BRISTOL AND MUNICIPAL TRADING.
[To THE EDITOR OF THE "SPECTATOR." J SIR,—Persona interested in the developments of municipal trade have long had their eyes fixed on Bristol. The municipality there many years ago took over from a private corporation the docks of that town, and ever since has been engaged in a struggle to keep Bristol in the position of a first- class port. It has spent vast sums in dredging the winding course of the Avon, and has laid out new docks at the mouth of the river, at Avonmouth and at Portishead. The burden of this enormous expenditure, which has not been and never will be remunerative, is now beginning to press heavily, and the Corporation has recently proposed a readjustment of the terms on which some of its loans have been contracted. This is resented by the city as a breach of faith and as a first step in a policy of repudiation. It will be interesting to watch the next step, for Bristol municipal trading finance is typical. All this unprofitable expenditure has been made a permanent burden. If this undertaking had been left in the hands of a private company, there would probably have been a liquidation long ago, the capital would have been written off, and the unfortunate ratepayers of Bristol and Clifton would have been free of a debt contracted for purposes in which most of them have absolutely no interest whatsoever. It is an object-lesson to be watched.—I am, Sir, &c., Z.
Previous page
