IN a recent article au the proposed purchase of the Cardiff Waterworks by the Cardiff Corporation we contended that the super. vision and administration by the public for ite own benefit of the great social provisions which its own requirements u.d necessities create was nnqneetionably sound in principle, and that in negotiating for the purchase of the Waterworks the only crucial question would be to determine the real equitable money value of the Company's interest. We object on grounds of principle and of expe- dieney to a corporation becoming general' traders, and maintain that it is DOt the duty of a Town Council to provision or to clothe its constituents. There are, however, exceptional cases which, because of the vastness or the character of the interests involved, abundantly justify a departure from the rule, and which vindicate Town Council interference and administration in the interests of the public which they re- present. If it were possible to conceive that Parliamentary enactments might revive the abrogated Corn aad Sumptuary Laws under another form, and bestow upon a company or a corporation the monopoly of supplying the Cardiff public with bread and clothing, we should then maintain that, in the interests of the town, the monopoly ought to vest in the Cardiff Town Council, and that the profits of the monopoly should be applied for the benefit of the Cardiff public, who create the gain. If competition, vhich cheapens prices and brings goods down to their fair marketable value, be prohibited, then the monopoly should be worked for the benefit of the consumers, and not to enrich a few monopolist proprietors. There should not, and ought not, to be any monopoly against the eocial interest4 and the good of the public. Hence, we contend that the Gas and Water Works of a district-which are virtual monopolies-shoul d be administered solely for the benefit of tho inhabitants of that district We do not, therefore, question the principle or the propriety of the Cardiff Corporation acquiring, by purchase, the Cardiff Waterworks; but the money pric9 to be given for the works is an all-important factor in the question, and that question of price deserves, as we cannot but think, more exhaustive discussion than it has yet received. There are several aspects in which this money quostion may be discussed, to one of which only we shall direct our inquiry at present, By the half- yearly account of the Waterworks Company, ending 31st December, 1877, we find that the gross revenue for the half-year was 28,906 9s. Id. The working expenses for the half-year were £ 3,3-43 4s. 101, leaving £5,557 15s. 3d. available for a dividend to the shareholders, and for augmenting the reserve fund. This would show the working expenses to be a little over 37 per cent., and a net profit for the year of 911,115 10s. 6d. Should the Town Council resolve to purchase the Water. works, this sum of £ 11,115 will be the outside sum available to meet the yearly repayments for which the Corporation will make itself liable—leaving nothing towards the creation of a reserve fund—inasmuch as it represents the total net profit earned by the Waterworks Company as shown JY their half-yearly balance sheets. It may be taken for granted, moreover, that the Water- works Company have reduced their working expenses to the lowest minimum, and that they are making as much out of their present pro. perty as it can possibly return. Will this yearly sum of il 1,115 be sufficient to meet the yearly liabilities which the Town Council will incur by purchasing the works at the price fixed in the provisional agreement ? Viewing the question in this aspect, it is a simple queetion of figures showing profit and loss, and not of valuation or surveying, and therefore demands no special knowledge or training to apprehend it. According to the provisional agreement between the Water. works Company and the Town Council, it is arranged that the Council may at any time within twelve months from the passing of the last Waterworks Act-the 4th of July last- purchase the entire interest of the Company in the Waterworks for the sum of L300,0 00 But in addition, the Town Council must take over," that is render themselves liable to pay, the whole of the debenture debt of the Company, amounting to so that the total sum the Town Council will have to pay will be £ 320,450. After signifying their intention to purchase, the Council must pay the whole of this money within two years, paying to the Company 4 per oent. upon the purchase money and the debenture debt until liquidated, the Company meanwhile working the business for the Town Council, and handing over to the Council any surplus net revenue over and above the interest and the working expenses. The inquiry then, in the interest of Cardiff ratepayers, is most grave and important—whether there will be any surplus net revenue to be received by the Corporation, or wbother the balance will not be