Loan Act 1925 (NSW)

LOAN ACT.

Act No. 22, 1925.

An Act to au thor i se t h e rais ing of a Loan for Public

W o r k s and Services ; and for o the r purposes..

[Assented to , 24 t h December , 1925.]

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, 1925." 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 " Stock " 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 Eleven millions two hundred and fifty- five thousand one hundred and ninety pounds, as are respectively set against the following Public Works and Services, that is to say : —

NAVIGATION—

Construction of now Pilot Steamer to replace the " Ajax " £40,000 0 0

SYDNEY HARBOUR TRUST—

Towards construct ion of Works generally, and for the improvement of the Port 350,000 0 0

RAILWAYS—

Carried forward £5,294,000 0 0

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 2,214,000 0 0

Duplication of Lines	179,000 0 0
Electrification of Railway Lines	2,022,000 0 0
State Colliery, Lithgow—Development of	139,000 0 0

TRAMWAY'S—

Additions to Lines, Workshops, Buildings, Rolling stock,

Arc 199,000 0 0

Electrification of Newcastle Tramways ... ... ... 116,000 0 0

Electrification of Kogarah to Sans Souci and Anicliffe to Bexley Tramways 35,000 0 0

Brought forward £5,294,000 0 0

RAILWAY CONSTRUCTION—

Glenreagh to Dorrigo—further sum	...	...	...	33,200	0	0
Dubbo to Werris Creek—further sum	...	....	...	4,200	0	0

Molong to Dubbo—further sum 80,900 0 0

Booyong to Ballina—further sum ... ... ... ... 95,000 0 0

Westmead to Castle Hill-Dural—further sum 4,700 0 0

Regent's Park to Cabramatta—further sum ... ... 3,300 0 0

Roslyn to Taralga—further sum ... ... ... ... 64,000 0 0

Richmond to Kurraiong—further sum ... ... ... 43,000 0 0

Condobolin to Broken Hill—further sum 267,000 0 0

Ungarie to Monia Gap—further sum	...	...	...	32,000	0	0
Camurra to Boggabilla—further sum	...	...	...	24,000	0	0
Regent's Park to Bankstown—further sum	...	...	65,000	0 0
Uranquinty to Moon's Siding—further sum	...	...	21,000	0	0

Grafton to South Grafton—further sum 3,000 0 0

City Electric Railway—further sum ... 550,000 0 0

City and Suburban Railways and Railways generally, Land Resumptions and Costs ... ... ... ... 46,000 0 0

CLOSER SETTLEMENT—-

To provide for the Acquisition of Land for purposes of Closer Settlement and Contingent Expenses, the whole of the amount to be carried to the Closer Settlement Account and expended in accordance with the provisions of section 7 (1) of Act No. 9, 1906 250,000 0 0

SECRETARY FOR LANDS—MISCELLANEOUS—

To provide for a working capital for Purchase of Wire Netting, .Material, &c, in terms of section 30 of the

Pastures Protection Act, No. 35, 1912—the amount

to be carried to Special Deposits Account (Wire

Netting Working Capital Account)—further sum ... Compensation for Resumption of Western Division Leases	30,000 0 0
for Settlement generally	100,000 0 0

BRIDGES—

Sydney Harbour Bridge—further sum ... ... ... 468,100 0 0

Bridges generally—further sum ... ... ... ... 52,800 0 0

HARBOURS AND RIVERS—

Newcastle Harbour Improvements, including Wharfage, Shipping, Dredging, and other Plant—further sum ... 81,500 0 0

Port Kembla Harbour Improvements—further sum ... 41,100 0 0

Coff's Harbour Improvements, Jet ty Extension, Ac.—

further sum " 29,8110 0 0

Manning River Improvements—further sum	...	...	4,40(1 0 0
New Dredging Plant—further sum	57,100 0 0
Byron Bay, New Jetty—further sum	40,300 0 0

