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commencement of the order and before the expiration of the 42 years,
as provided by the Electric Lighting Act 1888, subject to all existing
rights and contracts, at a price to be ascertained, viz:—
(1) By capitalising the net profits of the undertaking at
per cent. per annum upon the capital of the company shown by the
books of the company to have been properly expended upon the
undertaking at the date of such notice, or
(2) Upon the basis of the actual expenditure on the undertaking
so shown by the books of account of the company as
aforesaid, if the net profits thereof do not exceed £5 per cent. per
annum at the date of the notice
Your Sub-committee did not regard this clause with any favour, as once
the order was confirmed the Vestry were not likely to be advised to
purchase the undertaking before the expiration of the order, viz
42 years hence, more especially as the generating station was not likely
to be within the district
Your Sub-committee at this meeting directed the Clerk to ascertain from
those Vestries that had obtained provisional orders the initial cost of
obtaining the order and what steps had been taken to give effect
thereto, and to advise the solicitors to the company that the Vestry
would not be advised to accept the clause submitted
At the next meeting of your Sub-committee on the 13th instant, the
solicitor and engineer of the company attended in support of a further
proposed purchase clause (1) To enable the Vestry upon notice,
after the expiration of 14 years from the date of the order, to purchase
the distributing plant of the undertakers not to claim anything for
severance (2) In the event of purchase the Vestry to be bound to
the extent of the supply of current by the undertakers within the
district for the previous 12 months to take all current required of
the undertakers, and to the extent of twice the amount of current
supplied by the undertakers during any previous 12 months be bound
to give all the current required by the Vestry (3) Such supply to
be given and the amount thereof determined by Watt Meters (4) The
price for such eurrent to be 20 per cent, less than actually paid by
consumers (5) The price to be paid to consumers not to exceed 8d
per Board of Trade unit or other maximum price authorised by the
order ; and (lastly) in the event of purchase by the Vestry the company
to have the right to continue the use of their main cables for supplying
electricity to other areas
At this meeting it was ascertained that the installation station would be
on the river in the district of St Olave's
Whilst admitting that the Company have shown every desire to meet the
objections of the Vestry as to handing over a competitive supply to a
public company, your Sub-Committee cannot help feeling that even
with such a clause as last proposed the competitive supply would be
practically handed over to the Company for the lengthened period of