Loan Act 1936 (NSW)

LOAN ACT. I

Act No. 53, 1936.

1. This Act may be cited as the " Loan Act, 1936."

An iVct to authorise the raising of a Loan for Public Works and Services; and for other purposes. [Assented to, 9th December, 1936.]

BE it enacted by the King's Most Excellent Majesty, lative Council and Legislative Assembly of New South 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 this Act the expression " A g r e e m e n t " means

t he agreement set out in the Schedule to the Financial Agreement Ratification Act, 1 9 2 8 ; " L o a n S e r v i c e " has t h e meaning given to it in the Audi t Act, 1 9 0 2 ;

" Treasurer " means t he Colonial Treasurer for the t ime

be ing; and " Stock " means Inscribed or Funded Stock.
3 . The Governor may , in accordance wi th and in the
manner provided in the Agreement raise such sums of
money, not exceeding in t he whole the amoun t of eleven
millions six hundred and thi r teen thousand seven
hundred and ninety-seven pounds, as are respectively set

against the following Public Works and Services, t h a t is

to say : —

MINISTER FOR PUBLIC HEALTH—

Subsidised Hospitals—New Buildings, Improvements and

Additions—further sum £200,000 0 0

CHIEF SECRETARY—

To provide for Construction of Fish Hatchery in the

vicinity of Wyangala Dam ... ... ... ... 1,000 0 0

TREASURER—

To provide for Relief of Unemployment—(Amount to be carried to Special Deposits Account—Unemployment Relief Fund)—further sum	4,500,000 0 0
Rural Bank of New South Wales, Government Agency

Department—

Home Building Scheme Agency—further sum	...	10,000 0 0
Farmers' Relief Agency	"	100,000 0 0

Government Printer—

Purchase of New Machinery and Plant—further sum 500 0 0

DEPARTMENT OF RAILWAYS—

Railways—

Rolling Stock, to meet additional Traffic Require­

ments, including Equipment of New Lines;

Additions to Railway Lines, Stations, and Build­

ings, and for other purposes; and towards Equip­ ment of Refreshment Rooms 2,250,000 0 0

Railway Construction-

Sutherland to Cronulla Railway	243,000 0 0
Sandy Hollow to Mary vale and Reconditioning of
Existing Line, Muswellbrook to Sandy Hollow ... City Electric Railway	400,000 0 0
300,000 0 0

DEPARTMENT OF ROAD TRANSPORT AND TRAMWAYS—

Tramway Services—

Additions to Tramway Lines—further sum 56,015 0 0

Duplication of Tramway Lines—further sum ... 3,900 0 0

Motor Omnibus Services—

Purchase of Omnibuses and Equipment—further sum 25,000 0 0

Carried forward ••» £8,094,415 0 0

Brought forward £3,094,415 0 0

MAIN ROADS DEPARTMENT—

Country Main Roads Fund—Construction and Reconstruc­ tion of Country Main Roads—further sum 400,000 0 0

Developmental Roads Fund—Construction, of Develop­ mental Roads—further sum ... ... ... ... 100,000 0 0

SECRETARY FOR LANDS—

Closer Settlement—

To provide for the Acquisition of Land for the purposes of Closer Settlement and Contingent Expenses, the whole amount to be carried to the Closer Settlement Account and expended in accordance with the provisions of section 6 (1) of the Closer Settlement Fund Act No. 38, 1928 250,000 0 0

DEPARTMENT OF WORKS AND LOCAL GOVERNMENT—

Harbours and Rivers—

Newcastle Harbour Improvements, including Wharf­

age, Shipping, Dredging, and other Plant—further

sum ' 47,750 0 0

Port Kembla Harbour Improvements—further sum ..	32,200 0 0
Coff's Harbour Improvements, Jet ty Extension, etc.—

further sum 33,600 0 0

Hastings River Improvements—further sum	...	9,450 0 0
Wagonga River Improvements—further sum	...	2,300 0 0
Botany Bay Improvements—further sum	2,600 0 0
Macleay River—Prevention of Erosion	6,250 0 0

Public Buildings—

National Library, Additions—further sum	7,400 0 0
Hunter District Water Supply and Sewerage Board

Offices _ ... 3,500 0 0

Public Buildings Generally—Construction Additions, Improvements, and Acquisition of Sites—further sum 44,600 0 0

Electrical—

Hydro Electric Schemes—further sum 55,750 0 0

Port Kembla Power Station and Transmission System

Augmentation—further sum S8,550 0 0

Miscellaneous—

River Murray Commission—Part Cost of Works to be carried out under the Act and Hydro Electric Development—further sum	93,400 0 0
Swamp Drainage—further sum	5,000 0 0

Special Expenditure—

Roads and Bridges—further sum	200,000 0 0
Harbours and Rivers—further sum	30,200 0 0
Buildings Generally—further sum	200,000 0 0
Miscellaneous Minor Works—further sum	132,500 0 0

Carried forward ... . . . £9,839,465 0 0

Brought forward £9,839,465 0 0

DEPARTMENT OF WORKS AND LOCAL GOVERNMENT—continued.

