Some notes upon light railways and tramway guarantees in Ireland under the Tramways and Public Companies' Act, 1883, 46-47 Vic. chap. 43, and suggestions for a different and improved system of guarantee

Abstract

In 1883 another fresh start took place, owing to the passing of the 46 & 47 Vic. chap. 43, now popularly known as the "Tramway Guarantee Act." By section 1 of that act, the grand jury of any county was authorised to give a guarantee, chargeable upon any barony (which includes part of a barony), that dividends would be paid upon the capital as paid-up of any tramway (which includes a light railway), but not exceeding the rate of 5 per cent, thereon. By a later section (9) of the same act, it was provided that when any barony, as before mentioned, in any half-year after the opening of such tramway for traffic, should have paid any sum on foot of such guarantee, the treasury would then recoup to the barony a sum not exceeding half the amount so paid by the barony, provided such payment by the treasury should not exceed 2 per cent, upon the paid-up guaranteed capital. By the 5th section of the same act, it was provided that when the tramway came to earn more than enough to pay its own dividends, it should then repay by degrees to the barony and to the treasury all the monies so advanced by them to pay the dividends of the tramway in its infancy.