Note 160 — Chapter XXIII · FALL OF LORD BEACONSFIELD.

Mr. Cross created a Water Trust, partly representative and partly nominated, for taking over the business of the water companies. He had in the previous Session promised Mr. Fawcett that he would not give the companies a “fancy” price for their property. He now proposed to hand over a Three and a Half per Cent. Stock to the companies as compensation for their property. The actual value of that property was about £19,000,000; but the Standard and the critics of the scheme complained that Mr. Cross gave the companies £30,000,000 compensation. Water shares rose 75 per cent. when Mr. Cross’s Bill was produced.