Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-08-16
No. of Daily .Aperage
2s,774,OO0 l77,lO0 1918

East London. aoI 96l 624l5 ise $50
West M,ddlesex, l64445 57'7n JOG 767
Cselssa, Salts I" 55697 &c 92l
Grand Junction. lOs7a 47,4lo 6aai7
$9s3956 al perct. S459,499 1924 457
The average quantity of water supplied each wa
ter taker on the north side Of the Thases appears
by the preceding table, amounts to l79 gallons per
day; while on the south side it only amounts 10 80
gallons per day. The reasons given why the supply
is much less on the Southwark and Surry side of
the river, than that of the London and Westmin-
side, are that the houses much smaller, the
streets not frequently washed, the quaatity sup
piled for at fires is much less, the service to the
houses by of the companies is only periodical.
snce in each week, when ii is stored in cisterns
other vessels for future and to which may be
added, perhaps. that there is less use for bathing
establishments and manufactures.
The average rates the north side vary from five
dollars and eighty cents, to thirteen dollars and fifty
six cents and on the south SIDE from five dollars to
four dollars and twenty five cents the general
rae being about eight dollars The total earnings Of
the five companies on the north Of the river
Thames, it appears average rising eight per cent on
the capital employed the nett earnings, however,
after paying all expenses, and deducting one and
one-eight per cent the capital for and tear Of
machinery, only amounts TO S524 457, about four
and hall per cent the capital 1.-THE reserved
fund Of and eight per cent the capital be
added 10 the nett earnings, il will increase the
amount to i.259, about Eve ard half per cent
total gain, on the capital employed.
The companies on the north Of the Thames employ
horses and those the south side employ six
steam 81 25 horse power II appears to be
cessary, therefore that twenty OF these powerful
hines equal the strength Of 1910 horses should
be IN constant Grafton, order raise the guam
tyofwater daily consumed in the British metropolis.
Seven Of these companies have 10 raise the wafer Of
the Thames 10 height Of so TO l20 feet by steam
pswer, which may be the vi = The annual ex-
poDse Of keeping the works IN oPeration is as heavy
as il appears and when we take into view The large
amount of capital seeking investment in England,
anIf he lnuu raft nf rpfA nd a hu
strange that four and half per cent should be
considered sufficient remuneration for its but
when are told by DIR Rees, in his Encyclopedia,
that "the original value OF the shares in the New
River Water Works, was one hundred pounds each,
and that at present they are worth enc hundred
times that value !" and by the aather of ian historic
cal account Of sub-ways," that "a share, which was
originally purchased for one hundred pounds, has
been lately sold for fifteen Thousand, and their value
being still increasing we are unable TO account for
the result produced by the foregoing table as it
respects the nett earnings Of the companies. The
capital must have been materially increased since
the completion OF the work, or the income errone-
eusly stated.
We find il stated however, in the spicture of Lon.
don, by L. Britton " that the original capital Of the
New River Company was EGO 900 or ~, 222 223,
which is less than half the amount Of the capital
ported to the British Commissioners by this Compa-
ny. IL is presumed therefore that the capital first
invested in the works, is that upon which the div-
dends made and the difference between that and
the amount reported, is made up from additional ex
pendtures, for new and increased machinery; the
replacing their wood pipes by iron, extending the
works, &c. all which expenditures are made from
the earnings Of the Company, from what is termed
the preserved fund.-" and not from any additional
capital paid in by the stockholders This, we think,
will appear be the fact, from view Of the items,
composing the following estimate Of the capital
ployed by the New River Company, as submitted to
the Parliament of Great Britain.
To capital a. estimated in 1918, fsi6 $40 o
since expended Fere-
day Tor iron Il1als o
To pipe laying account, 5299i o
TO valse paid for cocks, 3,Siq 10
To Expenditures IN machinery
and buildings, o,0l9 %
To value Of pipe, purchased OF
ether Companies when they
abandones The supply sf that
Company fioa,o,2 ..
Deduct proportion Of the abov.
stated capital sold to various
corpanies, When this Conpa.
ny abandoned 5seio 3--iaio2 oos
Total, fl,osa,523 u o.
If our supposition be correct, this company, and
probably all the Others have been paying their ORR
gina stockholders eight and half per cent their
capital, which would amount to SlSSss instead Of
four and half, made to appear by the statement
of their receipts and expenditures exhibited by the
above table. This may possibly account for the
greet rise in the price Of shares as previously
stated.
IL NAV be useful 10 state briefly the grounds Of
mplan against these companies by the citizens or
London. One Of the principal complaints is, the
foul state Fl the river water IL ~ averred that 1879
common sewers, discharge the contents Of the prves
water closets and the whole filth Of the city into the
Thames. within the district from whence the water
Is taken; that IL is loaded with matter, has bad
smell and requires time TO settle before il can be
used. That the avowed object had in view by Par.
lament in creating many companies, for supply
ing the metropolis with water, was to encourage
competition; il is only from competition that the
public are wen served II appears, however, hat
after competing with each other for a few years dur
ing which time the citizens had no reason TO com
plain 81 tie quality, quantity price Of the articles
thew finally combined together, divided the city into
eight districts. assigning to each company, ana
entered into mutual bonds, to supply only the DIS
trict thus assigned, and other. under aioreiture
&c heavy penalty, by which all competition was
put an end to and complete monopoly OF TINS neces-
sarv &c " =. virtual, established.
Such - the conduct. state, situation, ana Hausucs
OF the comparies and cities above named IN the mat
ter OF water. Let citizens and authorities pom