LOAN ACT.
| 1 . This Act may be cited as the "Loan Act, 1923." |
Act No. 22, 1923.
, An Act to authorise the raising of a Loan for Public Works and Services ; and for other purposes. [Assented to, 5th December, 1923.J
lative Council and Legislative Assembly of Nov/ 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 :—
| 2. | I n th is A c t | t he expression | " L o a n | S e r v i c e " | has |
| t he | m e a n i n g | given | to it | in | t he | Aud i t | Act , | 1 9 0 2 ; |
| " T r e a s u r e r " | means | t h e | Colonial | Treasurer | for | t he |
| t i m e be ing ; and | " S t o c k " | means | Inscr ibed or [Funded |
| Stock. |
The Governor may , by t he issue of Deben tu re s or Stock, secured upon the Consolidated R e v e n u e F u n d , raise such sums of money , no t exceeding in t h e whole t h e a m o u n t of Ten mil l ions e ight h u n d r e d and sixty-
3.
| th ree t housand three; h u n d r e d | and fifty | pounds , as | are |
| respect ively set aga ins t t he following Pub l i c | Works |
| a n d | Services, t h a t is to say : — |
HOSPITALS—
.Subsidised Hospitals—New Buildings, Improvements, and
RESUMED PROPERTIES DEPARTMENT—•
Improvement of Observatory Hill Resumed Area, Erection
| of Shops, Dwellings, &c. | 16,000 0 0 |
GOVERNMENT STORES DEPARTMENT—
| Towards cost of New Building—further sum | 23.000 0 0 |
SYDNEY HARBOUR TRUST—
Towards construction of Works generally, and for the
| improvement of the Port | 173.0C0 0 0 |
RAILWAYS—
Rolling-stock, to meet additional Traffic requirements,
including Equipment of New Lines; Additions to
Railway Lines, Stations, Buildings, and for other pur
| poses ; and towards Equipment of Refreshment Rooms Duplication of Lines... | 882,900 0 0 |
| 146,400 0 0 |
| Flemington to Belmore, and Wardell-road to Glebe Island, and Rozelle Bay to Darling Island Railways,including the remodelling of Darling Harbour Lines | 57,000 0 0 |
| Electrification of Railway Lines | 1,440,800 0 0 |
| State Colliery, Lithgow—Development of ... | 68,900 0 0 |
TRAMWAYS—
Additions to Lines, Workshops, Buildings, Rolling-stock,
| &c. | ... | ... | ... | ... | ... | ... | ... | 544,000 0 0 |
| Electrification of Newcastle Tramways | 178,800 0 0 |
| Carried forward | £3,780,800 0 0 |
| Brought forward | £3,780,800 0 0 |
RAILWAY CONSTRUCTION—
| North Coast Railway—further sum | 77,700 0 0 |
| Glenreagh to Dorrigo—further sum | 216,400 0 0 |
| Dubbo to Werris Creek—further sum | 103,900 0 0 |
| Molong to Dubbo—further sum | 230,400 0 0 |
| Sydenham to Botany—further sum... | 51,100 0 0 |
| Westmead to Castle Hill-Dural—further sum | 14,300 0 0 |
| Regent's Park to Cabramatta—further sum | 119,100 0 0 |
| Tarana to Oberon—further sum | 24,200 0 0 |
| Roslyn to Taralga—further sum | 13,000 0 0 |
| Booyong to Ballina—further sum ... | 10,000 0 0 |
| The Rock to Pulletop—further sum | 48,000 0 0 |
| Condobolin to Broken Hill—further sum ... | 125,700 0 0 |
| Coonabarabran to Burren Junction—further sum... | 9,900 0 0 |
| Gilmore to Batlow—further sum | 15,500 0 0 |
| City Electric Railway—further sum | 276,800 0 0 |
CLOSER SETTLEMENT—
For redemption of Closer Settlement Debentures (amount
| to be carried to the Closer Settlement Account) | 600,000 | 0 0 |
SECRETARY FOR LANDS—MISCELLANEOUS—
| To provide Compensation for Acquisition of Scrub, Im provement, and 18th Section Leases, for settlement purposes generally | 100,000 0 0 |
