LOAN (No. 1).
No. 3 of 1924.
An Act to authorize the Raising and Expending of certain Sums of Money.
[Assented to 20th June, 1924.]
BE it enacted by the King’s 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 (No. 1) 1924.
Authority to borrow £850,000.
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 Eight hundred and fifty thousand pounds.
Purpose for which money may be borrowed.
3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes of appropriations made or to be made by law.
Issue and application of £822,000.
4. There may be issued and applied out of the proceeds of any Loan raised under the authority of any Loan Act, including the present Act, the sum of Eight hundred and twenty-two thousand pounds for the purposes set forth in the Schedule to this Act.
SCHEDULE.
——
UNDER THE CONTROL OF THE DEPARTMENT OF THE TREASURY.
| | £ |
| Loan to the Territory of New Guinea for works................................................... | 10,000 |
| UNDER THE CONTROL OF THE HOME AND TERRITORIES DEPARTMENT AND THE DEPARTMENT OF WORKS AND RAILWAYS. | |
| Works, Services, and Acquisition of Land in Federal Capital Territory | £320,000 | |
| (All receipts from the Federal Capital Territory to be credited to this vote). | |
| Deduct estimated receipts.............................................. | 45,000 | |
| | | 275,000 |
| UNDER THE CONTROL OF THE DEPARTMENT OF WORKS AND RAILWAYS. | |
| Acquisition of and alterations to vessels for Lighthouse purposes | 37,000 |
| UNDER THE CONTROL OF THE POSTMASTER-GENERAL’S DEPARTMENT. | |
| Construction and extension of telegraphs and telephones, also construction of conduits and laying wires underground | 500,000 |
| Total........................................................ | £822,000 |
| | | |