter the general state of affairs. The state of affairs you must expect

as the general rule, is local control by petty local interests, a state

of affairs that will certainly intensify in the years to come,

unless some revision of areas can be contrived that will overtake the

amplifying interests of the delocalized section of the population.

Let me point out what is probably the result of a dim recognition of

this fact by the non-local population, and that is the extreme jealousy

of rates and municipal trading by the less localized paying classes in

the community. That is a question we Socialists, believing as we do

all of us at least in the abstract theory of municipalization, must

particularly consider. The easy exasperation of the £1000-a-year man

at the rates and his extreme patience under Imperial taxation is

incomprehensible, unless you recognize this fact of his delocalization.

Then at once it becomes clear. He penetrates the pretences of the

system to a certain extent; and he is infuriated by the fact of taxation

without representation, tempered by a mysteriously ineffective voting

paper left at his door. I myself, as one of the delocalized class, will

confess he has my sympathy. And those who believe in the idea of the

ultimate municipalization of most large industries, will continue to

find in this non-localized class, working especially through the medium

of Parliament, a persistent and effective obstruction to all such

projects, unless such a rectification of areas can be contrived as will

overtake the delocalization and the diffusion of interests that has

been and is still going on. I will confess that it seems to me that this

opposition between the localized and the non-localized classes in the

future, or to be more correct, the opposition between the man whose

ideas and life lie in a small area, and the man whose ideas and life lie

in a great area, is likely to give us that dividing line in politics for

which so many people are looking to-day. For this question of areas

has its Imperial as well as its local side. You have already seen the

Liberal party split upon the Transvaal question; you yourselves have--I

am told--experienced some slight parallel tendency to fission, and it

is interesting to note that this was, after all, only another aspect of

this great question of areas, which I would now discuss in relation to

municipal trading. The small communities are fighting for existence and

their dear little ways, the synthetic great communities are fighting to

come into existence, and to absorb the small communities. And curiously

enough at our last meeting you heard Mr. Belloc, with delightful wit

and subtlety, expounding the very antithesis of the conceptions I

am presenting to-night. Mr. Belloc--who has evidently never read his

Malthus--dreams of a beautiful little village community of peasant

proprietors, each sticking like a barnacle to his own little bit of

property, beautifully healthy and simple and illiterate and Roman

Catholic and _local_, local over the ears. I am afraid the stars in

their courses fight against such pink and golden dreams. Every tramway,

every new twopenny tube, every light railway, every improvement in your

omnibus services, in your telephonic services, in your organization of

credit, increases the proportion of your delocalized class, and sucks

the ebbing life from your old communities into the veins of the new.

Well, you may say, no doubt this is right so far as it goes; existing

local government areas do not represent real countries, but still these

local government devices are of service for cutting up and distributing

administrative work. But that is exactly what they are not. They are

worse when you consider them in regard to function, than when you

consider them in regard to representation. Since our conceptions of what

constitutes a local administrative area were developed there has arisen

the problems of water supply and of organized sewage, of railways,

tramways, and communications generally, and of lighting and telephonic

intercourse; there hangs over us, though the average local authority has

no eyes to see it, the necessity of adapting our roads to accommodate an

increasing new traffic of soft-tyred vehicles, and it is not improbable

that heating by wholesale, either by gas or electricity, will presently

be also possible and desirable. For all these things we need wide views,

wide minds and wide areas, and still more do we want wide views for the

business of education that is now also coming into the sphere of local

administration.

