Loan Act of 1899 (NSW)

2 E Revenue

Act No. 42, 1899.

An Act to authorise the raising of a Loan for the Public Service of the Colony, and for other purposes. [22nd December, 1899.]

BE it enacted by the Queen's Most Excel lent Majesty, by and with the advice and consent of the Legislative Council and Legisla­

tive Assembly of N e w South Wales in Parliament assembled, and by

the authority of the same, as follows :—

1. It shall be lawful for the Governor to raise by the sale of Deben­
tures or the issue of Inscribed Stock, secured upon the Consolidated

Revenue Fund of the Colony, and bearing interest at a rate not exceeding four per centum per annum, such sums of money not exceeding in the whole the sum of Two millions eight hundred and seventy-three thousand nine hundred and eighty-one pounds, as are respectively set against the following Public Works and Services, that is to s a y : —

PERMANENT AND REPRODUCTIVE WORKS.

MILITARY SERVICES—

Erect ion of Dri l l Sheds in Coun t ry Towns ... £2 ,000 0 0

Addi t ions to Ba r r acks and Defences 2,000 0 0

To Complete E q u i p m e n t for Defences ... 7,300 0 0

Conversion of Breech- loading G u n s i n t o Quick-

firers, and Supp ly of M o u n t i n g s .. ... 5,000 0 0

Small Arms ' A m m u n i t i o n for Reserve Stock. . .	7.500	0	0
War l ike Stores , &c	8,750	0	0
Al te ra t ion and Conversion of Small A r m s and

Complet ion of Submar ine Mining B o a t .. 8,000 0 0

Purchase of Muni t ions of W a r , Reserve Stock 100,000 0 0

140,550 0 0

M I S C E L L A N E O U S —

Addi t ions , &C, to the Newcas t le Hosp i ta l	...	6,000	0	0
Addi t ions , Ac., to t h e P a r r a m a t t a Hospi ta l	...	2,000	0	0
Erec t ion , &c., of F i r e Sta t ions	2,000	0	0

10,000 0 0

GOVERNMENT PRINTER—Addit ional Mach inery for Governmen t

P r i n t i n g Office ... 2,500 0 0

RAILWAYS—

Rol l ing Stock to meet Addit ional Traffic and

the E q u i p m e n t of N e w Lines 120,000 0 0

Addi t ions to Railway Lines, Stat ions, Build­ ings, Workshops , and o ther purposes ...	100,000 0 0
Towards t he Improvement of Grades and

Curves—fur ther sum 80,000 0 0

TRAMWAYS—

Towards t he Conversion of the W e s t e r n System

of Tram Lines to Electr ic , and for Rol l ing

Stock 80,000 0 0

Towards A m o u n t required to p u t the Tar ra-

wdngie Tramway in W o r k i n g Order , and

necessary I m p r o v e m e n t s . . . .. ... 10,000 0 0

Extens ion of Tarrawingee Tramway to Race­	course, and Sidings connected therewi th .
&c 1,000 0 0

391,000 0 0

FOR Th inn ing out and otherwise Improving Fores t Reserves—fur ther

sum 10,000 0 0

HARBOURS AND RIVERS—

{Including Land Resumptions and Costs.)

Bateman 's Bay—Training-wal l a t en t rance to

Clyde River 4,000 0 0

P o r t Kembla H a r b o u r Improvemen t s—fur the r

sum 10,000 0 0

P o r t Kembla H a r b o u r I m p r o v e m e n t s — P u r ­

chase of Land and I m p r o v e m e n t s thereon 55,500 (I 0

Carried over £00,500 0 0

Carried over £ 5 5 4 , 0 5 0 0 0

B r o u g h t over £554 ,050 0 0

HARBOURS AND RIVERS—continued.

B r o u g h t over £ 6 9 , 5 0 0 0 0

M o r u y a River I m p r o v e m e n t s — f u r t h e r s u m . . . 11,000 0 0

Clarence	River	I m p r o v e m e n t s	...	...	30,000	0	0
Richmond	Rive r	Improvemen t s	. . .	...	10,000	0	0

Cape H a w k e Improvement s—fur the r sum .. . 5,000 0 0

M a n n i n g	River	Improvement s	...	...	15,000	0	0
Bel l inger	River	I m p r o v e m e n t s	...	...	8,000	0	0