on the other side of the ledger, and whether a deficit will have to be handed over by the Town Council to the Waterworks Company. The proposed purchase money and the debenture bonds of the Company amount together, as we have said, to £ 320,450, on which 4 per cont. will be charged until the sum is paid. This would represent an annual payment by the Town Council to the Waterworks Company and the debenture bondholders of £ 12,818. The total net revenue which the Town Council will receive from the Waterworks Company —according to the balance-sheet now before us—is £11,11,), showing a yearly loss to the Corporation, during the two yeara that the purchase mosey may remain unpaid, of £ 1,702. We have calculated the debenture bonds as bearing 4 per cent. interest, but in the Company's balance-sheet we find that the half-yearly payment it 003 14a. 4d., which ia at the rate of 443 ?er cent interest This would add another f100 to the loss of the Corporation, making the yearly loss until the purchase money is paid te the Company—amount to £ 1,800 in rouad numbers. We would, moreover, again recall the fact, most important in connection with this purchase question, that during the whole of this time, while the Company is working the business for the Corporation, not one sixpence it put by to form the basis of a reserve fund, or to meat any exigency that may arise. The Corporation loses £ 1,800 a year, and that is I all the ratepayers gain during the first two years after the purchase. Btt the Town Council intend to take the Waterworks under their own management as soon as may be after they have purchased, but to effect this they must first pay the purdllgo money to the Waterworks Company. An Act of Parliament must consequently bo obtained em- powering the Corporation to borrow tbat, anl the other monies requisite-upon a mortgage of the Waterworks or of the town rates or of both combined. What will be the pocunisry position of the Corporation in regard to tho Waterworks after the loan has been obtained? Will it be better or woree than during the two years' administration by the Company, as representing the Town Council, when a yearly loss of 1:1,800 will be sustained r This is also a more question of figures, and the re- sults are readily obtainable. Tho Towa Council can, with the consent of the Trea- sury, borrow the money, repayable in fifty years, or in thirty years, by equal yearly or half-yearly instalments. If barrowod for fifty years, the money can be obtained, it is said, at 41 per cent, j if borrowed for thirty years, the percentage, and consequently the yearly repayments, will be greater. But, in addition to the purchase money and the money required to pay eff the debenture bonds, there will be expenses in. curred in obtaining the Act of Parliament for borrowing powers; and it is said that there is an understanding between the Waterworks Company and the Town Council that the ex. penses of the Waterworks Company's last Act shall be borne by the Corporation. Those expenses, taking them as one-third of the total Parliamentary expanses for obtaining the farmer three Acts of the Company cannot be estimated at leas than £ 3,000, and the Act for borrowing power, which the Town Council must obtain will probably cost another 1:3,000. This will amount to a total of £ 326,450. In addition, a oommission of 1 per CBDt. will have to be paid for obtaining the loan, and this, with the commission upon it, will amount to £ 3,564, making the gross total sum to be borrowed by the Corporation £ 330,014. The yearly sum to be paid by the Town Council to liquidate this debt in fifty years at l per eent. interest calculated upon the principle of, calculation adopted by the Government will be in round numbers £14.025. The total net revenue which it is possible to receive from the Waterworks under present working, and without further outlay ia £ 11,115, which shows a Ion to the Corporation of £2.910 yearly. If Cardiff were a stationary town as regards population there would be nothing more to be add on the subject. It would be simple madness to pur. chase the Waterworks at the prioe demanded. But Cardiff is not stationary. It is growing in every direction. Within the last ten yeara its population has nearly doubled. Ten years hence, if the same ratio of increase is maintained, it will number 150,000 inhabi. tante. The profit to be derived from supply- ing this additional 75,000 inhabitants with watar-aeaummg that profit to be no greater than the profit realised by the Waterworks Company on their preeent business—will more than justify the Corporation in the propoeed purohaae. The town will, in fact, be buying the potentiality of making great profits in tho future at a present sacri. fice of £2,910 per annum. Believing as wo do in the future of Cardiff, we cannot regard the cost as too great for the certain and per- manent benefits which tbe acquisition of the Waterworks by the Corporation will secure.

