LOAN ACT.
Act No. 5, 1914.
An Act to authorise the raising of a Loan for Public Works and Services, and for other purposes. [Assented to, l o t h April, 1914.]
lative Council and Legislative Assembly of New South BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis
Wales in Parliament assembled, and by the authority of the same, as follows :—
1. This Act may he cited as the "Loan Act, 1 9 1 4 "
2. In this Act the expression " L o a n Service" has the meaning given to it in the Audit Act, 1902; "Treasurer" means the Colonial Treasurer for the time being; and " S t o c k " means Inscribed or Funded Stock.
3. The Governor may, by the issue of Debentures or Inscribed Stock, secured upon the Consolidated Revenue Fund, and bearing interest at a rate not exceeding four per centum per annum, raise such sums of money, not exceeding in the whole the amount of Seven millions five hundred and twenty-two thousand one hundred pounds, as are respectively set against the following Public Works and Services, that is to say :—
| COLONIAL | SECRETARY—Misce l laneous— |
| Meat | Dis t r ibu t ing | Dep&c, | P y r m o n t — E x c a v a t i o n s , | Build |
| ings, | and | Fi t t ings | £19 ,915 | 0 | 0 |
| M e a t | D i s t r i bu t ing | Depot, | P y r m o n t — 1 tail way | W o r k s , | in- |
| eluding Platform and Awning , Complet ion of Roads, &c. | 12,685 | 0 | 0 |
| Towards Erection of Pig and Calf Marke t , Aba t to i r | Area | 5,000 | 0 | 0 |
| Towards erection of new Sale Yards , Aba t to i r | Area | 5,000 | 0 | 0 |
| S t a t e | B a k e r y — | Establ ishment | 10,000 | 0 | 0 |
| H O U S I N G | B O A R D — |
Fo r t he Purchase or Resumpt ion of Land , for the Erection of Buildings, and the Construct ion of W o r k s , and for o ther costs and expenses under the Housing Act, 1912, t he amount to be carried to the Housing F u n d con
| s t i tu ted | under | the said | A c t | 20,000 | 0 | 0 |
| Carried | forward | £72 ,600 | 0 | 0 |
| Brought | over | £72 ,600 | 0 | 0 |
| R E S U M E D | P R O P E R T I E S | B R A N C H — |
Improvemen t of Observatory Hill Resumed Area , and
| erect ion | of | W o r k m e n ' s | Dwel l ings , | &c. | 25,000 | 0 | 0 |
| .STORES | S U P P L Y | D E P A R T M E N T — |
| Erec t ion of new bui ldings for accommodation of | Depar t |
| SYDNEY | H A R B O U R | T R U S T — |
Towards construct ion of W o r k s generally, and for t he
| improvement of the Po r t | 465,500 | 0 | 0 |
| Resumpt ion of land a t Jones ' Bay and | a t Dar l ing | Is land, |
| P y r m o n t — f u r t h e r | sum | . . . | 25,000 | 0 | 0 |
Purchase of Stores and Mater ia ls which cannot properly be charged to appropr ia t ions of Pa r l i amen t unt i l actual ly issued for use, the amoun t to be carried to Special Deposits Account (Sydney Harbour Trust Store
| Advance Accoun t )—fur the r | sum | 5,000 | 0 | 0 |
R A I L W A Y S —
Rolling-stock, to meet addit ional traffic requirements , and
| equ ipment of New Lines | 548,000 | 0 | 0 |
| Addi t ions | to Ra i lway Lines, S ta t ions , and | Buildings, and |
| for o ther purposes | 655,000 | 0 | 0 |
Towards construct ion of Flemington to Belmore. and
Wardel l - road to Glebe Island, and Dar l ing Is land
| Rai lways—fur ther | sum | 322,000 | 0 | 0 |
T R A M W A Y S —
| Addi t ions to Lines, Workshops , and Buildings, Duplication |
| of Lines, and for o the r purposes | 450,000 | 0 | 0 |
Rol l ing Stock to meet expansion of Traffic, and Equ ipmen t
| of N e w | Lines | 243,000 | 0 | 0 |
Towards addit ional Power House to meet the expansion of
| R A I L W A Y S | AND | T R A M W A Y S — |
| Purchase of | Ra i lway and | T r a m w a y Stores and | Materials , |
