Loan Act of 1874 No 16a (NSW)

No. II.

An Act to enable the Government to raise a Loan for Public Works and other purposes. [25th June, 1874.]

hundred and six thousand two hundred pounds for the several purposes	WHEREAS it is expedient to authorize; the Government to borrow certain sums of money amounting in the whole to Eight
hereinafter specified either by the issue and sale of Debentures or in the form of a Funded Stock in the Colony Be it therefore enacted by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legislative Assembly of N e w South Wales in Parliament assembled and by the authority of the same as follows :—
1. I t shall be lawful for the Governor with the advice of the Executive Council to raise by the sale of Debentures secured upon the Consolidated Revenue Fund of the Colony and bearing interest at a rate not exceeding four per centum per annum such several sums of money not exceeding in the whole the sum of eight hundred and six thousand two hundred pounds as may be required for the following several purposes not exceeding for the same respectively the several sums respectively set against such purposes :—
R A I L W A Y S : —

Trial Surveys	£20,000 0 0
Roiling Stock	100,000 0 0
Towards purchasing Land laying Sidings and
erecting Sheds Darling Harbour Wharf... For Engine Sheds	25,000 0 0
10,000 0 0

Enlarging Machine Shop Sydney Station	...	8,000 0	0
Additional Machinery Sydney	2,000 0 0

Completing New Station Redfern (including Approach Roads Lighting Water Supply and Retaining-wall Darling Harbour Branch) 6,000 0 0

Unadjusted Land Claims ... ... ... 1,000 0 0

To complete the Western Line to Kelso and to

provide for increased price of iron-work

for the Bridges over the river Macquarie To connect the Great Northern Railway with the new Wharfage accommodation at Bullock Island	45,000 0 0
50,000 0 0
For purchase of Twelve Passenger Locomotive Engines for the Extensions beyond Mur-

rurundi Groulburn and Bathurst... ... 50,000 0 0

317,000 0 0

HABBOURS AND RIYERS NAVIGATION:—

Towards construction of Harbour of Refuge at

Trial Bay by Prison labour 10,000 0 0

Two additional Steam Cranes Newcastle ... 9,000 0 0

Southern Breakwater Extension ... ... 10,000 0 0

Improving Navigation of the River Darling ... 5,000 0 0

Reclamation of Blackwattle Swamp further sum	16,200	0	0
Extension of Newcastle Wharf further sum ...	5,000 0	0

To complete the Dock at Cockatoo Island .. 15,000 0 0

70,200 0 0

Carried forward £387,200 0 0

Brought forward £387,200 0 0

COLONIAL ARCHITECT :—

Light-house Barrenjoey Broken Bay ...	...	5,000 0 0
Light-house Solitary Island	4,000 0 0
Towards the erection of Public Offices	...	20,000 0 0

Towards the erection of Public Offices (Lands

Department) 20,000 0 0

Towards the erection of Custom House New­

castle further sum	...	3,000 0 0
Light-house at Seal Bocks further sum	...	4,000 0 0
New Lunatic Asylum	75,000 0 0

Water Supply for Abattoirs Glebe Island

further sum 2,000 0 0

133,000 0 0

ROADS AND BRIDGES :—

Bridge at Moruya	6,000	0	0
Nimboy Bridge further sum ...	...	...	3,800 0 0

Urara Bridge further sum ... ... ... 1,000 0 0

Windsor Bridge further sum ... ... ... 2,000 0 0

12,800 0 0

ELECTRIC TELEGRAPHS :—

To connect Coonamble with the Telegraph Line to Port Bourke on the guarantee principle	4,500 0 0
Mudgee to Rylstone on the guarantee principle	1,600 0 0
Inverell to Warialda on the guarantee principle	1,600 0 0
Telegraphic Line from Bingera to Warialda on

the guarantee principle ... ... ... 2,400 0 0

Additional for Line to Ulladulla 800 0 0

Casino to the Tweed	3,000 0 0
Forbes to Bushman's	1,500 0 0

Coolah to Coonabarabran ... ... ... 3,000 0 0

To connect Kempsey via Gladstone with

M'Leay River Heads 1,800 0 0

To connect the New Light-house Seal Bocks by

Electric Telegraph 3,000 0 0

23,200 0 0

REPAYMENT OF LOANS:—

To meet the following Railway, and Public Works Debentures which mature in 1874 viz.—

