Page:Railways Act 1921 (ukpga 19210055 en).pdf/52

[Ch. 55.] The expression " modifications " in relation to charges includes modifications whether by way of decrease or increase, and " modify " shall be construed accordingly.

The expression " merchandise " includes goods, minerals, live stock, and_ animals of all descriptions.

The expression " exceptional charges " means charges below the standard charges, including special charges continued subject to adjustment under the provisions of this Part of this Act, and the expressions " exceptional rates " and " exceptional fares " shall be construed accordingly.

The expression " conditions " includes regulations.

The expression " railway rates and charges orders " means the provisional orders fixing maximum rates and charges applicable to the several railway companies made and confirmed by Parliament in pursuance of section twenty-four of the Railway and Canal Traffic Act, 1888.

The expression " prescribed" means prescribed by the rates tribunal.

Adjustment of Charges to Revenue.

Adjustment of powers of charging to revenue.

58.—(1)The charges to be fixed in the first instance for each amalgamated company shall be such as will, together with the other sources of revenue, in the opinion of the rates tribunal, so far as practicable yield, with efficient and economical working and management, an annual net revenue (hereinafter referred to as the standard revenue) equivalent to the aggregate net revenues in the year nineteen hundred and thirteen of the constituent companies and the subsidiary companies absorbed by the amalgamated company, together with

(a) a sum equal to five per cent. on capital expenditure forming the basis on which interest was allowed at the end of the period during which the constituent companies and subsidiary companies were in the possession of the-Government; and

(b) such allowance as may be necessary to remunerate adequately any additional capital which may have been raised or provided in, respect of expenditure on capital account incurred since the first day of 48