Loan Act (No 2) 1914 (NSW)

1,0AN ACT (No. 2).

Act No. 31, 1914.

An Act to authorise the raising of a Loan for Public Works and Services, and for other purposes. [Assented to, 11th December, 1914.]

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 be cited as the "Loan Act (No. 2),

1914." 2 .

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 t ime 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 Seven millions five hundred and sixty thousand seven hundred and two pounds, as are respectively set against the following Public Works and Services, that is to say :—

F I S H E R I E S —

Towards purchase of Trawlers, &c £ 4 0 , 0 0 0 0 0

HOUSING B O A R D —

For the Purchase or Resumption of Land, for the Erection of Buildings, and the Construction of Works, and for other costs and expenses under the Housing Act, 1912, the amount to be carried to the Housing Fund con­ stituted under the said Act—

Dacey Garden Suburb 75,000 0 0

RESUMED PROPERTIES B R A N C H —

Improvement of Observatory Hill Resumed Area, and

erection of Shops, Dwel l ings , & c ... . . . . . . 45,000 0 0

SYDNEY HARBOUR T R U S T —

Towards construction of Works generally, and for the

350,000 0 0

improvement of the Port

Towards resumption of Australian Gas Light Company's

premises, Darling Harbour, and adjacent additional

area—further sum (>0,000 0 0

R A I L W A Y S —

Rolling-stock, to meet additional traffic requirements, and

equipment of N e w Lines ... . . . ... . . . 1,171,000 0 0

Additions to Railway Lines, Stations, and Buildings, and

for other purposes . . . . . . ... . . . ... 509,000 0 0

Towards construction of Remington to Belmore, and Wardell-road to Glebe Island, and Darling Island Railways—further sum	410,000	0	0
Rozelle Bay to Darling Island Railway	95,000	0	0

Darling Harbour Lines—Remodell ing ... ... ... 75,000 0 0

Carried	forward	£2 ,800 ,000	0	0
Brought	forward	£2 ,860 ,000	0	0

TRAMWAYS—•

Rolling Stock, to meet Expansion of Traffic and Equipment

of New Lines 3C,000 0 0

Additions to Lines, Workshops, Buildings, and Power

House, Duplication of Lines, and for other purposes... 200,000 0 0

RAILWAYS AND TRAMWAYS—

Purchase of Railway and Tramway Stores and Materials, which cannot properly he charged to appropriations of Parliament until actually issued for use—the amount to be carried to Special Deposits Account (Railway

Store Advance Account)—further sum ... 200,000 0 0

W A T E R CONSERVATION AND IRRIGATION COMMISSION—

Lands Resumption and Compensation—Burrinjuck Storage

Reservoir and Murrumbidgee Irrigation Areas ... 100,000 0 0

For the Construction of Burrinjuck Dam, Murrumbidgeo

Canals, Purchase of Stock, Assisting Settlers, Pay­

ment of tenant-rights, Ac. . . . .''.00,000 0 0

SECRETARY FOR L A N D S — M I S C E L L A N E O U S —

Advances to Settlers on Lands held under Leasehold Tenures under the Crown Lands Acts to enable them to clear Lands for Wheat Crops 200,000 0 0

RAILWAY CONSTRUCTION—

North Coast Rail way—further sum 300,000 0 0

Parkes to Peak Hill -further sum 10,500 0 0

Galong to Burrowa—further sum ... ... ... ... 14,100 0 0

Dunedoo to Coonabarabran—further sum.. . ... .. 78,000 0 0

Wagga Wagga to Tumbarumba—further sum	.. .	...	i 1,100	0	0
Forbes to Stockinbingal—further sum	70,000	0	0

Muswellbrook to Merriwa—further sum ... ... ... 72,000 0 0

Moree to Mungindi—further sum

... ... ... ... 24,000 0 0

Wyalong to Cudgellico—further sum -10,000 0 0

Tu'llamore to Tottenham —further sum ... .'10,00() 0 0

Barellan to Mirrool—further sum 12,000 0 0

Glenreagh to Lorrigo—further sum ... ... ... 40,300 0 0

Cooma to Bombala—further sum	...	...	...	...	70,000	0	0
Sydenham to Butany—further sum	10,000	0	0

l iubbo to Werris Creek—further sum	10,000	0	0
Condobolin to Broken Hill—further sum	62,000	0	0
Land Resumptions for authorised railways—further sum. . .	67,000	0	0

METROPOLITAN RAILWAY CONSTRUCTION—

City Electric Railway—further sum	20,000	0	0
Eastern Suburbs Electric Railway—further sum	500	0	0

Western Suburbs Electric Railway—further sum ... ... 500 0 0

Carried forward £5 ,098 ,000 0 0

Brought forward „ . . . £ 5 , 0 9 8 , 0 0 0 0 0

TRAMWAY CONSTRUCTION—

Tramways generally—further sum . . . . . . . . . . . . 125,000 0 0

SEWERAGE CONSTRUCTION—

Metropolitan Sewerage and Storm water Channels—further

sum 48,000 0 0

Country Towns Sewerage and Storm water Channels—•

further sum 86,700 0 0

Newcastle	Sewerage—further	sum.. .	...	...	. . .	30,000	0	0
Long	Bay Ocean Outfall—further	sum	.. .	...	. . .	85,309	0	0

