LOAN ACT.
| 1 . This Act may he cited as the "Loan Act, 1924." |
Act No. 22, 1924.
| An Act to au thor i se t h e rais ing of a Loan for | Pub l i c |
| "Works and Serv ices ; and for o the r | purposes . |
| [Assented | to , | 4 th | N o v e m b e r , | U)24.j |
T ) E it enacted by the Kind's Most Excellent Majesty, jl ) by and •with the advice and consent of the Legis- lative Council and Legislative Assembly of Now South. Wales in Parliament assembled, and by the authority of the same, as follows :—
2 . In this Act the expression "Loan Service" has the meaning given to it in the Audit Act, 1902; " Treasurer" means the Colonial Treasurer for the time being ; and " Stock " means Inscrihed or Funded Stock.
3 . The Governor may, by the issue of Debentures or Stock, secured upon the Consolidated Revenue Fund, raise such sums of monev, not exceeding in the whole the amount of Eight millions seven hundred thousand pounds, as are respectively set against the following Public Works and Services, that is to say :—
H O S P I T A L S —
| Subsidised | Hosp i t a l s—New | Buildings, Improvements , and |
| Addi t ions | £100 ,000 | 0 | 0 |
| GOVERNMENT. | STORES | D E P A R T M E N T — |
| Towards cost of New Bui ld ing—fur ther | sum | .. . | .. | 1,000 | 0 | 0 |
| SYDNEY | H A H B O U R | TRUST—- |
| Towards construct ion of W o r k s general ly, and for | the |
| improvement of the Po r t | 315,000 | 0 | 0 |
R A I L W A Y S —
| Rolling-stock, including Equ ipmen t of New L i n e s ; Addi t ions to | to | meet addi t ional | Traffic | requirements , |
Rai lway Lines, S ta t ions , Buildings, and for other pur
| poses ; and towards Equ ipmen t of Ref reshment Rooms | 1,000,000 | 0 | 0 |
| Duplication of Lines | 389,000 | 0 | 0 |
| Flemington to Belmore, and Wardell-road to Glebe Is land, and Rozelle Bay to Dar l ing Island | Rai lways , inc luding |
| the | remodell ing | of | Dar l ing | H a r b o u r | Lines | . . . | . . . | 16,000 | 0 | 0 |
| Electrification of Rai lway Lines | 400,000 | 0 | 0 |
| S ta te | Colliery, | L i thgow— Development | of | . . . | 84,000 | 0 | 0 |
T R A M W A Y S —
Addi t ions to Lines, Workshops , Buildings, Roll ing stock
| &c | 300,000 | 0 | 0 |
| Electrification of Newcast le Tramways | 85,000 | 0 | 0 |
| Carr ied | forward | £2 ,690 ,000 | 0 | 0 |
H
| Brough t | forward | £2 ,690 ,000 | 0 | 0 |
| R A I L W A Y | CONSTRUCTION— |
| Glenreagh | to | Dorrigo—further | sum | . . . | . . . | . . . | 136,000 | 0 | 0 |
| D u b b o | to W e r r i s | Creek—fur the r | sum | 15,000 | 0 | 0 |
| Molong to Dubbo—fur the r | sum | 200,000 | 0 | 0 |
| Sydenham | to | B o t a n y — f u r t h e r | sum. . . | . . . | ... | ... | 77,000 | 0 | 0 |
| Wes tmead | to | Castle | H i l l - D u r a l — f u r t h e r | sum | 3,000 | 0 | 0 |
| Canowindra | to | Eugowra—fur the r | sum | .. . | ... | . . . | 7,200 | 0 | 0 |
| Regent ' s | P a r k | to | Cabrama t t a—fur the r | sum | 30,000 | 0 | 0 |
| Eos lyn | to | Ta ra lga—fur the r | sum | .. . | . . . | . . . | . . . | 45,000 | 0 | 0 |
| The Rock to Pu l le top—fur ther | sum | 75,000 | 0 | 0 |
| Richmond | to | Kur r a jong—fur the r | sum | .. . | . . . | . . . | 35,000 | 0 | 0 |
| Condobolin to Broken Hi l l—fur the r | sum | 183,000 | 0 | 0 |
| Gilmore | to | Ba t low—fur the r | sum | .. . | . . . | . . . | ... | 8,000 | 0 | 0 |
| Ungar ie to Monia Gap | 20,000 | 0 | 0 |
| W y a l o n g | towards | Condobolin | 20,000 | 0 | 0 |
| Camur ra to Boggabilla | 20,000 | 0 | 0 |
| Regent ' s | P a r k | to | Banks town | .. . | 20,000 | 0 | 0 |
| U r a n q u i n t y | to | Moon's | Siding | . . . | 20,000 | 0 | 0 |
| Grafton to South Graf ton | 30,000 | 0 | 0 |
| Ci ty Electr ic | Ra i lway—fur the r | sum | 490,000 | 0 | 0 |
| L a n d Resumpt ions and Costs, Ci ty and Suburban | Rai l |
| ways and | Rai lways | general ly | ... | . . . | ... | . . . | 105,000 | 0 | 0 |
TRAMWAY CONSTRUCTION
| Tramways generally | 22,000 | 0 | 0 |
B R I D G E S —
| Sydney | H a r b o u r | Br idge—fur ther | sum | .. . | . . . | . . . | 115,000 | 0 | 0 |
| Bridges general ly | .. | 47,100 | 0 | 0 |
| H \ R B O U R S | AND | R lVBRS— |
