Note 643 — VIII CONCLUSION
Reading edition
"Fixing a railway rate is, in one word, an art—not a science, and it is an art which, in Bagehot's phrase, must be exercised 'in a sort of twilight, ... in an atmosphere of probabilities and of doubt, where nothing is very clear, where there are some chances for many events, where there is much to be said for several courses, where, nevertheless, one course must be determinedly chosen and fixedly adhered to.'"—W. M. Acworth, Elements of Railway Economics, Oxford, 1905, p. 73.
"The problem of railway rates has not, like that of postal charges, passed beyond the domain of current discussion. This is in part due to the fact that railways are universally regarded as a source of profit, to companies when privately owned, to the State when public property; but it is in larger measure due to the fact that the social significance of railways is not yet clearly understood. The problem of railway rates is a problem by itself, and stands as one of the most important of the unsettled problems of the day."—H. C. Adams, Science of Finance, New York, 1909, p. 280.