✨ Provincial Loan Guidelines
52
Superintendent’s Office,
Napier, May 2, 1865.
THE following Circular from the Hon. the Colonial Secretary’s office is published for general information.
DONALD M’LEAN,
Superintendent.
———
Colonial Secretary’s Office,
Wellington, April 22, 1865.
Sir,—The General Government have had under their consideration the subject of Provincial Loan Bills, which may be from time to time transmitted for the signification of the Governor’s pleasure thereon, and I think it right at once to communicate to Your Honor the decision at which the Government have arrived, in relation to that important subject.
Before agreeing to any future Loan to be contracted by any Province, the Government will require a specific allocation to be made of a block or blocks of land, of a definite value to be determined, to be set apart under authority of an Act of the General Assembly, as collateral security, in addition to the security of the Ordinary and Territorial Revenue of the Province for the payment of the principal and interest, not only of that loan to be contracted, but also of any loans previously contracted and unpaid.
They will also require an adequate sinking fund to be provided out of the General Territorial Revenue of the Province, and, in case of need, out of the Ordinary Revenue of the Province, as an additional guarantee for the payment of such past and new Loans.
The period within which any new Loans, so to be contracted, shall be paid off, the rate of interest, and other details, must be made the subject of specific arrangement.
I have the honor to be,
Sir,
Your most obedient Servant,
FRED. A. WELD.
His Honor the Superintendent,
Hawke’s Bay.
———
Printed under the authority of the Government of the Province of Hawke’s Bay, by JAMES WOOD
Printer for the time being to such Government.
Hawke's Bay Provincial Gazette 1865, No 12
✨ LLM interpretation of page content
💰 Guidelines for Provincial Loan Bills
💰 Finance & Revenue22 April 1865
Loan Bills, Collateral Security, Sinking Fund, Provincial Revenue
- FRED. A. WELD
- DONALD M'LEAN, Superintendent