464 The. Water Companies : [MAY, 



Full one-half of this gross amount of 200,000 is iu Ihc possession of 

 the New River Company: a company which stands free from all the 

 objections urged by " The Dolphin " against its rivals. The income of 

 the New River Company, obtained from the supply of 60,000 houses, at 

 an average rate of thirty shillings per house, would be ^0,009 a-year. 

 The four remaining companies divide about i'90,000 a-year more among 

 them, but in unequal proportions. The East London Company supplies 

 32,000 houses, at twenty-three shillings average per house: in round 

 numbers an income of 36,000 a-year. The West Middlesex serves 

 11,000 houses, at an average rate of about fifty shillings: that gives an 

 income of 27,000 a-year. The Chelsea Company has about 8,000 

 houses, at an average, say of forty-five shillings making 20,000 a-year. 

 And the Grand Junction 7,000 houses, at an average of sixty shillings 

 amounting to 21,000 a-year. 



Now the established companies will hardly build churches out of an 

 fc income like this ; but especially the newer establishments, which, taking their 

 water from the Thames by steam, are exposed to a heavy expense, which 

 is also a lasting one, by the consumption of their engines in coal. The 

 average expenses of the West Middlesex Company are at the present 

 time 13,000 a-year: of which 3,000 is expended only in coals for the 

 steam-engines that raise the water, and force it to its places of desti- 

 nation. 



Therefore, at first sight, it would appear that there is no vast mine of 

 wealth to struggle for ; and that the whole income would not maintain 

 an army not to speak of what may be done with the profit. But, to go 

 beyond conjecture, it is perfectly easy for us to shew for four fifths of 

 the information is in print and published already what the actual rate 

 of profit is which has been made by all the water companies jointly and 

 severally from the time of their foundation. 



For twenty years after the formation of the New River Company, no 

 dividend was paid to the proprietors at all. This company now (accord- 

 ing to the statement of " The Dolphin ") pays five per cent, interest upon 

 the value of its property. 



In the case of the Chelsea Company, it was thirty years before any 

 dividend was paid. The amount now paid is three per cent. 



The East London Company's affairs, in the commencement, were con- 

 ducted with some irregularity. For several years, however, they paid no 

 dividend : for several more, a dividend of only one per cent ; they now 

 pay about four and a half per cent. 



The West Middlesex Company was, from the year 1807 to 1819 

 twelve years without paying any dividend. They then began to pay 

 one pound fifteen shillings per cent. ; they now pay two pounds fifteen 

 shillings. 



The Grand Junction Company, which, from the mode in which it 

 made its bargain as to the supply of water (one of the chief sources, it 

 will be observed, of its late, or present, objectionable condition) and 

 from the circumstance of its getting what is termed a " good district " - 

 i. e. a district in which the houses are chiefly of a high order has paid 

 better than any other. This company was established in 1810, and in 

 1819 began to pay a dividend of one pound seventeen shillings per cent. 

 They are now paying six per cent. ; but are making great improvements 

 and must make more the effect of which will be probably to lower their 

 dividend pretty considerably. 



