Our First Half-Century: A Review of Queensland Progress Based Upon Official InformationQueensland
History
Our First Half-Century: A Review of Queensland Progress Based Upon Official Information
Queensland
Queensland -- History
Within four months from the passing of the Act--on 13th February,
1880[a]--the whole of the members were gazetted, the Government having
taken advantage of the power given to the Governor in Council to
appoint the first members where no action had been initiated to elect
them within ninety days after the passing of the Act. Thus the names
of between 600 and 700 members were proclaimed on one day, and the
new boards forthwith proceeded to put the Act into execution. In a
comparatively short time valuations were made, and on receipt of a
copy the Treasurer placed to the credit of the board, in the branch of
the Queensland National Bank nearest to the division, an amount equal
to 1s. in the pound of the valuation. This done, works were forthwith
commenced in all parts of the country, and a few years later visitors
from the South were wont to compliment the people of Queensland on the
vast improvement made in their bush roads.
In the following year (1880) the Local Works Loans Act was passed,
and attracted attention in different parts of the Empire as the first
measure that provided for advancing local loans by a Government on the
scientific basis of a term measured by the life of each work, and in
accordance with an actuarial scale set out in a table in the schedule.
The longest term was forty years, that being given for the most
durable works, the rate charged being 5 per cent. interest, with
16s. 8d. per annum redemption money. Thus a council could borrow for
waterworks on a forty years' loan, and redeem the principal as well
as defray the interest charge, by payment of regular half-yearly
instalments of L2 18s. 4d. per cent. during the term. This Act
soon became very popular, and with slight amendments--one being the
reduction of the interest charge to 4 per cent., and the half-yearly
instalment in the case of a forty years' loan to L2 10s. 01/2d.
per cent.--it still remains on the Statute-book as part of the Local
Authorities Act of 1902. Several millions sterling have since been
lent by the Government under this Act, and scarcely a local authority
has defaulted except for a short period. The principle has also been
extended to sugar works and other loans not contemplated originally;
yet with firm administration, such as the Government for several years
past have insisted upon, the future losses, if any, will be slight,
and the benefit of the Act continue to be great.
[Illustration: TIMBER GETTING, NORTH COAST DISTRICT]
Public-domain text, read in full here on John Shaqi.
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