The Accountant Volume 5 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1879 Excerpt: ...a decision of this Court in the time of Lord Mansfield, that a poor rate could not bo made for payment of money borrowed for repair of a workhouse. Mr. Justice Lush said that had been remedied by a modern Act, allowing of rates for past expenditure wiihin six months. This was a modern Act--the School Board Act--which clearly contemplated a deficiency for which rates were to be levied. In the meantime, could not money bo borrowed to meet the temporary deficiency? There is nothing in the Act to prohibit it; and surely such a prohibition is neccssary? There are, however, no prohibitory words, and the Act contemplates a deficiency. If they have no power to borrow in the meanwhile, are the schools to be stopped? The Lord Chief Justice--And you cannot borrow money without paying interest for it. The Act expressly mentions money laised by " way of I an." Mr. M'lntyre--But there is an enactment in tho Act of 1873 (sec. 10) limiting the power to borrow. Mr. Justico Lush--To borrow was to charge the rates for fifty years. That is very different. This is a mere temporary loan to meet a temporary deficiency. Mr. M'lntyre--They are to make a rato to meet it. Mr. Justice Lush--So they do, but before the rato can bo levied tbey require a temporary advance of money. The Lord Chief Justice--And what is there to prevent it? Tho enactment alluded to has nothing to do with such a case; it relates to specific loans for particular purposes, not for mere current expenses. Mr. M'lntyre--They have no power to borrow money for general current expenses. Mr. Justico Lush--They cannot mortgage the rates for such expenses; but where is thcro any provision preventing them from obtaining loans for current expenses? It is a necossaiy incident of tho power of such a Board. Mr. M'l...