P a r r a m a t t a River Improvemen t s (nea r the

town) 5,000 0 0

Nambucca River Improvemen t s—fur the r sum 10,000 0 0

Macleay River Improvemen t s—fur the r sum. . . 12,000 0 0

H a s t i n g s River Improvemen t s . . . . . . 1,700 0 0

Wharf , Dar l ing Harbour , and extending Rail­

way to deep waters of Port J a c k s o n

( including land r e s u m p t i o n s ) — f u r t h e r

sum 100,000 0 0

Whar f , Sheds, and Roadway, east side of Woolloornooloo Bay—towards .,, ... 8,000 0 0

Wharf and Shipping Appliances , Newcastle, including Hydrau l i c Cranes, I n n e r Basin

—fur ther sum 26,500 0 0

Newcas t le H a r b o u r — P r o v i d i n g ex t ra Moor ing

Accommodat ion—fur the r sum .. . ... 5,000 0 0

Spectacle I s l and—Erec t ion of Shell Magazine

a n d Whar f , inc luding Rec lamat ion	W o r k s	5,500	0	0
Dar l ing	and	M u m u n b i d g e e	Rivers ,	Snagging

and Glebe Is land Improvement s , Wharfage Ac­ Clear ing—fur ther sum .. . . . . 13,000 0 0

commodation, Levell ing and Fo rming

G r o u n d — f u r t h e r sum ... ... . . . 25,000 0 0

Light -house , Norah H e a d — w i t h A p p a r a t u s

and Cons t ruc t ion of Approach , Road, and

Telegraphic Communicat ion ... .. 18,000 0 0

Hor se Ferry, Dock, and Land ing at Dawes

Poin t , with Roadway the re to — fu r the r

sum ' 2,000 0 0

Trial Bay Pr i son—Erect ion of N e w W i n g and

Electr ic L igh t Ins ta l l a t ion—fur the r sum 1,500 0 0

Count ry Towns W a t e r Supp ly—fur the r sum. . . 15,000 0 0

Sea-walls,	Reclamation,	and	D r e d g i n g —
W h i t e ' s	Creek, Cook's	River, L o n g	Cove,

Homebush Bay, N o r t h H a r b o u r , N e w ­

castle ( including Appl iances for P u m p i n g Silt , &c.) ; Roselle Lay ; Double Bay ; Manly ; B y r o n B a y ; L a n d i n g Silt from

Sand-pumps and other Dredges , F o r m i n g

G r o u n d , Special Dredg ing and Appl iances 65,500 0 0

Carried over £462 ,200 0 0

Carried over £554 ,050 0 0

Brought over £554 ,050 0 0

HARBOURS AND RIVERS—cont inual .

Brough t over £402 ,200 0 0

W h a r f s , Je t t i e s , and Landings—Mer imbula ,

including Bridge, Road, a n d S h e d ; J e t t y ,

Pon toon , Wai t ing-shed and Stage, Circular

Quay, cast s ide ; Bou rke—Shed and

Approaches — fur ther sum ; Newcas t le

(Queen ' s W h a r f ) ; W h i t e Bay ; Bermagu i

— E x t e n s i o n of ; E r s k i n e - s t r e e t ; P r inces '

Stairs, Circular Q u a y ; Glebe Is land ... 16,200 0 0

N e w Shallow D r a u g h t Screw-steamer for

Dredge Service—further sum ... ... 1,000 0 0

Pi lot S teamer " A j a x " — E l e c t r i c L i g h t and

t rausfer of present E n g i n e and D y n a m o

to Dredge Service Vessels ... ... 450 0 0

New Steamer to replace "Thet i s " (condemned) 15,000 0 0

N e w Steam Launch for L u n a c y D e p a r t m e n t . . . 1,200 0 0

N e w Sand-pump Dredge for Reclamat ion and

o ther W o r k s 13,000 0 0

Self-propelled Steam Sand-pump Dredge for deepening Shallow Bars—fur the r sum .. . 2,200 0 0

P u n t s for H a r b o u r and Reclamat ion W o r k s . . . 4,000 0 0

N e w Steam Launch , Publ ic W o r k s Depar t ­

m e n t 2,000 0 0

522,250 0 0

RAILWAY AND TRAMWAY CONSTRUCTION—

Railways—

Tamwor th to Manil la Ra i lway—fur the r sum 7,317 0 0

Coo tamundra -Gundaga i Railway : Award and

I n t e r e s t Arb i t r a t ion Case McSha r ry v.

