Loan Act (No 2) 1928 (NSW)

LOAN (No. 2) ACT.

Act No. 52, 1928.

An Act to authorise the raising of a Loan for
Public Works and Services; and for other

purposes. [Assented to, 29th December,

1928.	1	j
2 . In this Act the expression " Agreement" means the agreement set out in the Schedule to the Financial Agreement Ratification Act, 192S ; " Loan Service " has	the

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

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

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

1928."

the meaning given to it in the Audit Act, 1 9 0 2 ; " Treasurer" means the Colonial Treasurer for the time being ; and " Stock " means Inscribed or Funded Stock.

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 Thirteen millions four hundred and ninety-one thousand four hundred and forty-seven pounds, as are respectively set against the following Public Works and Services, that is to say :—

COLONIAL S E C R E T A R Y —

F i s h H a t c h e r i e s , Sheds , L a u n c h e s , and B o a t s £ 2 , 0 3 0 0 0

DEPARTMENT OF PUBLIC H E A L T H —

Cal lan P a r k M e n t a l H o s p i t a l — I n s t a l m e n t in par t paymen t

of Commonwea l th Governmen t ' s A d v a n c e of £19,000,

for ex tens ion of s i te a t Ca l lan P a r k M e n t a l Hosp i t a l 3 , 8 0 0 0 0

HOSPITALS—

Subsid ised H o s p i t a l s — N e w B u i l d i n g s , Improvemen t s , a n d

Addi t ions 7 5 , 0 0 0 0 0

SYDNEY HARBOUR T R U S T —

Towards cons t ruc t ion of W o r k s genera l ly , and for the

improvement o f the P o r t . . . . . . . . . . . . 2 5 7 , 3 1 4 0 0

R A I L W A Y S —

Rol l ing-s tock , to meet Add i t i ona l Traffic R e q u i r e m e n t s , in­

cluding E q u i p m e n t	of	New	L i n e s	A d d i t i o n s to R a i l w a y
L ines ,	S t a t ions , and	Bu i ld ings , and	for	o ther purposes ;

and towards E q u i p m e n t of R e f r e s h m e n t R o o m s . . . 1 , 8 1 2 , 7 8 3 0 0

Dupl icat ion of L i n e s 1 9 , 1 3 9 0 0

Elec t r i f i ca t ion of R a i l w a y L ines 1 , 1 2 4 , 6 6 1 0 0

TRAMWAYS—

Addi t ions to L i n e s , W o r k s h o p s , Bui ld ings , R o l l i n g s tock ,

&c. .- . . . 9 8 , 4 0 7 0 0

Carr ied forward . . . £ 3 , 3 9 3 , 1 0 4 0 0

B r o u g h t forward . . . — .. £ 3 , 3 9 3 , 1 0 4 0 0

RAILWAY CONSTRUCTION—

B o o y o n g to B a l l i n a — f u r t h e r sum . . . . . . . . . . . . 5 1 , 3 0 2 0 0

R e g e n t ' s P a r k to B a n k s t o w n — f u r t h e r sum . . . . . . 4 5 , 0 0 0 0 0

U n g a r i e to M o n i a G a p — f u r t h e r sum . . . . . . . . . 8 1 , 0 0 0 0 0

U r a n q u i n t y to Moon ' s S id ing—fur the r sum . . . . . . 2 2 , 3 6 8 0 0

Gra f ton t o South Gra f ton—fur the r sum 1 5 0 , 0 0 0 0 0

M o s s V a l e to P o r t K e m b l a R a i l w a y — f u r t h e r sum . . . 3 1 1 , 1 0 3 0 0

W y a l o n g towards Condobo l in—fur the r sum . . . . . . 4 6 , 0 0 9 0 0

C a m u r r a to B o g g a b i i l a — f u r t h e r sum . . . . . . . . . 3 4 , 4 0 6 0 0

Tempe to E a s t H i l l s — f u r t h e r sum 1 5 0 , 2 1 9 0 0

G u y r a	to	Dor r igo	1 0 0 , 0 0 0	0	0
Cas ino	to	B o n a l b o	1 0 0 , 0 0 0	0	0

C i t y	E l e c t r i c	R a i l w a y — f u r t h e r	sum	7 8 6 , 1 9 4	0	0
C i t y	and	S u b u r b a n	R a i l w a y s	and	R a i l w a y s	gene ra l l y—