which cannot properly be charged to appropr ia t ions of Pa r l i amen t unt i l ac tual ly issued for u se—the amount t o be carr ied to Special Deposits Account (Rai lway
| Store | Advance Accoun t )—fur the r | sum | 170,000 | 0 | 0 |
| Carr ied | over | £3 ,167 ,100 | 0 | 0 |
| Brough t | over | £3 ,167 ,100 | 0 | 0 |
| R A I L W A Y | CONSTRUCTION—• |
| N o r t h | Coast | Ra i lway—fur the r | sum | 520,000 | 0 | 0 |
| P a r k e s | to Peak | Hi l l—fur the r | sum .. | 95,000 | 0 | 0 |
| Galong to Bur rowa—fur ther sum .. | 90,000 | 0 | 0 |
| Finley to Tocumwal—fur the r sum .. | 28,000 | 0 | 0 |
| Dunedoo | to Coonaba rab ran—fur the r | s u m . . . | 110,000 | 0 | 0 |
| Wasrea | Wastga | to | T u m b a r u m b a — f u r t h e r | sum | 1 10,000 | 0 | 0 |
| Forbes to Stockinbingal—fur ther sum | 110,000 0 0 |
| Muswellbrook | to Mer r iwa—fur the r | sum | 45,000 | 0 | 0 |
| Moree to Mung ind i—fur the r | sum | .. . | 140 ,000 | 0 | 0 |
| W y a l o n g | to Cudgel ico—further | sum | 2:1,000 0 0 |
| Condobolin to Broken Hi l l—fur the r sum | 10,000 0 0 |
| Barel lan to Mirrool—fur ther sum .. . | 10 ,000 0 0 |
| Glenreagh to Dorrigo—further sum | 5,000 0 0 |
| Cooma to Bombala—fur the r sum | ... |
| Bur ren .I unction to Coonabarabran | 2,000 | 0 | 0 |
| Sydenham to Bo tany—towards | 2,000 | 0 | 0 |
| Barmedman | towards | H i l l s ton—towards | 3,000 0 0 |
| Dubbo to Werr i s Creek—towards | . . . |
| Ci ty | Electr ic | Ra i lway—fur the r | sum | 4,000 0 0 |
| E a s t e r n | Suburbs | Electr ic | Ra i lway—fur the r | sum . | 1,000 | 0 | 0 |
| W e s t e r n | Suburbs | Electr ic | Ra i lway—fur the r | sum | 1,000 | 0 | 0 |
| Land | Resumpt ions for author ised ra i lways—fur ther | sum . | 5,000 | 0 | 0 |
TRAMWAY CONSTRUCTION—
| Tramways genera l ly—fur ther | sum . |
SEWERAGE CONSTRUCTION—
| M e t r o p o l i t a n | Sewerage a n d | Stormwater | Channe l s—fur the r |
| s u m | 7,000 | 0 | 0 |
| Count ry Towns Sewerage and S tormwate r | Channels— |
Newcast le Sewerage—fur ther sum.
Long Kay Ocean Outfa l l—further sum
| W A T E R | S U P P L I E S — |
| Count ry Towns W a t e r Suppl ies—further | sum | 235,000 | 0 | 0 |
| H u n t e r | Dis t r ic t | W a t e r | Supply—Addi t iona l | pumping | plant |
| a t W a l k a and improvements of | filter | beds—fur ther |
sum
| Metropol i tan | W a t e r | Supp ly—Improvemen t s |
| Carried over | £5 ,044 ,600 | 0 | 0 |
| Brought | over | . . . | £5 ,044 ,600 | 0 | 0 |
| H A R B O U R S | AND | R I V E R S — |
| Newcast le | H a r b o u r — C a r r i n g t o n | W h a r f a g e — f u r t h e r | sum | 35,000 | 0 | 0 |
| Newcast le | H a r b o u r | Improvements , including | Dredging and |
| o ther | p lan t—fur the r | sum | 75,000 | 0 | 0 |
| P o r t | K e m b l a | Improvements , | Whar fage , | and | Shipping |
| Appl iances—fur ther | sum | 55,000 | 0 | 0 |
| Coff's | H a r b o u r | J e t t y — E x t e n s i o n | and | Improvements | 5,000 | 0 | 0 |
| Coff's | H a r b o u r | Improvement s—fur the r | sum | 10,000 | 0 | 0 |
| Government | Dockyard and Workshops , Newcas t l e—Exten |
| Newcast le F loa t ing | Dock—Towards | 1,000 | 0 | 0 |
M I S C E L L A N E O U S —
New Publ ic Abbatoir , Freezing Houses, and other W o r k s ,
| a t Homebush Poin t —further sum | 65,000 | 0 | 0 |
| N e w Store Depot a t Leichhardt | 7,000 | 0 | 0 |
| INDUSTRIAL | U N D ERT A K I N G S — |
| K i a m a | No . | 1 S t a t e | Met d | Q u a r r y — f u r t h e r | sum | . | 6,000 | 0 | 0 |
| Kiamu | N o . 2 S t a t e | Metal | Q u a r r y — f u r t h e r | sum | . | 2,000 | 0 | 0 |
| Kiama N o . 3 S t a t e Metal | Quarry | . . . | 3,000 | 0 | 0 |
