This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 Excerpt: ...derived any advantage from the purchase of the Water Companies, and two of the eight districts are paying more than they would have done if the Water Companies had not been bought up. Sir H. H. Fowler's Return Sir H. Fowler's well-known return,1 purporting to show the financial result of municipal trading, is a very ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 Excerpt: ...derived any advantage from the purchase of the Water Companies, and two of the eight districts are paying more than they would have done if the Water Companies had not been bought up. Sir H. H. Fowler's Return Sir H. Fowler's well-known return,1 purporting to show the financial result of municipal trading, is a very interesting, but a very misleading document. It suggests, indeed, a profit of 378,000 on a capital of 100,000,000--a miserable return surely on so great an investment. Moreover, the loss of Manchester on the Ship Canal is omitted. Again, as the so-called profit on gas amounts to 395,000, it is evident that on the other services there was a balance on the wrong side of 17,000. But in the case of gas the municipalities have a monopoly, and can charge what they please. They take what they choose out of the pockets of the ratepayers and call it a profit. Coming to the accounts themselves, it is quite obvious that many additions, and still more deductions should be made. The loss on Baths and Wash-houses, 125,000, and on Burial-grounds should, perhaps, in fairness be omitted. On the other hand, the amount received from the Tramway lines which are leased must, of course, be deducted from any estimate of profit on municipal trading. On the accounts, therefore, as given, and with the proviso that a careful examination, such as that which Mr. Row Fogo has given to the gas accounts, would,2 if applied to the other accounts, show many deductions which ought to be made, the account would stand as follows: --1 1902, No. 398. 2 Economic Journal, 1901. Balance in favour shown in return... 378,281 Add loss written off on Baths and Wash-houses. 124,952 Burial-grounds.. 63,784 567,017 Deduct Gas Sinking Fun...
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