To provide for Roads of Access and Bridges and Develop­ ment of Tourist Traffic in Shires and Municipalities— further sum	87,300 0 0
To provide for Miscellaneous Works to be carried out by
Shires and Municipalities	237,500 0 0

Hunter District Water Supply and Sewerage Board—

Water Supply—

Amplification of Supply—Development of

Stockton—Raymond Terrace Sandbeds— Water Reserves—Sandbeds Units com­ prising Tube Wells, Suction Pipe Line and Pumping Plant and part of Delivery Pipe Line 40,000 0 0

Amplification—Extension of Reticulation

Improvements and other Works—further

sum 24,032 0 0

Maritime Services Board of New South Wales—

Sydney Harbour Section—Towards construction of Works Generally and for the Improvement of the Port	40,000 0 0
To provide for Construction of new Pilot Steamer,

" Captain Cook" 55,000 0 0

DEPARTMENT OF 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—further sum 800,000 0 0

DEPARTMENT OF ATTORNEY-GENERAL AND OF JUSTICE—

Extension of Emu Plains Prison Farm—Purchase of Land 5,900 0 0

DEPARTMENT OF AGRICULTURE—MISCELLANEOUS—

For Promotion of Agriculture—Agricultural Colleges, Experiment Farms, etc., including Purchase of Land, Buildings, etc.—further sum	9,000 0 0
Grain Terminal Elevator—Newcastle—Construction of and
for purposes incidental thereto—further sum	23,000 0 0

Public Watering Places in the Western Division of the

State—further sum 10,000 0 0

Glenfield Veterinary Research Station—Buildings and

Improvements—further sum ... ... ... ... 3,000 0 0

Shed and Railway Siding for Bagged Wheat adjacent to

the Bunker Wharf, Newcastle—Construction of ... 4,100 0 0

Carried forward £11,178,797 0 0

Brought forward £11,178,797 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; De­ ferred Rents and Water Rates, Murrumbidgee Irri­ gation Areas, and Advances to Individual Settlers, or Organisations of Settlers (to be subsequently re-paid), on Irrigation Areas generally—further sum	91,000 0 0
Shallow boring—To provide Water Supplies for Settlers—
further dum	30,000 0 0

Coomealla Irrigation Area—Additional Works—further

sum	10,000 0 0
Works under the Water Act No. 44, 1912—further sum...	300,000 0 0
Hay Irrigation Area—Additional Pumping Plant—further
sum	4,000 0 0

Total Loan Estimates ... £11,613,797 0 0

4 . (1) The Loans so authorised as aforesaid m a y be negotiated wholly or in pa r t in the form of Debentures or Stock in New South Wales or in London a t such t imes a n d for such amounts and for such periods as may be ar ranged in pursuance of t he Agreement and subject there to as m a y be directed by the Governor, and shall be secured upon the Consolidated Revenue F u n d .

(2) Notwi ths tanding the provisions of any other Act, the Loans so authorised m a y be raised a t a ra te of

interest exceeding four pounds per cen tum per annum.

5 . I n respect of any Stock issued in London under t h e provisions of this Act, the Governor may make regulat ions, no t being inconsistent with the provisions of t h e Inscribed Stock Act, 1902, for carrying this Act in to effect; and such regulations shall be published in t h e Gazet te and laid before Par l iament within fourteen days of t he publication thereof, if Par l iament be then si t t ing, and if Par l i ament be not sitt ing, then within fourteen days of the commencement of the next session

thereof. 6 .

6 . Pending the issue of Debentures or Stock under t he au thor i ty of this Act, the Governor may, b y the issue of Treasury Bills secured upon the Consolidated Revenue F u n d , raise such sums of money not exceeding in the whole the amoun t of moneys authorised to be raised unde r this Act. Such Treasury Bills shall have such currency, not exceeding five years, as the Governor m a y direct .

7 . The principal moneys for which such Treasury Bills may be made out shall be chargeable on and payable o u t of the General Loan Account on the matur ing 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 t h e Treasury Bills and Debentures (Signatures) Act, 1920, relating to the making out, signing, numbering, da t ing , 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 . All moneys borrowed under this Act shall be paid t o the Treasurer, and shall be by him carried to and form pa r t of the General Loan Account, and be appro­ pr ia ted and applied, as required, to the works and services hereinbefore specified, or to any other duly

author ised Loan Service, in terms of the Audi t Act, 1902.

1 0 . Debentures, Stock, or Treasury Bills sold or issued under this Act are hereby declared to be for all purposes Government Securit ies; and all corporations a n d other persons whatsoever shall have power to invest in the purchase of such Debentures , Stock, and Treasury Bills any proper ty held by them, whether as t rustees or otherwise, which they are not expressly forbidden to invest in Government Stock or Securities, wi thout on t h a t account being liable for a breach of t rus t and with­ o u t incurring any liability whatsoever, provided t h a t such inves tment is in other respects reasonable and proper.

2 D 11.

11. (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

negotiations 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.

APPROPRIATION