The Sun.
London, England, 1856-05-27 00:00:00

METROPOLITAIV BOARD OF WORKS.

A special meeting was held yesterday in the Council-
chamber, "to consider further the report of the engineer
of the board on the sewage interception and main drain-
age of the districts south of the Thames, and Mr. Carp-
tnael's motion for approving and adopting the report of
the committee of the whole board thereon."

The CHAIRMAN said that before they proceeded to take
up the question of the' day he wished to address a few
observations to the board on a very important matter,
viz., finances. They were about to discuss the propriety
of carrying out the plan recommended by the eng*.neer
for the southern district, and they had already received
the plans for the northern district, therefore it became
a question of the first importance as to the most conve-
nient and economical mode of raising money for carry-
ing out these plane. (Hear, hear.) It was a question
i nvolving some little degree of difficulty, and he was
now prepared to make a short statement to the board
with the object of getting the question referred to the
finance committee for its report. It would appear that
for the drainage of the- northern and southern districts
they would require an expenditure of 2,500,0001., and
taking the debts of the commission in round numbers at
500,0001., the board would have to provide for sewage
purposes a sum of not less than 3,000,000/. This sum
would probably have to be raised within three years,
and therefore the best means of raising the money and
of going into the market were matters vitally affecting
the ratepayers. He thought that the board would
arrive at the conclusion that the borrowing powers of
the board under the act would, if carried out, greatly
prejudice the ratepayers. Under the act they ware em-
powered to borrow money, and to charge the rates,
but the board were unable to charge these rates ex.
cept by way of mortgage. The amount of competi-
tion to be expected from the district boards in the
market—inasmuch as they would themselves be com-
pelled to b.)rrow—would give rise to difficulties which,
3.3 they axone, Would, he apprehended, raise the rate
per cent. ; therefore, it appeared very desirable to
be enabled to raise money on some more equitable prin.
epic. The president then directed the attention of the
boar I to the manner in which money was raised by
bonds in Paris, and said that he thought that some ar-
rangement might be made by which the board could
issue such bonds by registration, which latter plan would
save the parties from the risk of fire and theft, and would
affect the security probably one-half per, cent. If the
board took the rated property over which they had juris-
diction they would probably be under the mark it they
set it down at 12,000,0001. ; And if the amount of
3,000,0001. were spread out equally over fifty years—
and he believed ho expressed the sentiments of the board
when he said that they thought the cost of the very co-
lossal works they were about to construct should be
spread over a period of fifty years—it would involve an
annual payment of 130,6501., requiring a rate of 3.1. in
the pound, which would produce about 150,0001. per
annum. By the terms "equally over fifty year's," .he
meant such a yearly payment of interest and prin..
cipal that they would have an equal annual payment at
the end of the period of one-fiftieth. (Hear, hear.)
In reply to a question from Mr. D'lffanger the PRE-
SIDENT stated that •he bad based the above calculations
on an interest of 4 per cent., and that his statement had
no reference to the actual working expenses, but bore
solely upon the question of main drainage. Probably
the result of referring these financial matters to the com-
mittee would be to bring forth a report recommending
the application to Parliament for further borrowing
powers. but he would not anticipate.
lir. Deputy HARRISON then gave notice of motion,
"that it be referred to the committee of finance to con-
eider and report to this board in what way the amount
requ'red for the construction of the sewage interception
works can be most economically raised, and report
thereon to this board."

A letter was received from the department of the Chief
Commissioner of Works, stating that Mr. E. Burstall,
R.N., had hsen appointed, on behalf of the Chief Cam-
missioner, "to test the accuracy of the tidal observations
taken in 1851, and that that officer would be prepared to
give Lis attention to the subject on Monday fortnight,
the 9th of June next."

The discussion of the plan of South London drainage
was then resumed. Major Lyon brought forward an
amendment in favour of the preparation of a plan of
drainage with an outfall seven miles east of Woolwich.
Mr. Leslie seconded the amendment. After consider-
able discussion the motion in favour of adopting the en-
gineer's plan as it stands was put to the vote ani carried
by 22 to 8 votes. A deputation was appointed to wait
upin the Cbief Commissioner of Works, in order to ask
for his sanction to the scheme, in accordance with the
provisions of the act.
The court then adjourned.

Sporting Intelligence.

TATTERSALL'S.-MONDAY.

Business on the Monday before the Derby was never
so dull. The room, too, was not unusually crowded, and
sc .rcely any " demonßtration" of importance was made.
The favourite remained firm ; 7 to 2 was taken free!),
about him, but the highest odds obtainable at the close
were 3to 1. At first 500 to 100 was taken about Faz-
zo!etto, but subsequently 11 to 2, ti to 1, and 13 to 2
were betted against him. Cannobie was decidedly second
favourite; early in the afternoon 1,000 to 200 was
b)oked about him ; his closing price, however, was 0 to
1, taken and offered.

7 to 1 wal taken freely about Vanderruulin, and
those odds were with difficulty obtainable at the close.
Fly-by-Night, who had been well supported in the
City during the morning, was backed at prices ranging
between 15 to 1 and 20 to 1. The investments on him
were, in the aggregate, to a tolerably large sum. 1,000 to
GO, and ultimately 20 to 1, were laid against EllingtlD.
Bird-in-Hand received some spirited support at 25 to 1.
Puck was in brisk demand, and was rapidly advanced
from 50 to 1 to 40 to 1 • the latter odds were taken
about him to several hundred pounds. The other quo.
tations show no important change, and do not require
comment.

CLOSING PRICES.
THE DERBY.
3to 1 agst Wentworth (taken and offered)
to 1 a,gst Cannobie (taken and offered)
13 to 2 agst Fazzoletto (taken)
7to 1 agst Vandermnlin (taken freely)
9 to 1 agst Artillery (taken and offered)
100 to 6 agst Fly by-Night (20 to 1 also laid)
21 to 1 aget Ellington (taken)
23 to 1 agst Yellow Jack
25 to 1 agst Bird-in• Hand (taken).
30 to 1 agst itogerthorpe (taken) 3
33 to 1 agst Mr. Verdant Green (taken and off.)
40 to 1 agst Puck (taken freely)
40 to 1 agst Bay Hylton (taken)
40 to 1 agst Newington (taken)
50 to l agst Astrologus (taken)
50 to 1 agst Cotswold (taken)
1000 to 15 agst Coroner
1000 to 15 agst Leamington
4 to 1 aget Scot's lot (offered)
THE OAKS.
2 to 1 agst Mincepie (taken and offered)
4to 1 agst Mermaid (taken)
7 to 1 agst Kidipyge (taken)