THE O'CONOR DONasked the Secretary to the Treasury, On what principle the valuation of Railways in Ireland is based, and what is the duty of the Commissioner of Valuation respecting its revision; is he bound to revise such valuation each year or not; whether he can explain the grounds on which the valuation of the Dublin and Kingstown Railway, being £28,213 in 1861, was in 1862 reduced without appeal to £14,809, at which amount it continued till 1871, when without appeal it was raised to £14,995, and subsequently, an objection being lodged against it, was raised in 1872 by the Commissioner, first to £17,032, and then to £26,614, the Line having been leased in 1866 to the Dublin and Wicklow Company at a fixed rent of £36,000; and, whether the Commissioner of Valuation is the same gentleman who seconded the adoption of the report at the half-yearly meeting of this Company in August 1867, and who made a speech at the previous half-yearly meeting, 1310 showing its prosperity and good management?
§ MR. BAXTER:I have to state that Railways in Ireland are valued upon net receipts, less allowance for interest on capital, tenants' profits, &c. The Commissioner of Valuation has been advised that he should not exercise the power of revising the valuation of railways in each year unless moved to do so by a ratepayer or other interested person. The Dublin and Kingstown Railway Company remonstrated against the valuation made in 1860—£28,213. Their remonstrance was considered to be well founded. Further allowances were made in diminution, and the valuation was reduced in 1862 to £14,809. These allowances have been sanctioned by the Chairman of the County and the Recorder of the City of Dublin upon appeal. There was no re-valuation in 1871. The increase was caused by improvements and additions to stations, whereby the valuation of the buildings was increased. The rent of £36,000 was decided, at the appeal above mentioned, not to be the measure of value of this railway. The lease included not only the railway, but rolling stock, &c., valued at £60,000, which are not rateable, and houses, &c., which are separately rated. The Commissioner of Valuation is the person who seconded the adoption of the Report referred to. He was not then Commissioner. Immediately upon appointment to that duty he parted with every share he held in Irish railways, at a very considerable loss to himself. I regret that my hon. Friend has thought it necessary to ask the last Question.