THE NEW LOAN.

New Zealand Times, Volume XXXIV, Issue 5734, 15 August 1879, Page 2

THE NEW LOAN.

Tho following is the schedule to the New Zealand Loan Act, 1879, which was read a third time on August sth, on the motion of Sir George Grey:— For carrying on Public Works and Immigration, authorised by any Act of the General Assembly now in force, or that hereafter may be in force, and for defraying the costs, charges, and expenses of raising the Loan authorised by this Act ... ... ... ... £3,190,000 For purchase of native lands ... 250,000 For Lyttelton Harbor Works (in lieu of amount authorised to be raised under the Lyttelton Harbor Works Loan Act, 1872, as amended by the Financial Arrangements Act, 1878) ... 100,000 For defraying such costs, charges, and expenses (including liabilities) for Colonial Defence as shall be authorised by the General Assembly for the year ending the 80th day of June, 1830... ... 180,000 For defraying such costs, charges, and expenses (including liabilities) for Colonial Defence as shall be authorised by the General Assembly for the year ending the 30th day of June, 1881 ... 180,000 For redeeming Guaranteed Debentures ... ... ... ••• 800,000 £5.000,000 The Act provides that the annual charge shall not exceed 6 per cent, for interest and sinking fund ; but, pending the raising of the loan, power is given to the agents to be appointed to issue short-dated debentures, provided that the principal moneys shall not be made payable at a later period than seven years after the date of issue. Power is given, however, for the re-issue of short-dated debentures if necessary.