Mr FENTON (Maribyrnong) . - The Treasurer (Mr. Watt) , has not denied the soft impeachment that this Bill is an indication of His intenton to seek avenues outside the Commonwealth for raising money. Mr. Winston Churchill has made the statement that, although the economic condition of Great Britain is secure, that country is in a very straitened position from a financial point of - view. If the' Treasurer wishes to go outside the Commonwealth to borrow money, he may have to look to some other place than Britain. I do not know, whether we have yet tapped the American money market, but the combine of managers of fiduciary institutions there is one of the greatest in the world, and if we require to go outside Australia to raise money, we shall be bitten in respect to the rate of interest we shall be called upon to pay. The payment of interest in Australia on money borrowed locally means that at regular intervals there is a large sum of money available for reinvestment, not only in further- Government bonds, but also in industrial concerns. It is said to be difficult to raise money at present, but whenever we find people prepared to invest capital in indus/trial concerns, mining enterprises, and such matters, the Treasurer seems to place an embargo on the smaller concerns, which 'has a crippling effect, not only upon . the expenditure of money, but also upon the employment of labour; while, on the other hand, any big firm, such as Mark Foy's, which is desirous of extending its business, is given every facility to increase its capital.

Mr Sinclair - The only embargo is that placed on " rooks." ' There is no embargo on the general investor.

Mr FENTON - We should always place an embargo on those who are out to"rook" the public. If the Treasurer decides to go outside Australia to borrow money, I see no ray of hope in the matter of getting relief. We may have temporary assistance from this source, but our interest bill will be larger, and the pay ment of it to persons outside Australia will not have the good effect on .the community here that its payment- locally would have.