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A BILL
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ENTITLED
An Ordinance to make provision for raising a Loan of Two hundred and fifty thousand pounds Sterling for the purposes of l'ailway Construction.
WHEREAS it is expedient to raise a Loan of Two hun- Preamble. dred and fifty thousand pounds Sterling for the purposes specified in the Schedule hereto :
Be it therefore enacted by the Governor of Hongkong, by and with the advice and consent of the Legislative Council thereof, as follows :-
1. This Ordinance may be cited as The Railway Loan Short title. Ordinance, 1913.
debentures
2. The Governor is hereby authorised to issue stock or Authority to debentures or both under the provisions of the General Loan Governor to and Inscribed Stock Ordinance, 1913, to an amount sufficient borrow by to produce as nearly as may be the sum of £250,000 for the sale of purpose of defraying the cost of the completion of the or inscribed Canton-Kowloon Railway and also to produce such further stock. sum as will reimburse to the Crown Agents for the Colo- nies such advances as they have made or may make in an- ticipation of the repayment of the sum of £1,100,000 lent to the Viceroy at Wuchang so far as the advances may prove not to be fully covered by such repayment. A further amount of stock or debentures or both may also be issued in order to defray the expenses of issue of the loan hereby au thorised.
3. The money to be borrowed under the authority of Application this Ordinance shall be appropriated and applied to the of loan. purposes specified in the Schedule hereto and to no other
purpose.
4. Contribution to sinking fund, as contemplated by the Commence- provisions of sections fourteen and twenty-eight of the ment of General Loan and Inscribed Stock Ordinance, 1913, shall contribution
to sinking commence after the expiration of one year from the date of fund. the issue of debentures or inscribed stock to be issued under this Ordinance.
5. Ordinance No. 12 of 1905 and also Ordinance No. 11 Repeal. of 1905 so far as the latter Ordinance has not been acted upon, are hereby repealed, but nothing in the repeal of Ordinance No. 11 of 1905 shall affect the rights of any person who holds stock under the authority of that Ordi-
nance.
SCHEDULE.
Purposes referred to in section 3 :-
Terminal Railway Station.
Manager's House and Staff Quarters.
Purchase of Land in connection with above items.
Stations at Tai Po Market and Sheung Shui.
Ganghuts and Cable through Tunnel.
Additions to Engine Shops.
Locomotives aud Rolling Stock.
Objerts and Reasons,
The object of this Bill is to authorize the raising of a Loan of £250,000 for defraying the cost of the completion of the Canton-Kowloon Railway and is introduced in com- pliance with instructions from the Secretary of State for the Colonies.
JOHN A. BUCKnill,
Attorney General.