MOST GRACIOUS SOVEREIGN—We, Your Majesty’s most dutiful and loyal subjects, the House of Representatives of New Zealand in Parliament assembled, towards making good the Supply which we have cheerfully granted to Your Majesty in this session of Parliament, have resolved to grant unto Your Majesty the sums hereinafter mentioned, and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the General Assembly of New Zealand in this present Parliament assembled, and by the authority of the same, as follows:—

1 Short Title.

The Short Title of this Act is “The Treasury Bills Act, 1879.”

2 £800,000 of Treasury Bills authorized.

The Colonial Treasurer may from time to time cause any number of Treasury bills to be made and issued for any sum or sums of money, not exceeding in the whole eight hundred thousand pounds, for the purposes following, that is to say,—

To redeem deficiency bills—	£
(1.) Issued under “The Public Revenues Act, 1878”	400,000
(2.) Issued under “The Public Revenues Act, 1879”	200,000
Towards making good the supply granted to Her Majesty during the present session	200,000
	£800,000

3 Further issue of £442,000 authorized.

In order to provide for the payment of the principal moneys issued under the Acts and authorities hereinafter mentioned, the Colonial Treasurer may order the preparation and issue of Treasury bills for the purposes following:—

	£
In renewal of Treasury bills issued under “The Treasury Bills Extended Currency Act, 1873”	220,000
In renewal of Treasury bills issued under “The Treasury Bills Extended Currency Act, 1876”	112,000
In renewal of Treasury bills issued under “The Appropriation Act, 1876”	110,000
	£442,000

4 Bills issued to be issued under “Treasury Bills Regulation Act, 1868.”

All the Treasury bills authorized by this Act shall be made out and issued under the authority of, and in the manner prescribed by, “The Treasury Bills Regulation Act, 1868,” and any Act amending that Act, and may bear interest at any rate not exceeding threepence and three-eighths of one penny for every one hundred pounds by the day in respect of the whole moneys contained therein.

The currency of all such bills shall not extend beyond the thirty-first day of December, one thousand eight hundred and eighty-two.

5 Section 18 of “Public Revenues Act, 1878,” not to apply.

The provisions of section eighteen of “The Public Revenues Act, 1878,” limiting the total amount of deficiency bills at any time outstanding and unpaid to the sum of four hundred thousand pounds, shall not apply to the deficiency bills for the redemption of which provision is made by this Act.

6 Bills may be met out of Public Works Fund.

The Colonial Treasurer may from time to time, out of any moneys standing to the credit of the Public Works Fund, take up temporarily any or all of the Treasury bills authorized to be made and issued under this Act.

7 Moneys may be borrowed in payment of bills.

In order to provide for the due payment at maturity of any Treasury hills issued under the authority of this Act, the Colonial Treasurer may from time to time borrow and take up at interest, upon debentures, such sum or sums of money as shall be necessary for that purpose, and all moneys so borrowed shall be applied wholly to the payment of any or all such Treasury bills.

8 Interest payable on debentures.

Every debenture issued under this Act shall bear interest after such rate not exceeding six pounds for every one hundred pounds by the year, and be for such sum and in such form, with or without coupons attached, and shall be signed on behalf of the colony, and be transferable and negotiable in such manner as the Colonial Treasurer shall prescribe.

9 Time of payment of debentures.

The principal moneys secured by any such debenture shall be made payable at any period not later than three years after the issue thereof, and the interest and principal shall be payable at such times and places as the Colonial Treasurer may from time to time agree or prescribe.

10 Debentures chargeable on Consolidated Fund.

The sum of money named in any debenture issued under the authority of this Act, and all interest thereon, shall be a charge upon and paid out of the Consolidated Fund of New Zealand.

11 Powers of delegation to agents abroad.

All the powers vested in the Colonial Treasurer under the sections of this Act from seven to eleven, both inclusive, may be by him delegated to any two or more agents in Great Britain or elsewhere, upon such terms and conditions as he shall think fit.

Treasury Bills Act 1879