Third Instalment of the Loan of

£300,000 under 20 Vic. No. 5

due 31st December 1874	... 100,000 0 0
Railway Debentures issued under the Act 16 Vic. No. 39 falling due in February March and Novem­ ber 1874	150,000 0 0

250,000 0 0

Total £806,200 0 0

2 . T h e L o a n so a u t h o r i z e d a s a fo r e sa id m a y b e n e g o t i a t e d

w h o l l y o r i n p a r t i n t h e f o r m of a f u n d e d s t o c k b y t e n d e r o r o t h e r w i s e

i n t h e C o l o n y a t s u c h t i m e s a n d for s u c h a m o u n t s a s m a y b e d i r e c t e d

b y t h e G o v e r n o r w i t h t h e a d v i c e of t h e E x e c u t i v e C o u n c i l .

3 . A n y s t o c k c r e a t e d u n d e r t h i s A c t s h a l l b e s t y l e d " N e w

S o u t h W a l e s F o u r p e r C e n t s . " a n d o w n e r s h i p in s u c h s t o c k s h a l l b e

s e c u r e d	t o	t h e	h o l d e r s	t h e r e o f	b y	i n s c r i p t i o n	of	t h e i r	r e s p e c t i v e	n a m e s
a n d	a m o u n t s	i n	G o v e r n m e n t	b o o k s	of	R e c o r d	w h i c h	s h a l l	b e	p r e p a r e d

a n d k e p t for t h e p u r p o s e .

4 . T h e p r i n c i p a l s u m of s u c h s t o c k s h a l l b e a r i n t e r e s t a t t h e

r a t e of f o u r p o u n d s p e r c e n t u m p e r a n n u m w h i c h i n t e r e s t s h a l l b e

p a y a b l e a n d p a i d o u t of t h e C o n s o l i d a t e d R e v e n u e F u n d q u a r t e r l y o n

t h e f irs t d a y of J a n u a r y A p r i l J u l y a n d O c t o b e r i n e a c h y e a r .

5 . E v e r y t r a n s f e r of t h e sa id s t o c k s h a l l b e effected b y a n e n t r y

i n	t r a n s f e r	b o o k s	w h i c h	s h a l l	b e	p r e p a r e d	a n d	k e p t	for	t h e	p u r p o s e
a n d	e v e r y	s u c h	e n t r y	s h a l l	b e	s i g n e d	b y	t h e	p e r s o n	m a k i n g	t h e
t r a n s f e r	b e i n g	a t t h e	t i m e	t h e	i n s c r i b e d	h o l d e r	of	s u c h	s t o c k	o r	b y
h i s	l a w f u l	a t t o r n e y	a p p o i n t e d	in	w r i t i n g	u n d e r	h i s	h a n d	a n d	sea l	s u c h

w r i t i n g t o b e a t t e s t e d b y t w o w i t n e s s e s . 6 .

6. U p o n t h e n e g o t i a t i o n a n d a l l o t m e n t of t h e sa id s t o c k a ce r ­

t i f i ca t e o r c e r t i f i c a t e s p r e p a r e d a n d s i g n e d b y t h e C o l o n i a l T r e a s u r e r

a n d b y s u c h o t h e r p e r s o n o r p e r s o n s a s t h e G o v e r n o r w i t h t h e a d v i c e

of t h e E x e c u t i v e C o u n c i l s h a l l a u t h o r i z e a n d a p p o i n t s h a l l b e i s s u e d t o

e v e r y a l l o t t e e of s u c h s t o c k u p o n t h e p a y m e n t b y s u c h a l l o t t e e of t h e

a m o u n t d u e u n d e r t e r m s of a g r e e m e n t t e n d e r o r a l l o t m e n t a s t h e

c a s e m a y b e .

