All water is metered and sells for 40 cents per thousand cub.
The state maintained, however, that the proprietor who exploits and sells the produce of his land is not engaging in commerce.
Usually the manufacturer sells either directly or through an agent to a merchant who sells again to the shopkeeper, but the last twenty or thirty years have seen a considerable development of more direct dealing.
The smaller company exchanges its stock for stock of the larger system on an agreed basis, or sells it outright, and the bondholders of the absorbed line often have a similar opportunity to exchange their securities for obligations cf the parent company, which are on a stronger basis or have a broader market.
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