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I London coinn;si'oM)i:\< i;. LONDON, FRIDAY Evening. I bear that tho attention of a few private mem- bers of Parliament is being seriously directed to the question ot club law. The recent West-end gambling trainactions have brought prominently to light a state of affairs that baa been long known to exist, though It has hitherto been ignored. Scandal that is open and flagra.t cannot be overlooked, and it is the oonsciousnoss of this fact that has induood thehon. gentlemen in question to givj their attention to tbo matter. The, haTe alro-ayheldove or two oonferenoea, and the upshot of their deliberations will, in aU probability, be the introduction next sessionofa BIll on the snbject. From what I can gather there is no intention of interfering with t ii I-a clubs, that is to say, institutions founded for the legitimate purpose of enoouraging social inter- course. But it seems to be a question of doubt whether the whole system of proprietary club, will not be assailed, a limitation being, however, reserved for those establishments whicb, though carried on by a proprietor, are actually governed by a working oommitte. totally independent of the individual capitalist. Moreover, 1 nave good grounds for stating that the scheme of the M.P.'a will embrace a proposal for a tax upon clubs, the amount of which will depend upon the nnmbor of members. This tax, it is recommended, shall be higb, so as to disoourags clubs where merely nominal sutweriptions are demanded. The inten- tion is good, but I am very mnch afraid that overwhelming difficulties will be found to stand in the way of useful legislation. Gambling clubs, which are the real evil of the system, will find it to their interest to pay a tax, however hsavy, and the unassuming, harmless little organisations of the middls classes, will oe obliged to close their doors. How is it, I wonder, that American visitor, are so much dreaded by London tradesmen? They pay well, we all know, and, indeed, if rumour speaks truly, they are selected as suitable object j for theplucking" operations so dear to tho hearts of fashionable shopkeepers. But, against I that must be placed the circumstance that they give an immense amonnt of trouble. Now, your average shopkeeper doe. not mind trouble in the least, if it be but remunerative. The complaint it, however, that fidgetty American customers put our dealers to no end of trouble, the result being in moat cases Dil, so far as tbe treasuries of the said dealers are conoerned. In one of the papers we have a letter of oomplaint ou the ftbt, which is very pathetic reading indeed. It is an interesting question for speculation whether the growl is merely another indication of the pro- -08 of the silly easson, cr whether it is bued spon reasonable grounds. III Edinburgh the notioe No Americans served here," appears in some of the shop windows, and it is seriously proposed that the example should be followed by Loudon tradesmen. A difficulty. If the rule U enforced, 1. compLication." are almost oertain t) arise be. tween the British GoTemlll8llt and our touchy American coUÍJ18. Then Mr. Gladjtone will have further cause to break into aD sigmy of grief. Two great" drees problems" await solution. On the one hand, we are threatened by the reintrodnction of the crinolice, and oa the other our domestic servants are 011 the Terte of mutiny because they are still oompclled to wear oap. Between the two evils, the British bouaeholder mast be in a dreadful way. and may well bit n. eused lot envying the happy lot of the man in chambers. U be has any piit Wt him retaliate by going in recklewly for peg-top troueer. and Dundreary whiskers. It strikes ms forcibly that by thus carrying warfare into the enemy's oaap be would score a signal victory. I was quite surprised, when I ran down to Brighton a day or two ago, to find how full the j im was. No doubt the cold weather hw done the work, whereat the keepers of rtjoic and are glad. It is quite wiotery in London now, ani Use burn brightly 011 every j domestic hearth. No wcoder, under the i, •tanoe,, that one bears so much talk about forthcoming Christinas pantomimes I Ah but dared to divulge in advance all references I have seen in M.S. to the a^o, =. "f Cyprus and the arrival of Cleopatra s N,„ I believe I am b.,I.tly well informM w state that, although a nry large for > w assembled at Quettah and in the neighbor' Tesbawur also this year, uo advance whaVcv, be made into Afghan country till neit sjir:: • note from the Knglish Government to St. lv- burg left London, I am told, n couched in very unmistakabls lanriagv urging the immediate withdrawal of tli- l{ mission frem Cabul. Upon the reply urn depend. 