135:
350:
274:
415:
493:, where the King (who was trying to become less financially dependent on Parliament at the time) committed to funding half of the project in return for a share of the profits, and promised his support. The King's support was crucial in convincing the remaining landowners to allow the New River over their property.
528:
on 21 June 1619 with
Myddelton as governor. However, the charter left a number of aspects unclear: it effectively granted a monopoly on water supply in London, and the City had conferred their water supply rights to Myddelton personally, which had never been transferred. These legal ambiguities would
496:
By this point, Myddelton was short of money, and needed a way to raise more funds for his half of the project. He split his holding of the New River into 36 parts; the modern concept of a share had not yet fully formed, and the New River shares were a novel concept which could not promise a return of
552:
The King's share was divided into 36 parts to match the adventurers' shares, and although the Crown Clog was originally paid by
Myddelton personally, it subsequently came to be attached to 29 of the King's shares and two of the adventurers' shares. The King's shares also did not confer the right to
480:
By early 1610, the project had stalled after around 10 miles (16 km), with some landowners refusing to allow the New River to be built over their land, and members of the public concerned about a public utility being privately-held. A bill was put before
Parliament to abolish the project, but
565:
to allow for the many wooden water mains running outward from there. With the advent of iron pipes around 1811, the company was able to run larger water mains underground, taking care to run them in a pattern where streets could be laid out above. As the district of
549:, who was unhappy with the returns made by the King's share of the company, negotiated an agreement where Myddelton would buy the share back, in return for a lump sum of £500 and an annual payment of £500 in perpetuity. This became known as the Crown Clog.
617:, the Crown Clog came to be paid by the Water Board, which paid it until 1956 when it was bought out for £8,230. Had the Crown retained the King's share for the lifetime of the New River Company, it would have made fifty times more than the Clog paid.
570:
grew up in the area, the New River
Company started making significant income from leasing land, as well as supplying water. Many of the streets in the area still bear the names given to them by the New River Company, and the company's chief engineer,
199:, Islington, and the company became a significant landowner in the surrounding area, laying out streets which take their name from people and places associated with the company, including Amwell Street, River Street, Mylne Street, Chadwell Street and
440:
to construct the New River. By early 1605, after
Colthurst had dug 3 miles (4.8 km) of channel, the City intervened, and began the process of obtaining an act of Parliament despite Colthurst's protests. In 1605, an act of Parliament, the
536:
into the New River, although this was not permitted by either the statutes or the company's charter, and caused complaints from bargemen and the public in the area until this arrangement was eventually approved by
Parliament in 1738.
488:
Once
Parliament was dissolved, Myddelton obtained permission from the City to extend the works for five more years, although the objections to the project still remained. On 2 May 1612, Myddelton reached an agreement with
662:
An Act for explanation of the
Statute made in the third yeere of the reigne of King James, Intituled An Act for bginging of a fresh Streame of running water to the North parts of the Cittie of London
367:
An Act for explanation a statute made the third year of the reign of King James, intituled, "An Act for the bringing in of a fresh stream of running water to the north parts of the city of London."
516:
throughout the city to distribute the water. The King wrote to the City to encourage them to increase uptake of the New River water, as he was becoming anxious about the return on his investment.
532:
By the time of incorporation, the company had over 1,000 customers, and the water provided by the springs was becoming insufficient. In 1620, the company decided to divert water from the nearby
865:
188:, to supply fresh water to London. During its history, the company maintained a large network of pipes to distribute water around much of North London, collecting rates from water users.
595:. A total of £6,000,534 was paid to the shareholders and directors in compensation, which was paid in "water stock", paying a 3% annual dividend. Through
206:
The company was finally dissolved in 1904 when London's water supply was taken into municipal ownership, and its assets were acquired by the newly-formed
451:. c. 18) was passed, granting the City the power to construct the New River, but without making any provision for funding, or providing any powers of
620:
The company's unrelated property holdings were transferred to a new company, the New River
Company Limited, which survives today as a subsidiary of
860:
855:
372:
296:
421:, a founding member of the New River Company. The Round Pond, the company's first reservoir, can be seen in the painting he rests his hand on.
823:
789:
606:
Over the 292 years since
Myddelton divided his holding in the New River Company into shares, and taking the purchase price into account, the
576:
850:
497:
capital, more akin to "tenants in common" in property law. These shares were sold to "adventurers" (shareholders), the first of whom was
173:
utility companies, and paved the way for large-scale private investment in London's water infrastructure in the centuries which followed.
512:, after £18,524 16s had been spent on the project, but the New River Company's investment continued as they laid wooden pipes made of
219:
749:
672:
236:
had funded several early water works in the 16th century, which supplemented the conduit system by drawing water from the
587:
In 1904, the water supply business of the New River Company was taken into public ownership under the provisions of the
134:
465:. c. 12) was passed the following year, making further provisions about the construction of the New River. In 1609,
681:
470:
233:
185:
588:
498:
592:
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104:
181:
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An Acte for the bringing in of a freshe Streame of running Water to the Northe parts of the City of London.
572:
646:
An Acte for the bringing in of a fresh Streame of running water to the North parts of the Citie of London
362:
354:
286:
278:
505:, were given to Colthurst for the "greate labour and endeavour by him bestowed about the said worke".