| Newcast le | H a r b o u r | Improvements , | including | W h a r f a g e , |
| Shipping, | Dredging, | and | other | P l a n t — f u r t h e r | sum | . . . | 44,400 | 0 | 0 |
| P o r t | K e m b l a | H a r b o u r | Improvemen t s—fur the r | sum | . . . | 22,400 | 0 | 0 |
| CofFs | H a r b o u r | Improvements , | J e t t y | Extens ion , | &c.— |
| fur ther | sum | 33,800 | 0 | 0 |
| M a n n i n g | Rive r | Improvements—fur the r | sum | .. . | . . . | 9,700 | 0 | 0 |
| New | Dredging | P l a n t — f u r t h e r | sum | 30,000 | 0 | 0 |
| W a g o n g a | Rive r | Improvemen t s—fur the r | sum | ... | . . . | 500 | 0 | 0 |
| W A T K R | S U P P L I E S — |
| Count ry | Towns | W a t e r | Suppl ies—further | sum | . . . | . . . | 120,500 | 0 | 0 |
| Improvements , Sydney | W a t e r | Supp ly—fur the r | sum | .. . | 377,500 | 0 | 0 |
| H u n t e r | Dis t r ic t W a t e r | Supply—Amplification—further | sum | 200,000 | 0 | 0 |
| SEWERAGE | C O N S T R U C T I O N — |
| Metropol i tan | Sewerage and | S to rmwate r | Channe l s—fur ther |
| Count ry Towns Sewerage | and S to rmwate r | Channe l s— |
| fur ther | sum | ... | 11,800 | 0 | 0 |
| Newcast le | Sewerage—Improvemen t s—fur the r | sum | . . . | 2,300 | 0 | 0 |
| Carr ied | forward | £5 ,436 ,200 | 0 | 0 |
| Brought forward | £5,43(>,200 | 0 | 0 |
| Puni . ic | B U I L D I N G S — |
| Nat iona l Library | -Completion of New Building . . . | . . . | 50.000 | 0 | 0 |
E L E C T R I C A L —
| Hydro-Electr ic Schemes—fur ther sum | 13,00(1 | 0 | 0 |
| P o r t | K e m b l a | Power | S t a t i on—Addi t iona l | P lan t | 10,000 | 0 | 0 |
M I S C E L L A N E O U S —
I l iver Murray Commission—Part , cost of W o r k s to be
| carr ied | ou t | u n d e r | t h e | A c t — f u r t h e r | sum | 6O,000 | 0 | 0 |
Advance to provide n Work ing Account for the purpose of
car ry ing out W o r k s anil Services (Amoun t to be carried
to .Special Deposits Account — Depar tment of Publ ic
| W o r k s — W o r k i n g | Account) | 10,000 | 0 | 0 |
| Advance to provide Working Account for | June | W a t e r |
Supply (Amount to be carried to Special Deposits
| A c c o u n t — J u n e e | W a t e r | S u p p l y — W o r k i n g | Account ) | 5,000 | 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 | Ret icula t ion, | Improvements , | &c., | including |
| Sydney W a t e r | Supply Amplif icat ion—further | sum | 939.700 | 0 | 0 |
Sewerage—
| Construct ion | and | Vent i la t ion | of | S e w e r s | general ly— |
| further | sum | .. . | . . . | 299,500 | 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 Bet icula t ion, | Improvements , |
| and o ther Works—fur the r | sum | 80,100 | 0 | 0 |
Sewerage—
Extension and Bet icula t ion —Improvements and o ther
| W o r k s | - fu r the r | sum | 20,100 | 0 | 0 |
| Stormwate r | Dra inage —further | sum | ... | ... | . . . | 8,000 | 0 | 0 |
| 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 ( ) ther I iuildings, School and Residence Sites | 118,000 | 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 | T ingha—fur the r | sum | . . . | . . . | . . . | 7,800 | 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 Construct ion and Reconstruct ion of Main , De
| velopmental , a n d Ar te r ia l | Roads | or paymen t of Sub |
| sidies to M a i n Roads Board | ' | 230,000 | 0 | 0 |
| Carried | forward | £7 ,294,000 | 0 | 0 |
| Brough t | forward | £7 ,294 ,000 | 0 | 0 |
| D E P A R T M E N T | OF | A G R I C U L T U R E — M I S C E L L A N E O U S — |
| For | promotion | of | Agr icu l tu re , | Agr icu l tura l | Colleges, |
| Expe r imen t Fa rms , Arc, including purchase of | Laud , |
| Buildings, &c.—further | sum | 9,000 | 0 | 0 |
Grain E leva to rs—Towards Construct ion of Count ry Grain
| Silos and | pe rmanen t | W o r k i n g | Houses—fur ther | sum | 120,000 | 0 | 0 |
| Glenfield | Ve te r ina ry | Research | S ta t ion—Bui ld ings | and |
| Improvemen t s , | Arc.—further | sum | ... | . . . | . . . | 2,000 | 0 | 0 |
Relief to necessitous Fa rmers and Graziers—To provide a W o r k i n g Capital for Rel ief—further sum. ( 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 | Account .") | 93,000 | 0 | 0 |
