Loan Act 1917 (NSW)

LOAN ACT.

Act No. 7, 1917.

A n A c t to authorise the raising of a Loan for Public

W o r k s and Services, and for other purposes.

[Assented to, 25 th September, 1 9 1 7 . ]

lat ive Council and Legislat ive 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 Par l iament assembled, and by the authority of the same, as follows :—

1 . This Act m a y be cited as the " L o a n Act, 1917."

2 . In this Act the expression " L o a n S e r v i c e " has

the meaning given to it in the Audit Act, 1902 ; " Treasurer " means the Colonial Treasurer for the t ime being; and " S t o c k " means Inscribed or Funded Stock.

3 . The Governor may, by the issue of Debentures or Stock, secured upon the Consolidated Revenue Fund, raise such sums of money, not exceeding in the whole the amount of Three millions nine hundred and ninety- two thousand one hundred and thir ty-nine pounds, as are respectively set against the following Public Works and Services, that is to say :—

INDUSTRIAL UNDERTAKING—

State Trawlers—towards construction of Trawlers, Wooden

Fish-carrying Vessel, Establishment of Depots, Motor

Vehicles, Wharf accommodation, Plant . . . . . . £55,000 0 0

SYDNEY HARBOUR T R U S T —

Towards construction of Works generally, and for the

improvement of the Port 234,000 0 0

RAILWAYS—

Rolling-stock, to meet additional traffic requirements, and
equipment of New Lines ; additions to Ra i lway

Lines, Stations, and Buildings, and for other purposes ;

and towards equipment of Refreshment Rooms . . . 590,000 0 0

Brought forward £879,000 0 0

RAILWAY CONSTRUCTION—

North Coast Railway—further sum 237,000 0 0

Wagga Wagga to Tumbarumba—further	sum	.. .	. . .	11,000	0	0
Muswellbrook to Merriwa—furtlier sum	.. .	. . .	. . .	41,000	0	0
Wyalong to Cudgellico—further sum	56,000	0	0

Glenreagh to Dorrigo—further sum .. . . . . . . . 26,000 0 0

Cooma to Bombala—further	sum	...	. . .	. . .	...	11,000	0	0
Sydenham	to Botany—furtlier	sum...	. . .	. . .	. . .	3,000	0	0

Dubbo to Werris Creek—further sum	69,000	0	0
Condobolin to Broken Hill—further sum	160,000 0	0
Cobar to C.S.A. Mine—further sum	4,000	0	0
Henty to Billabong Creek—towards	35,000	0	0
Land Resumptions for Authorised Railways—further sum	30,000 0	0

METROPOLITAN RAILWAY CONSTRUCTION—•

City and Suburban Rai lways—Land Resumptions and Costa 100,000 0 0

TRAMWAY CONSTRUCTION—

Tramways generally—further sum ... . . . . . . . . . 27,000 0 0

RAILWAYS AND TRAMWAYS.—

Purchase of Rai lway and Tramways Stores and Materials, which cannot properly bo charged to appropriations of Parliament until actually issued for use—the amount to be carried to Special Deposits Account (Rai lway Store Advance Account)—further sum 200,000 0 0

SECRETARY FOR LANDS—MISCELLANEOUS—-

Returned Soldiers Settlement Act, No. 21,1916—Advances
to assist Settlers, and to meet other expenses incurred

under the provisions of the Act ... ... . . . 50,000 0 0

Acquisition or Resumption of Lands suitable for small

holdings for Returned Soldiers 55,000 0 0

Construction of roads re lands to he made available for

Returned Soldiers 10,000 0 0

For the subdivision and improvement of Crown or acquired
lands to he leased or otherwise disposed of to Returned

