View report page

32
of the Board desiring to base their call upon the revised
assessment arising from the recent re-valuation of property
throughout the Metropolis, which does not take effect until the
6th April, 1886. There is thus a surplus of £2,647 10s. 3d.
to be carried to the eredit of the present year.
LOANS.
Two loans for paving and sewer works have been taken up
during the past year, amounting in the aggregate to £10,700.
In each case the money was borrowed from the Metropolitan
Board of Works for a period of five years at interest at the
rate of £3 10s. per cent. per annum.
A statement of the loans now outstanding is given on
page 116.
PROPOSED RATING OF GROUND RENTS.
A letter was received from the Yestry of Lambeth in the
month of November, inviting co-operation in representations
to the Government in favour of legislation for the Rating of
Ground Rents.
The subject was carefully considered, and although at first
sight the proposal seems reasonable and to afford a prospect
of increasing the area of taxation, yet the Yestry felt compelled
to dissent from the views of the Yestry of Lambeth in
the matter, not being at all satisfied that the slightest benefit
would accrue to the ratepayers at large by the adoption of the
course suggested, while it is quite clear that if any proposal
of the kind were carried into effect, a considerable increase in
future ground rents would be inevitable. The equitable
rating of ground rents, moreover, bristles with difficulties,
and a logical measure would involve the rating of improved
rents, rent charges, &c., all of which are merged in the-rack
rent.