56
such securities as Expital is often overflowing here and it is sometimes difficult to invest it at even 5 or 6 per cent interest. The large Houses have refused to receive deposits on such terms. It is certainly no obligation of the Government
to furnish individuals with water
more than
any
other necessary of life,
and as undertakings such as water Companies must partake of the character of Commercial Speculations and involve great responsibilities. I
am
strongly of opinion that our annual income is not fairly applicable to such speculations. I am quite willing that the Government should give appropriate facilities for
an
0
3179
important public object but the objections to a government building Sailor's Homes - or engaging the ordinary sources of revenue in supplying the pecuniary means for costly undertakings of uncertain result are in my mind unanswerable,
It is said we have recognized the principle in establishing a lighting Rate - but there is no analogy. No great outlay of Capital is involved in the erection of Lamp-posts and providing lamps. It is a far different question when a Government undertakes to provide water for the inhabitants of a large City - that undertaking implies a large expenditure of Capital