Pacific Cable Act 1901
| Jurisdiction | UK Non-devolved |
| Citation | 1901 c. 31 |
| Year | 1901 |
Pacific Cable Act, 1901.
(1 Edw. 7.) CHAPTER 31.
An Act to provide for the Construction and Working of a Submarine Cable from the Island of Vancouver to New Zealand and to Queensland.
[17th August 1901]
W HEREAS it is expedient to provide for the construction of a submarine cable (in this Act called the Pacific cable) from the Island of Vancouver on the west coast of the Dominion of Canada to Norfolk Island in the Pacific Ocean and thence by means of two cables to New Zealand and to Queensland respectively at an estimated cost of two million pounds:
And whereas it has been arranged that any sum required for the repayment of any money borrowed under this Act and for the annual expenses of the cable (including interest at the rate of three per cent. on borrowed money) shall (so far as not covered by receipts) be ultimately provided, as to five-eighteenths thereof, by His Majesty's Government and, as to thirteen-eighteenths thereof, by the Governments of Canada, of the States of New South Wales, Queensland and Victoria and of New Zealand (in this Act referred to as the Colonial Governments), and that any profits arising from the cable shall be divided between His Majesty's Government and the Colonial Governments in the same proportion:
And whereas it is expedient to make provision with respect to the construction and working of the cable by a board of management to be called the Pacific Cable Board:
Be it therefore enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
1 Issue of money out of Consolidated Fund for purposes of Act.
1. The Treasury shall, as and when they think fit, issue out of the Consolidated Fund or the growing, produce thereof such sums, not exceeding in the whole the sum of two million pounds, as may be required by the Pacific Cable, Board for defraying the costs of the construction of the Pacific cable and for the repayment of any temporary loan raised for the purpose of the cable before the passing of this Act.
2 Borrowing for purposes of Act.
(1)2.—(1.) The Treasury may, if they think fit, at any time borrow money for the purpose of providing for the issue of sums out of the Consolidated Fund under this Act or repaying to that fund all or any part of the sums so issued, and all sums so borrowed shall be paid into the Exchequer.
(2) (2.) Any sums so borrowed shall, during the construction of the Pacific cable, bear interest at the rate of three per cent. per annum and, after construction, shall be repaid with interest at the same rate by means of terminable annuities for such period, not exceeding fifty years from that time, as the Treasury fix.
(3) (3.) The principal of, and interest on, any money so borrowed and, after construction, the annuities created for the purpose of the repayment of that money shall, unless otherwise provided for, be charged on, and paid out of, the Consolidated Fund or the growing produce thereof.
3 Annual expenses of cable.
(1)3.—(1.) The amount required in each year for the...
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