Queen Victoria Jubilee Fountain,completed in 1977?

Manchester never fails to amaze me!  It was blowing a gale today as I was crossing Albert Square on my way to the office and I espied this Victorian artefact never seen before!!  Look at the inscription on the right - still can't make much sense of it.  I presume the fountain really is very old but has been renovated and placed in its present position in 1977? Just look at the carving etc. especially the water spewing gargoyles (which was blowing everywhere today) and as my old dad used to say "They don't make 'em like that any more d'thee"  He didn't really say that, I just thought a bit of Lancashire would go down well :)