to hear the remark, "The Company have had to reduce their fares at last, thanks to the opening of the line." This is, however, unjust. So long as competition does not exist, the companies are only discharging their duty to their shareholders in obtaining what Parliament has sanctioned as a fair rate of remuneration for the services they perform, but when there is a rival in the field, they are justified in concluding that "half a loaf is better than no bread at all"; although it by no means follows that their previous charges were unfair or excessive.
In days gone by, it cannot be denied that railway companies incurred great losses and sacrificed a considerable portion of their revenue by extreme competition amongst themselves, but in this matter, as in many others, they have gained wisdom by experience, and "profited by the uses of adversity." A certain amount of healthy competition will always exist; but the companies now mitigate its severity by agreeing amongst themselves what the rates between competing points shall be by all routes. The competitive rates between most places in Great Britain are, in the main, governed by two Conferences, "The English and Scotch Traffic Rates Conference," and the "Normanton Conference." The English and Scotch Conference is composed of representatives (who are usually the Chief Goods Managers) of all the companies, both English and Scotch, who are interested in the carriage of goods between places in England and places in Scotland by the various routes. These representatives meet once a month, and deal with all questions arising in connection with the making of new rates or the alteration of existing rates for competitive places between which more
