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Wednesday, 28 October 1970

Mr Les Johnson (HUGHES, NEW SOUTH WALES) asked the Treasurer, upon notice:

(1)   When did the Government enter into the New South Wales Coal Loading Works Agreement.

(2)   What were the terms and conditions of the Agreement with respect to (a) the purpose of the loan, (b) the amount of the loan and (c) the terms of the loan repayments.

Mr Bury - The answer to the honourable member's question is as follows:

(1)   The Agreement was signed for and on behalf of the Commonwealth by the then Prime Minister on 18th October 1961 and was incorporated in the Coal Loading Works Agreement (New South Wales) Act 1961.

(2)   The following terms and conditions were included in the Agreement:

(a)   The loan together with a grant from the Coal Industry Fund of the Joint Coal Board was to be made available to the State to help meet expenditure by the State on coal loading works at the ports of Newcastle, Port Kembla and Balmain. The works covered by the Agreement consisted of-

(i)   At Newcastle and Port Kembla - the provision of new coal loading plant and ancillary works, including wharfage, rail, road and storage facilities, capable of loading coal onto a ship at a rate of at least 1,500 tons per hour.

(ii)   At Balmain - the improving of coal loading plant and ancillary works, including rail and storage facilities, so that they would be capable of loading coal onto a ship at a rate of 1,000 tons per hour.

(b)   The total amount of the loan was not to exceed $3. 3m and the total amount of the grant from the Coal Industry Fund was not to exceed $2m. (These amounts were paid to the State over the years 1961-62 to 1965-66 inclusive.)

(c)   The loans bore interest at the rate of 5} per cent per annum from the date of each advance and each loan was repayable in equal semi-annual amounts over 10 years.

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