THE HALF-MILLION LOAN

Press, Volume LV, Issue 10150, 24 September 1898, Page 8

THE HALF-MILLION LOAN

HOW THE MONEY IS TO BE DIVIDED.

(By Telegraph.)

(FROM OUR SPECIAL CORRESPONDENT.)

WELLINGTON, September 23.

The Aid to Public Works and Land Settlement Acts Amendment Bill, was introduced by message from the Governor this afternoon. The main provisions of the measure are as follows:—(1) The Act shall form part of, and be read together with, the Aid to Public Works and Land Settlement Act, 1896 (the principal Act). (2) The power by the principal Act conferred upon the Colonial Treasurer to raise the sum therein mentioned of one million pounds, is hereby extended to include such additional sums not exceeding in the whole the sum of £500,000, as he thinks fit; provided that such additional £500,000 shall be deemed to be irrespective of all moneys raised under the powers in that behalf contained in the Aid to Public Works and Land Settlement Act Amendment Act, 1897. (3) For the purpose of enabling the £500,000 to be effectively raised, all the powers of the principal Act relating to the sum of one million pounds shall apply to the £500,000. (4) All moneys raised in respect of the £500,000 shall, as "and when raised, be paid into the public account to the credit of the Public Works Fund, and shall from time to time be applied to the works and purposes, and in the amounts respectively specified in the schedule hereto ; provided tha'«-no payments out of the Public Works Fund shah be made in respect of such works or purposes without appropriation by Parliament, and provided further that the costs and expenses incurred in raising the aforesaid moneys shall be payable out of the Public Works Fund without further appropriation than this Act.

The schedule referred to is as follows: — (a) In respect of railways, the construction of the following railways:—WhangareiKamo Extension, Helensville Northward, Grohamstown-Te Aroha, North Island Main Trunk, Eketahuna-Woodville, BlenheimAwatere, Midland, Otago Central (Heriot extension), Seaward Bush-Forest Hill, £175,000; (b) in respect of open railways, additional rolling stock, and such other works and purposes as may be authorised, £200,000; (c) in respect of land settlement and goldfields development, the construction of roads, tracks, and bridges, and such other works and purposes as may be authorised, £125,000.