It happens that I have had an object-lesson in this matter of local

government; and indeed it is my object-lesson that has led to this paper

to-night. I live upon the boundary line of the Sandgate Urban District

Board, a minute authority with a boundary line that appears to have been

determined originally about 1850 by mapping out the wanderings of

an intoxicated excursionist, and which--the only word is

interdigitates--with the borough of Folkestone, the Urban District of

Cheriton, and the borough of Hythe. Each of these bodies is by way of

being a tramway authority, each is at liberty to secure powers to set up

generating stations and supply electricity, each is a water authority,

and each does its own little drainage, and the possibilities of friction

and litigation are endless. The four places constitute an urban

area greatly in need of organized intercommunication, but the four

authorities have never been able to agree upon a scheme; and now

Folkestone is concerning itself with the project of a little internal

tramway system all of its very own. Sandgate has succumbed to the spell

of the South Eastern Railway Company, and has come into line with

a project that will necessitate a change of cars at the Folkestone

boundary. Folkestone has conceded its electrical supply to a company,

but Sandgate, on this issue, stands out gallantly for municipal trading,

and proposes to lay down a plant and set up a generating station all

by itself to supply a population of sixteen hundred people, mostly

indigent. In the meanwhile, Sandgate refuses its inhabitants the

elementary convenience of the electric light, and when, quite

inadvertently, I connected across the convolutions of the boundary with

the Folkestone supply, my life was darkened by the threat of impossible

litigation. But if Folkestone repudiates municipal enterprise in

the matter of lighting, I gather it does not do so in the matter

of telephones; and there has been talk of a neat little Folkestone

telephonic system competing against the National Telephone Company,

a compact little conversazione of perhaps a hundred people, rate

sustained. And how is the non-local inhabitant to come into these

things? The intelligent non-local inhabitant can only save his two or

three pounds of contribution to this folly or that by putting in twenty

or thirty pounds’ worth of work in local politics. He has no local

connections, no local influence, he hasn’t a chance against the plumber.

When the house I occupy was built, it was a mere interposition of

Providence that the drain did not go southward into a Folkestone

sewer instead of northward into Sandgate. Heaven knows what would have

happened if it had! I and my neighbours are by a special concession

permitted to have water from the Folkestone source. By incessant

vigilance we do, I believe, usually succeed in deducting the Folkestone

water rate from the Sandgate general rate which covers water, but the

wear and tear is enormous. However, these are details, dear to my heart,

but the merest marginal comments to my argument. The essential fact is

the impracticable silliness of these little divisions, the waste of men,

the waste of nervous energy, the waste of administrative energy they

involve. I am convinced that in the case of almost any public service in

the Folkestone district with our present boundaries, the administrative

waste will more than equal the profit of a private company with

parliamentary powers overriding our local authorities; that if it is

simply a choice between these little bodies and a company (of the common

type even), then in lighting, locomotion, and indeed in almost any

general public service, I would say, “give me the company.” With

companies one may hope to deal later; they will not stand in the way

of developing saner areas, but an obstinate little authority clutching

everything in its hands, and led by a clerk naturally interested

in litigation, and who is also something of an expert in political

organization, will be an altogether harder thing to supersede.

This difficulty in greater or lesser degree is everywhere. In the

case of poor law administration in particular, and also in the case of

elementary education, the whole country displays what is another aspect

of this same general phenomenon of delocalization; the withdrawal of all

the wealthier people from the areas that are specializing as industrial

centres, and which have a rising population of poor workers, to areas

that are specializing as residential, and which have, if anything,

a falling proportion of poor labourers. In a place like West Ham

or Tottenham you find starved schools and an abundant delocalized

industrial population, and, by way of contrast, at Guildford or Farnham

for example, you will find enormously rich delocalized people, belonging

to the same great community as these workers, who pay only the most

trivial poor rate and school rate for the benefit of their few immediate

neighbours, and escape altogether from the burthens of West Ham.

By treating these places as separate communities you commit a cruel

injustice on the poor. So far as these things go, to claim convenience

for the existing areas is absurd. And it is becoming more and more

evident that with tramways, with lighting, with electric heating and

force supply, and with the supply of water to great populations, there

is an enormous advantage in large generating stations and large areas;

that these things must be handled in areas of hundreds of square miles

to be efficiently done.

In the case of secondary and higher education one discovers an equal

stress and incompatibility. At present, I must point out, even the

boundaries of the projected educational authority for London are

absurdly narrow. For example, in Folkestone, as in every town upon

the south coast, there are dozens of secondary schools that are purely

London schools, and filled with London boys and girls, and there are

endless great schools like Tonbridge and Charterhouse outside the London

area that are also London schools. If you get, for example, a vigorous

and efficient educational authority for London, and you raise a fine

educational system in the London area, you will find it incomplete in an

almost vital particular. You will give the prosperous middle class and

the upper class of London the alternative of good teaching and bad air,

or of what very probably, under tolerant local authorities, will be

relatively bad teaching and open air and exercise out of London. You

will have to tax this influential class of people for the magnificent

schools they in many cases will be unable to use. As a consequence, you

will find again all the difficulties of their opposition, practically

the same difficulties that arise so naturally in the way of municipal

trading. I would suggest that it would be not only logical but politic,

for the London Educational Authority, and not the local authority, to

control every secondary school wherever it happened to be, which in

an average of years drew more than half its attendance from the London

area. That, however, by the way. The point more material to my argument

here is that the educational organization of the London area, the Thames

valley, and the southern counties are inseparable; that the question of

local locomotion is rapidly becoming impossible upon any smaller basis

than such an area; that roads, light railways, drainage, water, are all

clamouring now to be dealt with on the big scale; and that the more

you cut this great area up, the more you leave it in the hands of the

localized men, the more you sin against efficiency and the light.

