SOME SPECIAL PROBLEMS OF VALUATION 77

accident may determine whether the available cabs are used
by those who are most willing to pay, or by those who
would be restrained from using cabs if fares were raised
somewhat, There is, in these cases, a further feature, which
was held in view in making the above statement that the
condition is approximately realised in the illustrative
instances referred to. The service may remain nominally
the same but be really changed. A crowded railwaycarriage
 or tramcar is not quite the same thing as one with
plenty of room for all its passengers, An upholstered
carriage is more desirable to the traveller, as a rule, than one
with uncushioned wooden benches, Slow conveyance is not
the same service as quick conveyance. Variations in the
adjustment of supply to demand can, therefore, be effected
without nominal alteration of price, by a change in the commodity
 offered while its designation is unchanged. Where
the balance of supply and demand is sought in this manner,
it cannot be strictly said that the commodity is offered at
an unchanged price.
A further illustration will show another method of effecting
the partial adjustment of demand to supply, without acting
on demand through price, and may lead to complete adjustment.
 The price of admission to the gallery of a theatre
being fixed, and its accommodation, even with such extension
as uncomfortable overcrowding permits, being limited, the
adjustment of the fixed supply to the demand called forth
by the fixed price, when this is in excess of the available
accommodation, is partially effected. by the practical method
of the attendance of eager competitors for places before the
doors are open. The discomfort of a prolonged wait, first
outside the door and afterwards inside, before the performance
 begins, may be regarded as a real addition to the
price paid in money for the place. Similar waiting, which
may, however, be done by deputy, may be necessary even in
the case of seats which are booked beforehand. Where seats
are distributed, not to those, of all would-be occupants of
them, who are willing to pay most, but on the principle of
“first come, first served,” supply and demand may not be
equated, even by the operation of the restraint on demand