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During the late 16th century the need for a fresh water supply to the City of London became increasingly apparent. The city was served by an inadequate number of conduits, and its main source of fresh water - the River Thames - was contaminated by sewage and refuse.
After several abortive attempts at legislation, the Corporation of London finally accepted the offer of Hugh Myddelton, a goldsmith of the city, to complete a new conduit in four years. This was in 1609, and by September 1613 the work was duly completed. The conduit, known as the New River, rises from Chadwell Spring in Hertfordshire, and runs approximately 40 miles, finally ending in the Round Pond at New River Head, behind Sadlers Wells Theatre in Rosebery Avenue. As well as providing water for the citizens of London, the New River Company owned a great deal of property along the course of the river, in both Hertfordshire and London.
James I granted a charter to the New River Company in June 1619, and it was incorporated under the title of 'The Governor and Company of the New River brought from Chadwell and Amwell to London'. The seal of the company depicted the 'hand of Providence bestowing rain' upon the city and its motto was "et plui super unam civitatem" (and I rained upon one city).
Capital for the venture was provided jointly by James I and Hugh Myddelton, along with 28 other 'Adventurers'. On the incorporation of the company the two parties divided the shares between them; James I owned the King's Shares. The Adventurers' Shares were divided into 36 parts, 22 of the directors owning one part, and 7 others (including Hugh Myddelton) owning two.
The function of the company as a public utility ceased with the passing of the Metropolis Water Act in 1902. By this act the provision of London's water supply was passed from the various water companies to the newly-created Metropolitan Water Board.
As a result of this takeover, the New River Company was re-incorporated in 1904 as a modern property company. It was registered under The Companies Acts 1862-1900 as The New River Company (Limited). The Company was taken over again in 1974 by London Merchant Securities, but still exists as a separate entity within that group.