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united action to be taken with regard to the continual increase
of rates in the Metropolis, and to the formation of a
Metropolitan (Non-Political) Ratepayer's Protection Asso
ciation.
The Vestry, however, informed the Limehouse Vestry
that they were not prepared to take part in the proposed
Conference.
ASSESSMENT OF PROPERTY.
The Assessment of the undertaking of the St. James's
and Pall Mall Electric Light Company has received consideration
at the hands of the Vestry as Overseers during
the year, and gave rise to some amount of argument
between the Vestry and the Company. It will doubtless
interest the parishioners to know the circumstances of the
case. When the last general valuation of the Parish was
made in 1890, the Company had not then earned any
profit from the supply of current, and the Valuation Committee
of the Vestry at that time entered the mains of the
Company in the Valuation list at an assessment of £100
per mile run, it being understood that the assessment was
not to be disturbed until the undertaking had developed
sufficiently to justify a re-valuation. Since that time the
Company have had continuous and increasing success, so
much so that in 1892 they made sufficient profit to pay a
dividend of per cent. on their ordinary shares, full
interest on their preference capital, and a handsome dividend
on the founders' shares, and to carry to depreciation
and redemption funds undivided profit sufficient to have
paid nearly 10 per cent. more on the ordinary shares. This
development of the undertaking, combined with the completion
of the Company's new premises in Carnaby