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Thursday, 24 September 1942

Senator KEANE - The Treasurer has supplied the following answers: -

1.   The sum of £32,678 was paid to the private banks as commission in respect of the first Liberty Loan, which was for war purposes.

2.   The services given by the private banks in respect of loans is not confined to their receipt of applications from the public when a loan is open. In addition to this work, they pay interest coupons and interact warrants, free of exchange, during the currency of the loan. In the case of the first Liberty Loan this will be for a period of from eightsi xteen years.

3.   Twenty-two days. The loan opened on the 17th February, and closed on the 10th March, 1942.

4.   The substantial increase of the note issue is due to the demands of the public, and has been occasioned by war conditions. An indication of this demand is that Australian notes in the hands of the public increased by £54.000.000 between July, 1939, and July, 1942. During the same period the holdings of notes by the banks increased by £2,000,000.

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