The Evolution of Parliament. A. F. Pollard
Journal of Political Economy
with an introductory note on the valuation provisions of the Act of I920 and an appendix giving the text of the valuation section of the Act of I9I3. The author presents a clarifying analysis of the issues raised and directs his keen critical faculties at the weak spots in the reproduction-cost procedure, and especially at the carriers' claims on intangible values. He ends with a note of conjecture as to whether the Commission will make final valuations in figures, and of skepticism as to the
... pticism as to the "conclusiveness or ultimate usefulness of the figures so expensively secured and so elaborately presented." It is good to have logical pitfalls hung with red lanterns, but it would be better to have a practicable course pointed out. After all, the past of railroad investment is such a welter of conflicting claims and interests that all that can come out of it is a very patchy compromise. It is only for the future, if at all, that a policy at once logical and equitable can be formulated. Professor Vanderblue will soon be in a position to present a more definitive analysis of the finished work of valuation. If he can give his work a constructive turn, he may render a service of great importance.