New River Company

Founded by Hugh Myddelton with the involvement of King James I, it was one of the first joint-stock utility companies, and paved the way for large-scale private investment in London's water infrastructure in the centuries which followed.

Edmund Colthurst originally conceived a scheme to build an artificial waterway from springs near Ware in Hertfordshire to supply water to London.

As the New River was unincorporated, the agreement was phrased in terms of property law, with investors owning a share of freehold in the whole project.

[1]: 15 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.

By this point, Myddelton was short of money, and needed a way to raise more funds for his half of the project.

Four shares, without any liability for capital calls, were given to Colthurst for the "greate labour and endeavour by him bestowed about the said worke".

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.

[L 3][1]: 32 In 1631, King Charles I, 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.

As the district of Clerkenwell grew up in the area, the New River Company started making significant income from leasing land, as well as supplying water.

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.