Iron and Steel Products Bounty Act 1927

Overview

The Iron and Steel Products Bounty Act 1927 was enacted to amend the Iron and Steel Products Bounty Act 1922, addressing the need to revise the conditions under which bounties on iron and steel products are paid. Enacted by the Parliament of the Commonwealth of Australia, the Act seeks to refine the eligibility criteria for bounty payments, particularly concerning the proportion of non-Australian materials in traction engines, and to adjust the bounty rates for certain products like galvanized sheets. The policy objective of the Act is to ensure that bounties are only paid for products that are predominantly manufactured in Australia, thereby supporting and incentivising local industry and manufacturing efforts. This Act introduces specific conditions and restrictions on bounty payments for traction engines, particularly limiting the bounty when non-Australian materials constitute more than forty per cent of the total cost. Additionally, it modifies the bounty rates for galvanized sheets, effective from January 1, 1928. The amendments are aimed at promoting local production and ensuring that the bounties contribute effectively to the growth of the Australian iron and steel manufacturing sector.

Scope and Application

The Iron and Steel Products Bounty Act 1927 applies to the bounty on traction engines, fencing wire, galvanized sheets, and wire netting manufactured in Australia, amending the Iron and Steel Products Bounty Act 1922. This Act specifies conditions and restrictions on the payment of bounty, particularly for traction engines, including reducing the bounty amount if the engines contain materials or parts not produced or manufactured in Australia. The bounty rates for galvanized sheets are also amended, with an increase from £2 12s. per ton to £3 12s. per ton, effective from 1 January 1928. The Act applies nationally across the Commonwealth of Australia and affects entities involved in the manufacture of these products. Any traction engine with more than forty per centum of its total factory or works cost attributed to non-Australian materials or parts will not be eligible for bounty. The Act’s scope can be extended or restricted through subordinate instruments, ensuring its application remains relevant and effective within the industry.

Key Provisions

The Iron and Steel Products Bounty Act 1927 makes several amendments to the Iron and Steel Products Bounty Act 1922, with key changes found in sections 2, 3, 4, and 5. Section 2 adds a new proviso to section 3 of the Principal Act, specifying that the conditions outlined in section 4a of this Act will apply to traction engines manufactured in Australia and delivered on or after January 1, 1927. Section 3 amends section 4 of the Principal Act by removing references to traction engines and altering the first proviso to only include fencing wire, galvanized sheets, and wire netting. A new section 4a is inserted, establishing restrictions on the bounty payable for traction engines that include non-Australian produced materials or parts. If such materials or parts represent more than 40% of the total cost, no bounty will be paid. Section 5 amends the schedule to the Principal Act, increasing the bounty rate for galvanized sheets from £2 12s. to £3 12s. per ton, effective from January 1, 1928. The Iron and Steel Products Bounty Act 1927 imposes certain obligations on parties involved in the manufacture and delivery of iron and steel products in Australia. Manufacturers of traction engines must ensure that any materials or parts not produced in Australia do not exceed 40% of the total factory or works cost, or risk losing their entitlement to bounty under the Act. The Act also requires manufacturers of galvanized sheets, fencing wire, and wire netting to adhere to the specified bounty rates detailed in the amended schedule. Failure to comply with these requirements may result in financial penalties or disqualification from receiving any bounty. The Act outlines specific offences, penalties, and consequences for breaches of its provisions. Section 4a establishes that any traction engine containing non-Australian materials or parts exceeding 40% of the total cost will not be eligible for bounty. This represents a financial penalty for manufacturers who do not comply with the local production requirements. Additionally, any misrepresentation or fraudulent claims made in the process of claiming bounty may be subject to further penalties under the general legal framework, including fines or imprisonment as deemed appropriate by the courts. The precise penalties for such offences would be determined by relevant legislation, such as the Crimes Act 1914, and may vary depending on the severity of the breach.