Loan Act 1929 (NSW)

LOAN ACT.

Act No. 52, 1929.

An Act to authorise the raising of a Loan for Public Works and Services ; and for other purposes. [Assented to, 23rd December, 1929.]

lative Council and Legislative Assemblv of New South BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis-

the agreement set out in the Schedule to the Financial Agreement Ratification Act, 1928 ; " Loan Service " has the meaning given to it in the Audit Act, 1902; being ; and " Stock " means Inscribed or Eunded Stock. "Treasurer" means the Colonial Treasurer for the time

"Wales in Parliament assembled, and by the authority of
the same, as follows :—

1 . This Act may be cited as the " Loan Act, 1929." 2 . In this Act the expression "Agreement" means

3 . The Governor may, in accordance with and in the manner provided in the Agreement raise such sums of money, not exceeding in the whole the amount of

Twelve millions nine hundred and eighty-nine thousand

two hundred and sixty-seven pounds, as are respectively

set against the following Public Works and Services,

that is to say :—

COLONIAL SECRETARY—

Fish Hatcheries, Sheds, Launches, and Boats	. . .	. . .	2,000	0	0
Department of Public Health—

Callan Park Mental Hospital—Instalment in part

payment of Commonwealth Government's

Advance of £ 1 9 , 0 0 0	for extension of site at
Callan Park Mental Hospital	3,800 0 0

HOSPITALS—

Subsidised Hospitals—New Buildings, Improvements, and

Additions.	(Amount to be carried to the Hospital
Fund)	100,000 0 0

TREASURER—

Loans to Shire and Municipal Councils for Public Works.

(To be repaid) 250,000 0 0

SYDNEY HARBOUR TRUST—

Towards construction of Works generally, and for the

improvement of the Port . . . 220,000 0 0

RAILWAYS—

Rolling-stock, to meet Additional Traffic Requirements, in-
cluding Equipment of New Lines; Additions to Rail way

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

and towards Equipment of Refreshment Rooms . . . 2,607,400 0 0

Electrification of Railway Lines 860,800 0 0

TRAMWAYS—

Additions to Lines, Workshops, Buildings, Rolling-stock,

&c 69,710 0 0

Carried forward . . . £4 ,113 ,710 0 0

Brought forward £4 ,113 ,710 0 0

RAILWAY CONSTRUCTION—

Booyong to Ballina Railway—further sum . . . . . . 15,800 0 0

Regent's Park to Bankstown Railway—further sum	. . .	5,779	0	0
Uranquinty to Moon's Siding Railway—further sum	. . .	7,175	0	0
Grafton to South Grafton Railway—further sum	.. .	90,500	0	0
Moss Vale to Port Kembla Railway—further sum	. . .	332,300	0	0
Wyalong towards Condobolin Railway—further sum	. . .	123,800	0	0

Camurra to Boggabiila Railway—further sum . . . . . . 219,800 0 0

Tempo to East Hills Railway—further sum	246,300 0 0
Grafton-Kyogle to South Brisbane Railway	115,500 0 0
St. Leonards to Eastwood Railway	100,000 0 C
Eastern Suburbs Railway	100,000 0 0
City Electric Railway—further sum	746,400 0 0
City and Suburban Railways and Railways generally—

Land Resumptions and Costs . . . . . . . . . . . . 184,500 0 0

TRAMWAY CONSTRUCTION—

Tramways Generally ... 503 0 0

CLOSER SETTLEMENT—

To provide for the Acquisition of Land for the purpose of

Closer Settlement and Contingent Expenses . . . . . . 500,000 0 0

For Redemption of Closer Settlement Debentures— (Amount to be carried to the Closer Settlement Account) 606,100 0 0

