WAIMEA PLAINS RAILWAY RATING BILL.

Otago Daily Times, Issue 7356, 12 September 1885, Page 3

WAIMEA PLAINS RAILWAY RATING BILL.

(from our own correspondent),

Wellington, September 11.

The Waimea Plains Railway Eating Bill sets forth in the preamble that under the provisions of "The District Railways Act 1877" and its amendments, the Waimea Plains Railway Company made certain rates upon a certificate of the Waimea Plains railway amounting to £108,713, and whereas such certificate of cost has been held to be erroneous in certain particulars, and it hi\s been decided by the Supreme Court ot' New Zealand, at Dunedin, that the said rates so made as aforesaid, aud proposed to be recovered, were invalid, and it is expedient that provision should be made in respect of such rates and otherwise as hereinafter set forth. The bill then provides that any certificate already given to the company setting forth the cost or value of the said railway in terms of the fifth schedule of " The District {Railways Act 1877, Amendment Act 1878," shall bo deemed to represent merely the ultimate - cost or value authorised for the railway, including the equipment thereof when entirely completed, and equipped as origiually proposed by the company. But notwithstanding anything contained in any such certificate, or in clause 22 of the said .act, the cost or value of said railway for the purposes of the guarantee of interest from year to year shall be such amount as is or may be fixed under this act from, time to time. Such cost or value shall in no case exceed the amount which may be ascertained by a commission, to be appointed under the said act, and shall be so ascertained from time to time upon the actual value of the works at the date they were executed, or made exclusive of any interest or discount on moneys employed, aud the said cost or value shall in no case exceed the estimate of cost of the proposed railway aud equipment thereof, transmitted by the company according to the provisions of the eleventh section of " The District Railways Act 1877." In estimating such cost or value from time to time the commissioner appointed shall not in any ease certify to a larger amount ou any class, whether for works or materials, than was provided in the original estimate for each of the said classes. But when all work and all equipment originally contemplated under each item is completed, then the total cos t of that item, as originally estimated, may be allowed, provided that in case of rates made by the company for the year hereinbefore mentioned, the cost or value of said railway for purposes'of guarantee of interest on cost shall be deemed to be £95,000. Where a certificate of deficiency of rates has already been given for a larger amount than would be due under this act, the amount of the rate which the company was authorised to levy aud collect in pursuance of such certificate shall be reduced in the proportion to that of the certificate of cost on which it was based bears to the cost as fixed or ascertained under this act, and the Company may proceed to levy and recover the reduced rate accordingly. Where any rate heretofore authorised has not been collected, and it should be necessary to reduce such rate in order to comply with this act, the same shall be levied upon rateable property in the railway district declared and constituted under the said acts for the purposes of the railway. If any such rate has been made on the annual value of rateable property, in the said district, or upon the capital value of such property as set forth in any ratebooks heretofore made by the company under aud for the purpose of the said acts, then it shall not be necessary to make or levy a new. rate. But any rate-book already made by the company, and properties aud values therein set forth, shall be deemed to be the rateable properties and values thereof for the purposes of the several rates authorised to be made and levied under this act. The ratebooks may be altered by the directors of the company,;the chairman to initial such alterations, and there shall be no appeal against any such rate-book. The rates in such amended rate-book shall be deemed to be effectually made for all purposes, and the company may proceed to levy and recover the same according to law. All rates heretofore made by the company for 1883, '84, and-'SS shall.be deemed to be due aud payable, and may be levied and recovered by . the company. The second moiety of this year's rate is due and payable on the 31st December next. If it shall be made to appear that the amount at any time heretofore paid to the company out of the consolidated fund of the Colony exceeds the amount the company would have been entitled to receive had it been based upon the cost as ascertained or fixed under this act, such excess shall be refunded by the company to the Colonial Treasurer, aud shall be deemed to be a debt due to the Crown and may be recovered accordingly, and when recovered shall be paid into the public account and form part of the consolidated fund. If at any time heretofore any ratepayer in any railway district shall have paid the company a greater amount than the company would have been entitled to recover under the provisions of this act had the rates been levied upon the cost as ascertained or fixed under this act, the amount so paid in excess shall be deemed to be a debt due by the company to such ratepayer, and may be sued for and recovered accordingly.