| N e w Steamer for Blue Metal Trade—fur the r | sum. . . | 11,000 | 0 | 0 |
| S t a t e | Brick | Works , | Homebush | Bay—Estab l i shmen t— |
| fur ther | sum | 10,000 | 0 | 0 |
| S ta t e | Br ickworks , | Bo t any—Es tab l i shmen t—fur the r | sum. . . | 3,000 | 0 | 0 |
| N e w Workshops and Timber Depot—fur ther sum | 35,000 | 0 | 0 |
| N e w | Workshops | and | Timber | D e p o t — W o r k i n g Capi ta l | and |
| Cons t ruc tor | of | Bu i ld ings—Work ing | Capita] | 15,000 | 0 | 0 |
| S t a t e Quar ry , | Maroubra , | Establ ishment ;—further | sum | 5,000 | 0 | 0 |
| Rozelle Jo ine ry | Works | 56,000 | 0 | 0 |
| Monier Pipe and Reinforced Concrete "Works | 18,000 | 0 | 0 |
| METROPOLITAN | BOARD | OF | W A T E R | S U P P L Y | AND | S E W E R A G E — |
| General Reticulat ion, Improvements , Arc.—further sum | 270,000 | 0 | 0 |
| Botany Dams, Resumpt ions | 23,000 | 0 | 0 |
| Sydney | W a t e r Supply, Ampli f icat ion—further | sum | 110,000 | 0 | 0 |
| Sewerage | — | Construct ion | and | Vent i la t ion | of | Sewers |
| genera l ly—fur ther | sum | .. | 220,000 | 0 | 0 |
Purchase of Stores and Material which cannot properly be charged to appropr ia t ions of Par l i ament unti l actual ly issued for use, the amount to be carr ied to Special Deposits Account (Metropol i tan Board and W a t e r
| Supply | and | Sewerage | Store | Advance | A c c o u n t ) — |
| Carr ied | over | £0 ,292 ,100 | 0 | 0 |
| B r o u g h t | over | £6 ,292 ,100 | 0 | 0 |
| H U N T E R | D I S T R I C T | BOARD | OF | W A T E R | S U P P L Y | AND | SEWERAGE — |
| Extens ion | of | Re t i cu la t ion—fur the r | sum | 17,000 | 0 | 0 |
| Improvement s | and | o ther | W o r k s — f u r t h e r | sum | .. . | 3,000 | 0 | 0 |
| Sewerage—Extens ion | and | Re t icu la t ion—fur ther | sum | 3,000 | 0 | 0 |
Purchase of Stores and Mater ia ls which cannot properly be charged to appropr ia t ions of Pa r l i amen t un t i l actual ly issued for use, t he amount to be carr ied to Special Deposits Account ( H u n t e r Dis t r ic t Board of
| W a t e r Supply and Sewerage Store Advance | Account ) |
| P U B L I C | I N S T R U C T I O N — M I S C E L L A N E O U S — |
School Buildings, Teachers ' Residences, and Other Build
| ings, School and Residence Sites, Addi t ions, &c.— | 250,000 | 0 | 0 |
| Teachers ' Tra ining College—Towards cost of | Bui lding | 7.000 | 0 | 0 |
| Technical Educa t i on—New Buildings and | Addi t ions , | Pur |
| chase of | Sites, and Al te ra t ions to present | Bui ld ings . . . | 14,000 | 0 | 0 |
| S t a t e | Children | Relief | D e p a r t m e n t — Buildings for | Cot tage |
| Homes | at | P a r r a m a t t a | a n d | Mi t t agong . . . | 1,000 | 0 | 0 |
| Fa rm Home for Boys, Gosford—for building the necessary accommodation for S ta te Children at Gosford — further sum | 7,000 | 0 | 0 |
| Observa tory—Site Resumpt ions and Purchases , Buildings, |
| Univers i ty- | -New Buildings, Additions,&c | 13,000 | 0 | 0 |
| Nat ional | Library | - T o w a r d s cost of | Building | 4,000 | 0 | 0 |
W A T E R CONSERVATION AND IRRIGATION COMMISSION—
To recoup Loans Expendi ture Suspense Account , being
| excess expendi ture to 30th J u n e . 1913, over | amoun t |
| appropr ia ted | in | last | year 's | E s t i m a t e s — |
| On | Const | ruction | £108 ,000 |
| Land | Resumpt ions | 157,000 |
| Lands Resumption and Compensa t ion—Burr in juck | Storage |
| Reservoir and | Murrumbidgee I r r iga t ion | Areas | 200,000 | 0 | 0 |
For the Construction of Burr injuck Dam, Murrumbidgee
Canals, Purchase of Stock, Assis t ing Set t lers , Pay
| merit of | tenant - r ights , &c. | 365,000 | 0 | 0 |
