The Sun.
London, England, 1855-07-16 00:00:00

From a valuable report, ordered by the Court of
Commissioners of Sewers and prepared by Dr. Sayer,
containing important calculations as to the best means
of raising funds to the amount of 5,000,0001., for the
purpose of improving and extending the drainage of the
metropolis and carrying out the great works of inter-
ception, with a view to the purification of the Thames,
it appears that the commissioners have resolved that the
health and', welfare of the metropolis require that the
sewage and drainage, instead of being allowed to flow
with daily increasing pollution into the bed of the
Thames, should be transferred north of the river to
Barking-creek and south thereof to or below Plumstead-
marshes. The accomplishment of this colossal under-
taking being for the benefit of the present and future
generations, it is urged that the amount of a general
sewer-rate should be such as to bear as moderately as
possible on the present and future ratepayers ; the
money required should be raised at the lowest rate of
interest per annum, with the greatest economy, and in
the most eligible manner for liquidation ; and, finally,
the period when the progressive liquidation is to be
completed should be neither too proximate nor
too remote. A small general annual metropolitan and
City of London maintenance sewer-rate will be all
that the ratepayers will hare to bear. A general
equal and annual pound rate of fourpence, assessed
and levied by the act of Parliament, on the 1854 gross
metropolitan assessment, 9,484,945/., and on all future
increments thereof, and on the 1854 gross city of Lon-
don sewer-rate assessment, rental 1,241,2801., and on
all future increments thereof, will supply ample means
to pay the annual interest of 3,500,0001. (the amount
required for the interception works) proposed to be raised
by the issue and sale on the Stock-exchange, from time
to time as the money may be required, of "Metropoli-
tan and City Sewers Bonds," and to pay off 3,500,0001.
by the gradual purchase of the bonds in the money-
market. Then, withdrawn from public circulation, the
bonds will fructify at the rate of interest at which they
were issued, and at compound interest, for the benefit
of the metropolitan and city of London ratepayers,
until, in unison with the decrease of the annual pound
rate, they may be cancelled, and in a less period than
sixty years the liquidation will be accomplished.
It will appear that the maximum limit of the an-
nual pound rate need not exceed fourpence. The esti-
mated outlay for the metropolitan and city of London
sewage and drainage intersecting and outfall works
amounts to 3,000,0001.; allowing 509,000/. for extensions
north and south of the Thames, additions and contingen-
cies, the probable amount of outlay may be 3,500,0001.
The annual charge, after completion of the works, fuel
for steam pumping lifts, wear and tear, management,
collector's poundage, &c., is assumed not to exceed
30,0001. According to the rate of interest at which
the 3,500,0001. may be raised, the total amount
to be provided for by the metropolitan and city
of London ratepayers will be, at Si. per cent.
per annum (the highest calculation), 205,0001.,
or at 3i per cent. per annum (the lowest calculation),
152,5001. These annual charges are proposed to
be met by a general and equal pound rate on
the gross metropolitan and city of London assessment
(10,726,2251). At 4id. (to meet the highest calculation)
the amount raised by assessment would be 212,2871.,
giving a surplus of 7,2871. over the total amount of in-
terest at 5 per cent.; at 3id. (to meet the lowest calcula-
tion) the amount raised by assessment would be 156,4221.,
giving a surplus of 3,9221. over the total amount of in-
terest at 31d per cent. To the increase of the popula-
tion of London, it is presumed, may be left to pay off
the principal, 3,500,000/.; for, assuming'2,ooo/. to be the
future annual increase upon the gross assessment (which
is a too moderate estimate), the total amount for 60
years, exclusive of all interest during that period,
would be 3,660,0001., being 160,0001., more than
sufficient to pay off the sum required to carry out the
whole of the works for the interception of the sewage and
drainage of the metropolis, and for the outfall works
north and south of the river. The Metropolitan and
City of London Sewers Bonds it is proposed to divide
thus :-10,000 bonds, 1001. each, representing 1,000,000/. ;
5,000 bonds, 2001. each, representing 1,000,0001. ; 3,000
bonds, 5001. each, representing 1,500,000/. ; totabonds,
18,000; total amount represented, 3,500,0001. These
bonds to be issued in series as funds may be re-
quired, irredeemable for such terms of years as may
now be determined, and at the rates of annual in-

terest the market value of money may bear at
the times of issue. The total outstanding amount
of moneys, the produce of loans or annui•
ties raised by former commissions, is 292,475/., to which
debt no addition has been made by the present commis-
sion. From Jan. 1, 1849, to December 31, 1854, the
Metropolitan Commissioners of Sewers have built 163
miles 576 cubic feet of public sewers, and 366 miles
4,629 feet of private sewers, at an oatlay of 821,3441.
15s. lid., and the total cost for management of 126,9181.
19s. 5d., the ratio is 151. 9s. per cent. ; on the total out-
lay the ratio is 11/. 7s. sd. per cent. There are yet
urgently required about 400 miles of sewers, in which
are included about 20 miles of old sewers which the pre-
sent rated area so defective as to require rebuilding.
The probable cost is estimated at 1,500,000/. and this
amount it is proposed to raise by the issue of
11,725 1001., 2001., and 5001. bonds, upon the same
principle as those representing the 3,500,000/. ; the total
amount raised being, therefore,
as at first stated, up-
wards of 5,000,0001. The whole of this would be paid
off in less than 60 years were less than half of the ave-
rage increment of the last five years to be the uniform
rate of future increase, since, without interest, 3,000/.
increase per annum yields in 60 years 5,490,0001., and
the average annual increment has been 6,1311. When
compound interest is considered the period will be much
shortened.
Great works carried on at Paris and in the depart-
ment of the Seine are supported by funds raised under
the authority of the Legislature by the public sale of
Obligations de la Ville de Paris, or Obligations du De-
part6ment de la, Seine. These bonds are for 1000 f.
(about 401.) each. The system has been found to work
extremely well, the bonds passing freely and untaxed by
stamps or transfer fees from seller to buyer. Every day
the Exchange-list gives the quotation of their market
value when sales take place. This, in truth, is the sys-
tem recommended by the report to be applied to the
exigencies of this great metropolis.