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LOCAL TAXATION IN COPBNHAGBN. 49 against over £745,000 in Manchester.* The exchequer grants, therefore, including the special sums of 1894 and 1895, did not exceed 11 per cent of the amount raised by local taxes in Copen- hagen. In Manchester, these grants reached over 15 per cent of the amount of the city-rate, and to that must be added another 9 to 10 per cent on account of grants for Board schools, besides the Science and Art grants. Roundly, the proportion of exchequer grant to local taxes stands about double as high in Manchester as in Copenhagen, not including Imperial payments to Voluntary schools. The contributions of profit-eaming departments have already been referred to in particular cases. Comparison is rendered of little use because of the different treatment of water-charges in the two cities. In Manchester all the profit-eaming depart­ ments together contributed an average of £83,253 per annum to the City Fund in the last five years, or about 11 per cent of the amount of the city-rate. In Copenhagen the lighting (gas and electricity) department is the only one contributing revenue, but it averaged no less than £69,000 a year in 1894-98,f or between 16 and 17 per cent of the tax-revenue. Expenditure from loans grows apace in most modem oitiee, some of the expenditure contributing to profit-earning, others to the supply of needs of the locality, but not yielding a direct money profit. In the last five years Manchester has added £584,443 each year to the debt of the city, on the average. Copenhagen has expended ou t'o f loans during 1894-98 at the rate of £256,000 per annum. During this time a large expendi­ ture on the erection of a new Town Hall, a very handsome building now nearly completed, has been one reason of the increase under this head. The secured debt of Manchester on March 3lst last amounted to £16,143,112. Its assets were valued at £21,523,196, and * In addition to this, local taxes in Manchester for purposes of Poor Relief amount to some £160,000 per annum. t The debt charges of the department are swallowed up in those of the city. In Manchester profit-earning departments meet debt charges out of departmental revenue. But cf. also p. 27. 4