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Thursday, 27 May 1926


Senator NEEDHAM (Western Australia) . - It seems that instead of having dual control of the railways in the Northern Territory we shall havetriple control. Iam under the impression that any arrangement made between the Minister and the Commonwealth Commis sioner of Railways will entirely abrogate the power of the North Australian Commission.


Senator Pearce - No," it will have the effect of safeguarding the power of the commission.


Senator NEEDHAM - Will there be some collaboration between the Commissioner of Railways and the North Australia Commission when any arrangement is entered into between the Minister and the Commissioner of Railways ?


Senator Pearce - Yes, and there will also be collaboration between the commission and the Minister.


Senator NEEDHAM - Will the arrangement between the Minister and the Commissioner of Railways be an arbitrary one in which the North Austratralia Commission will have no say 1


Senator Pearce - In the drawing up of the agreement the commission will be consulted, but once the agreement is drawn up, for whatever period it is made, it will be an arbitrary one.


Senator NEEDHAM - What will be the position of the employees of the Commissioner of Railways who are to be moved backwards and forwards between the Seat of Government and Darwin ?


Senator Pearce - They will remain as they are now - servants of the Commissioner of Railways.

Motion agreed to.

Verbal amendments to clauses 16 and 29 agreed to.

Clause 31 - (1.) For the purpose of the exercise of any of its powers under this act the commission may, in pursuance of a resolution passed by both Houses of Parliament, borrow moneys to such amount, in such manner, and on such terms, as the Treasurer approves.

House of Representatives' Amendment. -After sub-clause (1.) insert the following subclauses : - (1a.) The Commission may, from time to time, in lieu of exercising the power conferred on it by the last preceding sub-section, request the Treasurer to borrow moneys on its behalf, and the Treasurer may thereupon, 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, on behalf of the Commission, moneys not exceeding the amounts authorized, by any Act or in pursuanceof any resolution passed by both Houses ofthe Parliament, to be borrowed for the purpose of the exercise of any of the powers of the Commission. (1b.) The indebtedness of the Commission to the Commonwealth inrespect of moneys borrowed by the Treasurer on its behalf shall include such amounts as the Treasurer certifies are necessary to cover all costs and charges (including exchange) incurred in connexion with the relative loans and all discounts on the flotation of such loans. (lc.) Interest shall be payable by the Commission , to the Commonwealth, on such dates as the Treasurer determines, on the indebtedness of the Commission as determined in the last preceding sub-section at a rate sufficient to recoup the Commonwealth the interest paid by it in respect of that indebtedness and the terms and conditions of the repayment of the indebtedness of the Commission to the Commonwealth shall he as determined by the Treasurer. (1d.) The Commission shall in each year during which interest ispayable to the Commonwealth pay to the Treasurer such amounts as the Treasurer certifies are necessary to cover the cost of exchange on interest payments, commission for paying interest, stamp duty on loan transfers and charges (other than those referred to in sub-section (1b) of this section) payable by the Commonwealth in respect of the relative loans. (1e. ) In addition to any interest payable by the Commission on its indebtedness to the Commonwealth, the Commission shall, in each year during which interest is payable, and on the dates on which interest is payable, pay to the Treasurer a sinking fund contribution at the rate of Ten shillings per annum for every One hundred pounds or portion of One hundred pounds of its indebtedness until those moneys are repaid to the Commonwealth. (1f.) Each contribution received by the Treasurer under the last preceding sub-section shall be paid into the National Debt Sinking Fund established under the National Debt Sinking Fund Act1923-1925. (1g.) There may be issued and applied out of the proceeds of any loan raised . by the Treasurer under the authority of any Act, including this Act, any sum not exceeding the amounts authorized by the Act to be borrowed for the purpose of the exercise of any of the powers of the Commission and for the expenses of borrowing.







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