The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1846-03-31 00:00:00

THE HARRINGTON WATER WORKS BILL.

We subjoin the most important clauses of this bill
which is at present before parliament, and against the pas-
sing of which the most strenuous exertions are now being
made. A requisition to the mayor to call a public meet-
ing of the inhabitants, to consider the measure, is now in
course of signature, and parties approving of such meet-
ing may sign the rcquisiion at the Standard Office.
When our readers have perused the proposed clauses, they
will, no doubt, agree with us that the bill ought not to be a!-
lowed to pass. The Highway Board have instructed Mr.
Hawkesly, the eminent engineer, to value the works of
the Harrington Company, with a view to their ultimate
purchav, and that gentleman has estimated the concern
at £270,000. An offer, with a liberal advance on this ap-
praisement, has been made to the company, and it now
remains to be seen whether the public will support their
local authorities. The following are the chief features of
the Harrington Bill:

First: the preamble recites that the company have expended
in the purchase of lands and stations, and in the construction
of works 4190 710 18 5
Additional expended and due on bonds 420.927 9 5

4211,683 7 10
The first sum expended, namely, £10,718 18s. 5d., is assumed
as the capital of the company, and taken on four hundred
Shares, would give an average of 4476 15s. sd. The original
capital under the act, the only amount actually paid by the corn
pany, namely, 495,324 10s. id.. gives au av, rage of 4238 6s. 2d.,
which, being denucted from the above, leaves £238 ps . 3d. as
profit, created by the rates paid by the public, but not the least
part cf which has come frrm the pockets of the corn any.
The second clause empowers the company to raise, by the
creation of new shares, 4200,0(10. in addition to the 4193.710
18s. 51. above set down ; the company to fix the value, and the
present shareholders to be allowed to take a proportion thereof.
according to th it respective interest in the joint stock ; and, if
declined, then to be offered to the public.
The fourth clause defines the price to be put upon the new
shares created. This is to be the • four.handredth part of
4100,710 18s ad., or, as stated. above 4476 lbs. sd.
The ninth clause empowers the company to raise 430,000, on
bond, in addition to the 430 Ai, under the former act.
The eleventh clause enables the colepany to consolidate the
present and fnrnre shares into capital stock.

The sixteenthclause provide th ttoft rplyment of in•ere toit
the bond uebt. the company are to takes per cent. on the am, on
expended under the farmer acts, that is, on 4190,710 155. scl.
which would be more than 10 per cent. on the original capital;
and further, that the company may divide not more than ten
per cent. on theri future capital
The seventeenth clause assumes a new ground, by deferring
the Corporation interest until after the company have divided
10 per cent. on the former and newly.created capital; and pro-
vides further, for a contingent fund of e .o,coo after the com-
pany and corporation have been paid.
The eighteenth clause provides for a reduction of the price of
water after the -el ft,' 00 has accumulated ; and, in audition. sti.
pulates that that amount must form a sort of standard for th •
regulation of the rates, so that, when the income does nut meet
a❑ the requirements before recited, the rates are to be again
raised, and so from time to time, as often as such case may
occur.