THE NEW ZEALAND LOAN GUARANTEE.

Otago Daily Times, Issue 836, 26 August 1864, Page 5

THE NEW ZEALAND LOAN GUARANTEE.

(From the Lyttelton Times.) The following is the text of a Bill submitted to Parliament by her Majesty's Government to guarantee the liquidation of a loan for the service of the colony of New Zealand : — Whereas by an Act of the General Assembly of New Zealand, passed in the twenty-seventh year of her Majesty, intituled "An Act for .Raising a loan of Three Million pounds sterling f«r the Public Service of the Colony of New Zealand," it was enacted that it should belawful for ttie Governor of New-Z.-aland to appoint the Agent of Agents therein mentioned, with authority to borrow and raise on behalf of the said colony such sum or sums of money nob exceeding in all three million pounds sterling1 as the said Governor might direct: Ani whereas it is expedient that the Commissioners ot her Majesty's Treasury should be authorised to guarantee the payment of interest and repayment of the principal of part of the sura to be so borrowed, not exceeding the amount of one million pounds sterling, upon the conditions hereinafter mentioned: Be it therefore enacted by the Q'iflfiii's most excellent Majssty, by and with the advice and consent of the Lorda spiritual and temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows: 1. The liquidation of all such sums, not exceeding, in the whole the sum of one million pounds,"as shall be borrowed and raised in Great Britain, with, the approbation of the Commissioners of her Majesty's Treasury, under the said firefcrecited act of the General Assembly of New Zealand, or of any act passed in amendment of the same, together with, the interest thereon not exceeding the yearly rate of tour pounds for one hundred pounds, shall be guaranteed under this act; and for giving effect to such guarantee it shall be lawful for the Commissioners of her Marty's Treasury to direct and cause to be issued and paid out of the growing- produes of the Consolidated Fund of the United Kingdom of ;• M'LANDKESS,

Great Britain and Ireland such sums as shall he required to make good any deficiency which shall happen in the regular payment, on the part of New Zealand, of the ictsrest accruing due upon saeh. sums as shall be borrowed^ as aforesaid, or in the liquidation of the principal sums when the satneskall become payable. 2. Provided nevertheless, that it shall not be lawful for the Cominissiomrs of her Majesty's Treasury to approve the borrowing and raking of the hereinbefore mentioned principal sum of one million pounds, or any part thereof, until provision tkall have Lt-en made by the Gener.ti Assembly of New Zealand to she following effect, that is to say. 1. That eve/y part of the said principal sum shall be repayable and repaid at the expiration of thirty years at the furthest from the day on which suck part shall have been borrowed anil raised. 2. That for the purpose of providing a sinking fund for the liquidation of the said principal suras, a sum tquai at the least to two per cent, per annum on the total of such pvln cipal t>ums shall be paid yearly, and invested and increased by way of accumulation in the manner directed by the said first recited act in respect of the sinking fund therein proviiie'l for. 3. That the said principal sums and all interest thereon shall be a charge on the general revenue of New Zealand, having priority over all other charges upon the *aid revenue, except charges cieated in virtue of an a-;t pas?' d by the said General Assembly, intituled " The New Zealand Loan Ace, 1856," and of an Act of Parliament passed L 1 the Twenty fi;st year of Her Mi j.-sty, intituled " An Act to gnaiantee a Loan for the Service of New Zealand," or either of them, and that the said general revenue shall for the purposes of this act be deemed to include all the revenue which shall arise from duties of imports snd exports, from the Post Office receipts, and Supreme Court fees, from the disposal of waste lands of the Crown, »nd from all taxes, duties, rates, and imposts Jevied or.to be levied by virtue of any Act of the General Assembly of New Zealand.

3 All the sums which shall bsso issued and paid rut of the said consolidated fund in respect of the interest of tliesumv borrowed as aforesaid, or the liquidation of the principal sums with interest upon the sums so issued after the yearly rate of five pounds for one hundred pounds, to be computed from the several times of 'issuingl the same, sh?ll be charged upon the general revenue of the colony of A'ew Zealand as herein-before defined.

4 No. Act passed by the Legi.-lature of New Zealand in anywise discharging or varying the eecurity to he given in accordance with this act, upon the revenue arising from the duties of import and export, ani from the disposal of waste lands of the Crown, for the repayment of the sums of money borrowed as aforesaid, and the interest thereon, shall be valid, miles* such Act contain a clause suspending* the operation of the same until her Majesty's pleasure shall have been taken thereon, and the same shall have been confirmed by her Msjesty, with the advice of her Privy Council, and n proclamation of sueb. confirmation having been given shall have been made by the Gover. or or person administering tbe Government of the said colony.

5. The Commissioners of her gjesty's Treasury sh ill from time to lime certify to one of lit-r Majesty's principal Secretaries of State the amount so paid from time to time on account of the kuere-t or principal of the sums borrowed as afoivsaid; and su^h certificate shall be communicated to the (jloverrior or person administering the Government, of New Zealand, and shall bivhy him communicated to the. General Assembly of the said calony ; and such certificate shall be conclusive evidence of the amount so pad out of the Consolidated tfun'i of the said United Kingdom, and of the time whan the same was paid on account of the interest or principal of the sum so borrowed.

6. The Commissioners of her Majesty's Treasury shall cause to be prepared, and shall lay before both Houses of Parliament within fourteen days next after the beginning of every session, au account of all sums from time to time issugd out of the consol dated fund of the United Kingdom by virtue of this act towards making good any such dfficieney as aforesaid, and also on account of all sums repaid by or recovered from New Zaalsnri, by reason of such advance, with the interest paid or. recovered thereon.

7. And whereas by an act of the General Assembly of New Zealand, passed in the twentyseventh year of her Majesty, intituled '• An Act to enable the Governor to establi>h Settlements for colonization in the Northern Island of New Zealand," provision was made for the proclamation of certain districts within the said colony, and far- sstting apart within, such districts eligible sites for setskments for colonization, and for other matters therein mentioned. &nd whereas doubts are entertained whether thj proviuons of the sii.l act, or some of them, may not be void by reason of their repugnancy to the third section of an Act of Parliament of the twentieth and twenty-first years of her Majesty, intituled "An Act to guarantee a Loan for the ser nee of New Zealand." Be it enacted as follows:—

Nothing in the said act to enable the Governor to establish settlements for colonization in the Northern Tsiand of New Zealand shall bs or be deemed to have b?en void or inoperative on account of any repugnancy- to any of the provisions of the last-mentioned Act of Parliament.