Port Adelaide Railway Act 1850 (SA)

No* 4.

Private Act.

1

ORDIATANCE Enacted by the Govevnor of South Australia, with, the adwice and

consent of the Legislative Council thereof.

To Guarantee to the Adelaide City and Port Railway Company,

during a limited time, certain divisible pro$&.

[5th March, 1850.1 - - - -

Ordinance,

WHEREAS it is desirable to encourage the investment of Preamble.

capital in Railway undertakings in South Australia by guaraateeing,

on certain terms, a reasonable amount of annual profits: And

Whereas an Ordinance of the Governor of South Australia, with No, l of 1850,

the advice and consent of the Legislative Council thereof, was passed on the nineteenth day of February, one thousand eight

hundred and fifiy, intituled " The Adelaide City and Port Railway

'' Act :"

Be it therefore Enacted, by the Governor of South Australia, credit of the Prorinoe pledged for deficiency

with the advice and consent of the Legislative Cound thereof-	of	p, ,,,
That when and so soon as the Railway authorised by the said recited	way	amud	Company. profits0f - mi-

Ordinance, shall be completed and in efficient operation, with sub- stantial and sufficient locomotive cars, carriages, and other vehicles propelled by steam, for the accommodation of passengers, and the transport of goods, and opened for traffic, with a sufficimt establish- ment for working the same, and all pre-requisites shall be fulfilled

-	according to the provisions of the recited Ordinance, to the satisfaction of the Governor, the Faith and Credit of this Province shall stand pledged, and the same is hereby pledged to the Colripany authorised
by the recited Ordinance, to make up a i d pay any deficiency of the
clear profits arising from the traffic of goods and passengers on such Railway, and the several branches there06 whereby such Company may realise a less annual profit or interest than five per cerrkun~ 011 such portion of' the prescribed capital as shall then be actually expended for the purposes of the undertaking.

~uthority

for the 11. And be it Enacted, That when it s l d l be certified, by pw- date of its being opened, as aforesaid, ;r froin the date of the mxt previous certificate in each year after the first year, a i d that for the year for which the certificate is granted, the whole nett proceeds and earning of such Comyany, from the traffic 011 tllo Rdway, after all actual and ilecessxry ccontirlgcnt and annual espenscs, aud

Treasury to pay on a

certificate of de-

sons appointed for that purpose by the Governor, that such Railway

ficicncy.

has becn in eEcient operation for the period of one year' from the

any previous surplus profiis as after inentioned, hare been

deducted, arc insufficieilt to cover and pay the saicl annual profit or interest of five per centum oil such portiou of t l ~ e prcscribetl capital as shall then be actually c x y d e d for the purposes of the undertaking, and are deficient in a certairl sum to bc specified in the saicl certificate, it shall and may IM lnu.f'~d

for the Governor to authorise the C01011iid Treasurer to ulake

payment to such pcrson as s l d l Le eiopowered to receive the same on the part of such Company, of the S L so certified to be ~

deficient, which payment such Treasurer is llereby required to llralie out of the General Revenues of the Province, in the regdar course,

or as payments may usually be made at t, l ~ Treasury.

does not arise fsom

Provided deficiency

111. Provided always, and be it Enacted; That no such pynxnt.;

in so far as tlic Governor shall be satisfied, after due inmstigatiw

that such deficiency does not arise from ' sly excessive o r \dnc

expenditure, or irregular accounting, on thc yart of such Conlpasy :

but such payments shall be claimable only to the extent to which it

sh l l be made to appear that such ~ o r n ~ a ~ ~, according to the usual

undue expenditure.

shall be claimable on account of ally such alleged deficiency except

course of management, have failed to realise a bona fide net profit of five

per centum per annuru on such capital as aforesaid; it being the true

interlt

intent and meaning of this Ordinance, to gimra~~tee to sudl Cornpsnv from the hona JFde net profits, or jointly from such profits, and thk sums to be paid by the Province, a rate of interest or annual return

cqud to five pcr centum on such capital as aforesaid.

IV. Provided also, and be it Enacted, That if in any year surplus profits to be

within the period hereby limited, the Company shall realise a rate ~f;~V$gfi"~;~~,

of profits exceeding the rate hereby guaranteed, then the amount i ~ l d gnarmteed rate

of such excess shall be taken into account as a credit in calculating ~

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the profits of any future year for the purposes of this Ordinance, o f ~ W S.

and payment shall be made thereafter only in so far as, after de- ducting such excess, there shall be a deficiency in the guaranteed profits, so always as to nlalre good to the C 'on~pan~ out of the General Public Revenues of the Province the same rate of profit

011 an average of one year with lulother during the period so limited.

V. A i d be it Enacted, That the guarautee secured by this Ordi- atio ion of t l l i ~ Ordinance.

name shall contiiiue in force tbr and durii~g the tern1 of ton

years from the first day of Jmoary last, and 110 longer; Provi(1ed such Company ~ 1 ~ ~ 1 1 duly maintain the Railway in qood and efficient repair and active operation, and observe and fillfil'the provisions of

Law: Provided also, tl.la1t in case of forfeiture, or. other trmsfcr to

the Crown, of such nndcrtaiiing, the mid guarantee dmll c ( w c and

dcterwine, exwpt, as to all paynlents then preyionsly the.

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ADELAIDE: Prillted by antltority, by RT. C. Cox, at the Government Printing

Office, Victoria-yuare.