shareholders; and so long as a majority of the ratepayers are content with bad water, or deem it hopeless to seek to obtain water of a superior quality, so long as any public clamour will not endanger the dividends, it appears that no amendment entailing considerable expense can be expected. Even where there are convenient unappropriated streams, and a wide field is afforded for competition by a very populous district, the competition of different companies does not necessarily furnish to the individual consumer any choice or amendment of the supplies. The competition frequently absorbs the profit on the funds that might be available to the competing parties (supposing them disposed to carry out any plans other than those which have for their object the cheapest supply that can be procured), and does not reduce the charge of the supply of water to the public. At one time there were three sets of water-pipes belonging to three different companies passing through the same streets of a large proportion of the metropolis. This wasteful competition of three immense capitals sunk in the supply of one district, for which the expenditure of one capital and one establishment would have sufficed, ended in an agreement between the competing companies to confine themselves to particular districts. The dividends at present obtained by the shareholders of the chief companies in the metropolis on the capital now employed, appears, however, to be only 4, 5, or 6 per cent., but this is on several expensive establishments and sets of officers, which appear to admit of consolidation. The committee of the House of Commons which investigated the subject of the supplies of water in 1821, concluded by recommending a consolidation of the several trusts, but excepting that the competition between them has abated, the expense and waste of separate establishments is still continued, and beyond this the expense of the fixed capital and establishment, charged upon perhaps one-third the proper supply of water. The private companies are also complained of as being practically irresponsible and arbitrary, and unaccommodating towards individuals. It is a further subject of complaint, as respects supplies by such companies, that they are directed almost exclusively to the supplies of such private houses as can pay water-rates; that they are not arranged for the important objects of cleansing of the streets or drains, or of supplying of water in case of fire. I have not been able to observe the extent of foundation for these complaints. Whilst no strong motive for aggressive proceedings by the companies against individuals appears, the existing force of the following statement made by the Committee referred to, which sat in 1821, will be admitted:—