Northern Times.
Liverpool, Merseyside, England, 1857-12-03 00:00:00

Section 38 provides, that if the Board shall make default
in paying, or providing for the principal and interest on
the eaid bonds, or any of them, on the days of payment

Ithereof respectively, and shall not, on demand, repay to
the Corporation any monies which they may have repaid in
respect thereof, the Corporation may recover the am unt so
paid by them, with interest, in an action against the Board,
as for money paid for their use, tied in addition, and
without prejudice to such right of action, may re-enter on
any property at Birkenhead by this Act transferred to the
Board, and may hold the same until such amount, with
interest at the rate of £4 per cent, and all costs incident
to the entry and holding have been paid.
Section 39 directs that the Board shall also repay to the
Corporation all such monies as they shall have bona fide
paid or expended before and up to the ht January, 1858,
or shall have been compelled, after that data, to pay and
shall have paid, either in the payment of interest on the
Bonds delivered by them as afo-esaid, or in respect of works
executed by them upon any of the Birkenhead Docks or
property transferred to the Board, er otherwise howsoever in
the bona fide execution of the powers and provisions of the
Birkenhead Docks' Act, 1855, or in the performance of any
obligation or duty thereby imposed upon the Corporation,
together with interest ther2on at the rate of £4 per coat.
per annum from the respective time of payment thereof,
until payment by the Board, and an account of the modes
so paid and expended by the Corporation, signed by the
Town Clerk, shall be delivered to the IS ou'd within one
month after its appoietnient, or sa soon thereafter as
practicable, and if stich account be disputed by' the
Board, the same, or so mu 1 thereof as shall
be disputed, shall be settled by arbitration, end the
amount agreed cn or settled shall be paid by the Board to
the Corporation on or before the l stJanuary, 1859, and in
default may be recovered by action, or the Corporation
may re-enter upon any property be the Act transferred to
the Board, and hold the same until payment, with interest
at 4 per cant. and all costa.
By Section 40, the Board are to pay to the Corporation
the sum of A'1,500,000 in consideration of the relinquish-
ment and transfer of their existing rights to the pecceation
of the Town and Anchorage Does, and of the transfer of the
Landing S'aee and Obsarvatory, and such payment is to be
made by fifteen equal half-yearly payments, on the let day
of January and lot day of July is each year, the first pay-
ment to be made on the first day of July, 1858; and, in
addition, the Board shall on each of those dais pay to the
Corporation interest on the one million and a half, or on so
much thereof as for the time being shall be unpaid, at the
rate of £4 10s. per cent. per atrium, and the Corporation
are directed to pay and satisfy the holders of the Burls
ieseed by the Corporation upon the credit of the Borough
Fund, and nn' charged on the Liverpeol Water Account,
or in this Act otherwise provided for, as and when the
same respectively become due, and to indemnify the Board
in respect thereof, with power to the Board to deduct any
amount they may have paid in respect of any Band from
any future payment, or to recover the amount from the
Corporation by action. .

By section 41 the sum of £1,500,000, and interest
thereon, is declared to be a charge upon the general
revenues of the Boa:d.

As a farther protection to the Corporation, it is enacted
by section 42, that if there shall at any time be in arrear to
the Corporation from the Board, in respect of any of the
monies by the Act made payable by the Board to the Cor-
poration, a sum equal is £lO,OOO, and the B-,ard shall not
within two months after demand pay, or satisfy the same,
the Corporation may enforce payment by the appointment
of a receiver, but without prejudice to their right to
recover in any other manner. But it is provided that the
appointment of a receiver, and the powers to be exercised
by him, shall not affect or disturb any charge created by
the act in favour of the specially creditors, but such powers
shall be exercised subjt et thereto.
This proiiso, as to specially Creditors, refers to the
existing Creditors of the Liverpool Dock Estate, on Band,
or oiler specially debt, for whose protection it is provided
by the 67th Section, that the Board are to keep separate
accounts of their receipts of rates in respect of the exiting
Liverpool Dock Estate, and such Creditors shall have
the same claim against the estate and the rates levied
in respect thereof in the hands of the Board and
against the board, as they would have had if the act had
not passed, and such claims shall, to the extent of the
present net revenue, have prioriv over all other charges
created, or hereafter to be created under the act, and the
board are precluded from reducing the revenue, applicable
to the payment of such bend debs, to below the amount of
the net revenue, or in the event of such Wads being paid
off below such amount as will bear the same propertion to
the existing bend debts for the time being unpaid, as the
net revenue bears to the existing bond debts unpaid at the
passing of this act.
By the 43rd section it is provided, that all debts and
oblige ions inearred, all contracts en erect into, and all
matters and things engaged to be done by, with, or for
the Corporation, the Liverpool Dock Trustees, the Dock
Committee, or the Pilotage Commissioners in respect of
any property, &c , transferred to the Board, shall he deemed
to have been incurred, entered into, or engaged to be
done for the 13)ard, and may be enforced accordingly; and
by the 46th section, all act ons, suits, and other proceed-
ings aeainst the Corporation in respect of any matter done
or omitted, o: so alleged, in the bona fide execetion of the
powers and provisions of the Birkenhead Docks Act, 1855,
which shall be pending on the Ist day of January, 1858,
shall not after that day be c Arlene,' as against the Corpn-
ation, but may be continued against the Board, upon the
entering of a suggestion, or by an order of a jedge ; and no
action, or suit, in respect of any such m 'tier, shall, after
,he let day of January, 1858, be commenced against the
Corpration, bat may be commenced or instituted against
the Thud, and judgment or decree may be, pronounced
against the Board, in any such action or suit.
All bcels and papers relating exclusively to matters by
the Act transferred to the Board, are t s bo delivered to
the Board, or to such person as they may appoint, and
the Corporation are required to produce to the B card,
at their expense, such books, papers, and writings, ie
their possession, necessary for establishing the title of
the Board to property, powers, or rights transferred to
the Board.

