RELATED TOPICS 279 
regulated scarcity values to some extent. But, generally 
speaking, the problem has not been attacked in a 
comprehensive manner. The piece-meal policy of most 
of the State Governments has resulted in dissatisfaction 
to both producer and consumer. At present, price- 
fixing is chiefly in the hands of Federal Prices Com- 
missioners, whose policy it is to establish fair competitive 
rates with rises or falls according to the trend of general 
prices. 
The same may be said of other countries where this 
policy has been adopted. The British Government first 
tried direct price fixing, but the heavy importations of 
food-stuffs made this a difficult matter, and now the 
policy in regard to the more necessary commodities 
is for the Government to purchase supplies and 
re-distribute them. In some cases the goods are 
sold at lower than the cost price to the Government, 
and the loss is a charge on the general revenue of the 
country. The German Government, too, has found price 
fixing a relative failure, and has taken up the policy of 
commandeering and nationalising supplies together with 
restrictions and prohibitions of the consumption of 
various articles. All this proves that the determination 
of prices is a very complex problem, and the attainment 
of a stable standard of value is quite as difficult as 
economists have for many years endeavoured to show. 
(e) The Policy of Commandeering the Supply.—tThe 
following paragraphs appeared in the original manu- 
script of this work as it was presented in November, 
1915, for academie purposes. At the time it was 
written many others interested in the problem were in 
agreement with the policy laid down. It is interesting 
to observe how time has proved the necessity for it:— 
‘There was much discussion about the State taking 
over the milling industry, and also establishing State 
bakeries. But these were more of the nature of threats 
than proposed actions; for the difficulties of the situation 
