Mr. Cross brought in his Water Bill for the Metropolis
on Tuesday. He proposes to form a "Water Trust," consisting of twenty-one members, three of whom will be paid and appointed in the first instance by himself, and afterwards by the trus- tees; two will sit ex officio, namely, the Lord Mayor and the Chairman of the Metropolitan Board of Works; two will be nominated by the Commissioners of Sewers, and the Metropolitan Board; and twelve will be elected by the voters in the metropolitan boroughs, and the water consumers not in- cluded in any borough. These trustees take over the property and rights of the Eight Water Companies, issuing to them enough 3* per cent. Water Stock to yield them their dividends. This Stock is guaranteed on water-rates and the rates of the metropolis, and will amount at once to £22,000,000, and ulti- mately to £31,000,000. The Bill has been sent to a Select Com- mittee, and though approved at first, is fiercely criticised now. Water shares have risen on an average seventy-five per cent., and the Tory papers admit that Mr. Cross has been a great deal too liberal. 4.8 we understand the figures, he has agreed to give at least ten millions too much, and the Bill is sure to be sharply canvassed. There must have been a blunder in the calculations, somewhere.
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