Railway Commissioners . . . ... ... 52,500 0 0

L a n d resumpt ion on Rai lway Lines a l ready

cons t ruc ted (old claims) . . . . . . . . . 10,175 0 0

Rosehil l Rai lway from Clyde to Carl ingford— Purchase of—fur ther sum . . . ... 2,500 0 0

Berr igan to Finley Ra i lway—fur the r sum .. . 3,000 0 0

Cons t ruc t ion of Siding into Genera l Cemetery,

Su ther land 2,500 0 0

7 7 , 9 9 2 0 0

Tramways—

Conversion of t he present Steam Trams into E lec t r i ca l—fur ther sum .. . . . . . . . 62,749 0 0

Tramways general ly ... . . . . . . . . . 75,000 0 0

137,749 0 0

GOVERNMENT ARCHITECT—

Post and Telegraph Offices — Erect ions and Add i t ions—Genera l Pos t Office, Sydney,

and Subway, Mar t in -p lace—fur the r sum 18,800 0 0

Carried over £ 1 8 , 8 0 0 0 0

Carried over £1 ,292 ,041 0 0

Brough t over £1 ,292 ,041 0 0

GOVERNMENT ARCHITECT—continued.

Brought over . . . £18 ,800 0 0

Gaols—Erec t ions and A d d i t i o n s — P a r r a m a t t a

(Qua r t e r s , &c.) ; Peni tent ia ry for Pe t t y

Offenders ; Pr ison for	Females—fur the r
s u m ;	Electrical L igh t Instal lat ion Gaols—

Dar l inghurs t , Goulburn , Bathurs t , Eas t

Mai t land , B r o k e n Hil l , Berr ima, and

P a r r a m a t t a . . . 29,000 0 0

Ins t i tu t ions for I n s a n e — Addit ions, &c.—

Kenmore—fur the r	sum	10,000	0	0
Callon	Park,	Pa r ramat t a ,	and	Gladesvi l le ;

Ryda lmere ; Gladesville — Q u a r t e r s for

Medical Officer 17,500 0 0

Benevolent Asy lums — Erect ions , Addit ions,

&c.—Rookwood ; Newing ton 15,800 0 0

Botanic Gardens (Addi t ions and improve­

m e n t s ) — fur ther sum 5,800 0 0

Governmen t H o u s e — E x t e r n a l Rebuilding and

Elec t r ic L igh t—fur the r sum 4,500 0 0

J e n o l a n Caves Accommodat ion H o u s e -

fur ther sum 4,000 0 0

National Ar t Gal le ry—fur ther sum —

Addi t ions ... 4,000 0 0

New Offices for H u n t e r Dis t r ic t W a t e r Supply

and Sewerage Boa rd—fur the r	sum	500	0	0
Univers i ty of	Sydney—Addi t ions	12,000	0	0

Elec t r ic	Light	Instal lat ion, Publ ic	Bui ld ings
general ly,	including	W o r k s h o p ,	F i t t i ngs ,
Machinery , &c.—further sum	4,000	0	0

Coast Hospi ta l , L i t t l e Bay—Erec t ion of

Kitchen and Appliances, Res idence for Clerk and Storekeeper , Addi t ions Lock

Ward , and other Improvemen t s . . . 5,000 0 0

Cus tom H o u s e Bui ld ings—Addi t ions—fur ther

sum... 2,000 0 0

Treasury Bui ld ings—Addi t ions ,Elec t r ic Light ,

and F i t t i ngs—fur the r sum 1,000 0 0

134,500 0 0

SEWERAGE CONSTRUCTION—

W a r a t a h	Dra inage	2,000	0	0
P a r r a m a t t a	Drainage	35,000	0	0
Bookwood Asy lum—Sewerage—fur the r	sum	800	0	0

Mosman and South Wi l loughby Sewerage—

fu r the r sum 3,000 0 0

Waver ley , Handwick, and Bondi Sewerage—

fur ther sum 11,300 0 0

Carried over £52 ,100 0 0

Carr ied over £1 ,426,541 0 0

B r o u g h t over £ 1 , 4 2 6 , 5 4 1 0 0

SEWERAGE CONSTRUCTION—continued.