L a n d R e s u m p t i o n s and Costs . . . . . . . . . . . . 5 7 , 2 5 7 0 0

TRAMWAY CONSTRUCTION—

T r a m w a y s genera l ly . . . . . . . . . . . . _ ... 2 0 , 0 0 0 0 0

CLOSER SETTLEMENT—

F o r redempt ion of Closer S e t t l e m e n t D e b e n t u r e s ( amoun t

to be car r ied to Closer S e t t l e m e n t A c c o u n t ) . . . . . . 6 6 4 , 2 0 0 0 0

SECRETARY FOR LANDS—MISCELLANEOUS—

T o provide for a work ing cap i t a l for P u r c h a s e o f W i r e

N e t t i n g ,	M a t e r i a l ,	& c ,	in	t e rms	of sec t ion 3 0 of	the
P a s t u r e s	P r o t e c t i o n	A c t ,	N o .	3 5 ,	1 9 1 2 — t h e	a m o u n t

to be car r ied t o Spec ia l Depos i t s A c c o u n t ( W i r e

N e t t i n g W o r k i n g Cap i t a l A c c o u n t ) — f u r t h e r sum . . . 1 8 , 0 0 0 0 0

T o provide for a Supp ly of W a t e r a t B e n a n e e — f u r t h e r sum 2 0 , 0 0 0 0 0

B R I D G E S —

S y d n e y	H a r b o u r	B r i d g e — f u r t h e r	sum	. . .	. . .	. . .	1 , 5 2 2 , 2 0 0	0	0
B r i d g e s	gene ra l l y—fur the r	sum	. . .	. . .	. . .	. . .	1 0 4 , 7 0 0	0	0

PUNTS AND F E R R I E S —

P u n t s and F e r r i e s Genera l ly 1 ,050 0 0

HARBOURS AND R I V E R S —

N e w c a s t l e H a r b o u r Improvemen t s , including W h a r f a g e ,

Sh ipp ing , Dredging , and o ther P l a n t — f u r t h e r sum . . . 6 4 , 0 0 0 0 0

P o r t K e m b l a H a r b o u r I m p r o v e m e n t s — f u r t h e r sum . . . 5 5 , 7 0 0 0 0

Cofl's H a r b o u r I m p r o v e m e n t s , J e t t y E x t e n s i o n , &c.—

fur ther sum 5 3 , 9 0 0 0 0

B y r o n B a y , N e w J e t t y — f u r t h e r sum . . . . . . . . . 9 , 5 5 0 0 0

N e w D r e d g i n g P l a n t — f u r t h e r sum . . . . . . . . . 1 4 7 , 8 5 0 0 0

W a g o n g a R i v e r I m p r o v e m e n t s — f u r t h e r sum . . . . . . 1 ,900 0 0

H a r b o u r s and R i v e r s Gene ra l ly 9 , 4 0 0 0 0

Car r ied forward £ 8 , 0 2 0 , 4 1 2 0 0

B r o u g h t forward £ 8 , 0 2 0 , 1 1 2 0 0

PUBLIC WATERING P L A C E S —

P u b l i c W a t e r i n g P l aces Genera l ly 1 2 , 5 0 3 0 0

W A T E R S U P P L I E S —

C o u n t r y T o w n s W a t e r Suppl ies—fur ther sum 4 9 3 , 0 5 0 0 0

H u n t e r D i s t r i c t W a t e r Supp ly Ampl i f i ca t ion—fur the r

sum 2 , 6 0 0 0 0

SEWERAGE CONSTRUCTION—

C o u n t r y T o w n s Sewerage and S t o r m w a t e r C h a n n e l s —

fur ther sum 1 2 5 , 7 5 0 0 0

Newcas t l e Sewerage a n d S t o r m w a t e r Channe l s—fur the r

sum 2 7 9 , 8 0 0 0 0

Cessnock Sewerage 2 6 , 0 0 0 0 0

PUBLIC BUILDINGS—

M e n t a l H o s p i t a l s — N e w Bui ld ings , I m p r o v e m e n t s , and

Addi t ions - f u r t h e r sum 1 2 5 , 3 0 0 0 0

S t a t e Hosp i t a l s and Asy lums , inc luding Coast H o s p i t a l —

New	Bui ld ings ,	Improvemen t s ,	and	Add i t ions—
fur ther	sum	5 4 , 1 5 0	0	0

