Author Description

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 Excerpt:...a holder of a priority permit be protected in all expenditures made in good faith in the development of water power and that he be given the preference to a permit as against others who have not expended time nor money. He also asked that any tax imposed should be on the actual power developed, and that in case the license is to be renewed the original licensee have the first right. Mr. Calvert Townley, assistant to the president of the Westinghouse Electric & Manufacturing Company, repeated part of a statement made before the United States Chamber of Commerce. It was his opinion that even favorable legislation would not stimulate waterpower development because of competition with the steam turbine and the comparatively low cost of construction of a steam-electric plant. The Investor's Viewpoint Mr. E. K. Hall, vice-president of the Electric Bond & Share Company discussed the bill in its financial aspects. From the point of view of the investor there are two fundamental defects in the bill. The contract has been made definite and the investor knows what he is getting and what is expected of him. He is assured of the enjoyment of the privilege for fifty years and of the return of his capital at the end of that period if the government at that time wishes to recapture the project. But if the government does not want to take the property he must continue to run it under an indeterminate and uncertain tenure. He cannot issue refunding bonds, because he does not know how long he may be allowed to hold the property. For this reason Mr. Hall Urged that if the government did not wish to take or transfer the. property on the expiration of the license it should be reissued to the holder for a term of thirty years. The other defect was the provision for recapt...