The British Press; or, Morning Literary Advertiser.
London, England, 1818-10-31 00:00:00

jt
. particular profit. polda
wets called upon to resent this iudiffereuce to their
general interest and convenience. The mall of
the arrangement was highly injurious. Thit.East
Loodou Cotonou!, isteleasi of wording the *owe
of the New Hirer Company, by keeping tip aphis
competition, actually fell into its views,. Mu-eased
the price of water, and reduced the quantity of
their supply ; that pursuing the very reverse of the
course for which they had been established. The
lino effect of this combination between' the two
Companies was, that it defeuted the botanic:sus of
the Legislature to establish a fair competition for
the public good ; it also, by reducing the supply
of water, and placing the public in a situation
where they were without redress, if they refused
the terms dictated by the Water Companies,
greatly contributed to the increase of damage by
tire, fur the supply was v often found so scanty
as not to be procured in any thing like a sofficieot
quantity until alter the fire had attained its height.
By reducing lute supply to three days in a week,
this great metropolis became exposed to an teggra-
vation of one of the greatest calamities by which •
tali- city could he IA toed. Another result which
flowed from this compact, and which directly con-
travened the preamble of the Act of their Incorpo-
ration, was, that they held landlord. liable where
the truant% did not pay. Tina was, in fact, levying
a new tax upon the landlord, when the preamble
expressly said flail the expense was to be sustained
by " Inhabitants." The Chairman said, that these
were great and crying evils, end concluded by ex-
pressing a hope that in the consideration of diem
the gentlemen present would abstain from any po-
litico' digression.
Mr. dicta rose to move the Resolutions prepared
by a C • tee. 'rite Meeting, he surf, tutolit
perhaps, at first sight, expect to see men of fortune
and Members of Parliament in attendance upon the
present occasion; but hr wee sure on reflection they
would think that men of plain habits of business,
and who really felt the evil crone been to them,
were more acquainted with, and better calculated
to enumerate the details of the system under is hieh
they suffered, than any other set of persons, how-
ever superior they may be in rank. He then re-
ferred to the preamble of the Act, which incorpo-
rated the East London %%rater Works Compasity—
it set forth the necessity, owing to the growing po-
pulation of the districts of Stratford-le-Bow, 14-
hugton. St. Matthew and St.
George's-in-the-East, of securing to them a proper
supply of wholesome water. it was obvious that
the intention of the Legislature, in giving a new
Charter, was to benefit the growing popolotion in
the Eastern District, by presenting a fair competi-
tion to the New River Company. 'i'he Charter
was, therefore, granted oil broad public grounds;
but he denied that the Company lard used it for the
beneficial purposes for which it wa:. intended. By
the operation of the Corn Bill, it was not likely
that the quarters loaf would fall touch below a
shilling in value; it was, thrrefare, important that
the public should not be Unposed ul in the price
of the next and most essential aliment of human
subsistence. In protesting; against the injurious
acts of the East Londois Company, he had no wish
to urge any measures which might tend to the
injury of individual capital, nu the ciintrary, lie
wished that, when fairly applied, it should beat its
full and proper value. Bnt this was not the case
here ; for the moment that the two Companies com-
bined, the price was not only raised lOa. in the 405.,
but up to 54 percent. hey I the previous rate. Pao.
'lament, its establishing a new Company, never con-
templated such an exorbitant increese of profit. It
would he said, petit/pa, that • great deal of money
hod hero stink by the Company in substituting iron
for bather pipes. He thought this argument would
not hold good, for the durability of the material
would soon, in the saving of repairs, pay oft' the
original increase of expense. It was siaid, that not-
withatanditig the increased premium paid by the
public fur water, the East Londou Company were
unable to pay a dividend of more than two sod a
half or three per cent., and that this therefore
*hewed the fair average of their charges. Now he
denied that this was a fair ciiterion, mod fir this reit-
coo, that instead of letting the profits go till' iii pre-
sent dividend, they were sunk in augmenting the
orioilial capital, so that tae future value of shares
would become raised to an extraordinary stain.
