Public Works Loans Act 1881
| Jurisdiction | UK Non-devolved |
| Citation | 1881 c. 38 |
| Year | 1881 |
Public Works Loans Act, 1881
(44 & 45 Vict.) CHAPTER 38.
An Act to grant Money for the purpose of Loans by the Public Works Loan Commissioners and the Commissioners of Public Works in Ireland; and for other purposes relating to Loans by those Commissioners.
[22nd August 1881]
Whereas it is expedient to grant money for the purpose of loans by the Public Works Loan Commissioners and the Commissioners of Public Works in Ireland:
And whereas it is expedient to authorise the remission of certain sums due in respect of loans granted by the said Commissioners:
Be it therefore enacted by the Queen'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 Short title.
1. This Act may be cited as thePublic Works Loans Act, 1881.
PART I.
Grant of Money for Public Works Loan Commissioners.
2 Grant of 4,000,000l for Public Works loans during the period ending 30th June 1882.
2. For the purpose of loans by the Public Works Loan Commissioners,—
(1) (1.) Any sum or sums, not exceeding in the whole the Sum of four million pounds, may be issued out of the Consolidated Fund of the United Kingdom, or the growing produce thereof, in manner provided by the Public Works Loans Act, 1875 , as amended by the Public Works Loans Act, 1879 ; and
(2) (2.) The Commissioners for the Reduction of the National Debt may advance any part or parts of the total sum above in this section mentioned in reduction of the amount which may be so issued out of the Consolidated Fund;
and such sums may be issued and advanced during the period ending on the thirtieth day of June one thousand eight hundred and eighty-two, or on any earlier day at which a further Act granting money for the purpose of the said loans comes into operation.
The Treasury may, in the manner and subject to the limitations provided by the Public Works Loans Act, 1875, borrow the sum authorised by this section to be issued out of the Consolidated Fund, or any part of that sum.
PART II.
Grant of Money for Public Works Commissioners, Ireland.
3 Grant of 1,100,000l for loan by Commissioners of Public Works in Ireland during the period ending 30th June 1882.
3. For the purpose of loans by the Commissioners of Public Works in Ireland,—
(1) (1.) Any sum or sums, not exceeding in the whole one million one hundred thousand pounds, may be issued out of the Consolidated Fund of the United Kingdom, or the growing produce thereof, in manner provided by Part Two of the Public Works Loans (Ireland) Act, 1877 , as amended by the Public Works Loans Act, 1879 ; and
(2) (2.) The Commissioners for the Reduction of the National Debt may advance any part or parts of the total sum above in this section mentioned in reduction of the amount which may be so issued out of the Consolidated Fund;
and such sums may be issued and advanced during the period ending on the thirtieth day of June one thousand eight hundred and eighty-two, or on any earlier day on which a further Act authorising the issue of money for those loans comes into operation.
The Treasury may, in the manner and subject to the limitations provided by Part Two of the Public Works Loans (Ireland) Act, 1877, borrow the sum authorised by this section to be issued out of the Consolidated Fund, or any part of that sum.
PART III.
Remission, &c. of Loans.
4 Remission of certain interest on loan to Tralee Harbour and Canal Commissioners.
4. Whereas the Public Works Loan Commissioners in the year 1832 advanced to the Tralee Harbour and Canal Commissioners, on the security of the harbour and ship canal at Tralee, and the tolls thereof, a sum of six thousand pounds, to be repaid with interest at the rate of five per cent. per annum:
And whereas on account of such loan there remained due in the month of March one thousand eight hundred and eighty the sum of five thousand four hundred pounds in respect of principal and eleven thousand and fifty-four pounds nineteen shillings and twopence in respect of arrears of interest, and the net receipts from the said harbour and canal and tolls were insufficient to keep down the interest:
And whereas it was then proposed to make improvements in the harbour at Tralee and to make a railway to such harbour, and thereupon it was arranged by the divers persons interested, with the Public Works Loan Commissioners, and the Treasury, subject to the sanction of Parliament, that the Public Works Loan Commissioners should sell the said canal to the Tralee and Fenit Railway Company for the sum of eight thousand pounds whereof the sum of five thousand four hundred pounds should, be forthwith paid to the Exchequer, and that there should be charged as a first charge upon the said canal and the proposed railway the remaining sum of two thousand six hundred pounds, with interest at five per cent. per annum, and that the residue of the said arrears of interest should be remitted:
And whereas in pursuance of the said arrangement the said sum of five thousand four hundred pounds was paid to the Exchequer:
And whereas by the Pier and Harbour Orders Confirmation Act, 1880, provision was made for the said improvements in Tralee Harbour, and by an Act of the session of the forty-third and forty-fourth years of the reign of Her present Majesty, chapter one hundred and seventy-nine, intituled ‘An Act for making a railway from Tralee to Fenit, in the county of Kerry, and for other purposes,’ the sum of two thousand six hundred pounds with interest at the rate of five per cent. per annum. was charged upon the railway and canal therein mentioned in favour of the Public Works Loan Commissioners:
And whereas it is expedient to carry into effect the residue of the said agreement by authorising the Public Works Loan Commissioners to remit the residue of the said arrears of interest, be it therefore enacted that—
The Public Works Loan Commissioners may remit the arrears of interest amounting to the sum of eight thousand four hundred and fifty-four pounds nineteen shillings and twopence due in respect of the above-mentioned loan, and the amount so remitted shall be deemed to be a free grant by Parliament.
5 Remission of sum expended on the Monivea drainage works.
5. Whereas in pursuance of the Drainage Maintenance Act, 1866, the Commissioners of Public Works in Ireland were called upon by certain proprietors in the Monivea drainage district, in the county of Galway, to put the works of that district, which had been neglected by the trustees, in repair, and executed the necessary works, but on the completion thereof it was found that a portion of the works so executed, namely, the underpinning of Chapel Field bridge and a certain work of excavation in connexion therewith, were not works of repair and maintenance, but were new works, and that therefore the sum of one hundred and fifty-five pounds expended on that portion of the works was not properly chargeable on the proprietors or owners of the land within the said drainage district:
And whereas it is expedient to authorise the remission of any claim by the Commissioners of Public Works for the repayment of the same sum, be it therefore enacted that—
The Commissioners of Public Works in Ireland, with the approval of the Treasury, may remit the said sum of one hundred and fifty-five pounds, and the sum so remitted shall be deemed to be a free grant by Parliament.
6 Provision as to loan to...
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