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Thursday, 3 March 1932

Mr BRUCE (FLINDERS, VICTORIA) (Assistant Treasurer) . - The Commonwealth is assuming liability to pay direct to the bondholders interest in respect of which a Statehas defaulted. Before it can pay it must know the names of the bondholders and the amount of the debt due to. them. To enable that information to be obtained this power to make regulations is necessary. The power to require the production of returns and documents relates only to this bill, which provides merely for the payment by the Commonwealth of interest due by a State. Paragraph b relating to the imposition of duties on State employees is not required, and can be eliminated, but the Commonwealth must have authority to get from State officers information relating to the obligations which the Commonwealth is assuming.

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