Loan Act 1918

Legislation au C1918A00033 Not in force Act

Legislation content

 

LOAN.

 

No. 33 of 1918.

An Act to authorize the Raising and Expending of the sum of One million two hundred and forty-two thousand one hundred and ninety-four pounds for certain purposes.

[Assented to 12th December, 1918.]

BE it enacted by the Kings Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the Loan Act 1918.

Treasurer may borrow £1,242,194.

2. The Treasurer may from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911-1918, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the amount of One million two hundred and forty-two thousand one hundred and ninety-four pounds.

Purposes for which moneys may be expended.

3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes set forth in the Schedule to this Act


SCHEDULE.

Amount required in 1918-19.

Already available under Appropriations made by previous Acts

Appropriated under this Act.

First Column.

Second Column.

Third Column.

UNDER CONTROL OF DEPARTMENT OF WORKS AND RAILWAYS.

£

£

£

Naval Bases, Works, and Establishments—

 

 

 

Labour and Material............................

340,000

72,756

267,244

Machinery and Plant, and expenditure in connexion therewith.

50,000

46,737

3,263

Cockatoo Island Dockyard—

 

 

 

Naval Engineering and other Works..................

60,000

..

60,000

Acetate of Lime Factory, including installation of plant.....

10,000

138

9,862

General Arsenal—

 

 

 

Works and Buildings, including erection of residential quarters—towards cost 

115,000

97,604

17,396

Cordite Factory, Maribyrnong

 

 

 

Buildings and Engineering Works...................

21,500

..

21,500

Perth General Post Office—towards cost...................

45,000

20,653

24,347

Contribution under River Murray Waters Act 1915

99,000

90,000

9,000

Kalgoorlie to Port Augusta Railway......................

300,000

230,333

69,667

Railway from Pine Creek to Katherine River and Southwards.....

15,000

15,000

..

Port Augusta Oodnadatta Railway.......................

2,500

..

2,500

Railway—Completion of Construction Line and New Bridge on Queanbeyan Line and additional waterway on Queanbeyan to Canberra Line             

5,000

4,040

960

Total under control of Department of Works and Railways.......

1,063,000

577,261

485,739

UNDER CONTROL OF POSTMASTER GENERALS DEPARTMENT.

 

 

 

For the construction of Conduits and for laying wires underground..

220,000

203,864

16,136

UNDER CONTROL OF THE DEPARTMENT OF DEFENCE (MILITARY).

 

 

 

Acetate of Lime Factory—Machinery and Plant—towards cost....

8,000

1,451

6,549

General Arsenal—Machinery and Plant—towards cost..........

50,000

143

49,807

Cordite Factory—Experimental Tri-Nitro-Toluene (T.N.T.) plant...

15,000

..

15,000

Cordite Factory—Additions and extensions.................

10,000

..

10,000

Total under Control of Department of Defence (Military)....

83,000

1,594

81,406

UNDER CONTROL OF DEPARTMENT OF THE NAVY.

 

 

 

Cockatoo Island Dockyard—

 

 

 

Machinery and Plant, yard and floating plant

200,000

9,421

190,579

Flinders Naval Depôt—Machinery and Plant................

45,000

17,525

27,475

Wireless Telegraphy................................

30,500

14,882

15,618

Total under Control of Department of the Navy...........

275,500

41,828

233,672

Carried forward...............................

1,641,500

824,547

816,953


Schedulecontinued.

Amount required in 1918-19.

Already available under Appropriations made by previous Acts

Appropriated under this Act.

First Column.

Second Column.

Third Column.

Brought forward...............................

£

1,641,500

£

824,547

£

816,953

UNDER CONTROL OF HOME AND TERRITORIES DEPARTMENT.

 

 

 

Purchase of Sites—

 

 

 

Land, Fairy Meadow, New South Wales...............

8,128

7,528

600

Land lying outside Federal Capital Territory.............

75

75

..

Land in Federal Capital Territory....................

12,000

12,000

..

Land for Defence purposes generally.................

47,000

10,741

36,259

Land for Naval Defence purposes, Cockburn Sound

20,000

13,968

6,032

Land for Port Stephens Naval Base...................

25,000

22,250

2,750

Purchase of the reversionary interest of lease of the residence of the Captain in Charge of Naval Establishment, Elizabeth Bay, Sydney             

1,600

..

1,600

Townsville Wireless Site.........................

433

..

433

Wungong Quarry Site, Western Australia..............

1,200

..

