h to ask cabby his fare, and
then it serves you right. The number of cabs now licensed in London is
4,500; each common cab and the two horses with the appointments requisite
to work it are estimated to cost not more than 60 pounds, so that the
capital engaged is, in round numbers, upwards of 270,000 pounds, provided
by upwards of 1,800 small owners. The waste of the capital committed by
this competition within the field of supply is visible to the eye, at all
times and all weathers, in full stands, or long files waiting hour after
hour, and in the numbers crawling about the streets looking out for
fares. The cost of the keep of each horse is estimated at 16s. 4d. per
week--the depreciation of horse stock is put down at 2s. 6d. per week
each, and of the vehicle at 8s. per week. The market value of the labour
of such a man as the driver of a cab may be set down in London at 4s. per
diem. The stable rent is at least 10s. per week, per cab and horses, so
that the capital invested for man, horse, and vehicle, may be set down at
more than one shilling per hour lost during every hour of the twelve that
cabs are kept unemployed. On every cab-stand, where in foul weather as
well as fair a dozen cabs are seen constantly unemployed, the
administrative economist may see capital evaporating in worse than waste
at a rate of 12s. per hour, 7 pounds 4s. per diem, or at a rate of
between two and three thousand pounds per annum, to be charged to some
one, _i.e._ the public. If all were employed, as the usual rate of
driving is six miles per hour, they must be each employed at least four
hours per diem to pay for their keep. If, however, the cabs were
constantly employed daily, at least three horses must be employed, which
would augment the charge, by that of an additional horse, at the rate of
4d. per hour. A large proportion of the cabs are employed during the
whole 24 hours; but there are then two men, a night man and a day man,
and three horses. It is probably greatly below the fact to state that at
least one-third of the cabs are, the week through, unemployed--that is to
say, one-third of the capital invested is wasted, a service for two
capitals being competed for by three, to the inevitable destruction of
one. As in other cases of competition within the field, efforts are made
by violent manifestations of discontent at the legal fare, by mendacity,
and by various modes of extortion, to charge upon the public the expense
of