Loan Act (No 2) 1932 (NSW)

LOAN ACT (No. 2).

Act No. 40, 1932.

An Act to authorise the raising of a Loan for Public Works and Services; and for other purposes. [Assented to, 6th December, 1932.]

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 :—

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

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 eight millions one hundred and five thousand one hundred and eighty-seven

1932."

2 . In this Act the expression " Agreement " mean? 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; " Treasurer " means the Colonial Treasurer for the time being; and " Stock " means Inscribed or Funded Stock.

eighty-seven pounds, as are respectively set against the

following Public Works and Services, that is to say:—

TREASURER—

Cost of Exchange on Transfer of Treasury Bills (£2,119,257 13s. 7d.) from London to Australia ... ... ... £537,762 0 0

To provide for Relief of Unemployment—(Amount to be carried to Special Deposits Account)—Unemploy­ ment Relief Fund)	2,900,000 0 0
To provide for Relief of Unemployment—(Winter Relief Loan)—(Amount to be carried to Special Deposits Account—Unemployment Relief Fund)	600,000 0 0
To provide for Relief of Unemployment—(Christmas
Relief)	500,000 0 0

DEPARTMENT OF TRANSPORT—

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

Equipment of Refreshment Rooms ... ... 405,729 0 0

Electrification of Railway Lines ... ... ... 9,610 0 0

Railway Construction—

Moss Vale to Port Kembla Railway—further sum ...	18,128 0 0
City and Suburban Railways and Railways gene­

rally—Land Resumptions and Costs ... ... 46,729 0 0

Tramways—

Additions to Tramway Lines ... ... . . . ... 7,530 0 0

Duplication of Tramway Lines ... ... ... 65,120 0 0

Additions to Tramway Rolling Stock 600,000 0 0

SECRETARY FOR LANDS—MISCELLANEOUS—

To provide for a Working Capital for Purchase of Wire Netting, Material, &c, in terms of Section 30 of the Pastures Protection Act, No. 35 of 1912—(The amount to bo carried to Special Deposits Account—Wire

Netting Working Capital Account)—further sum ... 32,000 0 0

Carried forward £5,722,608 0 0

Brought forward £5,722,608 0 0

DEPARTMENT OF PUBLIC WORKS—

Bridges—

Sydney Harbour Bridge—further sum ... . . . 71,055 0 0

Harbours and Rivers—

Newcastle Harbour Improvements, including Wharf age,

Shipping, Dredging, and other Plant—further sum Port Kembla Harbour Improvements—further sum ...	12,756 0 0
25,371 0 0
Coff's Harbour Improvements, Jet ty Extension, &c.—

further sum 31,238 0 0

Wagonga River Improvements — further sum ... 251 0 0

Moruya River Improvements—further sum ... ... 330 0 0

Public Watering Places—

Public Watering Places Generally—farther sum ... 3,881 0 0

Water Supplies—

Country Towns Water Supplies—further sum ... 184,800 0 0

Sewerage Construction—

Country Towns Sewerage and Storm water Channels—

further sum .. 67,142 0 0

Newcastle Sewerage and Stormwater Channels—

further sum 306.479 0 0

Cessnock Sewerage—further sum ... . . . ... 31,376 0 0

Public Buildings—

Mental Hospitals—New Buildings, Improvements, and

Additions—further sum 193,419 0 0

State Hospitals and Asylums, including Coast

Hospital—New Buildings, Improvements, and

Additions—further sum ... ... ... ... 44,322 0 0

Caves Houses and Tourist Resorts—further sum ... 4,236 0 0

Public Buildings Generally—Construction Additions,

Improvements, and Acquisition of Sites—further
sum	35,547 0 0

Electrical—

Country Towns Electricity Supply 1,000 0 0

Miscellaneous—

River Murray Commission—Part Cost of Works to bo carried out under the Act and Hydro Electric Development—further sum	123,900 0 0
Border Railways—Preliminary Survey Expenses and Acquisition of Land for Construction Purposes— further sum	829 0 0

Carried forward £6,864,1 16 0 0

Brought forward £6,864,146 0 0

DEPARTMENT OF PUBLIC WORKS—continued.

Hunter District Water Supply and Sewerage Board—

Water Supply—

Amplification—Extension of Reticulation, Im­

provements, and other "Works—further sum 13,552 0 0

Sewerage—

Extension and Reticulation—Improvements and

other Works—further sum ...	...	...	4,216 0 0
Stormwater Drainage—further sum	...	...	9,818 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 ... ... 200,000 0 0

DEPARTMENT OF AGRICULTURE—MISCELLANEOUS—

Botanic Gardens and Centennial Park—Erection of Insectary and other Improvements ... ... ... 975 0 0

Grain Elevators—Towards Construction of Country Grain Silos and permanent Working Houses—further sum... 400,000 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 To provide for the Construction of Burrinjuck Dam 107,850 0 0

Developmental Works, including Factories, Plant,

and Subsidiary Works ; payment of tenant rights;
deferred rents and water rates, Murrumbidgee

Irrigation Areas, and Advances to Individual Settlers,

or Organisations of Settlers (to be subsequently re­

paid), on Irrigation Areas generally-further sum ... Shallow boring—To provide Water Supplies for Settlers—	95,950 0 0
Coomealla Irrigation Area—Additional Works—further

further sum	33,700 0 0
sum	1,125 0 0

Wentworth Irrigation Area—Extension, including Addi­ tional Pumping Plant—further sum ... ... ... 1,425 0 0

Water Conservation Works Generally—further sum ... 1,960 0 0

Works under the Water Act, No. 44, 1912—further sum 120,470 0 0

MIGRATION—

To provide for the Construction of a Storage Reservoir on

the Lachlan River, at Wyangala, and for Works

incidental thereto—further sum ... ... ... 250,000 0 0

Total, Loan Estimates ... £8,105,187 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 shad 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 provisions 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 Parliament 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 appro­ priated 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.

10. Debentures, Stock, or Treasury Bills sold or issued under this Act are hereby declared to be for all purposes Government Securities; and all corporations 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 with­ out 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 irk derogation of any provision of the said Agreement.

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