SECRETARY FOR LANDS—MISCELLANEOUS—

To provide for a Supply of Water at Benanee—further sum 10,760 0 0

BRIDGES—

Sydney Harbour Bridge—further sum . . . . . . . . . 1,473,500 0 0

Bridges generally—further sum . . . . . . . . . . . . 13,000 0 0

HARBOURS AND RIVERS—

Newcastle Harbour Improvements, including Wharfage,

Shipping, Dredging, and other Plant—further sum . . . 38,200 0 0

Port Kembla Harbour Improvements—further sum . . . 22,250 0 0

Coft's Harbour	Improvements, J e t t y Extension, &c.—
further sum	42,000 0 0

New Dredging Plant—further sum .. . . . . . . . 36,800 0 0

Wagonga River Improvements—further sum	. . .	. . .	900	0	0
Harbours and Rivers Generally—further sum	. . .	. . .	5,300	0	0

PUBLIC WATERING PLACES—

Public Watering Places Generally—further sum . . . . . . 16,800 0 0

Carried forward £9 ,167 ,677 0 0

Brought forward . . . . . . . . . . . . £9 ,167,677 0 0

WATER SUPPLIES—

Country Towns Water Supplies—further sum . . . . . . 375,000 0 0

Hunter District Water Supply Amplification—further

sum 6,550 0 0

SEWERAGE CONSTRUCTION—

Country Towns Sewerage and Stormwater Channels—

further sum 103,350 0 0

Newcastle Sewerage and Stormwater Channels—further

sum 353,400 0 0

Cessnock Sewerage—further sum . . . . . . . . . . . . 74,000 0 0

P U B L I C B U I L D I N G S —

Mental Hospitals—New Buildings, Improvements, and Additions—further sum	115, (00 0 0
State Hospitals and Asylums—including Coast Hospital— New Buildings, Improvements, and Additions— further sum	31,900 0 0
National Library—Completion of New Building—further
sum	11,650 0 0

Caves Houses and Tourists' Resorts—further sum .. . 3,200 0 0

Public Buildings Generally—Construction, Additions, Improvements, and Acquisition of Sites—further sum 39,850 0 0

ELECTRICAL—

Hydro-Electric Schemes—further sum .. . . . . . . . 25,400 0 0

Port Kembla Power Station and Transmission System— Augmentation—further sum . . . . . . . . . . . . 67,650 0 0

MISCELLANEOUS—

River Murray Commission—Part cost of Works to be

carried out under the Act, and Hydro-Electric

Development—further sum . . . . . . . . . . . . 106,750 0 0

Border Railways—Preliminary Survey Expenses and Acquisition of Land for Construction Purposes— further sum	400 0 0
Metropolitan Meat Industry Board—New Public Abattoirs and other Works at Homebush Point—farther sum...	100 0 0

GOVERNMENT DOCKYARD, NEWCASTLE—

Establishment—further sum . . . . . . . . . . . . 93,450 0 0

Carried forward	. . .	...	. . .	£10 ,605 .927	0	0
Brought forward	. . .	...	. . .	£ 1 0 , 6 0 5 , 9 2 7	0	0

HUNTER DISTRICT WATER SUPPLY AND SEWERAGE BOARD—

Water Supply—

Amplification—Extension of Reticulation, Improve-

ments, and other Works—further sum . . . . . . 1 5 3 , 3 0 0 0 0

Sewerage—

Extension and Reticulation—Improvements and other

Works—further sum 3 0 , 2 9 0 0 0

Stormwater Drainage—further sum . . . . . . . . . 9 , 0 0 0 0 0

PUBLIC INSTRUCTION—MISCELLANEOUS—

School Buildings, Teachers' Residences,and Other Buildings, Additions to existing Buildings, School and Residence

Sites, Purchase and Erection of Plant and Equipment 5 0 0 , 0 0 0 0 0

CHILD WELFARE DEPARTMENT—

Purchase and Erection of Buildings and Additions to existing Buildings, for Acquirement of Sites, Purchase, Erection, and Installation of Plant and Equipment at Institutions 5 ,000 0 0

SECRETARY FOR MINES—

Building and Equipping New Lighter for the Middle Harbour Magazine Station—further sum . . . . . . 1 ,750 0 0