B r o u g h t over £ 5 2 , 1 0 0 0 0

Providing new Sewers, and for elevating
Sewerage into Main Bondi Outfal l Sewer

a t Woolloomooloo, including other Low

Levels—fur ther sum . . . . . . . . . 2 , 5 0 0 0 0

Dar l ing H a r b o u r Low-level Sewerage—fur ther

sum 5 , 0 0 0 0 0

Const ruct ion of S to rmwate r Channe l t h r o u g h

W a t e r Reserve in the Town of Kiama ... 2 , 5 0 0 0 0

6 2 , 1 0 0 0 0

ROADS AND BRIDGES BRANCH.

Bridge , L a n e Cove River—Re-vote 5 3 , 5 0 0 0 0

TELEPHONE TUNNELS—Construct ion of Telephone T u n n e l s — f u r t h e r

sum 5 0 , 0 0 0 0 0

METROPOLITAN BOARD OF WATER SUPPLY AND SEWERAGE—

Water—

I m p r o v e m e n t s in Mains , Ret iculat ion, M e t r o ­

poli tan and Coun t ry Dis t r ic ts . Stop Valves

on T r u n k Mains . Valves for H y d r a n t s ,

S t reng then ing and Improv ing Canal,

Addi t ions to Care takers ' Cottages, and W o r k s general ly, including Purchase of Land, Erect ion of Tanks , and Improve­

men t s in P u m p i n g Sta t ions . . . . . . 9 0 , 7 0 0 0 0

Sewerage—

Under -d ra in ing Fi l ter Beds, Extens ion of

Sewage F a r m Railway, Buildings on Main Carr ier , Re ta in ing Wal l s and Scour Channel , Erect ion of W o r k m e n ' s Cottages,

Se t t l ing Tanks . & c , Wi l loughby Outfal l

including Purchase of Land , Addi t ions ,

W o r k s , and Addi t ional Sum to provide

for car ry ing out Sewerage Work on

defer red-payment sys tem. . . . . . ... 3 1 , 5 0 0 0 0

1 2 2 , 2 0 0 0 0

TECHNICAL Colleges and Technological M u s e u m s . . . . . . . . . 2 0 , 0 0 0 0 0

BOARD OF EXPORTS—For increased facilities for Handl ing and

Expor t of Agricul tura l and o ther P roduce ; erect ion of Grain

Eleva tors , and o ther purposes of a like n a t u r e . . . . . . 1 0 0 , 0 0 0 0 0

CONSTRUCTION and Extens ion of Telegraph and Telephone Lines

general ly 8 7 , 0 0 0 0 0

Total , P e r m a n e n t and Reproduc t ive W o r k s £ 1 , 8 7 1 , 3 4 1 0 0

OTHER WORKS.

(To be paid out of the Consolidated Revenue in th i r ty years , by means

of an A n n u a l Sinking F u n d . )

HARBOURS AND RIVERS—

Wharfs,	Jellies,	and	Landings—
M e r i m b u l a — J e t t y ,	including	Bridge,	Road,

and Shed; Bay View, P i t t w a t e r — W h a r f ;

Narooma, W a g o n g a R ive r—Whar f and

approaches ; Kurnel l , Botany Bay ;

W h a r f s and Je t t i e s generally	£5,800	0	0
Pi lo t Stat ion, new en t rance , Macleay R ive r . . .	3,000	0	0
Dredge Docks , Tweed and Clarence Rivers ...	2,500 0	0

11,300 0 0

GOVERNMENT ARCHITECT—

Post and Telegraph	Offices—Erections	and	Additions—
G u n n e d a h ,	Wen twor th	( fur ther	sum) ,Molong ,
Menang le ,	N y n g a n .	Kyamba ,	Broken

Hill , Hi l lgrove, Smithlield, Cante rbury , Tibooburra , Broken Hill Rai lway Town, W y a l o n g , Hi l l s ton , Pos t and. Telegraph Cilices general ly . Clocks and Bells for

Pos t and Telegraph Offices	16,709	0	0
Police Slations	and Lock-ups—Erection	and	Additions—

Collarendabri , Young , M a u d e , Wes t Mai t land

(qua r t e r s ) ,	W y a l o n g	(ba r r a c ks ) ,Wya long
(qua r t e r s ) ,	G u n b a r ,	Ryde , Mil l thorpe,
W i s e m a n ' s	P e r r y ,	Stockingbingal , Be-

thungra , B r o k e n Hil l , Belmont, Moss

Vale ( lock-up) , Bungendore , W y a l o n g

( lock-up) , Gi lgandra ( fur ther sum) , King­

ston, Kempsey, Eden, Bulyeroi , A c a c i a Creek, Kmiopia , Bourke , Police Stat ions

generally (erect ions) ... . . . ... 24,700 0 0

Court-houses—direction and Additions—

Pilliga ( including Lock-up) , Tuena , Gundaga i ,

S tewar t ' s Brook, Coopernook ( including

Lock-up , fu r the r sum) , Temora ( fu r the r

sum), Blayney, Cootanmndra ( fur thersum),
Braidwood, N y n g a n Cour t -house and

