chapter  11
10 Pages

'Municipal Profits', William Wing, The Accountant, 24 January, 1903, 125-34

Since those references were made Sir Alexander Henderson's table has aroused considerable interest, and in some quarters almost a feeling of alarm. The Times has published various articles, in which, on the assumption of the accuracy of that table, severe criticisms have appeared upon municipal trading opera· tions of various corporations, and the subject of this paper-namely, "Municipal l'rofits "-has caused very considerable difficulty. For instance, a declaration of net profit of £32,000 by a committee of a municipal trading undertaking has been criticised and made to appear a loss, in consequence of depreciation and other con· tingencies not having been pmvided for.