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appoint a director to the board, so these shares traded at a discount to the adventurers' shares.
452:
429:
414:
322:
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249:
228:
in 1247, by the early 17th century water was still scarce, and most Londoners relied on pumps or
177:
138:
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which had been completed a few years earlier by Myddelton, with the backing of the King and the
161:, England, originally formed around 1609 and incorporated in 1619 by royal charter. Founded by
829:
819:
795:
785:
755:
745:
224:
Although London's water supply infrastructure dates back at least to the construction of the
614:
596:
425:
200:
94:
621:
562:
509:
490:
466:
437:
418:
192:
166:
162:
116:
69:
844:
525:
433:
229:
225:
151:
The Governor and Company of the New River brought from Chadwell and Amwell to London
607:
600:
502:
474:
390:
154:
38:
508:
The New River was officially opened on Michaelmas Day 1613, with a celebration at
567:
428:
originally conceived a scheme to build an artificial waterway from springs near
196:
170:
799:
240:, but these were small operations, and London's population continued to grow.
833:
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was dissolved, and Parliament was not to productively meet again until 1621.
781:
The mercenary river: Private greed, public good: a history of London's water
759:
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The New River Company originally owned 50 acres (20 ha) of land around
533:
779:
813:
739:
657:
641:
462:
448:
377:
301:
237:
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58:
477:, with investors owning a share of freehold in the whole project.
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on an original New River share has been calculated at over 267%.
413:
133:
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Improving the Navigation of the River Lee from Hertford to Ware.
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to supply water to London. In 1604 he was granted a patent from
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agreed to construct and fund the project. As the New River was
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the New River Company became a direct ancestor of the current
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815:
The history of the London water industry, 1580-1820
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603:company, the main water supplier to London today.
866:Former water company predecessors of Thames Water
232:which supplied increasingly polluted water. The
176:The New River Company was formed to manage the
818:. Baltimore: Johns Hopkins University Press.
8:
21:
524:The New River Company was incorporated by
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20:
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501:. Four shares, without any liability for
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481:before this could be considered, the
323:Text of statute as originally enacted
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180:, a 42-mile (68 km) artificial
191:The company's headquarters were at
220:London water supply infrastructure
141:, founder of the New River Company
18:Water company in London, 1619–1904
14:
529:take many years to be resolved.
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861:1619 establishments in England
741:The New River: a legal history
1:
856:Companies established in 1619
673:River Lee Navigation Act 1738
244:Construction of the New River
108:The New River Company Limited
851:London water infrastructure
744:. Oxford: Clarendon Press.
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330:United Kingdom legislation
254:United Kingdom legislation
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169:, it was one of the first
591:, and transferred to the
589:Metropolis Water Act 1902
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738:Rudden, Bernard (1985).
593:Metropolitan Water Board
208:Metropolitan Water Board
165:with the involvement of
153:, was a privately-owned
128:North and Central London
105:Metropolitan Water Board
812:Tomory, Leslie (2017).
79:July 25, 1904
49:June 21, 1619
573:William Chadwell Mylne
422:
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778:Higham, Nick (2022).
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355:Parliament of England
279:Parliament of England
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784:. London: Headline.
656:New River Act 1606 (
640:New River Act 1605 (
455:. A second act, the
453:compulsory purchase
30:Joint-stock company
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483:Blessed Parliament
458:New River Act 1606
444:New River Act 1605
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419:Sir John Backhouse
408:New River Act 1605
337:New River Act 1606
317:New River Act 1606
261:New River Act 1605
250:New River (London)
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139:Sir Hugh Myddelton
825:978-1-4214-2205-3
791:978-1-4722-8383-2
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608:annual yield
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601:Thames Water
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491:King James I
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475:property law
438:King James I
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391:Royal assent
238:tidal Thames
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167:King James I
155:water supply
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113:Headquarters
39:Water supply
27:Company type
15:
628:Legislation
568:Clerkenwell
395:4 July 1607
197:Clerkenwell
171:joint-stock
157:company in
149:, formally
124:Area served
845:Categories
800:1308603433
692:References
363:Long title
314:Amended by
287:Long title
248:See also:
218:See also:
214:Background
101:Successors
83:1904-07-25
53:1619-06-21
41:, Property
834:980876952
679:. c. 32)
677:12 Geo. 2
660:. c. 12)
644:. c. 18)
577:St Mark's
545:In 1631,
534:River Lea
178:New River
61:, England
760:11211182
658:4 Jas. 1
642:3 Jas. 1
557:Property
463:4 Jas. 1
449:3 Jas. 1
378:4 Jas. 1
373:Citation
302:3 Jas. 1
297:Citation
182:aqueduct
35:Industry
380:. c. 12
304:. c. 18
81: (
76:Defunct
66:Founder
51: (
46:Founded
832:
822:
798:
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758:
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613:After
405:Amends
159:London
59:London
385:Dates
830:OCLC
820:ISBN
796:OCLC
786:ISBN
756:OCLC
746:ISBN
430:Ware
186:City
145:The
91:Fate
579:.
514:elm
432:in
195:in
57:in
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828:.
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768:^
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