Soldiers, and for other Expenses in connection there­

with, including the Purchase of Implements, Stock, &e. 80,000 0 0

For the Purchase of Sheep for Stocking Crown Lands or

Resumed Areas for Returned Soldiers'Settlements ... Forest Vale Estate — Preparation, &c., of Farms for Share- 15,000 0 0

farmers • 15,000 0 0

For the purpose of Prickly-pear Eradication on Crown

Lands and expenses incidental thereto 10,000 0 0

Brought forward £2,124,000 0 0

HARBOURS AND R I V E R S —

Newcastle Harbour Improvements, including Wharfage,

Shipping, Dredging, and other plant—further sum ... 128,000 0 0

Port Kembla Harbour Improvements—further sum . . . 47,000 0 0

Coff's Harbour Improvements, J e t t y Extension—further

sum 32,000 0 0

Nambucca River Improvements—further	sum	...	. . .	2,000	0	0
Tweed River Improvements—further	sum...	. . .	. . .	800	0	0
Cook's River Improvements—further	sum...	. . .	. . .	2,000	0	0

W A T E R SUPPLIES—

Country Towns Water Supplies—further sum	...	. . .	65,000	0	0
Improvements Sydney Water Supply—further sum	...	80,000	0	0

Hunter District Water Supply—Amplification, further sum 65,000 0 0

SEWERAGE CONSTRUCTION—•

Metropolitan Sewerage and Stormwater Channels—further

sum 50,000 0 0

Country Towns Sewerage and Stormwater Channels—

further sum 85,000 0 0

Newcastle Sewerage—further sum... . . . . . . . . . 13,000 0 0

BRIDGES—

Bridges generally 26,500 0 0

PUBLIC BUILDINGS—

Treasury Buildings—Additions	5,000	0	0
Central Rai lway Station—Completion of Rai lway Offices—-

towards 25,000 0 0

Caves Houses and Tourist Resorts generally	...	. . .	7,000	0	0
New Store Depot at Leichhardt —further sum	.. .	. . .	3,000	0	0

INDUSTRIAL UNDERTAKINGS—

State Timber Yards and Building Workshops—further sum 1,000 0 0

State Brickworks, Botany—further sum ... . . . . . . 000 0 0

METROPOLITAN MEAT INDUSTRY BOARD—

New Public Abattoir and other Works at Homebush
Point, Meat Distributing Depot, Pig and Calf Market,

Sale Yards, M< at Export and other Works and Build­

ings, including Land Resumption and Costs ... . . . 200,000 0 0

Brought forward £2,961,000 0 0

MISCELLANEOUS—

Government Dockyard, Newcastle, Establishment	. . .	30,000	0	0
Government Dockyard, Newcastle—

To provide a Working Account, and for the purchase of Stores and Materials, which cannot properly be charged to appropriations of Parliament until actually issued for use—the amount to be carried to Special Deposits Account (Government Dockyard and New­ castle Workshops Store Advance Accounts, and to be used conjointly with that Account as a Working and Store Account 100,000 0 0

River Murray Commission—

Fart Cost of Works to be carried out under the Act . . . 85,000 0 0

Wate r A c t -

Swamp Drainage Works generally . . . ••• . . . 3,000 0 0

METROPOLITAN BOARD OF WATER SUPPLY AND SEWERAGE—

Water Supply—

General Reticulation, Improvements, &c., including

Sydney Water Supply, Amplification—further sum .. . 400,000 0 0

Sewerage—

Construction and Ventilation of Sewers generally—

further sum .. . 150,000 0 0

Miscellaneous—

Parramatta Water Supply—To recoup the Consolidated Revenue Fund of amount chargeable thereto in terms of section 16 of the Metropolitan Water and Sewerage Amendment Act, No. 13, of 1916	24,664 0 0
Purchase of Stores and Materials, which cannot properly he charged to appropriations of Parliament until actually issued for use—the amount to be carried to Special Deposits Account (Metropolitan Board of Water Supply and Sewerage Store Advance Account) —further sum	15,000 0 0