It will be seen that the effects of these enactments, as
affecting the Corporation, are as follows :-
Ist. As to the Birkenhead Properziervested in the Cor-
poration, uni!Er the Birkenhead Docks Act, 1855.
I.—That these properties' vest in the Board, on the Ist
January, 1858, and that the Board shall provide the
Corporation with the Funds necessary to pay off the several
Bonds given by the Corporation, for the £1,143,000 now
charged on the Borough Fund, in respect of these properties.
2.—That the Corporation are al o to be re-paid, with
Interest, all sums they have expended as Interest ortißond,,,
or on C,:nstruction of Works, or otherwise, in bona fide
execution of the powers and proviiions of the Act of 1855,
which will include the east of applying to Parliament far
new powers, as directed by that Act.
3.—That all actions an I suits by or against the Carpo •
ration, in relation to matters arising under the Act of 1855,
are to cease as regards the Corporation, and be carried on
by or against the Board.

4.—That the North Reserve shall also he transferred tl
the Board on imprint of the sum of £127,00,), ont of
which the CorporWio .1 are to pay the remaining ins'ahtents
to the Crown es they accrue. These instalments amount
to the sum of £33,000, The Clrperation have already
paid to M. Smi h the sum 0f5,55,000, and to the C:ovn the
sum of £12,000, and the balance, about £27,000, will be
the property of the Carparation.

2nd. As regards the Town Thies and Anchorage, and
the general Bond Debt of the Corporation.
(a) —That from aild after the Ist day of January, the
Corporation will cease to receive the Town Dues and
Anchorage.

(6) —That the Corporation will, from that day, be re-
lieved from any payments in respect of the office of Water
Bailiff, and the removal of Wrecks and other Conservancy
Expenses, including the payment now made annually to the
Conservancy Commissioners of two-thirds of the Conservan-
cy Fund usually, and as a maximum, £4OO per annum ; and
also from the liability created under the C oslservaucy Act,
to indemnify the Commissioners Uom the cost of a.-.y legal
proc,'edings consequent upon acts done by their authority,
from the cost of maintaining the Observatory and the new
Landing Stage. The annual cost of the North Stage, for
which the new stage is a substitute, has averaged £940 ;
aed the cost of maintaining the new stage, upon the scale
recommended by the Dock Committe, and now in operation,
is estimated at per annum, exclusive of interest of
money on the outlay fir construction.
(o)—That the Corporation are to receive from the Board
the sum £1,500,000, as compensation for the transfer of
the Town Duea and Anchorage, as now vested in the Cor-
poration, and for the Observatory and Landing-star, such
sum to be paid by fifteen equal half-yearly payments, com-
mencing on the Ist of July next, and bearing interest at the
rate of 41 per cent. on the amount, from time to time
unpaid. This period was fixed in the Act in order to
prevent undue pressure on the funds of the Board, and, at
the same time, to avoid the difficulty in whici the Corpora-
tion might have been placed had these payments not been
made within such period as would have enabled them to
pay off the bond creditors on the borough fund, other than
the Birkenhead bands, otherwise provided for. The bonds
are not current beyond ,he term of seven years It will also
be observed that the instalments received are to be applied
in paying off the bond debt, now amounting to £1,137,932
15s Id, the annual interest of which amounts to £50,662
16s sd. When this debt is discharged the balance of the
£1,503,000 must be invested, and the income arising
therefrom will form part of the Borough Fund. The
interest on the £1,500,000, or on so much thereof as
may be from time to time unpaid, willalso form part of the
Borough Fund or income of the Corporation,
The following statement (A) shows the amount of bond
debt falling due in each year up to 1864 inclusive ; and the
statement (B) the amounts payable to the Corporation by