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| | Pigou, The Economics of Welfare, Part II, Chapter 21: Library of Economics and Liberty |
 | | An Act of the same general character was passed in Australia in 1921, though under that Act discretion is allowed to the Executive to refrain from action if it so chooses. |
 | | For example, the Railway Act of 1844 provided that, if dividends exceeded 10 per cent on the paid-up capital after twenty-one years from the sanctioning of the lines, the Lords of the Treasury might revise tolls, fares, etc., on the condition that they guaranteed a 10 per cent dividend for the next twenty-one years. |
 | | No doubt, where, as in railway service, the technical inconvenience of constantly changing prices would be very great, it may, on the whole, be best not to follow this guidance for short-period movements; but such cases are probably rare. |
| www.econlib.org /library/NPDBooks/Pigou/pgEW32.html (11084 words) |
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