| W A T E R | CONSERVATION AND IRRIGATION COMMISSION— |
| For | t h e construct ion of | Burr in juck | D a m , Murrumbidgee |
Canals , a n d W o r k s gene ra l ly ; Mur rumbidgee I r r i gation Areas , Purchase of Stock, Assist ing Set t le rs ,
| P a y m e n t | of | Tenant- r ights , Arc.—further | sum ... | . . . | 77,720 | 0 | 0 |
| Shallow bor ing—To | provide | W a t e r | Supplies for | Se t t l e r s— |
| fur ther | sum | 52,700 | 0 | 0 |
For 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 , | Murrum |
| bidgee | I r r iga t ion | Areas—fur the r | sum | . . . | . . . | 1,500 | 0 | 0 |
| R e t u r n e d | Soldiers ' Se t t l ement—To | provide | for | Se t t lement |
| of Discharged Soldiers on I r r iga t ion | Fa rms and to |
| assist them in the development thereof—further | sum. . . | 312,470 | 0 | 0 |
| R e t u r n e d | Soldiers' | Se t t l ement—To | make | advances | to |
Discharged Soldier Set t lers on the Murrumbidgee I r r iga t ion Area to enable them to purchase shares in
| Set t lers ' | Coopera t ive | Societies | 10,000 | 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 Murrum bidgee I r r iga t ion Areas for development purposes, and to provide for deferred ren ts and wate r r a t e s—to be
| subsequent ly | repa id—fur ther | sum | ... | . . . | . . . | 7,100 | 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 | ... | . . . | 2,110 | 0 | 0 |
| To provide for the Se t t l ement on I r r iga t ion Areas of | Miners |
| from To provide for Assets taken over from the Murrumbidgee | Broken Hi l l—fur the r | sum | 3,100 | 0 | 0 |
| i r r igat ion | Area | Co-operative | Society (in | l iquidat ion) | 13,000 | 0 | 0 |
M I G R A T I O N —
For purpose of Land Development anil Land Se t t l ement in
| connection | wi th | migrat ion | .. . | . . . | . . . | . . . | 500,000 | 0 | 0 |
| River M u r r a y L a n d Se t t l ement—Cost | of | works | generally |
| in connection | wi th | development | . . . | . . . | . . | 74,640 | 0 | 0 |
| Developmenta l | work, | Mur rumbidgee | I r r iga t ion | Areas | . . . | 125,360 | 0 | 0 |
| Total, Works and Services .. | £8,700,000 0 0 |
4 . (1) The Loans so authorised as aforesaid may be negotiated wholly or in part in the form of Debentures or 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.
(2) Notwithstanding the provisions of any other
Act, the loans so authorised may be raised at a rate of
interest exceeding four pounds per centum per annum.
5 . Any Stock issued in New South walcs under this Act shall he styled " New South Wales Funded Stock," and shall, if sold otherwise than by tender, he 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 prescribed in the said regulations, are hereby declared to be applic able 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 . Pending the issue of Debentures or Stock under the authority of this Act, the Governor may, by the issue of Treasury Pills secured upon the Consolidated Revenue Fund, raise such sums of money not execeding in the whole the amount of moneys authorised to lie raised under this Act. Such Treasury Bills shall have such currency, not exceeding five years, as the Governor |
| n. | ay 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
maturing of such Biils. The interest on such Treasury Bills shall be chargeable on and payable out of the Consolidated Revenue Fund.
9 . The provisions of the Treasury Bills Act, 1902, and the Treasury Bills and Debentures (Signatures) Act, 1920, relating to the making out, signing, numbering, dating, and to the amounts of the Treasury Bills authorised to be issued, and to the cancellation of defaced Treasury Bills and tin.' issue of new Bills in lieu of such Bills and also of such Bills as are lost, burned, or otherwise; destroyed, and to the cancellation of discharged Bills, shall apply to Treasury Bills issued under this Act.
1 0 . 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 lulls 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
| respects reasonable and proper. | whatsoever, provided that such investment is in other | SYDNEY |