Construct ion of Rail way Sidings, Yards , Bacon Factory,
| and Cold Storage | 15,000 | 0 | 0 |
| Total, Works and Services | £7,522,100 0 0 |
4. The Loans so authorised as aforesaid may be negotiated wholly or in part in the form of Debentures or Inscribed Stock in New South Wales or in London at such times and for such amounts and for such periods as may be directed by the Governor.
5. Any Stock issued in New South Wales under this Act shall be styled " New South Wales Funded Stock," and shall, if sold otherwise than by tender, be pur chasable at the Treasury upon any lawful day.
6. (1) The provisions of the Funded Stock Act of 1892, relating to the method of inscription and transfer of Stock, and the regulations under the Inscribed Stock (Issue and Renewals) Act, 1912, and the forms pre scribed in the said regulations, are hereby declared to be applicable to, and shall be followed and used, mutatis mutandis, in connection with Stock issued within New South Wales under this Act.
(2) In respect of any Stock issued in London under the provisions of this Act, the Governor may make regulations, not being inconsistent with the pro visions of the Inscribed Stock Act, 1902, for carrying this Act into effect; and such regulations shall be published in the Gazette and laid before Parliament within fourteen days of the publication thereof, if Par liament be then sitting, and if Parliament be not sitting, then within fourteen days of the commencement of the next session thereof
7. (1) Pending the issue of Debentures or Inscribed
Stock under the authority of this Act, the Governor
may, by the issue of Treasury Bills secured upon the
| not exceeding in the whole the amount of moneys | Consolidated Revenue Fund, raise such sums of money |
| authorised to be raised under this Act. |
| (2) Such Treasury Bills shall bear interest at a rate not exceeding four pounds per centum per annum, and shall have such currency, not exceeding five years, as the Governor may direct. |
| 8. The principal moneys for which such Treasury Bills may be made out shall be chargeable on and payable out of the General Loan Account on the maturing of such Bills. The interest on such Treasury Bills shall be chargeable on and payable out of the |
| Consolidated Revenue Fund. | 9. | |
9. The provisions of the Treasury Bills Act, 1902, relating to the making out, signing, numbering, dating, and to the amounts of the Treasury Bills authorised by that Act to be issued, and to the cancellation of defaced Treasury Bills and the issue of new Bills in lieu of such Bills and also of such Bills as are lost, burned, or other wise destroyed, and to the cancellation of discharged Bills, shall apply to Treasury Bills issued under this Act.
10. All moneys borrowed under this Act shall be paid to the Treasurer, and shall be by him carried to and form part of the General Loan Account, and be appropriated and applied, as required, to the works and services hereinbefore specified, or to any other duly authorised Loan Service, in terms of the Audit Act, 1902.
1 1 . Debentures, Stock, or Treasury Bills sold or issued under this Act are hereby declared to be for all purposes Government Securities; and all cor porations and other persons whatsoever shall have power to invest in the purchase of such Debentures, Stock, and Treasury Bills any property held by them, whether as trustees or otherwise, "which they are not expressly forbidden to invest in Government Stock or Securities, without on that account being liable for a breach of trust and without incurring any liability whatsoever, provided that such investment is in other respects reasonable and proper.