Long Bay Ocean Outfall—to recoup Loan Vote " Comple­ tion of Western Suburbs Sewerage Scheme " Act, 54 Vic. No. 33, for Expenditure erroneously charged to that vote during 1912-13 and 1913-14 72,887 0 0

W A T E R S U P P L I E S —

Country Towns Water Supplies—further sum .. . . . . 300,000 0 0

Improvements Sydney Water Supply—towards . . . . . . 20,000 0 0

Hunter District Water Supply—Amplification . . . . . . 5,000 0 0

Hunter District Water Supply — Additional pumping plant at Walka and improvements of filter beds—further sum 1,900 0 0

HARBOURS AND R I V E R S —

Newcastle Harbour Improvements and Wharfage, including

Dredging and other plant—further sum .. . . . . 190,000 0 0

Port Kembla Improvements, Wharfage, and Shipping

Appliances—further sum ... ... ... . . . 67,665 0 0

Coff's Harbour Improvements—further sum .. . . . . 20,000 0 0

Cook's River Improvements—towards . . . . . . . . . 10,000 0 0

Government Dockyard, Newcastle—Extension—further

sum 98,250 0 0

Newcastle Floating Dock—further sum ... . . . . . . 10,000 0 0

P U B L I C B U I L D I N G S —

N e w Store Dep6t at Leichhardt—further sum .. . . . . 18,000 0 0

N e w Offices, Department of Agriculture—towards . . . 5,000 0 0

Government Printing Office—-toward new premises	. . .	5,000	0	0
Public Buildings generally	6,000	0	0

Central Railway Station—Completion of Railway Offices—

towards 3,000 0 0

INDUSTRIAL U N D E R T A K I N G S —

State Metal Quarries—further sum.. . . . . . . . . . . 17,800 0 0

New Workshops and Timber Depot—further sum .. . 35,000 0 0

N e w Workshops and Timber Depot—Working Capital and

Stock—further sum	20,000	0	0
Constructor of Buildings—Working Capital—further sum	6,000	0	0

State Quarry, Maroubra, Establishment—further sum .. . 6,000 0 0

Monier Pipe and Reinforced Concrete Works—further sum 1,700 0 0

Carried forward £6 ,392 ,202 0 0

Brought forward £0,392.202 0 0

MEAT INDUSTRY AND ABATTOIR BOARD—

New Public Abattoir and other Works at Homebush
Point, Meat Distributing Depot, Pig and Calf Market,

Sale Yards, Meat Export and other Works and Build­

ings, including Land Resumption and Costs . . . . . . 300.000 0 0

MISCELLANEOUS—

Sydney Harbour Bridge—further sum ... . . . . . . 3.500 0 0

State Power Supply, Survey, Lands, &c.—towards .. . 5.000 0 0

Works undertaken for Shires and Municipalities under

contract for repayment.. . ... . . . . . . . . . 25.000 0 0

Purchase of Stores and Materials which cannot properly be charged to appropriations of Parliament until actually issutd for use—the amount to he carried to Special Deposits Account (Public Works and Rai lway Con­

struction Store Advance Account)—further sum ... 75.000 0 0

METROPOLITAN BOARD OF WATER SUPPLY AND SEWERAGE—

Water Supply—

General Reticulation, Improvements, &c, including

Sydney Water Supply, Amplification—further sum ... 340,000 0 0

Sewerage—

Construction and Ventilation of Sewers generally—

further sum 2GO.O0O 0 0

HUNTER DISTRICT BOARD OE WATER SUPPLY AND SEWERAGE—

Water Supply—

Extension of Reticulation—further sum 23 000 0 0

Improvements and other Works—further sum . . . . . . 10,000 0 0

Amplification—towards 2 000 0 0

Sewerage—

Extension and Reticulation—-further sum . . . . . . 5 000 0 v!

AGRICULTURE—

For the promotion of Agriculture, Agricultural Colleges,

and Experiment and Demonstration Parms . . . . . . 20.000 0 0

To provide for the Clearing of Crown Lands at Tottenham

and Trangie, and the growing of Wheat thereon . . . 100,000 0 0

Total, Works and Services ...£7,560,702 0 0

4 . 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.

5 . Any Stock issued in New South Wales under this Act shall be 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 . (l) 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 he 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

in the whole the amount of moneys authorised to be Revenue Fund, raise such sums of money not exceeding

raised under this Act. Such Treasury Bills shall have
such currency, not exceeding five years, as the Governor
may direct.

Stock, Debentures, and Treasury Bills issued under

this Act shall bear interest at a rate not exceeding four
pounds per centum per annum :

8 .

Provided that any such Stock, Debentures, and Treasury Bills issued within twelve months after the commence­ ment of this Act may bear interest at a rate exceeding four pounds per centum per annum.

9 . 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.

1 0 . The provisions of the Treasury Bills Act, 1902, relating to the making out, signing, numbering, dating, and to the amounts of the Treasury Bills authorised by that Act 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 other­ wise destroyed, and to the cancellation of discharged Bills, shall apply to Treasury Bills issued under this Act.

1 1 . 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 2 . 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.

INCOME