The Sun.
London, England, 1842-12-09 00:00:00

WATER COMPANIES.

Having reason to knew that our former remarks on
projected water companies had weight, and observing
that two new projects for the supply of water are
engaging the attention of the inhabitants south of the
Thames, we shall repeat the substance of them on the
present occasion. It will not have the less effect that
the considerations then placed before the public have
since received the most striking illustration in the
very locality which the projectors of this year have
chosen for the scene of their operations. We then
said—" The first effect of competition between water
companies is a lowering of the rates, by which all
return on their capital is annihilated. The public
is apparently benefited, but the benefit is only
temporary, and soon exchanged for loss and in-
convenience—as on the one hand no lowering
of the rates can increase the number of con-
sumers, nor on the other can any portion
of the capital expended be removed, it is obvious that
the Companies will, to use the language of the Report
of a Committee of the House of Commons, first com-
pute to the point of ruin, then combine. But inasmuch
as from the same number of rate-payers the return
upon a large capital must be drawn, the rates will of
necessity be raised to a higher level than that from
which they had fallen. The Companies already sup •
plying that part of the metropolis south of the Thames
have for tke last year, as it would appear, been
engaged in fierce competition. The rates have
been lowered, and the Companies having in conse-
quence been brought to the point of ruin, have,
as was predicted, made peace and raised the rates
to a somewhat higher level than before their war.
The rise has occasioned much irritation among the
rate-payers, and forthwith two plans are projected;
one to take water from the Wandle, the other from
the Thames. The inhabitants already have to pay on
more capital than is necessary—is it at all probable,
then, that a new capital can meet with any return ?
The present companies, if Parliamentary evidence is
to be trusted, do not pay 51.
per cent.—does any
sane man, then, believe that the shareholders of a ne w
Company would get one farthing of return, except by
the process of a vet fiercer competition and further
rise of rates, or even then anything like Si. per cent. ?
If the existing Companies charge more than they are
entitled to by Act of Parliament, they can be summa-
rily punished. If, keeping. within the letter of the
law, they have yet entered into a nefarious combina-
tion to oppress the public, a remedy is within the
competence of the Legislature ; but if the South Me-
tropolitans are wise, they will not encourage a fur-
ther outlay of capital, the interest on which they
must ultimately pay, nor expect to escape oppression
by adding to the number of their oppressors.—Even-
ing Paper.

GREAT NORTH OF ENGLAND RAILWAY.
Traffic returns for the week ending Dec. 3, 1842 :
Passengers
Merchandise 546 12 4
.N.
. ' £1,153 19 10

DexCloirnregtsopo:Ddieeng. week lt.yeoaTß.R.tElN,l.22selcOreLOry.

Mr. T. S. Duncombe,
M.P., left London on Mon-
day, on a visit to the Duke and Duchess of Beaufort,
at Badminton.