Cape Hawke Harbour Improvements ... ... ... 3,000 0 0

Carried forward	£7,791,400 0 0
Brought forward	£7,791,400 0 0

WATER SUPPLIES—

Country Towns Water Supplies—further sura ... ... 140,300 0 0

Improvements, Sydney Water Supply—further sum ... 412,700 0 0

Hunter District Water Supply—Amplification—further sum 137,700 0 0

SEWERAGE CONSTRUCTION—

Metropolitan Sewerage and Stormwater Channels—further

sum 409,200 0 0

Country Towns Sewerage and Stormwater Channels—

further sum 20,800 0 0

Newcastle Sewerage and Stormwater Channels—further

sum ... 5,300 0 0

PUBLIC BUILDINGS—

Mental Hospitals—New Buildings, Improvements, and Additions—further sum	87,509 0 0
State Hospitals and Asylums, including Coast Hospital— New Buildings, Improvements, and Additions— further sum	3,200 0 0

ELECTRICAL—

Hydro-Electric Schemes—further sum ... ... ... 85,500 0 0

Port Kembla Power Station—Additional Buildings and Plant—further sum	...	25,700 0 0
Electric Transmission—Line from Kiama to Nowra	...	17,700 0 0

PUBLIC WORKS—MISCELLANEOUS—

River Murray Commission—Part cost of Works to be carried out under the Act—further sum ... ... 314,100 0 0

Border Railways—Preliminary Survey Expenses and Acquisition of Land for Construction Purposes— further sum 2,100 0 0

GOVERNMENT DOCKYARD, NEWCASTLE—

Establishment—further sum 11,900 0 0

HUNTER DISTRICT WATER SUPPLY AND SEWERAGE BOARD—

Water Supply—

Amplification, Extension of Reticulation, Improvements

and other Works—further sum 160,400 0 0

Sewerage—

Extension and Reticulation—Improvements and other

Works— further sum 13,300 0 0

Stormwater Drainage - further sum ... .... ... 2,000 0 0

Miscellaneous—

To provide for purchase of Stores and Materials, the cost of 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 Water Supply and Sewerage Board Store Advance Account) 5,0C0 0 0

Carried forward £9,675,800 0 0

Brought forward £9,675,800 0 0

PUBLIC INSTRUCTION—MISCELLANEOUS—

School Buildings, Teachers' Residences and Other Buildings, School and Residence Sites 700,000 0 C

MAIN ROADS BOARD—

For Construction and Reconstruction of Main Roads—

Subsidies—

County of Cumberland Main Roads Fund	...	42,140 0 0
Country Main Roads Fund	300,000 0 0

DEPARTMENT OP AGRICULTURE—MISCELLANEOUS—

For promotion of Agriculture, Agricultural Colleges, Experiment Farms, &c., including purchase of Land, Buildings, &c.—further sum	15,500 0 0
Grain Elevators—Towards Construction of Country Grain Silos and permanent Working Houses—further sum...	41,320 0 0

Glenfield Veterinary Research Station—Buildings and Improvements, &c.—further sum ... ... ... 2,130 0 0

Hawkesbury Agricultural College —New Chemical Labora­ tories—further sum	10,000 0 0
Hawkesbury Agricultural College—Erection of Memorial
Hail	4,500 0 0

WATER CONSERVATION AND IRRIGATION COMMISSION—

To provide for the Construction of Burrinjuck Dam Developmental Works, including Factories, Plant, and

Subsidiary Works ; payment of tenant rights ; deferred
rents and water rates, Murrumbidgee Irrigation Areas,

and Advances to individual Settlers, or Organisations of Settlers (to be subsequently repaid), on Irrigation Areas generally—further sum... ... ... ... 208,700 0 0

Shallow boring—To provide Water Supplies for Settlers—

further sum 48,700 0 0

Returned Soldiers' Settlement—To provide for Settlement of Discharged Soldiers on Irrigation Farms and to

assist them in the development thereof—further sum... Works under the Water Act, No. 4 4 , 1912—further sum	137,000	0	0
39,000	0	0

River Murray Lands Settlement—Cost of Works generally in connection with development—further sum	...	25,400 0 0
Water Conservation Works generally	5,000 0 0

Total, Works and Services .. £11,255,190 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 Wales 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.

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 Bills 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 Bills shall have such currency, not exceeding live 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

maturing of such Bills. The interest on such Treasury Bills shall he 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 the 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 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

respects reasonable and proper. whatsoever, provided that such investment is in other W I D O W S '