Why tint. i.i.teisit the profits in this
manner, let a fair share be divided, and abandon
this scheme of auginentitig capital ? Besides, lie
shrewdly conjectured, that the extensive system of
laying down trim invest was priti,eteil 117 DireetUr*
*llO were theiTiPelVt4 large item-hounder*. fie knew
not how to proposer specific remedy—enough oil,
manifest to call fur itiquirt, mid the report of a
Cm ttttt dire. Perhaps the best remedy would he
the estalilisliment of a new Cothieine. The worthy
Gentleman einiellided by proposing a series of Re-
*Outwits, expressive of the rhingeiuus effects of mo-
nopoly, and declaratory of its particular existence
In the onsinicr to which the two chit Water Com-
panies sic to teil, and appointing a Cie 1111 l tinge
to iiiquiie into the best 111e.11104 of seeking reifies*
for the pultliO.
Mr. Sunroofs rose to second these Resolutions.
He said, that the New River COittpany had, mail
lately, pipes lord 11..!‘sii tslitte at prssent Utast of

As the question was shoot to be
pnt—
Mr. JANE* [hetes (of the Coalmine Council)
rose end claimed the attention of the Meeting.
He feared, he said, that the cold calculation he had
to make would not be deemed as ralatable to the
Meetivg as the glowing speeches to which they hod
already liatdierl. The Chairiiian had displayed
great public spirit and great ability, lie was there-
lore entitled to respect and esteem for his intentinua.
But he (Mr. Davies) could assure the Meeting,
that malty of the statements they had this. d.y
heard as bids, were ill reality founded ill error—he
did not say the intatateinenta were interittband, but
they were most assuredly not correct. He 'wow-
ed there as one of the Directors of the East London
Water Works Company, and reside to dawns% the
question fully and fairly. He admitted that the
public were entitled to in abundant quantity of
good water, and that they lent a light to be fur-
niched with it at the lowest pawls.. price. But.
before the Company could be condemned by this
Alerting, lie thought they should have sit oppor-
tunity of being heard in their defence. The East
London Company, it would be proved, if their
lady. were properly looked into, bed sunk a large
sum of snooty in contending with a powerful rival.
The expense of their acts of incorporation haul
been also prodigious. It was very true filet
at the outset they met great support from messy
parts of the public, but it wars equally true
that from on extensive combinition among their
tenantry they had further incurred a very heavy
liras. They were often exposed to a heavy
loss after laying down pipes; by a disagree."
timid about the rates to he paid for the supply of
water. On the slightest difference the tenant went
over to the New River Company, after the East
London bud been at the expense of laying down
his pipes. In this way from 14 to 20,000/. had
been sunk. This led to the arraitement between
both Companies which had been alluded to, stud he
anointed himself one of its wannest supporters—it
was Itlrslit to protect the public from unfelt
ancl.not, as had been said, to impose any Arita-
miry exactions upon them. The Compaoy, iii
making the arrangement alluded to, had consulted
the best interests of the public, and were ready to
give the fullest and most satiSfactory information of
the necessity of the measure. He denied that any
monopoly had arisen in the course of their pro-
ceedings. Monopoly meant securing to one's self
the disposal of any particular article. This could
nut be said to he the case here, tn. shy Company
rnmy set up and form the same cutinestion with the
nOlatie.----[Here some interrtiption took place in the
Alerting, but the Chairman, after an appeal from
Mr. Davies, succeeded in procuring him a flee-
proceeded to assert, that the s not:•ernit
and conduct of theConipany had beeit grossly
repreeristed, and that he Came in the spirit of mall,-
talon to make this arsurafice to the Nleetilig, and etler
them an opportunity of seeing the whole silltj• et in
its proper light. The Board of the Cnoiliat",.
(mild iibt he better constituted than it was, •.1.1 it
one at all times reedy to hear any cemplairtt that
may ca,nally arii.e, and strord 'gutted:ate restless.
‘i by then, by a Alerting like this. striae ttsele.slv
to iirelioilice walk: mind, prewtat that bile
iaogoiiv voh.o;lo the etanolany were ready td admit
into their The amnia that the Coo..
pan) • hail raison their rate Is le l'reft its the ere;
ttavit.st ratio ustet.werd say I tekostirout.:—(4l