North British Railway Company v Wallace, Company
| Jurisdiction | Scotland |
| Judgment Date | 03 October 1884 |
| Date | 03 October 1884 |
| Docket Number | No. 3. |
| Court | Court of Session |
Lord Kinnear, Bill-Chamber Clerk.
Valuation of Lands Act, 1854 (17 and 18 Vict. c. 91)—Valuation of railways—Deductions—Railway companies working lines which do not belong to them.—
Valuation of Lands Act, 1854 (17 and 18 Vict cap. 91)—30 and 31 Vict, c. 80—Valuation of Railways—Deduction of expense of repairs.—
The ordinary method of fixing the valuation of railways is to take the nett revenue of the company, and from that to allow, inter alia, a deduction of 25 per cent on the value of the rolling stock and plant of the company. In fixing the valuation of a railway belonging to a company which besides its own lines worked several other lines belonging to separate companies, the assessor included in the nett revenue a sum of £21,000, being the sum received from the other companies for working these lines, but deducted only 5 per cent on the value of the plant and rolling stock used in working them. Held that if the assessor found it necessary, from the way in which the accounts of expenses were stated, to take the revenue of these other lines into account to enable him to value the undertaking of the working company, the deductions to be allowed must be made at rates similar to the deductions allowed in the case of their own lines and rolling stock, but opinion that the revenue derived from those other lines ought not to enter the valuation, in respect that it did not represent the rent of heritable property belonging to the company whose undertaking was being valued.
Held that the 3d section* of the Act 30 and 31 Vict. c. 80, does not authorise a deduction to be made in fixing the cumulo rent or value of a railway in respect of rails, chairs, &c. purchased by the company, and stored by them for future use in repairing their railway.
The Assessor of Railways and Canals fixed the valuation of the lands and heritages belonging to or leased by the North British Railway Company for the year ending Whitsunday 1885, at £580,427. The practice in making up the valuation of railways is to take the gross revenue from all sources, and from that to deduct the working expenses. From the nett revenue thus obtained a further deduction of 25 per cent on the value of the plant and rolling stock employed by the company on the lines of which they were proprietors is made, and the result, under certain other comparatively unimportant deductions, is taken as the assessable value of the railway. The 25 per cent is made up in this...
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