LOCAL GOVERNMENT DEPARTMENT—

Works undertaken by or for Shires and Municipalities

under Contract for Repayment . . . . . . . . . 15 ,000 0 0

MAIN ROADS BOARD—

For Construction and Reconstruction of Main Roads—

County of Cumberland Main Roads Fund 56 , 000 0 0

Country Main Roads Fund	329,000 0 0
Developmental Roads	166 ,000 0 0

Western Division Roads 20,000 0 0

DEPARTMENT OF AGRICULTURE—MISCELLANEOUS—

Department of Agriculture— New Office Building—fur-

ther sum 30,000 0 0

For promotion of Agriculture, Agricultural Colleges, Experiment Farms, &c, including purchase of Land,

Buildings, &c—further sum 4 ,000 0 0

Rice Research Station—Murrumbidgee Irrigation Areas—

further sum 1 ,000 0 0

Establishment of Stud Herds—Erection of Buildings, Fencing, &c.—further sum 1 ,200 0 0

Grain Elevators—Towards Construction of Country Grain Silos and permanent Working Houses—further sum 7 2 , 0 0 0 0 0

Carried forward £ 1 1 , 9 9 9 , 4 6 7 0 0

Brought forward £11,999,-167 0 0

RUEAL INDUSTRIES BRANCH—

Relief to Necessitous Farmers and Graziers—

To provide a Working Capital for Relief (Amount to be carried to Special Deposits Account) " Relief to Necessitous Farmers and Graziers—Working Capital Account" 357,000 0 0

WATER CONSERVATION AND IRRIGATION COMMISSION—

Returned Soldiers Settlement—To provide for Settlement

of Discharged Soldiers on Irrigation Farms and to

assist them in the development thereof—further sum Shallow boring—To provide Water Supplies for Settlers—	53,000 0 0
further sum	93,000 0 0

Wentworth Irrigation Area—Extension, including Addi- tional Pumping Plant—further sum .. . . . . . . . 1,800 0 0

Water Conservation Works Generally—further sum ... 5,000 0 0

Works under the Water Act , No. 44, 1912—further sum 20,000 0 0

M l G H A T I O N —

To provide for the Construction of a Storage Reservoir

on the Lachlan River, at Wyangala, and for Works

incidental thereto—further sum . . . . . . . . . 380,000 0 0

Hillston to Roto Railway 80,000 0 0

Total, Loan Estimates ... £12,989,267 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 arranged in pursuance of the Agreement and subject
thereto as may be directed by the Governor, and shall
be secured upon the Consolidated Revenue Fund.

( 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 . 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, i f Par- liament be then sitting, and if Parliament be not sitting, then within fourteen days of the commencement of the

next session thereof.

6 . 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 five years, as the Governor may direct.

7 . The principal moneys for which such Treasury

Bil ls 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.

8 . The provisions of the Treasury Bil ls 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 Bil ls 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 Bil ls issued

under this Act, 9 .

9 . 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 0 . 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.

1 1 . (1) Notwithstanding the foregoing provisions

of this Act or the provisions of any other Act but subject

to the said Agreement the loans authorised by this Act may be negotiated or raised wholly or in part in the form of Debentures or Stock in such country or cities as the Governor may direct, and may be negotiated and raised in any currency.

( 2 ) The Governor in connection with the

negotiation or raising; of the loans so authorised may by regulations direct that a special Sinking Fund should be established and that the payments to such fund shall be invested and applied towards the liquidation of such loans in the manner prescribed by the regulation.

(3) Any payment to such Sinking Fund shall

be chargeable on and payable out of the Consolidated

Revenue Fund.

(4) The Governor may make regulations under

the Inscribed Stock (Issue and Renewals) Act, 1912, as amended by subsequent Acts, to give effect to this

section.

1 2 . Nothing in this Act shall be construed in derogation of any provision of the said Agreement.

S U P P L Y