The Metropolitan Board of Works owes eight millions, and will
in a few months owe ten. It has power to rate London for the interest of this money, and every penny in the pound laid upon London rental produces 277,000. Moreover, it receives 1195,000 a year from the indirect taxes on corn, wine, and coals. Its secu- rity is therefore very good, more especially as Parliament would, if needful, compel it to raise the necessary funds ; but it has hitherto borrowed in private, and paid from n to k per cent. Government wish to improve this system, and on Tuesday Mr. Ayrton introduced a Bill enabling the Board to open a regular loan, with interest payable like the interest on Consols, and authorizing trustees to invest in such loan. The project seems sensible enough, especially as London will want a great deal more money, and hole-and-ccrner loans on mortgage of the Metropolis are, in principle, most objectionable, but we do not quite see why the Treasury is in such a hurry. Why not wait till next year, when Mr. Bruce has promised us a Bill for the better government of London ?