BRIDGES—
| Sydney Harbour Bridge—further sum | 10,000 0 0 |
| Bridges generally | 42,300 0 0 |
| Punts and Ferries | 2,210 0 0 |
HARROURS AND RIVERS—
| Newcastle Harbour Improvements, including Wharfage, |
| Shipping. Dredging, and other Plant—further sum ... | 50,050 0 0 |
| Port Kembla Harbour Improvements—further sum | 12,400 0 0 |
| Coff's Harbour Improvements, Jet ty Extension, &c.— |
| Manning River Improvements—further sum | 8,800 0 0 |
| Tweed River Improvements... | 1,700 0 0 |
| New Dredging Plant — further sum... | 40,000 0 0 |
WATER SUPPLIES—
| Country Towns Water Supplies—further sum | 98,590 0 0 |
| Improvements, Sydney Water Supply—further sum | 309,700 0 0 |
| Hunter District Water Supply—Amplification—further sum | 480,450 0 0 |
| Carried forward | £6,904,900 | 0 0 |
| Brought | forward | £6 ,904 ,900 | 0 | 0 |
SEWERAGE CONSTRUCTION—
| Metropol i tan | Sewerage and | S to rmwate r | Channe l s—fur ther |
Coun t ry Towns Sewerage and .Stormwater Channe l s—
| fur ther | sum | .. . | . . . | . . . | . . . | . . . | . . . | (5,550 | 0 | 0 |
| Newcast le | Sewerage—Improvement s—fur the r | sum | . . . | 7,350 | 0 | 0 |
| P U H L I C | B U I L D I N G S — |
| Dar l inghurs t | Cour t -house—Addi t iona l | Accommodat ion | for |
| Federal | H i g h | Cour t—fur the r | sum | 4,250 | 0 | 0 |
| Caves Houses and Touris t | Resor ts—fur ther | sum | . . . | . . . | 7,000 | 0 | 0 |
| Menta l | Hosp i t a l s—New | Buildings, | Improvements , | and |
| S t a t e Hospi ta ls and | Asylums, including Coast | Hospi ta l — |
| New | Buildings, Improvement s , and | Addi t ions | . . . | 30,000 | 0 | 0 |
M I S C E L L A N E O U S —
| Rive r | M u r r a y | Commiss ion—Par t | cost | of | W o r k s to | be |
| carr ied | out | under | t h e | A c t — f u r t h e r | sum | . . . | . . . | 330,400 | 0 | 0 |
| Electr ic | Transmiss ion—Line | to | serve Cent ra l | J l l awar ra |
| towns, Dapfco, &c | 3,000 | 0 | 0 |
Border Ra i lways—Pre l imina ry Expenses and Cost of
| Acquisit ion | of L a n d | for | construct ion | purposes | . . . | 1,000 | 0 | 0 |
| METROPOLITAN | BOARD | or | W A T E B | S U P P L Y | AND | S E W E R A G E — |
| General | Ret icula t ion , | Improvements , | i t c , | including |
| Sydney W a t e r | Supply | Amplif icat ion—further | sum | 590,950 | 0 | 0 |
Sewerage—
| Construct ion | and | Venti la t ion of | Sewers | general ly— |
| fur ther | sum | ' | . . . | " . . . | 221,150 | 0 | 0 |
| H U N T E R | DISTRICT | W A T E R | S U P P L Y | AND | SEWERAGE | B O A R D — |
| W a t e r | Supply— |
| Amplification, Extens ion of Ret icula t ion, | Improvements , |
| and | other | W o r k s — f u r t h e r | sum | 41,500 | 0 | 0 |
Sewerage—
| Stormwater | D r a i n a g e - f u r t h e r | sum | .. . | ... | . . . | 2,000 | 0 | 0 |
| INDUSTRIAL | U N D E R T A K I N G S — |
Sta l e Saw-mills, Craven and Glouces te r—Plant , Machi
| nery, Ac.—further sum | 3,000 | 0 | 0 |
| P U U 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 Bui ldings , Teachers ' Residences and Other Buildings,
| School and Residence Sites | . . . | 500,000 | 0 | 0 |
| SECRETARY | FOR | M I N E S — M I S C E L L A N E O U S — |
Towards providing a W a t e r Supply Scheme for mining
| purposes | a t | Tingha | . . . | . . . | . . . | . . . | . . . | 7,000 | 0 | 0 |