Police Buildings.	Ba thurs t	Cour t -house ,
N a r r a n d e r a ,	Cumnock	( inc lud ingLock-up ,

fur ther sum) , Court -houses generally ... 20,842 0 0

Gaols—Erection and Additions—

Bur rowa , Grenfel l , Gaols general ly 2,905 0 0

F o r b e s — L a n d and Survey Offices—Quarters 400 0 0

Kurne l l—Accommoda t ion House and Care­

t ake r ' s Q u a r t e r s 600 0 0

W o m b o y a n	Caves — Accommodat ion	H o u s e
(Addi t ions)	1,000 0	0

Yarrangobil ly Caves—Accommodat ion House .

Erec t ion	'	1,000	0	0
G u a r d	Room a t Gove rnmen t H o u s e — E r e c t i o n	750	0	0
Elec t r ic	Light and o ther works, " Sobraon ," Naut ica l School Ship	1,500	0	0

Centennia l P a r k Buildings and Improvement s	1,300	0	0
F i r e Brigade Sta t ion, Redfern	350	0	0

72,056 0 0

Carr ied over ... ... . . . . . . £83 ,356 0 0

Brough t over . . . £83 ,356 0 0

S E W E R A G E C O N S T R U C T I O N —

Botany S tormwater Channel £3 ,800 0 0

Orange S tormwate r D r a i n a g e . . . . . . ... 1,000 0 0

Sewerage W o r k s general ly ... . . . ... 7,000 0 0

11,800 0 0

R O A D S AND B R I D G E S BRANCH:—

Roads—

Roads across Bondi Beach 2,500 0 0

Relaying W o o d Blocks, King-s t ree t , Newtown 1,427 0 0

P u n t for Spink ' s Fe r ry , Wakoo l River (Road

Balranald to Swan Hill Br idge) 450 0 0

Bridges—

H a r p e r ' s Creek, Read Ber ry to Barrengar ry ;

McDonald ' s Creek, Road Cudgegong to Hi l l E n d ; M u l w a r r e e Bonds, a t Lands- downe, Road G o u l b u r n to B u n g o n i a ; E u r o k a Creek, Road East Kempsey to Dondinga long ; Gil Gil Creek, Road Ga rah to Kunop ia ; Parson ' s Creek, Road W a r k - worth to Pu t ty ; F lyer ' s Creek ,Bul ladee lah to Bungwal l ; Khor ibakh Creek, Boad Khor ibakh to U p p e r W a l l a m b a ; Manda - gery Creek. Boad Mani ldra to Toogong ; Bil labong Creek, at Bol ton-s t ree t , J e r i l -

derie ; Tom T h u m b Lagoon, Road W o l -

longong to Po r t K e m b l a ; Millie (or Cameron 's ) Creek, Boad Bingera to Bar- raba ; Yass Biver (Pca rce ' s ) , Main South R o a d ; Cox's River, a t Glenroy, Boad H a r t l e y to Jenolan ; Belubula Biver, Boad Cowra to Canowindra ; Bell Biver, near Wel l ing ton , Road Wel l ing ton to U l u n d r y ;

Yaveu Yaven Creek, a t M o u n t A drab ,

Road Ade long to Hi l las C r e e k ; E m u

Creek, Road Booral to Bu l l ade l ah ; Main A r m Brunswick River. at Mul lumbimby , Road Hainsvi l le via Mul lumbimby to

Byron Bay ; Fish River a t M u t t o n ' s	Fal ls ,
Boad T a r a n a	to Oberon , including road

deviat ion; B o w n a C r e e k ( " S p u r r ' s " ) , Road Albury to Cookardinia; Char leyong Biver,

