Treasury Bonds Deficiency Act 1916 (WA)
WESTERN AUSTRALIA.
ANNO SEP TIMO
GEORGII QUINT' REGIS,
XXXVII.
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No. 17 of 1917.
AN ACT to authorise the issue of Treasury Bonds or Inscribed Stock to provide for the Deficiency of the Consolidated Revenue Fund up to the thirtieth day of June, 1916, and for purposes incidental thereto.
[Assented to 28th :March, 1917.]
Council and Legislative Assembly of Western Australia, inBE it enacted by the King's Most Excellent Majesty, byand with the advice and consent of the Legislative
this present Parliament assembled, and by the authority
of the same, as follows :—
| 1. | This Act may be cited as the Treasury Bonds Deficiency | Shoit title. |
Act, 1916.
PART I.
2. It shall be lawful for the Governor, during three years Authority to issue
from the passing of this Act, to raise by way of loan by the Bonds or Stook.
issue of Treasury Bonds or Inscribed Stock the sum of one
million five hundred thousand pounds, or such several sums
as shall not exceed in the whole one million five hundred
thousand pounds for the purposes of this Part of this Act.
| 1917, No. 17.] Treasury Bonds Deficiency. | [7 GEO. V. |
Deficiency—How
| dealt with. | 3. (1) An account shall be opened at the Treasury, to be called the Deficiency Account. |
| Schedule. | (2) The deficiency debt of the Consolidated Revenue Fund at the thirtieth day of June, One thousand nine hundred and sixteen, as stated in the Schedule, shall be transferred to and placed to the debit of such account, and the proceeds of the Treasury Bonds or Inscribed Stock issued under the authority of this Part of this Act shall be applied to the liquidation of such deficiency debt by being placed to the credit of such account. |
PA R'I' 11.
Authority to apply
| money to credit of the | 4. (1) It shall be lawful for the Colonial . Treasurer, during i financial year ending the 30th day of June, 1917, and any subsequent financial year, to apply any moneys standing to the credit of the Public Account to meet expenditure authorised by the Supply Acts and the Appropriation Act in force for the time being. |
| Public Account. |
Excess expenditure(2) If at the expiration of any financial year it shall to be reported to appear that the expenditure as authorised to be made from Parliament. the consolidated revenue fund has exceeded the revenue
for the year, the matter shall be forthwith reported to Par- liament, if then in session, or, if not, as soon as practicable after the next meeting of Parliament.
Application of 5. The provisions of the General Loan and Inscribed Stock
| Inscribed Stock | General Loan and Act, 1910, applicable to Inscribed Stock and Debentures, | |
| Act. shall apply to the Treasury Bonds and Inscribed Stock issued under the authority of Part I. of this Act, with such modifications as are hereinafter expressed. | ||
| ||
| currency, etc. |
Provided that
(a) the currency thereof shall not exceed thirty years ; (b) the contribution to the sinking fund for the re-
demption thereof shall commence to accrue on
the 1st day of July, 1917 ;
(c) so far as such Treasury Bonds and Inscribed Stock are issued with the currency of less than thirty years, the Governor may from time to time authorise the creation and issue of other Bonds or Stock for the redemption and renewal thereof so long as the currency of thirty years is not exceeded ; and
| 7 GEo. V.] | Treasury Bonds Deficiency. [1917, No. 17. |
(d) the contribution& to the sinking fund shall be such percentage of the nominal amount to be redeemed as shall be adequate to effect redemption within thirty years.
7.
| All principal moneys for which any such Bonds or Inscribed Stock are made out shall be charged upon and | Principal and in- terest charged on |
| Consolidated | |
| paid out of the Consolidated Revenue Fund, and shall bear | Revenue. |
| interest payable half-yearly at a rate not exceeding six per centum per annum, and such interest and the contributions to the sinking fund for the redemption of such Bonds and Inscribed Stock shall also be chargeable upon and paid out of the Consolidated Revenue Fund. |
8.
| It shall be lawful for all corporations and persons whatsoever to invest any moneys held by them, whether as | Power to trustees |
| and others to in- | |
| trustees or otherwise, in the purchase of Treasury Bonds and | vest in Bonds. |
| Inscribed Stock issued under the authority of this Act. |
9.
| The Colonial Treasurer may, out of any surplus revenue at his disposal, purchase any Bonds or Stock issued under the | Power to pay off or |
| redeem. | |
| authority of this Act, or, with the consent of the holder thereof, pay off the same at par, and such purchased or reedemed Bonds or Stock shall be cancelled. | |
| Provided that the surplus revenue of any financial year in excess of Fifty thousand pounds shall be applied to the purchase or redemption of such bonds or stocks. |
| 1917, No. 17.] Treasury Bonds Deficiency. | [7 GEO. V. |
| Section 3. | THE SCHEDULE. |
| £ | s. d. |
Deficiency Debt as shown by the Treasury Ac-
| counts at 30th June, 1916 | .. | .. | 1,360,965 | 5 | 7 |
Expenditure incurred prior to 30th June, 1916,
not included in above figures:—
| £ | s. d. |
| Special Survey, as. " West Australia ": | .. | 0 | 0 |
Fremantle Harbour Works, Victoria Quay,
| Strengthening | .. | 10,365 | 0 | 2 |
Commission for control of Trade in War Time
| —Loss | .. | 45,071 | 5 | 0 |
| London Payments in Suspense | .. | .. | 7,271 | 5 | 0' |
Kalgoorlie Mechanics' Institute (being amounts
paid to A.M.P. Society under guarantee for
| repayment of Loan, less credits) | .. | .. | 1,838 | 0 | 0 |
Shipment of Cattle from the North-West :
Expenditure paid in June, which should
| have been included in deficit | .. | 9,858 | 8 | 4 |
Expenditure incurred prior to 30th June
| and paid subsequently | . | .. | 12,680 | 16 | 1 |
93,071 14 7
Total Deficiency Debt of Consolidated
| Revenue Fund at 30th June, 1916 | .. | £1,454,037 0 2 |
By Authority : FEED. Wm. Sminscat, Government Printer, Perth.
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