HUNTER DISTRICT WATER SUPPLY AND SEWERAGE BOARD—

Water Supply—

Extension of Reticulation ; Improvements and other

Works ; and Amplification—further sum .. . . . . 30,000 0 0

Sewerage —

Extension and Reticulation ; Improvements and other

Works—further sum 5,000 0 0

Miscellaneous—

Purchase of Stores and Materials , which cannot properly be charged to appropriations of Parliament until actually issued for use—the amount to be carried to Special Deposits Account (Hunter District Wate r Supply and Sewerage Board Store Advance Account)

— further sum ... . . . . . . . . . . . . . . . 3, 000 0 0

Brought forward £3,807,564 0 0

WATER CONSERVATION AND IRRIGATION COMMISSION—

For the construction of Burrinjuck Dam, Murrumbidgee
Canals, and Works general ly ; Murrumbidgee Irri­

gation Areas, Purchase of Stock, Assisting Settlers,

Payment of Tenant-rights, &c.. . . . . . . . . . . . 35,075 0 0

To enable the Wate r Conservation and Irrigation Com­ mission to make advances to Settlers of the Murrum­ bidgee irrigation Areas for development purposes and to provide for deferred rents and water rates—to be

subsequently repaid . . . . . . . . . . . . . . . 17,000 0 0

Shallow boring—To provide Water Supplies for Set t lers . . . 12,500 0 0

For the Erection of Canning and other Factories and Installation of Plant in connection therewith, Murrum­ bidgee Irrigation Areas 120,000 0 0

Total, Works and Services .. £3,992,139 0 0

4 . The Loans so authorised as aforesaid m a y be negotiated wholly or in part in the form of Debentures or Stock in New South Wales or in London at such t imes and for such amounts and for such periods as may be directed by the Governor.

Any Stock issued in New South W a l e s under this Act shall he styled " New South Wales Funded Stock," and shall, if sold otherwise than by tender, be pur­ chasable at the Treasury upon any lawful day.

5 .

6 . (1) The provisions of the Funded Stock Act of 1892, relat ing to the method of inscription and transfer of Stock, and the regulations under the Inscribed Stock (Issue and Renewals) Act, 1912, and the forms prescribed in the said regulations, are hereby declared to be applic­

able to, and shall be followed and used, mutat is 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 car ry ing this Act into effect; and such regulations shall be published in the Gazette and laid before Par l iament w i t h i n fourteen days of the publication thereof, if Par­ l iament be then sitting, and if Par l iament be not sitting, then within fourteen days of the commencement of the

next session thereof. 7 .

7 . Pending the issue of Debentures or Stock under the authori ty of this Act, the Governor may, by the issue of Treasury Bi l ls secured upon the Consolidated Revenue Fund, raise such sums of money not exceeding in the whole the amount of moneys authorised to be raised under this Act. Such Treasury Bi l ls shall have such currency, not exceeding five years , as the Governor may direct.

8 . The principal moneys for which such Treasury Bi l l s may be made out shall be chargeable on and payable out of the General Loan Account on the matur ing of such Bi l ls . The interest on such Treasury Bi l ls shall be chargeable on and payable out of the Consolidated Revenue Fund.

9 . The provisions of the Treasury Bi l l s Act, 1902, relating to the making out, signing, numbering, dating, and to the amounts of the Treasury Bi l l s authorised by that Act to be issued, and to the cancellation of defaced Treasury Bil ls and the issue of new Bil ls in l ieu of such Bi l l s and also of such Bil ls as are lost, burned, or other­ wise destroyed, and to the cancellation of discharged Bi l l s , shall apply to Treasury Bi l l s issued under this Act.

1 0 . Al l 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 Bi l ls sold or issued under this Act are hereby declared to be for

a l l purposes Government Secur i t ies ; and al l cor­ porations and other persons whatsoever shall have power to invest in the purchase of such Debentures, Stock, and Treasury Bi l ls 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 l iable for a breach of trust and without incurring any l iabi l i ty whatsoever, provided that such investment is in other respects reasonable and proper.

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