. Legislative regulation of railway finance in England . ce was found to demand public , efforts were mostly directed toward finding methods ofregulating railway finance rather than to the discovery of new• i principles. Coming down to the third period, we find the place ofemphasis nas returned to that of the first period, especially inthe matter of publicity. The most important inquiries made duringthis period have invariably resulted in the demanding for greaterpublicity. In spite of this similarity in emphasis, however, thereis nevertheless a distinct difference in tha
. Legislative regulation of railway finance in England . ce was found to demand public , efforts were mostly directed toward finding methods ofregulating railway finance rather than to the discovery of new• i principles. Coming down to the third period, we find the place ofemphasis nas returned to that of the first period, especially inthe matter of publicity. The most important inquiries made duringthis period have invariably resulted in the demanding for greaterpublicity. In spite of this similarity in emphasis, however, thereis nevertheless a distinct difference in that what has been doneduring the third period is more definite and has been done with amuch clearer conception of what publicity means in the regulation orailway finance than during the first period. After forty yearsexperiment, England has remained where she was four decades ago,as far as the standing rules are concerned; but she seems to haveperceived with conviction whereabouts in her system of regulationshe should place more emphasis in the In tracing the historical development we find that priorto 1844 English legislation on railway finance was limited to theprovisions embodied in the numerous private acts. Each company-had its own special acts which contained the entire statute lav; 1 applicable to the undertaking of that company. Early legislation was greatly influenced by the currc &tconception of the railway as a turnpike. Time and again we findacts passed which dealt Jointly with stage roads and railways asif the two were similar. The Duke of Wellington is said to have stated that in dealing with railways it was above all else necessary 2 to bear in mind the analogy of the Kings highways. This remark,misleading as it appears now, was well representative of the cur-rent belief. Then, again,the early acts followed very closely in their general scope, the provisions which had been applied to canal companies. The earliest canal acts, however, gave no power of3 bo
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