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27
From the recently published accounts of the first year's working of the
installation up to the 8th November, 1892, it appears that the Yestry
has expended, including the estimated cost of certain works not
completed, the sum of £91,493. The principal items of this sum
are £10,000 for site of station, £35,000 for buildings, engines,
dynamos, etc., £34,894 for street trenches and mains, and £7,682
for public lighting. While the machinery was designed for 10,000
16 c.p. lamps and 90 arc lamps only, the Vestry has found it necessary
to lay down mains to provide for 30,000 16 c.p. lamps together with
90 arc lamps to meet demands in places not included in the
compulsory area, so that therefore nearly two-thirds of the capital
sunk in mains and trenches (about £20,000) is lying idle until
additional plant is provided at the generating station. This heavy
expenditure in mains for such a limited area is in the opinion of
your Sub-Committee the strongest argument it can adduce against
the adoption of the low tension system for so large a Parish as
Islington.
The summary of receipts and expenditure on the working account for the
year shows a total receipt of £7,620 5s. 7d., as against a total
expenditure of £6,552 5s. 7d., leaving a balance of £1,068 towards
the payment of interest and repayment of loans. This sum of £7,620
5s. 7d. comprises £6,004 7s. 11d. for current supplied to private
consumers, £1,411 17s. 9d. for public lighting, £39 15s. 9d. for
the supply to a public urinal, £148 15s. 4d. for meter connections,
and sundry small receipts amounting to £15 8s. 10d. It does not
appear from the report what the total amount required for repayment
of loans and interest is, but the said sum of £1,068 is evidently but
a small proportion. No allowance has been made for depreciation,
but the reason given for this by Mr. Gibb is that the six months'
depreciation under the contracts has but recently expired, that some
of the plant has been scarcely used as yet, and that no large provision
for depreciation ever will be necessary because electric lighting plant
must be kept in perfect condition by continuous repairs and renewals
in detail. It is anticipated that any deficiency on the first year's
working will be more than made up when the plant is in full use.
In the concluding paragraphs of the report Mr. Gibb says:—"It
"will be necessary to construct before long two other installations,
"and I do not doubt that before many years are over the capital