(PBOM OUK OWN CORRESPONDENT.)

Wellington, November 25th. The Property Assessment Act, just circu lated, is much enlarged and altered from the original draft. It now contains 90 clauses and 14 pages. The interpretation clause, inter alia, provides that " borough" means, for the pur poses of the Act, a borough constituted under the Municipal Corporations Act, 1876, and in cludes any town incorporated under the Otago Municipal Corporations Ordinance, 1865. Under clauses 2 to 11, the Governor- in- Council is to proclaim districts and appoint commissioners and deputy-commissioners, as sessors, and other officers, such appointments to be gazetted. All officers are to take an oath of fidelity and secrecy, the penalty for breach of oath not exceeding 12 months' imprisonment, and for acting without taking the oath LIOO fine. The Governor-in-Gouncil may make, alter, and revoke regulations — (1) Prescrib ing dutieß of commissioners, deputy-com missioners, assessors, and other officers employed in the administration of the Act; (2) regulating forms and times of giving notices of objection ; (3) regulating manner of proceeding to hear and determine Buch objections, and for allowance of claims to exemption or deduction ; (4) prescribing forms of statements of property assessment rolls, notices, and other instruments mentioned within the Act, or necessary to give effect thereto ; (5) imposing a penalty not exceeding fifty pounds for any breach of any such regulations. (12) All property within the Colony t© which any person is entitled to be liable to taxation in respect of bo much of the value thereof as exceeds L3OO sterling, but subject to exemp tions asd to deductions hereinafter provided. (13) Every company to be liable to taxation on capital which for purposes of the Act shall be taken to be the balance of assets over liabilities of the company, as appearing in the statement of property required by the Act. 