A flow measuring system, e.g., a water meter, includes a non-limiting flow compensating basket and/or a vane wheel of the invention. The basket has a hollow cylindrical member having an open end and an opposite end, sidewall of the cylindrical member having a plurality of spaced banks with solid sidewall portions between adjacent banks. Each of the banks has a plurality of holes arranged in rows and columns, wherein the distance between the banks, the number of rows in the banks, the number of columns in the banks, and/or the size of the holes in the banks is varied to control the fluid flow through the banks. The vane water wheel has a center of buoyancy higher than its center of gravity.