81r Henry Havelock was so mlloh of 6 phile during the late war that be went tor • Kussian camp, and was received as a Letters from his pen sppearod in the I ,il the Turkophiles regarded all evidonoc „l a„ alienation. The cry was -ied in all the jocrBtJt that the .on of the general ..to r j L.ekt.? had go.d. 1 mention th;, ,:¡:; to ahew the kind of authority that .? )' Hanlock u likely to be, Md this ? ? what be says about the Afghan affair, '.f servedly or undeservedly, by our own h" about, or quite unavoidably. ~j I" reoeived a deliberate clap in tbe f» e the eyes of assembled Asia and Kurope on. It is impossible to exaggerate the f! this on the excitable and ignorant mind, f people of Asia; and wherever the new, 14 what occurred at Ali Musjid, in KhjC- the Plet of September, it will be *ioj j: is rebuffed and humiliated; l.c mitted to insult; and in proportion our i: f that is our power-for in Asia influenoe i. p -will go down and that of Bussi, be ( > Those who know the KMt beat are .wtre; blow we have rt??vod ought to b? w,^ out without delay if it is not to do u.. '?? injury." Such a declaration firm eu source, such a ccmplaint not of i. rrj I delay from one of the moet decidt 'L politicians, shows what the tuu. v, <w amongst Liberals generally may be tx :) b.. An evetingpaper buggesta that rockets ,v. be used sgainet the Afghans. Had the » takell the trouble to inquire, he would hate ,.jar that several rocket batteries are alreadr frontier, well supjlied with Hale. oe. rockets, and in the hands of msn who k exactly what to do with them. I have of;: the effect of fire, but never law anything U destructive or terrible as one of the,, ti awful little missiles. A funny little anecdote comes to my memory- specting Sir Charles Staveley, to whom, it:, ■ the command of one of the column, Afghanistan will be given. He is very partes .• ao I said the other day, about the dross of subordinates. Lord Mark Kerr, who happen*J be seoond in oommand to Staveley in had very different ideas upon the subject, and; r- ferred a well ordered mind to a pamporod h;, One day at FooDa, Sir Charles suvdey and L j Mark Kerr were going to patronise a il jwer Sho. Mark went in a btliyoock hat and a 1ft; shooting oost; Sir Cbarle,, in full uuifo.-a. a grand attits, imw him on the road, an i w L., horror in such a oostnme. Galijpicjt to little gig Lord Mark was driving, he saij, I,i Mark, I thought it would be fuil-dreis w-diy.' The reply he got was charactfm:ic, N. istaveley," replied the driver of the gig, "y,-s know you aDd I never do agree about e jeh ti;=fi. so don't let us go into the question r.o» Staveley wondered when the quostioa osgk: •.■> gone into if not then but he took care to mj t, mere. I au; told that a very serious trouble i. ;.i»> to occur at tae election of Lord ;¡by;r L" City of London. Sir Charles Vt hethaji, w the next on the rota, haa aome nÙuodlr,:> I with a brother alderman, and Ib" n probability of a strong attempt pa., y a&d take the neit on the roll, wb), 1 boLd, ,t Fir Francis Trusoott. The worthy alieraifa the oity are in great exdtemeut over tb. bu.j¡, The sumptuary iiwa of France ia tho mii i) ages were brought somewhat closely to my n il yesterday, when I found ttof trade.->en of K b. moiid sittting down to a dinner uf 12 .r. the Greyhound Inn of that n1 and learnt that the worthy gentlemen would 1" bably take two hours for "heir dmner. 1 '0;1.:<: what hing Pepin would buve said to thst ? There is a smart nan in San J If" though that he had discovered a new w,, advertising bin bueineea of t,¡¡"r. llo nr. that bo would make the very &hark :c sea declare his famo to the *orl t. Ih, about his business oy.t<Jrnatie.1: lie 1 poisonod moat in a bottle, and threw with bit own name and address e¡¡dlO.d: I tho sea, where a hungry h'r L !i".c: ewallowed it, and soon turned his w')¡;, I) to' sky. Being picked up in the bay, tl.v .»•» declared in the meniorandun. found r; bottle, the means whereby lie had oon. ■■ :).: t:, timely end. The Lotio. was, as lio expected, sent to the papers. But the r;r- » i out West aro cute peopls, lnstcid o! (.»:.»;■ and address being printed in the |>s;-r. t • u received an lutiination that he mill" 1 v » tothe manager's offioe, secure the J. r his name st the usual rate..

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