Na t iona l L i b r a r y — C o m p l e t i o n of N e w B u i l d i n g — f u r t h e r

sum 1 1 , 9 0 0 0 0

Caves Houses and T o u r i s t s ' R e s o r t s — f u r t h e r sum . . . 1 1 , 7 5 0 0 0

P u b l i c Bu i ld ings Gene ra l l y—Cons t ruc t i on , Addi t ions , I m ­

provements , and Acqu i s i t ion of S i t e s . . . . . . . . . 1 2 8 , 0 0 0 0 0

E L E C T R I C A L —

H y d r o - E l e c t r i c S c h e m e s — f u r t h e r sum . . . . . . . . . 1 6 2 , 8 0 0 0 0

P o r t K e m b l a P o w e r S t a t i o n and Transmiss ion S y s t e m —

Augmen ta t ion—fur the r sum . . . . . . . . . . . . 9 1 , 8 0 0 0 0

MISCELLANEOUS—

R i v e r M u r r a y C o m m i s s i o n — P a r t cost o f W o r k s to be

car r ied out under t h e A c t , and H y d r o - E l e c t r i c

Deve lopmen t—fur the r sum . . . . . . . . . . . . 3 3 1 , 3 0 0 0 0

S w a m p Dra inage—fur the r sum 1 ,950 0 0

GOVERNMENT DOCKYARD, NEWCASTLE—

E s t a b l i s h m e n t — f u r t h e r	sum	2 1 7 , 5 0 0	0	0
HUNTER	DISTRICT W A T E R	SUPPLY	AND SWWERAGE	B O A R D —

W a t e r S u p p l y —

Ampli f ica t ion, E x t e n s i o n of R e t i c u l a t i o n , Improvemen t s ,

and o the r W o r k s — f u r t h e r sum 1 7 2 , 9 8 2 0 0

S e w e r a g e —

E x t e n s i o n and R e t i c u l a t i o n — I m p r o v e m e n t s and o t h e r

W o r k s — f u r t h e r sum 2 1 , 2 5 2 0 0

S t o r m w a t e r D r a i n a g e — f u r t h e r sum . . . . . . . . . 3 , 1 6 9 0 0

Carr ied forward £ 1 0 , 3 2 3 , 9 6 5 0 0

B r o u g h t forward £ 1 0 , 3 2 3 , 9 6 5 0 0

P U B L I C INSTRUCTION—MISCELLANEOUS—

School Bu i ld ings , T e a c h e r s ' R e s i d e n c e s , a n d O t h e r Bu i ld ings ,

School and R e s i d e n c e S i t e s 6 3 2 , 0 5 3 0 0

CHILD W E L F A R E DEPARTMENT—

P u r c h a s e and E r e c t i o n of Bu i ld ings and Addi t ions to

B u i l d i n g s , for A c q u i r e m e n t of S i t e s , P u r c h a s e and

E r e c t i o n of P l a n t a n d E q u i p m e n t and I n s t a l l a t i o n of

W a t e r Supply a t Gosford F a r m H o m e 1 2 , 1 8 5 0 0

SECRETARY FOR M I N E S —

B u i l d i n g and E q u i p p i n g N e w L i g h t e r for the Midd le

H a r b o u r Magaz ine S t a t i o n . . . . . . . . . . . . 1 ,250 0 0

LOCAL GOVERNMENT DEPARTMENT—

W o r k under taken by or for Sh i r e s and Munic ipa l i t i es

under C o n t r a c t for R e p a y m e n t . . . . . . . . . 2 1 , 0 0 0 0 0

MAIN ROADS BOARD—

F o r	Cons t ruc t ion	and	R e c o n s t r u c t i o n	of	Ma in	R o a d s —
S u b s i d i e s —

C o u n t y of Cumber l and M a i n R o a d s F u n d . . . 3 6 8 , 0 0 0 0 0

Coun t ry	M a i n	R o a d s	F u n d	5 5 5 , 0 0 0	0	0
F e d e r a l	A i d	R o a d s	F u n d	3 6 2 , 2 5 0	0	0

