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applied in other unrelated industries, it appears that the Board may not have taken fully into consideration the special requirements of new and growing air transportation enterprises.
The question of whether or not airlines are public utilities and are to be regulated as such is still a controversial subject. In any event, no law requires that all public utilities must be regulated in the same way. It should be apparent that investors will not be readily attracted to helicopter operating companies if they know in advance that they are expected to assume the risks of a new and highly competitive industry, for a rate of return which as its best is no greater than that which is virtually assured to the shareholders of the stable and non-competitive public utilities of the type mentioned in the preceding paragraph.