The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-02-01 00:00:00

LIVERPOOL AND HARRINGTON WATER COMPANY.

The half-yearly general meeting of this company on
Tuesday, was numerously attended. Mr. Harmood Ban-
ner, chairman of the directors, presided, and commenced
the proceedings by reading the balance sheet, and also an
abstract of the receipts and expenditure for the year ending
31st of December, 1847. The balance from the former
year was £lB6 ; the receipts from tenants were £32,499 ;
the receipts from shipping were £3,500 ; the water rents
from buildings were £415 ; and the interest from the bank
was £309; making a total of receipts for the past year of
£37,898 Gs. sd. The expenditure was 13,616, leaving a
balance in favour of the Company of £24,281 15s. Out
of this, interest was paid to the amount of £2006 35.,
leaving a balance of £22,275 125.; and out of this sum
the proprietors received dividends in July to the amount
of £9535, leaving a balance now to be divided among them
of £12,740 12s.
The accounts having been passed. the Chairman said
that the balance to be divided gave them £3l 17s. per
share, and though he did not know of any outstanding
accounts, there might be an odd advertisement to pay for,
and perhaps the best way would be to divide £3O per
share. This was agreed to, the amount to be payable on
Tuesday (this day).
The CHAIRMAN said his next duty would be to read the
award made between the Corporation and the Company.
The award was to the effect that the Corporation was to
pay the sum of £330,719 13s. for the Harrington Water
Works ' • and Mr. Stephenson, the arbitrator, assessed the
costs at £1,566 13s. 5d., and his own costs as arbitrator
at £B5B. He did not wish to say much about the award,
though he could not refrain from saying that he felt great
disappointment at the amount given by it. He believed
the value of the Company to be a vast deal more than
stated in the award, and he was thunderstruck when he
saw the amount itself. He wished to say nothing to im-
pugn the high and honourable character of the arbitrator,
but he believed that the Company had been made the
victim of a great mistake, the nature of which they would
probably never find out. He had had an interview with
Mr. Lace and Mr. Nicol, as a deputation from the Cor-
poration, who told him (the Chairman) that some of the
proprietors of the company had been with the Corporation
Treasurer, saying that they were willing to take bonds of
the Corporation at five per cent. for five years ; and it
was therefore a great object with them to ascertain how
far the proprietors might be disposed to take such bonds.
Mr. Lace said they would, if required, be ready to pay
the whole of the £330,000 in a few days, but that if any
of the proprietors were willing now to take the bonds for
five years, the Corporation would make that arrangement
with them. He (the Chairman) candidly told the depu-
tation that many of the proprietors would rather receive
their money—that he, for one, would take his money at
once, perhaps with the view of investing it to better ad-
vantage than five per cent. The interview had been a
very agreeable one, and the matter rested thus :—that in
a few days the Corporation would be prepared to pay the
whole of the money under the award, if required, and for
such portions of it might not be required, they would give
the bonds at five per cent. The bonds would be dated
the Ist of January, 1848, and would bear interest from
that date. The exact amount per share of the award was
£826 15s. lid. All the costs of the arbitration are paid
by the Corporation, and all the bond debts and engage-
ments of the company are taken by them. He concluded
by proposing the cordial thanks of the meeting to Mr.
Stanistreet, the solicitor of the company, for his untiring
exertions to promote their interests.
Mr. JONES said he felt that his property had been most
unjustly curtailed by the late most extraordinary decision
of the arbitrator. The award was £l2B less than the
actual market value of the shares the day before it was
made, and the award to the Bootle Company was £l4O
more than the actual market value of the shares of that
company. He impugned the justice of Mr. Stephenson,
and he did so openly. A cruel and outrageous injustice
had, he said, been committed on the proprietors of this
company, and the award was inconsistent with everything
right and proper. (Hear.)
Mr. ROBINSON proposed a vote of thanks to the chair-
man, and suggested that the balance of the £1 17s. Od. be
devoted to the purpose of presenting that gentleman with
a suitable testimonial for his eminent services.

The vote was passed by acclamation, and a committee
was appointed to collect the subscriptions and present the
testimonial.