Deve lopmen ta l R o a d s 3 1 5 , 0 0 0 0 0

W e s t e r n Div is ion R o a d s 2 0 , 0 0 0 0 0

DEPARTMENT OF AGRICULTURE—MISCELLANEOUS—

D e p a r t m e n t of Agr icu l tu re— N e w Office Bu i ld ing—fur ­

t h e r sum 1 0 0 , 0 0 0 0 0

F o r promotion of A g r i c u l t u r e , Agr i cu l tu ra l Colleges,

E x p e r i m e n t F a r m s , &c., inc luding purchase of L a n d ,

Bu i ld ings , &c.—further sum 2 , 0 0 0 0 0

Glenfield V e t e r i n a r y R e s e a r c h S t a t i o n — B u i l d i n g s and

Improvemen t s , &c.—further sum . . . . . . . . . 3 , 0 0 0 0 0

H a w k e s b u r y Agr icu l tu ra l Col lege — N e w Chemica l

L a b o r a t o r y — f u r t h e r sum . . . . . . . . . . . . 1 3 , 0 0 0 0 0

R i c e R e s e a r c h S t a t i o n — M u r r u m b i d g e e I r r i g a t i o n A r e a s . . . 5 , 0 0 0 0 0

E r e c t i o n of Glass-house for E x p e r i m e n t s by Bio log ica l

B r a n c h 1 ,100 0 0

E s t a b l i s h m e n t of S t u d H e r d s — E r e c t i o n of Bui ld ings ,

Fenc ing , &c 1 ,000 0 0

B o t a n i c G a r d e n s — E l e c t i o n of Pav i l i on to P e r p e t u a t e the

M e m o r y of M r . J. H . Ma iden , l a t e D i r e c t o r , B o t a n i c

Gardens 5 5 0 0 0

G r a i n E l e v a t o r s — T o w a r d s Cons t ruc t ion of Coun t ry Gra in

S i los and pe rm an en t W o r k i n g Houses—fur the r sum 1 4 2 , 5 0 0 0 0

Car r ied forward . . . .. £ 1 2 , 8 7 8 , 8 5 3 0 0

B r o u g h t forward £ 1 2 , 8 7 8 , 8 5 3 0 0

W A T E R CONSERVATION AND IRRIGATION COMMISSION—

R e t u r n e d Soldiers ' S e t t l e m e n t — T o provide for S e t t l e m e n t

of Discharged Soldiers on I r r iga t ion F a r m s and to

ass is t t hem in the deve lopment the reof—fur the r sum 7 9 , 0 0 0 0 0

T o provide for the Cons t ruc t ion of B u r r i n j u c k D a m "

Deve lopmen ta l W o r k s , inc luding Fac to r ies , P l a n t , and

Subs id ia ry	W o r k s ;	P a y m e n t	of	T e n a n t	R i g h t s :
Defer red	R e n t s	and	W a t e r	R a t e s ,	Mur rumbidgee
I r r i g a t i o n	A r e a s , and	advances	to	individual	Se t t l e r s ,

or Organ i sa t ions of S e t t l e r s ( to be subsequent ly re­

paid) , on I r r i ga t i on A r e a s genera l ly— fur ther sum . . . 2 7 1 , 3 0 0 0 0

Shal low b o r i n g — T o provide W a t e r Supplies for S e t t l e r s —

fur ther sum 7 9 , 6 0 0 0 0

Coomeal la I r r i g a t i o n A r e a — A d d i t i o n a l Works . . . . . . 3 , 0 0 0 0 0

W e n t w o r t h I r r i g a t i o n A r e a — E x t e n s i o n , including Addi­

t ional P u m p i n g P l a n t — f u r t h e r sum . . . . . . . . . 2 , 5 1 8 0 0

W a t e r Conse rva t ion W o r k s Gene ra l l y—fur the r sum . . . 2 , 3 6 5 0 0

W o r k s under the W a t e r A c t , No. 4 4 , 1 9 1 2 — f u r t h e r sum 1 5 , 8 1 1 0 0

MIGRATION—

T o P rov ide for the Cons t ruc t ion of a S to rage R e s e r v o i r

on the L a c h l a n R i v e r , a t W y a n g a l a , and for W o r k s

inc identa l the re to 1 5 0 , 0 0 0 0 0

Scheyvi l l e T r a i n i n g F a r m — N e w Bui ld ings 9 , 0 0 0 0 0

Total, Loan Estimates ... £13,491,447 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

maturing; of such Bills. The interest on such Treasury	payable out of the General Loan Account on the
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.

M I N E