| Carr ied | forward | . . . | . . . | £8 ,922 ,700 | 0 | 0 |
| B r o u g h t | forward | £8 ,922 ,700 | 0 | 0 |
| LOCAL | G O V E R N M E N T — M I S C E L L A N E O U S — |
| Towards Const ruct ion and Recons t ruc t ion | of | Ma in , De |
| velopmental , and | Ar te r ia l | Roads | 1,000,000 | 0 | 0 |
| D E P A R T M E N T | OP | A G R I C U L T U R E — M I S C E L L A N E O U S — |
| F o r | promotion | of | Agr i cu l tu re , | Agr icu l tu ra l | Colleges, |
| E x p e r i m e n t | F a r m s , | &c.—further | sum. . . | . . . | . . . | 7,000 | 0 | 0 |
| Gra in E leva to r s—Towards Construct ion | of | Coun t ry | Grain |
| Silos and | pe rmanen t | W o r k i n g | Houses—fur the r | sum | 139,250 | 0 | 0 |
| H a w k e s b u r y | Agr icu l tu ra l | Col lege—New | Chemical | Labora |
| to ry—fur the r | sum | . . . | " | 5,000 | 0 | 0 |
| H a w k e s b u r y | Agr icu l tu ra l | Col lege—Towards | cost | of |
Transmission Line for Electr ic Supply to Windsor
| Munic ipal | Council | 2,100 | 0 | 0 |
| Glenfield | Ve t e r i na ry | Research | S ta t ion—Bui ld ings , | &c.— |
| fur ther | sum | 4,000 | 0 | 0 |
Relief to necessitous Fa rmers and Graz iers—To provide a
W o r k i n g Capital for Relief. ( A m o u n t to be carried
to Special Deposits Account " Relief to Necessitous
| Farmers | and | Graz i e r s—Work ing | Capi ta l | A c c o u n t " ) | 100,000 | 0 | 0 |
W A T E R CONSERVATION AND IRRIGATION COMMISSION—
| F o r | t h e | construct ion of | Burr in juck | D a m , Mur rumbidgee |
| Cana ls , | a n d | W o r k s | generally ; | Mur rumbidgee | I r r i |
| gat ion Areas , Purchase of | Stock, Assis t ing | Set t le rs , |
| P a y m e n t | of | Tenant - r ights , ifcc.—further | sum . . . | . . . | 178,000 | 0 | 0 |
| Shallow bor ing—To | provide | W a t e r | Supplies for | Se t t l e r s— |
| fur ther | sum | -41,000 | 0 | 0 |
F o r t he Erect ion of Canning and other Factor ies and
| Ins ta l l a t ion | of P l a n t | in connection therewi th , | Mur rum |
| bidgee | I r r iga t ion | Areas—fur the r | sum | . . . | . . . | 3,500 | 0 | 0 |
| R e t u r n e d | Soldiers ' Se t t l ement—To | provide | for | Se t t l ement |
of Discharged Soldiers on I r r iga t ion Fa rms and to
| assist them in the development thereof—further sum | 405,000 | 0 | 0 |
| To enable the W a t e r Conservat ion and | I r r iga t ion | Commis |
sion to make Advances to Set t lers on t he Mur rum bidgee I r r iga t ion Areas for development purposes, and to provide for deferred ren ts and wa te r r a t e s—to be
| subsequent ly | repa id—fur ther | sum | . . . | . . . | . . . | 9,000 | 0 | 0 |
| W o r k s | unde r | W a t e r | Ac t , | N o . 44, | 1912—fur ther | sum | . . . | 34,000 | 0 | 0 |
| Extens ion | of | W e n t w o r t h | I r r iga t ion | Area , | including |
| addi t ional | P u m p i n g | P l a n t — f u r t h e r | sum | . . . | . . . | 3,000 | 0 | 0 |
| To provide for the Se t t lement on I r r iga t ion Areas of | Miners |
| from Broken Hil l | fur ther sum | 9,500 | 0 | 0 |
Total, Works and Services .. £10,863,350 0 0
4. (1) The Loans so author ised as aforesaid m a y be negot ia ted whol ly or in pa r t in t he form of Deben tu res or Stock in N e w Sou th Wales or in London a t such t i m e s and for such a m o u n t s and for such periods as may be directed by t h e Governor .
