'ANNUAL REPORT OF THE ADMINISTRATION OF THE BOMBAY PRESIDENCY, FOR THE YEAR 1862-63’ [‎63r] (121/266)

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APPENDIX TO JUDICIAL REPORT.
Water Works, being limited to 25 lacs One lakh is equal to one hundred thousand rupees of Rupees Indian silver coin also widely used in the Persian Gulf. , and in an elaborate Resolution, dated
24th April 1857, the Government summed up the question in the following words :—
“ As the Worshipful Bench assented, in 1854, to legalise a water-rate on occu
piers of houses, &c. at the rate of 3 per cent, on their annual value, or such higher
rate as would suffice to pay interest at 4 per cent, on an unlimited capital, which
unlimited capital also they subsequently consented to endeavour to repay, the
Right Honorable the Governor in Council considers that they would not be
justified in now insisting upon the restriction referred to in paragraph 3 of their
present letter.* * * * At the same time His Lordship in Council is ready, in lieu
of the Draft Act, to agree to any other means for securing on the Municipal Fund
what he considers to have been prescribed by the Government of India, and to have
been the object of the negotiations above described, viz. the repayment of the
outlay made by Government within 42 years, with interest at 4 per cent., and the
maintenance of the works. He has already in paragraph 43 of the Government
letter No. 64S, dated 19th March 1857, suggested an arrangement which he thinks
will, if sanctioned by the Government of India, be far more advantageous to the
Municipality than any other which could be adopted in order to effect a settlement
of the debt on account of the Water Works. * # # # ”
of if
In their reply to the foregoing Resolution, the Bench, whilst they maintained that they
were only justly liable to repay 25 lacs One lakh is equal to one hundred thousand rupees of Rupees Indian silver coin also widely used in the Persian Gulf. , offered to devote annually a sum
equal to 5 per cent, on 25 lacs One lakh is equal to one hundred thousand rupees of Rupees Indian silver coin also widely used in the Persian Gulf. for the payment of that sum, principal and
interest at 4 per cent., and also to devote a further sum equal to 5 per cent, on half the
capital expended beyond the sum of 25 lacs One lakh is equal to one hundred thousand rupees of Rupees Indian silver coin also widely used in the Persian Gulf. , for the liquidation of half of the
additional capital outlay with interest at 4 per cent.
The Bombay Government reported the correspondence which had taken place to
the Honorable Court of Directors The London-based directors of the East India Company who dealt with the daily conduct of the Company's affairs. , and in doing so submitted a recommendation that the
Municipality should be relieved of all the expense that might be incurred over and above
the 25 lacs One lakh is equal to one hundred thousand rupees of Rupees Indian silver coin also widely used in the Persian Gulf. , and stated that should the Honorable Court be unable to accede
to that request, they would recommend the acceptance of the offer made by the Bench
described in the last preceding paragraph.
To this despatch the Honorable Court sent a reply, in which they consented that a
moiety of the excess beyond 25 lacs One lakh is equal to one hundred thousand rupees of Rupees Indian silver coin also widely used in the Persian Gulf. should be regarded as a grant-in-aid
contributed by the State; and the Supreme Government, to whom an extract of the
Honorable Courfs Despatch was forwarded, autnorised that the Diaft Act which they
had directed to be prepared, providing for the repayment of the whole capital, should be
modified “ in conformity with the concession which the Honorable Court are willing to
make in favour of the Municipality of Bombay.”
Copy of this letter from the Government of India was communicated to the
Bench, but no further correspondence appears to have taken place relative to the amount
to be paid by the Municipality, until the letter from the Clerk of the Peace No. 8, dated
12th February 1862.
In this letter Her Majesty’s Justices, after recognising the fact that the Municipality
is bound to pay 25 lacs One lakh is equal to one hundred thousand rupees , plus half ot any excess which may have been incurred by Go
vernment in the construction of the works, with 4 per cent, interest on the unpaid balance,
suggested that as they consider that Government not to be in a position to hand over
perfect works, the works as they now stand should be made over to them on payment of
25 lacs One lakh is equal to one hundred thousand rupees of Rupees Indian silver coin also widely used in the Persian Gulf. plus one-third of the excess.
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