Loan Act 1931 (NSW)

LOAN ACT.

Act No. 23, 1931.

An Act to authorise the raising of a Loan foi^

Public Works and Services; and for other

purposes. [Assented to, 27th June , 1931.]

lative Council and Legislative Assembly of New Soutb BE it enacted by tbe King's Most Excellent Majesty, by and with tbe advice and consent of tbe Legis-

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

1 . This Act may be cited as the " Loan Act, 1931." • 2 . In this Act the expression "Agreement" meansi

the agreement set out in the Schedule to the Pinancial Agreement Ratification Act, 1928 ; " Loan Service " has

G • the

the meaning given to it in the Audit Act, 1 9 0 2 ; "Treasu re r " means the Colonial Treasurer for the t ime

being; and " Stock " means Inscribed or Funded Stock.

The Governor may, in accordance with and in the manner provided in the Agreement raise such sums of

3 .

money, not exceeding in the whole the amount of

Seven millions one hundred and six thousand four hundred and thirty-nine pounds, as are respectively set against the following Public Works and Services, that is to say :—

DEPARTMENT OF PUBLIC HEALTH—

Callan P a r k Menta l Hosp i t a l—Ins t a lmen t in par t pay­

m e n t of Commonweal th Government ' s A d v a n c e of

£ 1 9 , 0 0 0	for extension	of site a t Callan	P a r k	Men ta l
Hosp i ta l—fur the r	sum	£ 3 , 8 0 0	0	0

TREASURER—

Relief	W o r k s for Unemployed	100,000	0	0
Sydney H a r b o u r	T rus t—Towards	construct ion	of	W o r k s
generally, and for the improvement of t he P o r t	. . .	53,000	0	0

RAILWAYS—

Rolling-stock, to meet Addi t iona l Traffic Requ i remen t s , in­

cluding Equ ipmen t of New Lines ; Addi t ions to Ra i lway Lines, Stat ions, and Buildings, and for other purposes ;

and towards Equipment of Ref reshment Rooms . . . 317,010 0 0

Electrification of Ra i lway Lines . . . . . . . . . . . . 613,280 0 0

Car r ing ton Swamps Reclamat ion Scheme . . . . . . . . . 2,631 0 0

RAILWAY CONSTRUCTION—

Grafton to South Graf ton Ra i lway—fur the r sum 268,080 0 0

Moss Vale to P o r t K e m b l a Ra i lway—fur the r sum . . . 21:2,540 0 0

C a m u r r a to Boggabilla Ba i lway—fur the r sum . . . . . . 157,960 0 0

Tempe to Eas t Hi l ls Ra i lway—fur the r sum 98,000 0 0

Guyra to Dorrigo Ra i lway—fur the r sum . . . . . . . . . 5,486 0 0

Casino to Bonalbo R a i l w a y — f u r t h e r sum . . . . . . . . . 12,640 0 0

Gra f ton -Kyog le to Sou th Br i sbane R a i l w a y — f u r t h e r sum 140,510 0 0

Ci ty	Electr ic	Ra i lway—fur the r	sum	712,940	0	0
Ci ty	a n d	S u b u r b a n	Ra i lways	a n d	Ra i lways	genera l ly—

Land Besumpt ions and Costs . . . . . . . . . . . . 28,370 0 0

Carried forward £2 ,786 ,247 0 0

Brough t forward £2 ,786 ,247 0 0

SECRETARY FOR LANDS—

Closer Se t t l emen t—

F o r Redempt ion of Closer Se t t l ement D e b e n t u r e s —

( A m o u n t	to be carr ied	to the Closer	Se t t l emen t
Account)	236,80	0	0

Miscel laneous—

To provide for a Supp l r of W a t e r a t Benanee—fur ther

sum 1,000 0 0

W e s t e r n Land Board — R e s u m p t i o n of Canally E s t a t e 59,712 0 0

DEPARTMENT OF PUBLIC WORKS —

Bridges—

Sydney H a r b o u r Br idge—fur ther sum 1,896,000 0 0

Bridges genera l ly—fur ther sum . . . . . . . . . i2 ,000 0 0

H a r b o u r s and R i v e r s —

Newcast le H a r b o u r Improvements , including

W h a r f a g e ,	Shipping,	Dredging,	and	o the r
P l a n t — f u r t h e r	sum	17,850	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 s u m . . . 27,700 0 0

