Page:Earle, Does Price Fixing Destroy Liberty, 1920, 088.jpg

88 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."

In the House of Lords, continual enforcement of this doctrine is reiterated. quotes with approval Lord Bowen's opinion in the Court below. Lord Watson says: "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." observes: "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