7 . A l l s u m s b o r r o w e d o r a u t h o r i z e d t o b e a p p l i e d u n d e r t h i s

A c t s h a l l b e p a i d t o t h e C o l o n i a l T r e a s u r e r a n d s h a l l b e b y h i m p l a c e d

t o a s e p a r a t e c r e d i t t o b e c a l l e d " T h e L o a n F u n d " a n d n o p a r t of t h e

m o n e y so b o r r o w e d s h a l l o n a n y p r e t e n c e b e p a i d u s e d o r a p p l i e d

d i r e c t l y	o r	i n d i r e c t l y	e i t h e r	t e m p o r a r i l y	o r	o t h e r w i s e	t o	o r	for	a n y
p u b l i c	p u r p o s e	o t h e r	t h a n	t h e	p u r p o s e s	r e s p e c t i v e l y	t o	w h i c h	t h e	s a m e

i s h e r e b y d i r e c t e d t o b e a p p l i e d .

8 . T h e G o v e r n o r w i t h t h e a d v i c e of t h e E x e c u t i v e C o u n c i l

m a y	m a k e	a r r a n g e m e n t s	w i t h	a n y	B a n k	o r	B a n k s	h e r e	o r	i n	L o n d o n
for	t h e	d e p o s i t a t	i n t e r e s t	of t h e	w h o l e	o r	p a r t	of	t h e	s u m s	b o r r o w e d

u n d e r t h i s A c t u n t i l r e q u i r e d for t h e p u r p o s e s of t h e A c t .

9 . T h e " F u n d e d S t o c k " c r e a t e d b y t h i s A c t s h a l l b e

" G o v e r n m e n t S t o c k " a n d a " G o v e r n m e n t S e c u r i t y " w i t h i n t h e

m e a n i n g of t h e A c t t w e n t y - s i x V i c t o r i a n u m b e r t w e l v e ( t h e " T r u s t

P r o p e r t y A c t of 1 8 6 2 " ) a n d of t h e A c t s e v e n t e e n V i c t o r i a n u m b e r

t w e n t y - s i x o r a n y A c t i n fo rce for t h e t i m e b e i n g r e l a t i n g t o

F r i e n d l y	S o c i e t i e s	a n d	e v e r y	c o r p o r a t i o n	c o m p a n y	o r	c o - p a r t n e r s h i p
a n d	a l l	t r u s t e e s	e x e c u t o r s	a n d	a d m i n i s t r a t o r s	w h e t h e r	i n c o r p o r a t e d

e s t a b l i s h e d	o r	a p p o i n t e d	b e f o r e	o r	a f t e r	t h e	p a s s i n g	of	t h i s	A c t	a n d
w h e t h e r	b y	a c t	of	p a r t i e s	o r	o p e r a t i o n	of	l a w	n o t	e x p r e s s l y	f o r b i d d e n

t o	i n v e s t	t h e i r	f u n d s	i n	t h e	p u r c h a s e	of	G o v e r n m e n t	S t o c k	o r
s e c u r i t i e s	b y	t h e i r	c h a r t e r	A c t	of	I n c o r p o r a t i o n	d e e d	of	s e t t l e m e n t	o r

of	p a r t n e r s h i p	t r u s t	d e e d	s e t t l e m e n t	t e s t a m e n t a r y	o r	o t h e r	i n s t r u m e n t
w h a t s o e v e r	r e s p e c t i v e l y	i s	a n d	a r e	h e r e b y	a u t h o r i z e d	a n d	e m p o w e r e d

t o i n v e s t s u c h f u n d s i n t h e p u r c h a s e of a n d t o h o l d s t o c k c r e a t e d b y

t h i s A c t w i t h o u t i n c u r r i n g or c o m m i t t i n g a n y b r e a c h of t r u s t o r of

a n y c o n d i t i o n r e s t r i c t i o n o r p r o v i s i o n i n t h a t b e h a l f c o n t a i n e d i n a n y

s u c h A c t c h a r t e r o r i n s t r u m e n t a s a fo re sa id .