Road Braidwood to N e r r i g a ; M u n m u r r a

River, Road Mudgee to Cassi l is ; W a r r e n	Creek. Road Carinda to Brewar r ina ; Mac- quarie River ,Road W a l g e t t to Brewar r ina ; Mary land , inc luding road approaches, Road Amosfield to Acacia Creek; W a r r a h Creek, Road Quir indi to Warrah R i d g e ; Mi lmaland Creek, Road W a r r e n to Carinda ; Delegate River, Road De lega te , via Cur rawang, to Wollandibby ; Six-mile Creek, Boad Cathcar t to P a m b u l a ; B u r -
rangong Creek, Lynch-s t ree t , Y o u n g ;
Cooloongalook River, Bul ladelah, Coo-
loongalook Road ; Bridges general ly 33,507 0 0

37,884 0 0

E R E C T I O N Pos t and Te legraph Offices, M i n o r Towns . . . . . . . . . 12,500 0 0

Total , O t h e r W o r k s 145,540 0 0

R E P A Y M E N T O F L O A N S .

T o M E E T 5 P E R CENT. D E B E N T U R E S FALLING DUE

I N 1900—In Ju ly , 1900—

Railways and o the r purposes Act , 34 Vic. N o . 2 £107 ,100 0 0

Deben tu re s raised in 1871 under various Acts

to make good loss sustained in negotiat ion

of pr ior loans ... 450,000 0 0

857.100 0 0

Tota l , Repaymen t of Loans ... ... ... 857,100 0 0

Total , P e r m a n e n t and Reproduc t ive W o r k s ... 1,871,341 0 0

Total , O the r W o r k s 115,5 10 0 0

G R A N D T O T A L £2,873,981 0 0

2. The Loans so authorised as aforesaid for permanent and reproductive works and repayment of loans may he negotiated wholly or in part in the form of Debentures or Inscribed Stock in the Colony or in London at such times and for such amounts as may he directed by the Governor.

3. Any Stock issued within the Colony under this Act shall, as to a sum not exceeding Two million seven hundred and twenty- eight thousand four hundred and forty-one pounds, be styled " New South Wales Funded Stock," and shall, if sold otherwise than by tender, be purchasable at the Treasury upon any lawful day; and as to a sum not exceeding One hundred and forty-five thousand live hundred and forty pounds, shall he styled " New South Wales 1930 Stock," and shall be redeemable on the thirtieth day of June, one thousand nine hundred and thirty, by means of a Sinking Fund, for the purpose of which a sum not exceeding four thousand eight hundred and fifty-one pounds six shillings and eight pence shall be set apart out of the Consolidated Revenue Fund, annually, upon the thirtieth day of June in each year, commencing with the thirtieth day of June, one thousand nine hundred and one, until the

date of redemption; and such Stock shall, if sold otherwise than by	tender, be purchasable in like manner as the Stock hereinbefore men­
tioned.
4. The Governor may make regulations for dealing with the Sinking Fund established by the last preceding section, and may appoint Commissioners.
5. The provisions of the Funded Stock Act of 1892 relating to the method of inscription and transfer of Stock, and the regulations under such Act, and the forms prescribed in the said regulations, are hereby declared to be applicable to, and shall be followed and used, mutatis mutandis, in connection with, all Stock issued within the Colony under the provisions of this Act.

6. 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 of 1883, for carrying this Act into effect; and such regulations shall he 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.

7. 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 Services, in terms of the Loans Fund Amalgama­ tion Act of 1879.

8 . Debentures or Stock sold or issued under this Act arc

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 and Stock any property held by them, whether as trustees or otherwise, which they are not expressly forbidden to invest in Government Stock or Securities, with­ out on that account being liable as for a breach of trust or incurring any liability whatsoever, provided that such investment is in other respects reasonable and proper.
9. Notwithstanding anything to the contrary in any special Act, the provisions of the Loans Fund Amalgamation Act of 1870 shall be deemed to have applied and to apply to and in respect of all moneys borrowed or which may hereafter be borrowed under the authority of any special Act; and the provisions of any special Act so far as they repeal, amend, or restrict the operation of any of the provisions of the Loans Fund Amalgamation Act of 1879 are hereby declared to have been and to be of no effect, and any moneys at credit of the General Loan Account may be applied to any service authorised by a special Act notwithstanding that no money has been raised under

such special Act.

10. In this Act the expressions "special Act" and "loan

services " have the meanings given to them respectively in the Loans Fund Amalgamation Act of 1879, " Governor" means Governor with the advice of the Executive Council, " Treasurer" means the Colonial Treasurer for the time being, and the expression " Stock" means Inscribed or Funded Stock.

11. This Act may be cited as the " Loan Act of 1899."

Act