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case of Companies, the undertaking can be purchased by the local
authority, at furthest, at the end of 21 years, at the then value of the
plant. In the meantime there is, in the first place, the competition
with gas, which is likely to be very severe, and, in the second place,
the potential competition with other undertakers to keep down the
prices, as the Board of Trade see no reason whatever why such last
mentioned competition should not be an active and potent force. The
accounts of the undertakers are open to all. No monopoly is under
the Act or the Provisional Order granted, or intended to be granted
to them, and should they neglect their duties in the district, or
charge exorbitant prices, there is nothing to prevent the immediate
grant of a License or Provisional Order to a competing set of undertakers
within the same district.' This paragraph is quoted at
length, because there has been some misapprehension of the principles
adopted, and because the Board wish it to be distinctly understood,
both now and at all future times, under what conditions the present
concessions are made, and thus to prevent any future claim to monopoly
inconsistent with those conditions. 'In preparing the above
conditions, the Board of Trade carefully considered the possibility of
introducing clauses which might prevent the Companies to whom
Orders are granted, from establishing any claims to exclusive rights
within the districts comprised in their Orders. It was found, however,
that no clause could be framed which would not have the effect
of limiting the right of competition which exists without such a
clause, and which it is the anxious desire of the Board of Trade to
preserve. To assert that in certain events competition shall be
allowed, is to exclude it in other cases, and any attempt to prevent
the existing Companies from opposing new undertakings would be
futile.' That meant to say that a clause was suggested by which the
existing Companies were under certain circumstances to be precluded
from appearing before the Board of Trade, or before Parliament to
oppose any scheme; that was felt to be quite impracticable—Parliament
would never have listened to it. 'The Board of Trade have
therefore thought it more in the public interest to give the existing
Companies ample notice that competition is not excluded, and that if
they fail to do their duty to the public by supplying electricity on
what, looking to the progress of the science, are for the time being
reasonable terms, there is nothing in the concessions now made to
prevent the introduction of new and competing undertakings, either
by the local authorities or by other Companies. It must, however,
be remembered that whilst on the one hand it is important to prevent
the public from suffering the evils which have been felt in the case of
the perpetual monopolies granted to Gas and Water Companies, it is,
on the other hand, no less important to offer such inducements to
solvent and prudent investors as may induce them to invest capital in
this novel undertaking.' I think that is an extremely important