Coft's H a r b o u r Improvement s , J e t t y Extens ion , &c.—

fur ther sum 27,800 0 0

W a t e r Suppl ies—

Coun t ry Towns W a t e r Suppl ies—fur ther sum . . . 346,750 0 0

Sewerage Cons t ruc t ion—

Count ry Towns Sewerage and S to rmwate r Channe l s—

fa r the r sum ' 100,000 0 0

Newcast le Sewerage and S to rmwate r Channels—•

fur ther sum 165,300 0 0

Cessnock Sewerage—further sum . . . . . . . . . 29,400 0 0

Publ ic Buildings.—

Menta l Hosp i t a l s—New Buildings, Improvements ,

and Addi t ions—fur ther sum . . . . . . . . . 56,600 0 0

Electrical—•

Hydro-Elec t r ic Schemes—fur ther sum . . . . . . 1,750 0 0

P o r t K e m b l a Power S ta t ion a n d Transmission

Sys t em—Augmen ta t i on—fur the r sum . . . . . . 13,850 0 0

Carried forward £5 ,838 ,759 0 0

Brough t forward £5 ,838,759 0 0

DEPARTMENT OF PUBLIC WORKS—continued.

Miscellaneous—•

R ive r M u r r a y Commiss ion—Par t cost of W o r k s

to be carr ied out	unde r	t h e	Ac t , and	H y d r o -
Electr ic Deve lopment—fur ther	sum	132,500	0	0

Border Ra i lways—Pre l imina ry Survey Expenses and

Acquisit ion of L a n d for Const ruc t ion Purposes—

fur ther sum 1,700 0 0

H u n t e r Dis t r ic t W a t e r Supply and Sewerage B o a r d -

W a t e r Supply—

Ampli f ica t ion—Extension of Reti ulat ion, Im­

provements , and o ther Works—fur the r sum . . . 10,400 0 0

Sewerage—

Extens ion and Be t i cu l a t i on—Improvemen t s and

o the r W o r k s — f u r t h e r sum . . . . . . . . . 880 0 0

Storm water Dra inage—fur the r sum . . . . . . 3,010 0 0

PUBLIC INSTRUCTION—MISCELLANEOUS—

School Bui ld ings , Teachers ' Residences ,and Othe r Bui ldings ,

Addi t ions to exis t ing Bui ldings , School and Residence

Sites, Purchase and Erec t ion of P l a n t and E q u i p m e n t

—fur the r sum 115,350 0 0

MAIN ROADS BOARD—

For Const ruc t ion	and	Recons t ruc t ion	of	Main	R o a d s —
W e s t e r n	Division	Roads	20,000	0	0

DEPARTMENT OF AGRICULTURE—MISCELLANEOUS—

Grain E leva to r s—Towards Const ruc t ion of Coun t ry Gra in

Silos and pe rmanen t W o r k i n g Houses—fur the r sum 45,000 0 0

Carr ied forward , . . . . . . . . £6 ,167 ,599 0 0

Brough t forward £0 ,167 ,599 0 0

RURAL INDUSTRIES BRANCH—

Belief to Necessitous Fa rmers and Graz ie rs—

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 ie r s—Working

Capital A c c o u n t " 600,000 0 0

WATER CONSERVATION AND IRRIGATION COMMISSION—

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	F a r m s	and	to
assist them in the development thereof—fur ther sum	22,000	0	0

To provide for the Const ruct ion of Burr injuck Dam

Developmental W o r k s , including Factories, P l a n t , a n d

Subsidiary W o r k s ; payment of t e n a n t r ights ; deferred

rents and water ra tes , Murrumbidgee I r r iga t ion Areas,

and Advances to individual Set t lers , or Organisat ions

of Set t lers (to be subsequent!}' repaid), on I r r iga t ion

Areas genera l ly—fur ther s u m . . . . . . . . . . . . 41,000 0 0

Shallow bor ing—To provide W a t e r Supplies for Se t t l e r s—

fu r ther sum 8,000 0 0

MIGRATION—

To provide for the Construct ion of a Storage Reservoir

on the Lachlan River , a t Wyanga la , and for Works

incidental the re to—fur the r sum . . . . . . . . . 171,000 0 0

Hi l l s ton to R o t o Ra i lway—fur the r sum . . . . . . . . . 96,840 0 0

Total, Loan Estimates ... £7,106,439 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, if 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
Bills 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 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. 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.

P U B L I C