Appeal Court.

Nelson Evening Mail, Volume XXVII, Issue 101, 1 May 1893, Page 2

Appeal Court.

Wellington*, This Day. The case of the Wellington :i d Mnnawatu Railway Company v. Commissioner of Taxes is being argued in the Court of Appeal today before the Chief Justice, nnd Mr Justice Richmond, Mr Justice Deunistjn. and Mr Justice Conolly. Tne case is one removed from tho Supreme Court. The questions for decision whether the holders of the Company 'rf debentures are liable to taxition under the Lind and Income Tax Assessment Acts of 18 f JI and 18U2, oa the whole amount of the debentures (£(580,000) irrespective of the value of the taxable property of the Company, on wlrch it is charged. The Commissioner maintains that the tax is payable oa the whole £o^o,ooo, and if not then oa til? value of the railway and rolling stock, the laud hold as endowment, and moQey owing to the Company on mortgage, that; is to say, on the whole property on which the debentures are charged, the Company coatenda that loss is payable only on the value of laid held ns endowments, amounting to jEU2,OUO. Mr Edwards appears for the Company, Mr Gully for the Commissioner,