I hope that you will consider this first part of my case proved. And

now I pass on to the more debatable question--the nature of the new

divisions that are to replace the old. I would suggest that this is a

matter only to be answered in detail by an exhaustive analysis of the

distribution of population in relation to economic standing, but I may

perhaps just indicate roughly what at a first glance I imagine would be

one suitable local government area. Let me remind you that some years

ago the Conservative party, in an outbreak of intelligence, did in

a sort of transitory way see something of what I have been trying to

express to-night, and created the London County Council--only to quarrel

with it and hate it and fear it ever since. Well, my proposal would

be to make a much greater area even than the London County, and try to

include in it the whole system of what I might call the London-centred

population. I believe If you were to take the whole valley of the Thames

and its tributaries and draw a line along its boundary watershed, and

then include with that Sussex and Surrey, and the east coast counties up

to the Wash, you would overtake and anticipate the delocalizing process

almost completely. You would have what has become, or is becoming very

rapidly, a new urban region, a complete community of the new type, rich

and poor and all sorts and aspects of economic life together. I would

suggest that watersheds make excellent boundaries. Let me remind you

that railways, tramways, drain-pipes, water-pipes, and high-roads

have this in common--they will not climb over a watershed if they can

possibly avoid doing so, and that population and schools and poor tend

always to distribute themselves in accordance with these other things.

You get the minimum of possible overlap--such overlap as the spreading

out of the great midland city to meet London must some day cause--in

this way. I would suggest that for the regulation of sanitation,

education, communications, industrial control, and poor relief, and for

the taxation for these purposes, this area should be one, governed by

one body, elected by local constituencies that would make its activities

independent of imperial politics. I propose that this body should

replace your county councils, boards of guardians, urban and rural

district councils, and all the rest of them altogether; that you should

elect it, perhaps triennially, once for all. For any purpose of a more

local sort, local water-supply systems, local tramway systems--the

tramways between Brighton and Shoreham, for example--this body might

delegate its powers to subordinate committees, consisting, it has

been suggested to me by Mrs. Sidney Webb, of the members for the

local constituencies concerned, together with another member or so to

safeguard the general interests, or perhaps with an appointed expert or

so in addition. These committees would submit their detailed schemes for

the approval of committees appointed by the general body, and they would

be controllable by that body. However, there is no need for detailed

scheming here and now. Let us keep to the main idea.

I submit that such a mammoth municipality as this will be, on the one

hand, an enormously more efficient substitute for your present little

local government bodies, and on the other hand, will be able to take

over a considerable proportion of the detailed work and a considerable

proportion of the detailed machinery, of your overworked and too

extensive central machinery, your local government board, education

department, and board of trade. It will be great enough and fine enough

to revive the dying sentiment of local patriotism, and it will be a body

that will appeal to the ambition of the most energetic and capable men

in the community. They will be picked men, to a much greater extent than

are your guardians, your urban district councillors and town councillors

and so on, at present, because there will be perhaps a hundred or a

couple of hundred of them in the place of many thousands. And I

venture to think that in such a body you may confidently hope to find a

collective intelligence that may be pitted against any trust or board of

directors the world is likely to produce.

I suggest this body as a sort of concrete sample of the thing I have

in mind. I am quite open to hear and accept the most far-reaching

modification of this scheme; it is _the idea of the scale_ that I wish

particularly to enforce. Municipalize on this scale, I would say, and

I am with you altogether. Here is something distinctly and clearly

subserving that making of mankind upon which all sane social and

political proposals must ultimately base themselves. But to put

more power, and still more power in the hands of these petty little

administrative bodies that we have to-day, is, I submit, folly and

darkness. If the existing areas are to remain the same, then, on the

whole, my vote is against municipal trading, and on the whole, with

regard to light, to tramways and communications, to telephones, and

indeed to nearly all such public services, I would prefer to see these

things in the hands of companies, and I would stipulate only for the

maximum publicity for their accounts and the fullest provision for

detailed regulation through the Board of Trade.

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