Download Fragment

Tuesday, 19 December 1911

Mr JOSEPH COOK (Parramatta) (7:35 AM) . - Has the Treasurer made any computation as to how long it will take to pay off a debt by means of this½ per cent sinking fund.

Mr Fisher - It will take sixty-six years.

Mr JOSEPH COOK - So that members of the Labour party are tying a burden of debt around the neck of the Commonwealth for sixty-six years; " Vote for Jelley and no borrowing!" is what we heard in connexion with a recent election, but what has become of Mr. Jelley's manifesto seeing that honorable members opposite are proposing to tie an incubus of debt round the neck of the Commonwealth for the next sixty-six years? I wonder what the Trades Hall will have to say to this proposal.

Mr PARKER MOLONEY (INDI, VICTORIA) - This is a different kind of debt.

Mr JOSEPH COOK - But it has to be met. There is a certain school of Socialists who do not believe in paying debts in the good old honest way. Is that what the honorable member is referring to ? There is only one honest way of paying one's debts, and that is by paying 20s. in the£. I hope that Mr. Jelley is resting in peace.

---