| (2) | N o t w i t h s t a n d i n g | the provisions | of | any | other |
Ac t , t he loans so author ised m a y be raised a t a ra te of in te res t exceeding four pounds per c e n t u m per a n n u m .
| 5. | A n y Stock issued in New Sou th W a l e s u n d e r | th i s |
| A c t shall*be s tyled " N e w South Wales F u n d e d a n d shall , if sold otherwise t h a n by tender , be | Stock, ' : |
pur
chasable a t t h e Treasury upon any lawful day.
| (1) The provisions of t he F u n d e d Stock A c t of 1892, re la t ing to t he me thod of | inscr ip t ion and | t ransfer |
6.
of Stock, and the regu la t ions u n d e r t h e Inscr ibed Stock ( Issue and Renewals) Act , 1912, and t h e forms prescribed in t h e said regula t ions , are hereby declared to be applic able to , and shal l be followed and used, m u t a t i s m u t a n d i s , in connect ion wi th Stock issued wi th in
| N e w | South | W a l e s | unde r | th i s | A c t . |
| (2) I n respect of any Stock issued in London u n d e r t h e provisions of th is Act , the Governor | may |
m a k e regula t ions , n o t be ing inconsis tent wi th t he pro visions of t h e Inscr ibed Stock Act , 1902, for ca r ry ing th is A c t in to effect ; and such regula t ions shall be publ i shed in t he Gazet te and laid before Parl iament; w i th in fourteen days of t h e publ icat ion thereof, if Par l i amen t be t hen s i t t ing, and if P a r l i a m e n t be not s i t t ing,
| t h e n | wi th in | four teen | days of | the | c o m m e n c e m e n t | of | t he |
| 7. | P e n d i n g t h e issue of Deben tu re s | or Stock under |
t h e a u t h o r i t y of th is Act , t h e Governor may , by t he issue of Treasury Bills secured u p o n t h e Consolidated R e v e n u e F u n d , raise such sums of money n o t exceeding' in t h e whole t he a m o u n t of moneys authorised to be raised u n d e r this Act . Such Treasury Bills shall have such currency, no t exceeding five years , as the Governor
8. T h e pr incipal moneys for which such Treasury
Bi l ls may be made out shall be chargeable on and
payab le out of the Genera l Loan Accoun t on the
m a t u r i n g
m a t u r i n g of such Bills. The in te res t on such Treasury Bills shall he chargeable on a n d payable out of t h e
| Consolidated | R e v e n u e | F u n d . |
9. The provisions of t he Treasury Bil ls Act , 1902, and the Treasury Bills and Deben tu res (Signatures) Act , 1920, r e la t ing to t h e m a k i n g out , s igning , n u m b e r i n g , da t ing , and to t he a m o u n t s of t h e Treasury Bills au thor i sed to be issued, and to t he cancel la t ion of defaced Treasury Bills and t h e issue of new Bills in l ieu of such Bills and also of such Bills as are lost, bu rned , or otherwise destroyed, and to t h e cancel la t ion of discharged Bil ls , shal l app ly to Treasury Bil ls issued
| 10. | A l l moneys borrowed u n d e r | th is | A c t shall | be |
paid to t he Treasurer , and shal l be by h im carr ied to and form p a r t of the Genera l L o a n Accoun t , a n d be appropr ia ted and applied, as required, to t h e works and services hereinbefore specified, or to any o the r du ly au thor ised Loan Service, in t e r m s of the A u d i t Ac t , 1902.
| 1 1 . | Deben tu re s , | Stock, or Treasury Bills sold or |
| issued u n d e r th i s A c t are he reby declared to be | for |
| al l | purposes | Gove rnmen t | Secu r i t i e s ; | and | all | cor |
| pora t ions and other persons whatsoever | shal l have |
power to inves t in t h e purchase of such D e b e n t u r e s , Stock, and Treasury Bills any proper ty held by t h e m , w h e t h e r as t rus tees or o therwise , which t h e y are no t
| expressly forbidden | to inves t in | G o v e r n m e n t | Stock | or |
| Securi t ies , w i t h o u t | on | t h a t | accoun t | be ing | l iable | for | a |
| breach | of | t r u s t | a n d | w i t h o u t | i n c u r r i n g | any | l iabi l i ty |
| whatsoever , provided t h a t | such i nves tmen t is in | o the r |
respects reasonable and proper .
G E O R G E ' S