1 0 . E v e r y p e r s o n w h o s h a l l f o r g e f a b r i c a t e o r c o u n t e r f e i t w h o l l y

o r i n p a r t a n y p a p e r w r i t i n g o r i n s t r u m e n t p u r p o r t i n g t o b e a s t o c k

c e r t i f i c a t e u n d e r t h i s A c t — o r w h o s h a l l f o r g e c o u n t e r f e i t a l t e r a d d t o

o b l i t e r a t e o r w i l f u l l y m u t i l a t e o r de face a n y w o r d l e t t e r o r f i g u r e i n o r

u p o n a n y s u c h c e r t i f i c a t e — o r w h o s h a l l f i l l u p w i t h a n y w o r d l e t t e r o r

f i g u r e a n y b l a n k s p a c e i n o r u p o n a n y s u c h c e r t i f i c a t e — o r w h o s h a l l

m a k e u s e of o r a t t e m p t t o m a k e u s e of w i t h i n t e n t t o d e f r a u d a n y s u c h

f o r g e d f a b r i c a t e d c o u n t e r f e i t e d a l t e r e d a d d e d t o o b l i t e r a t e d w i l f u l l y

m u t i l a t e d	o r	d e f a c e d	o r	filled	u p	ce r t i f i c a t e	a s	a fo r e sa id	s h a l l	b e	g u i l t y
of	a	f e l o n y	a n d	s h a l l	b e	l i a b l e	t o	t h e	e x t r e m e	p u n i s h m e n t	a p p l i c a b l e

b y l a w t o t h e c r i m e of f o r g e r y .

1 1 . T h e G o v e r n o r w i t h t h e a d v i c e of t h e E x e c u t i v e C o u n c i l

m a y m a k e a l l R e g u l a t i o n s t h a t m a y b e d e e m e d n e c e s s a r y for c a r r y i n g

t h i s A c t i n t o effect A n d s u c h R e g u l a t i o n s s h a l l b e p u b l i s h e d i n t h e

Government Gazette a n d l a i d b e f o r e P a r l i a m e n t w i t h i n f o u r t e e n d a y s

a f t e r	t h e	p u b l i c a t i o n	t h e r e o f	if	P a r l i a m e n t	b e	t h e n	s i t t i n g	a n d	if
P a r l i a m e n t	b e	n o t	s i t t i n g	t h e n	w i t h i n	f o u r t e e n	d a y s	a f t e r	t h e	n e x t

s e s s i o n	t he r eo f .
1 2 . T h e s a i d T r e a s u r e r s h a l l i s s u e a n d p a y t h e s a id s e v e r a l s u m s

for t h e p u r p o s e s h e r e i n b e f o r e m e n t i o n e d i n s u c h m a n n e r a n d i n s u c h

p r o p o r t i o n s	a s	t h e	G o v e r n o r	b y	a n y	w a r r a n t	o r	o r d e r	i n	w r i t i n g	u n d e r
h i s	h a n d	a n d	d i r e c t e d	t o	t h e	sa id	T r e a s u r e r	s h a l l f r o m	t i m e	t o	t i m e

o r d e r a n d d i r e c t A n d t h e p a y m e n t s so t o b e m a d e s h a l l b e c h a r g e d

u p o n a n d p a y a b l e o u t of t h e s u m s so b o r r o w e d o r a p p l i e d a s a fo re sa id .

1 3 . T h e s a i d T r e a s u r e r s h a l l i n h i s a c c o u n t s f r o m t i m e t o t i m e

b e

a l l o w e d

c r e d i t

for

e v e r y

s u m

of

m o n e y

p a i d

b y

h i m

i n

p u r s u a n c e

of

s u c h

w a r r a n t

o r

o r d e r

i n

w r i t i n g

a s

a f o r e s a i d

A n d

t h e

r e c e i p t

of

a n y p e r s o n

t o

w h o m

t h e

s a m e

s h a l l

b e

so p a i d

s h a l l

b e

a

fu l l

a n d

v a l i d d i s c h a r g e t o t h e sa id T r e a s u r e r i n p a s s i n g h i s s a id a c c o u n t s

for e a c h s u m t h e r e i n m e n t i o n e d a n d h e s h a l l r e c e i v e c r e d i t for t h e

s a m e	a c c o r d i n g l y .
1 4 . T h i s A c t m a y b o c i t e d a s t h e " L o a n A c t of 1 8 7 4 . "