of commodities). This statement is very noteworthy. It contains a confession of failure in the past; the indication of a new policy for the future."[1]
In the House of Lords, continual enforcement of this doctrine is reiterated. Lord Chancellor Halsbury[2] quotes with approval Lord Bowen's opinion in the Court below.[3] Lord Watson says:[4] "I cannot for a moment suppose that it is the proper function of English Courts of Law to fix the lowest prices at which traders can sell or hire. * * * In the first place, it was impossible that any honest man could impartially discharge his duty of finding freights to parties who occupied the hostile position of the appellants and respondents." Lord Bramwell observes:[5] "What is the definition of fair competition? What is unfair that is neither forcible nor fraudulent? It does seem strange that to enforce freedom of trade, of action, the law should punish those who make a perfectly honest agreement with a belief that it is fairly required for their protection"; and ends by quoting
- ↑ See opinion of Lord Fry in Mogul Steamship Co. vs. McGregor, 23 Q. B. D. (at page 629). These English Statutes, known generally as the acts punishing "badgering, forestalling, regrating and engrossing," were repealed as to their criminal provisions in the reign of George III (12 Geo. 3.C.71), because the restraints laid by the statutes upon dealing in corn, meal, flour, cattle and other victuals were found to increase the price of the same to the public. Further and more general removal of all such restraints were made by the statutes passed in the reign of Victoria (7 and 8 Vict. C 24; 34 and 35 Vict. C 31, and 39 and 40 Vict. C 22), and thereafter such matters were left to the common law unaided. These statutes, as stated in the text, were discussed in some detail by Chief Justice White in his opinion in the Standard Oil case, because of their analogy and important bearing upon restraint of trade legislation in this country.
- ↑ Mogul Steamship Co. vs. McGregor, on appeal to the House of Lords. Reported 1892 A. C., page 25.
- ↑ Id., 1892 A. C., page 37.
- ↑ Id., 1892 A. C., page 43.
- ↑ Id., 1892 A. C., page 47.
