The Sun.
London, England, 1863-02-19 00:00:00

METROPOLITAN BOARD OP WORKS.

A special meeting of the Metropolitan Board of
Works was held yesterday at the offices in Spring-
gardens, in accordance with the requisition of the
chairman, for the purpose of considering certain
proposals with regard to the Thames Embankment.
Mr. John Thwaites presided.

EMBANKMENT OF THE NORTH AND SOUTH SIDES
OF THE RIVER THAMES AND THE NEW-STREET.

The CHAIRMAN, in opening the proceedings, said
before entering upon the subject which had speci-
ally called them together, he wished to give them
some information as to the produce of the coal dues.
When he was before the First Commissioner of
Works he was not able to tell him the probable
amount the coal duties were likely to produce in the
diminished area of taxation. He had endeavoured
to obtain the most reliable information from the
City and the First Commissioner of Works as to the
produce of the coal duties, and the latter had esti-
mated them at £150,000 per annum. That esti-
mate, however, applied to the ninepenny and not to
the fourpenny coal tax. By the best estimates that
can be made, the cost of the northern embankment
would be about one million sterling, and the new
street, from Blackfriars-bridge to the Mansion-
house, £500,000 more. Therefore, taking the coal
tax at what he had stated, they would be able to
borrow £1,200,000, which would be £250,000 short
of what the works would cost. It was most impor-
tant that the board should have such information
as to what those duties would produce as would
guide them in their operations with regard to any
improvements which might hereafter come under
their notice. He had, accordingly, had an inter-
view with the First Commissioner, and found that
during the year 1862 the sum of £162,000 ha 1 ac-
tually been received from the coal and wine dues.
That was very satisfactory, as it enabled them to
take £160,000 as the basis of their calculations.
For the 20 years that the coal dues were now to be
continued, the board would be able to borrow
£2,174,552. Taking those dues at £160,000 for the
19 years unexpired of the term above mentioned,
the amount would give a surplus of £200,000,
which would increase the sum available to the board
to £2,374,552. That sum the board would be
enabled to borrow, and having regard to the views
of lenders, and the elasticity of the tax, he believed
it would increase to an extent that would give
them such a margin as would afford them ample
security. Having arrived so far, the board would
have to consider the three works that had been sug-
gested. For one of them they had obtained Par-
liamentary powers—the embankment of the Thames
on the north side, which was estimated to cost one
million ; but that was the net cost, which was very
different from street improvements. In the latter
case the ground rents soon afforded a return, but
from the embankment there would be no return.
£he next work to complete the scheme, was a new
street from Blackfriars-bridge to the Mansion-house,
without which the grand scheme of the embank-
ment would be imperfect. The total cost of that,
street would be from £460,000 to £500,000. The
whole scheme of the embankment had been referred
to the engineer and architect, to ascertain if any
and what improvements could be made in the plan
proposed by the Royal Commissioners. The en-
gineer and architect, after carefully considering it,
had made their report, and in that they recom-
mended the wideningof Thames-street at an expense
of £30,000. They also suggested other improvements,
which would give the wharfingers in Thames-street
free access to their premises. By taking other pro-
perty and easier gradients the engineer had recom-
mended an improvement in the new street, which
would reduce the estimated cost from £690,000 to
£620,000. With regard to the southern embank-
meat the estimate of their engineer for the construc-
tion of it to Vauxhall-bridge would be £1,100,000,
whereas the original estimate to High-street, Lam-
beth, was £690,000. It bad been suggested to stop
short at a point opposite Alillbatik Prison, and if
that were adopted the cost would be about £580,000,
and that with the other works would leave a balance
in the hands of the board, out of the £2,200,000
borrowed, of £174,000 as a working capital, and as
a guarantee fund if the expenditure should be over
the estimate. Under all these circumstances he felt
!that they might see their way clear to tho execu-