1,200

Site for New Store at Randwick Wireless Workshops.......

1,000

..

1,000

Land for Post and Telegraph purposes.................

810

810

..

Land for Lighthouse purposes......................

7,984

..

7,984

Land for Quarantine purposes......................

110

..

110

Purchase of Roads, Quarantine Station, Lytton, Queensland..

350

..

350

Land for Laboratory at Royal Park, Melbourne........... 

8,035

8,035

..

Total under Control of Home and Territories Department.

133,725

75,407

58,318

UNDER CONTROL OF DEPARTMENT OF TRADE AND CUSTOMS.

 

 

 

New Lighthouses (including upkeep of vessels for construction work) and optical and other apparatus for lightships 

16,000

..

16,000

Additions to existing lighthouses........................

20,000

8,485

11,515

Total under Control of Department of Trade and Customs.

36,000

8,485

27,515

UNDER CONTROL OF PRIME MINISTERS DEPARTMENT.

 

 

 

London Offices....................................

25,000

25,000

..

UNDER CONTROL OF TREASURY.

 

 

 

Redemption of Loans raised by the Government of South Australia on account of the Northern Territory 

339,408

..

339,408

Total...........................

2,175,633

933,439

1,242,194

 

Overview

The Loan Act 1918, enacted by the Australian Parliament on 12 December 1918, authorises the Treasurer to borrow up to £1,242,194 to fund various expenses and projects outlined in the schedule of the Act. The funds are intended to support activities related to the Department of Works and Railways, the Postmaster General’s Department, the Department of Defence (Military), the Department of the Navy, the Home and Territories Department, the Department of Trade and Customs, the Prime Minister’s Department, and the Treasury. These funds are earmarked for specific purposes including the construction and maintenance of naval bases, the installation of machinery and plant, and the development of infrastructure such as railways and post offices. The Act underscores the Commonwealth's commitment to utilising borrowed funds for critical national projects during a period of significant development and defence expenditure. The policy objective of the Loan Act 1918 is to facilitate the financing of essential infrastructure and defence projects across various government departments, thereby supporting the nation's strategic and developmental goals. By enabling the Treasurer to borrow and allocate these funds, the Act ensures that the necessary resources are available to meet the immediate needs of the Commonwealth during a critical period of growth and national defence.

Scope and Application

The Loan Act 1918 authorises the Commonwealth Treasurer to borrow up to the sum of One million two hundred and forty-two thousand one hundred and ninety-four pounds, to be expended for specific purposes detailed in the Act’s Schedule. The borrowing is permitted under the Commonwealth Inscribed Stock Act 1911-1918 or any Act permitting the issuance of Treasury Bills. The Act applies to the allocation and expenditure of the borrowed funds, which are to be used for various projects and expenditures across multiple government departments, including the Department of Works and Railways, the Department of Defence, and the Department of the Navy, among others. The geographic reach of this Act is national, impacting various Commonwealth projects. There are no stated exclusions or exemptions within the Act itself; however, the detailed allocation of funds implies a stringent control over how these funds are to be spent. The Act does not explicitly mention any extensions or restrictions through subordinate instruments, suggesting that the primary controls and limitations are encapsulated within the Act and its Schedule.

Key Provisions

The Loan Act 1918 (section 1) is the primary legislation under discussion, and it serves to authorize the Treasurer to borrow up to £1,242,194 (section 2). This borrowed sum is intended to be applied specifically for the purposes outlined in the Act's schedule, which includes expenses related to borrowing and other designated purposes (section 3). The detailed schedule lists various projects and their associated costs, which are divided under the control of different departments, such as the Department of Works and Railways, the Postmaster General's Department, and the Department of Defence, among others. The Act imposes obligations on the Treasurer to ensure that the borrowed funds are used strictly in accordance with the outlined purposes (section 3). Each department listed in the schedule must adhere to the specific amounts allocated to them for their respective projects, such as the construction of naval bases, the establishment of factories, and the development of railways. This means that each department is responsible for managing and reporting on the use of their allocated funds to ensure compliance with the Act. Breaches of the Act's provisions could lead to various legal consequences. While the Act itself does not explicitly detail specific offences or penalties for non-compliance, any misuse of funds could potentially be subject to scrutiny under other relevant laws and regulations. In cases where funds are misappropriated or not used as intended, the offending parties could face civil or criminal charges, including potential fines or imprisonment, depending on the severity and intent of the breach. The maximum penalties would be determined by the specific laws applicable to the nature of the breach.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.