An Act respecting the Consolidated Revenue Fund

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31 Victoria, c. 32 (Canada)

An Act respecting the Consolidated Revenue Fund.

[Assented to 22nd May, 1868.]

Preamble.

 Her Majesty by and with the advice and consent of the Senate and House of Commons of Canada, declares and enacts as follows:

What moneys shall form part of the said fund.

1. All Duties and Revenue over which the respective Legislatures of the lat Province of Canada, Nova Scotia and New Brunswick, before and at the time of the passing of the British North America Act, 1867, had, and over which the Parliament of Canada now has the power of appropriation, shall form and are hereby declared to have formed since the union

Charges theron.

one Consulidated Revenue Fund to be appropriated for the public service of Canada, in the manner and subject to the charges herinafter mentioned, and in the following order, that is to say:

First.
Collection, &c.

 Firstly.--The costs, charges and expenses incident to the collection, management and receipt thereof, subject to be reviewed and audited in such manner as is now or may hereafter be by law provided;

Second.
Public deb.

 Secondly.--The annual interest of the Public Debts of the several Provinces of Candada, Nova Scotia and New Brunswick, at the Union;

Third.

 Thirdly.--The Salary of the Governor General;

Fourth.
Intercolonial Railway.

 Fourthly--The Principal and Interest at a rate not exeeding four per cent. per annum of the Loan of three million pounds sterling, to be raised for the purpose of constructing the Intercolonial Railway, under the provisions of an Act of the present Session of the Parliament of Candada, Chapter thirteen, upon the guarantee of the payment of Interest on such loan at a rate not exceeding four per centum per annum by the Commissioners of Her Majsty's Treasury, or the principal and interest at a lice rate of such part of the said loan as may be raised;

Fifth.
Sinking Fund.

 Fifthly.--An annual sum at the rate of one per centum per annum, as a Sinking Fund on the entire amount of the principal money of the loan herein last before mentioned;

Sixth.
Advance for same.

 Sixthly.--Any sum which shall be issued out of the Consolidated Fund of the United Kingdom under the Canada Railway Loan Act, 1867, with the interest hereon at the rate of five per centum per annum;

Seventh.
Loan for same.

 Seventhly.--The sume of one million pounds sterling, which, by the thirty-second section of the Act of the present session of the Parliament of Canada, chapter thirteen, the Government of Canada is empowered to raise for the completion of the Intercolonial Railway, but without the guarantee of the Commissioners of Her Majesty's Treasury, and th interest thereon.

Governor in Council to make regulations as to the debt and payment of interest.

2. The Governor in Council may, from time to time, make such regulations as h deems necessary for the management of he Public Debt of the Dominion and teh payment of the interest thereon, and may provide for the creation and management of a Sinking Fund or other mean of securing the re-payment of any loans that may be raised under the authority of Parliament,

Fiscal agent, &c.

and may appoin on or more fiscal agents of the Dominion in the Ciy of London or elsewhere, and agree with them as to the rate of compensatin to be allowed them for negotiating loan and for paying the interest on the Public Debt and for other services connected with the management of the said debt, and may pay the sums necessary to provide such Sinking Fund or other means as aforesaid, and such compensation, out of the Consolidated Revenue Fund.

Grants to the Provinces to be a chare on the Fund.

3. The Grants payable to the several Provinces of Quebec, Ontario, Nova Scotia and New Brunswick, under the one hundred and eighteenth section of the British North America Act, 1867, and the allowance payable to New Brunswick under the one hundred and nineteenth section of the said Act, shall be chargd upon the Consolidated Revenue Fund of Canada, and payable out of any unappropriated moneys forming part thereof.

Public accounts how to be kept.

4. The Public Accounts of the Dominion shall be kept by double entry in the Offices of the REceiver General and of the Minister of Finance; and an annual statement shall be prepared as soon as possible after the termination of each fiscal year exhibiting the state of the Public Debt and the ammount chargeable against each of the Publick Works for which any part of the deb has been contracted;

Annual Statement and what is shall shew.

also the state of the Consolidated Revenue Fund and of the various Trusts and special Funds under the management of the Government of the Dominion, and such other accounts and matters a may be required to shew what the liabilities and assts of the Dominion really are at the date of such statement.

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