View report page

25
Works Company, together with all stock and plant used in connection with
the water works and all lands likely to be required for water works purposes.
The lands, tenements, and hereditaments of the Company producing
revenue are not dealt with by the Bill.
Clause 4 empowers the Company and the Council to enter into an agreement
for the sale and transfer to the Council of tlie water undertaking or
any part thereof upon such terms as may be agreed upon.
Clauses 5, 6, and 7 provide (in the event of an agreement not being made
under Clause 4) for the transfer of the water undertaking upon such terms
as may be determined by arbitration. The Council and the Company will
each appoint an arbitrator, and the two arbitrators are to appoint an umpire.
The arbitrators will together hear and determine the matters referred to
them, and they may appoint any engineer, barrister, solicitor, surveyor,
accountant, or other person having special knowledge of the subject, to act
as their assessor and to advise them upon any matters upon which they may
desire information.
Clause 8 provides that the consideration to be paid by the Council shall be
such sum as the arbitrators determine to be the fair and reasonable value of
the water undertaking, after allowing for the liability involved in regard to
the Debenture Stock, and having regard to all the circumstances of the case.
In determining this value, the arbitrators are to have regard to the following
amongst other matters, viz.:—
1. The condition and state of repair of the reservoirs, filter beds, filtration
arrangements, wells, mains, conduits, pipes, machinery, and plant of the New
River Company, and the probabilty of future expenditure thereon, together with
any liabilities or obligations in connection with the water undertaking which the
New River Company mav reasonably be required or expected to incur;
2. The legal powers of the New River Company to take water and the
probabilities of such powers being limited;
3. The adequacy and efficiency of the present sources of supply, and of the
reservoirs, filter-beds, filtration arrangements, wells, mains, conduits, pipes,
machinery, and plant of the New River Company to meet present and future
requirements;
4. The probable necessity of the future introduction of a new source of
supply or new or improved works;
5. The legality of tho charges now made or claimed to be made by the New
River Company, together with the circumstances under which such powers of
charge have been granted by Parliament;
6. The deductions from any compensation claimed by the New River
Company which may in the opinion of the arbitrators be reasonably made in respect
of any insufficiency of tho present storage or filtration of the New River
Company, or in respect of the provision of supplementary supplies;
7. The deductions to be made in respect of works, plant, or appliances which
have become wholly or partially useless, and the adjustment of the revenue
account of the New River Company in respect of repairs and renewals properly
chargeable thereto;
8. The statutory powers of any other Company to compete in any part of
the New River Company's District, and the rights of any other Company or body
to supply wator in tho New River Company's District, whether as now existing
under statute or otherwise, or as may be likely to exist in the future;
9. The effect of the amendment of "The New River Company's Act of 1852,"
and the incorporation of Section 35 of "The Waterworks Clauses Act, 1847,'
with the New River Company's Acts.