During discussion of this applicà- tion a member was informed, in reply to his question as to what the company is entitled to under its franchise, that stated briefly and without touching all points Involved in the extremely complicated provisions of the franchise, the company is entitled to increase the rates and tariffs in force om January 1, 1929, when it took over the undertaking from the Council, sufficiently to compensate it properly for increases in the cost of various items involved in production or operation, above the average cost for the corresponding item for the year 1928, Should the Council unreasonably defer or deny an application for such increases, the company may put the demanded increases into effect 60 days after filing a statement with the Council showing Such increased costs, whereáfter the matter may, if desired by the Coi cil, be referred to arbitration fp determine whether such increases are justified. There is also provision in the franchise to the effect that the net profits on capital invested in the cad shall be limited to 10 per cent,
Text read from the printed page and cleaned; old type leaves the occasional error.